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685 Third Avenue, Suite 2702
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<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>1.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Organization </b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The World Gold Trust (the “Trust”) was organized as a Delaware statutory trust on August 27, 2014 and is governed by the Fourth Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”), dated as of April 16, 2018 and amended on February 6, 2020 and December 1, 2023, between WGC USA Asset Management Company, LLC (the “Sponsor”) and the Delaware Trust Company (the “Trustee”). The Trust is authorized to issue an unlimited number of shares of beneficial interest. The beneficial interest in the Trust may be divided into one or more series, one of which is operational as of March 31, 2026.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The accompanying financial statements relate to the Trust and its one operational series, SPDR<sup style="vertical-align:top;line-height:120%;">®</sup> Gold MiniShares<sup style="vertical-align:top;line-height:120%;">®</sup> Trust (“GLDM”). The shares of GLDM (the “Shares”) began publicly trading on June 26, 2018 on the NYSE Arca, Inc. (the “NYSE Arca”). The Shares are also listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores). The fiscal year-end of GLDM is September 30th.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The investment objective of GLDM is for its Shares to reflect the performance of the price of gold, less its expenses. GLDM’s only ordinary recurring expense is the Sponsor’s annual fee of 0.10% of its net asset value (“NAV”). The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Bank of New York Mellon (“BNY” or the “Administrator”) is the administrator and transfer agent. BNY also serves as the custodian of GLDM’s cash, if any. JPMorgan Chase Bank, N.A. ("JPMorgan") is the custodian of GLDM's gold (the "Custodian"). State Street Global Advisors Funds Distributors, LLC is the marketing agent (the “Marketing Agent”).</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Trust had no operations with respect to GLDM prior to June 26, 2018, other than matters relating to GLDM's organization and the registration of the offer and sale of the Shares under the Securities Act of 1933, as amended.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Statements of Financial Condition and Schedules of Investment at March 31, 2026, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three and six months ended March 31, 2026 and 2025 have been prepared without audit.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the opinion of management of the Sponsor, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and six months ended March 31, 2026 and for all periods presented have been made. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2025. The results of operations for the three and six months ended March 31, 2026 are not necessarily indicative of the operating results for the full fiscal year.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>1.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Organization </b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The World Gold Trust (the “Trust”) was organized as a Delaware statutory trust on August 27, 2014 and is governed by the Fourth Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”), dated as of April 16, 2018 and amended on February 6, 2020 and December 1, 2023, between WGC USA Asset Management Company, LLC (the “Sponsor”) and the Delaware Trust Company (the “Trustee”). The Trust is authorized to issue an unlimited number of shares of beneficial interest. The beneficial interest in the Trust may be divided into one or more series, one of which is operational as of March 31, 2026.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The accompanying financial statements relate to the Trust and its one operational series, SPDR<sup style="vertical-align:top;line-height:120%;">®</sup> Gold MiniShares<sup style="vertical-align:top;line-height:120%;">®</sup> Trust (“GLDM”). The shares of GLDM (the “Shares”) began publicly trading on June 26, 2018 on the NYSE Arca, Inc. (the “NYSE Arca”). The Shares are also listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores). The fiscal year-end of GLDM is September 30th.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The investment objective of GLDM is for its Shares to reflect the performance of the price of gold, less its expenses. GLDM’s only ordinary recurring expense is the Sponsor’s annual fee of 0.10% of its net asset value (“NAV”). The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Bank of New York Mellon (“BNY” or the “Administrator”) is the administrator and transfer agent. BNY also serves as the custodian of GLDM’s cash, if any. JPMorgan Chase Bank, N.A. ("JPMorgan") is the custodian of GLDM's gold (the "Custodian"). State Street Global Advisors Funds Distributors, LLC is the marketing agent (the “Marketing Agent”).</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Trust had no operations with respect to GLDM prior to June 26, 2018, other than matters relating to GLDM's organization and the registration of the offer and sale of the Shares under the Securities Act of 1933, as amended.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Statements of Financial Condition and Schedules of Investment at March 31, 2026, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three and six months ended March 31, 2026 and 2025 have been prepared without audit.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the opinion of management of the Sponsor, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and six months ended March 31, 2026 and for all periods presented have been made. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2025. The results of operations for the three and six months ended March 31, 2026 are not necessarily indicative of the operating results for the full fiscal year.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
2014-08-27
2014-08-27
1
1
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<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Significant Accounting Policies </b></p> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by GLDM and the Trust.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.1.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basis of Accounting </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">For accounting purposes, GLDM is an investment company within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies, and therefore applies the specialized accounting and reporting guidance therein. It is not registered as an investment company under the Investment Company Act of 1940, as amended.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">These financial statements present the financial condition, results of operations and cash flows of the Trust combined with its operating series and GLDM separately. For the periods presented, there were no balances or activity for the Trust and the footnotes accordingly relate to GLDM, unless stated otherwise.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.2</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basis of Presentation </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and for GLDM individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM are enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.3</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Cash and Cash Equivalents </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Cash and cash equivalents, when outstanding, include highly liquid investments of sufficient credit quality with an original maturity of three months or less.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.4.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Fair Value Measurement </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GLDM’s policy is to value its investments at fair value.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Various inputs are used in determining the fair value of GLDM’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 3 – Inputs that are unobservable for the asset and liability, including a fund’s assumptions (if any) used in determining the fair value of investments.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table summarizes GLDM’s investment at fair value:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">March 31, 2026</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">September 30, 2025</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">There were no transfers between Level 1 and other Levels for the six months ended March 31, 2026 or for the year ended September 30, 2025.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (the “IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the London Bullion Market Association (the “LBMA”). In determining the NAV of GLDM, the Administrator values the gold held on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.5.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Custody of Gold </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold is held by the Custodian on behalf of GLDM, 100% of which is allocated gold in the form of good delivery gold bars. A current list of all gold held by the Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.6.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Gold Receivable </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112594"><span style="-sec-ix-hidden:c143112695"><span style="-sec-ix-hidden:c143112696">one</span></span></span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold receivable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
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<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.7.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Gold Payable </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112597">one</span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold payable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
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</div>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.8.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Creations and Redemptions of Shares </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 100,000 Shares). GLDM issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the amount of gold and any cash represented by the Creation Units being created or redeemed. This amount will be based on the combined net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes. Changes in the Shares for the six months ended March 31, 2026 and 2025 are as follows:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>(Amounts are in 000’s)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Activity in Number of Shares Created and Redeemed:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Creations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">74,800</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">57,300</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Redemptions</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(25,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(17,700</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Change in Number of Shares Created and Redeemed</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">49,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">39,600</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Activity in Value of Shares Created and Redeemed:</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Creations</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">6,658,061</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">3,235,706</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Redemptions</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(2,233,429</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(944,204</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Net change in Value of Shares Created and Redeemed</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">4,424,632</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">2,291,503</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
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</div>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.9.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income and Expense (Amounts in 000</b>’<b>s of US$) </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Administrator will, at the direction of the Sponsor, sell GLDM’s gold as necessary to pay its expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodian at the LBMA Gold Price PM following the sell order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay Sponsor expenses on the Statement of Operations.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2026 of $1,659,474 and $4,350,743, respectively, is made up of a realized gain/(loss) of $2,818 and $4,723, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $259,539 and $817,154, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,397,117 and $3,528,866, respectively, on investment in gold.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2025 of $1,900,649 and $1,831,988, respectively, is made up of a realized gain/(loss) of $699 and $1,316, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $34,849 and $255,934, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,865,101 and $1,574,739, respectively, on investment in gold.</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.10.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income Taxes </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, it is not subject to U.S. federal income tax. Instead, its income and expenses “flow through” to the shareholders, and the Administrator will report GLDM’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Sponsor has evaluated whether there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2026. As of March 31, 2026, the 2025, 2024 and 2023 tax years remain open for examination. There were no examinations in progress at period end.</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.11.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b>Segment Reporting</b></td></tr>
</tbody></table> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;">The Principal Financial and Accounting Officer of the Sponsor performs the functions of GLDM's chief operating decision maker (“CODM”). The CODM monitors the operating results of GLDM as a whole, and GLDM's asset allocation is managed in accordance with its Prospectus. GLDM operates as a single operating and reporting segment pursuant to its investment objective. GLDM's prospectus describes GLDM's fees, investment objective, and principal risks, among other items. GLDM's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within GLDM's financial statements. The accompanying financial statements detail GLDM's segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the GLDM's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statement of Operations.</p>
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<p style="margin: 0pt 0pt 0pt -9pt; font-size: 10pt; font-family: "Times New Roman";"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Significant Accounting Policies </b></p> </td></tr>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by GLDM and the Trust.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.1.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basis of Accounting </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">For accounting purposes, GLDM is an investment company within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies, and therefore applies the specialized accounting and reporting guidance therein. It is not registered as an investment company under the Investment Company Act of 1940, as amended.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">These financial statements present the financial condition, results of operations and cash flows of the Trust combined with its operating series and GLDM separately. For the periods presented, there were no balances or activity for the Trust and the footnotes accordingly relate to GLDM, unless stated otherwise.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.2</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basis of Presentation </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and for GLDM individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM are enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.3</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Cash and Cash Equivalents </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Cash and cash equivalents, when outstanding, include highly liquid investments of sufficient credit quality with an original maturity of three months or less.</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.4.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Fair Value Measurement </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GLDM’s policy is to value its investments at fair value.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Various inputs are used in determining the fair value of GLDM’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 3 – Inputs that are unobservable for the asset and liability, including a fund’s assumptions (if any) used in determining the fair value of investments.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table summarizes GLDM’s investment at fair value:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">March 31, 2026</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">September 30, 2025</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">There were no transfers between Level 1 and other Levels for the six months ended March 31, 2026 or for the year ended September 30, 2025.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (the “IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the London Bullion Market Association (the “LBMA”). In determining the NAV of GLDM, the Administrator values the gold held on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.5.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Custody of Gold </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold is held by the Custodian on behalf of GLDM, 100% of which is allocated gold in the form of good delivery gold bars. A current list of all gold held by the Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.6.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Gold Receivable </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112594"><span style="-sec-ix-hidden:c143112695"><span style="-sec-ix-hidden:c143112696">one</span></span></span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold receivable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<div>
</div>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.7.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Gold Payable </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112597">one</span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold payable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<div>
</div>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.8.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Creations and Redemptions of Shares </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 100,000 Shares). GLDM issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the amount of gold and any cash represented by the Creation Units being created or redeemed. This amount will be based on the combined net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes. Changes in the Shares for the six months ended March 31, 2026 and 2025 are as follows:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>(Amounts are in 000’s)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Activity in Number of Shares Created and Redeemed:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Creations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">74,800</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">57,300</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Redemptions</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(25,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(17,700</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Change in Number of Shares Created and Redeemed</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">49,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">39,600</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Activity in Value of Shares Created and Redeemed:</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Creations</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">6,658,061</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">3,235,706</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Redemptions</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(2,233,429</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(944,204</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Net change in Value of Shares Created and Redeemed</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">4,424,632</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">2,291,503</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<div>
</div>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.9.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income and Expense (Amounts in 000</b>’<b>s of US$) </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Administrator will, at the direction of the Sponsor, sell GLDM’s gold as necessary to pay its expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodian at the LBMA Gold Price PM following the sell order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay Sponsor expenses on the Statement of Operations.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2026 of $1,659,474 and $4,350,743, respectively, is made up of a realized gain/(loss) of $2,818 and $4,723, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $259,539 and $817,154, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,397,117 and $3,528,866, respectively, on investment in gold.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2025 of $1,900,649 and $1,831,988, respectively, is made up of a realized gain/(loss) of $699 and $1,316, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $34,849 and $255,934, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,865,101 and $1,574,739, respectively, on investment in gold.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.10.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income Taxes </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, it is not subject to U.S. federal income tax. Instead, its income and expenses “flow through” to the shareholders, and the Administrator will report GLDM’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Sponsor has evaluated whether there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2026. As of March 31, 2026, the 2025, 2024 and 2023 tax years remain open for examination. There were no examinations in progress at period end.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.11.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b>Segment Reporting</b></td></tr>
</tbody></table> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;">The Principal Financial and Accounting Officer of the Sponsor performs the functions of GLDM's chief operating decision maker (“CODM”). The CODM monitors the operating results of GLDM as a whole, and GLDM's asset allocation is managed in accordance with its Prospectus. GLDM operates as a single operating and reporting segment pursuant to its investment objective. GLDM's prospectus describes GLDM's fees, investment objective, and principal risks, among other items. GLDM's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within GLDM's financial statements. The accompanying financial statements detail GLDM's segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the GLDM's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statement of Operations.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;"></p>
<p style="margin: 0pt 0pt 0pt -9pt; font-size: 10pt; font-family: "Times New Roman";"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.1.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basis of Accounting </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">For accounting purposes, GLDM is an investment company within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies, and therefore applies the specialized accounting and reporting guidance therein. It is not registered as an investment company under the Investment Company Act of 1940, as amended.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">These financial statements present the financial condition, results of operations and cash flows of the Trust combined with its operating series and GLDM separately. For the periods presented, there were no balances or activity for the Trust and the footnotes accordingly relate to GLDM, unless stated otherwise.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.1.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basis of Accounting </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">For accounting purposes, GLDM is an investment company within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies, and therefore applies the specialized accounting and reporting guidance therein. It is not registered as an investment company under the Investment Company Act of 1940, as amended.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">These financial statements present the financial condition, results of operations and cash flows of the Trust combined with its operating series and GLDM separately. For the periods presented, there were no balances or activity for the Trust and the footnotes accordingly relate to GLDM, unless stated otherwise.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.2</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basis of Presentation </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and for GLDM individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM are enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.2</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basis of Presentation </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and for GLDM individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM are enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.3</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Cash and Cash Equivalents </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Cash and cash equivalents, when outstanding, include highly liquid investments of sufficient credit quality with an original maturity of three months or less.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.3</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Cash and Cash Equivalents </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Cash and cash equivalents, when outstanding, include highly liquid investments of sufficient credit quality with an original maturity of three months or less.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.4.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Fair Value Measurement </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GLDM’s policy is to value its investments at fair value.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Various inputs are used in determining the fair value of GLDM’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 3 – Inputs that are unobservable for the asset and liability, including a fund’s assumptions (if any) used in determining the fair value of investments.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table summarizes GLDM’s investment at fair value:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">March 31, 2026</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">September 30, 2025</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">There were no transfers between Level 1 and other Levels for the six months ended March 31, 2026 or for the year ended September 30, 2025.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (the “IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the London Bullion Market Association (the “LBMA”). In determining the NAV of GLDM, the Administrator values the gold held on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.4.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Fair Value Measurement </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GLDM’s policy is to value its investments at fair value.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Various inputs are used in determining the fair value of GLDM’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Level 3 – Inputs that are unobservable for the asset and liability, including a fund’s assumptions (if any) used in determining the fair value of investments.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table summarizes GLDM’s investment at fair value:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">March 31, 2026</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">September 30, 2025</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">There were no transfers between Level 1 and other Levels for the six months ended March 31, 2026 or for the year ended September 30, 2025.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (the “IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the London Bullion Market Association (the “LBMA”). In determining the NAV of GLDM, the Administrator values the gold held on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table summarizes GLDM’s investment at fair value:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">March 31, 2026</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">September 30, 2025</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table summarizes GLDM’s investment at fair value:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">March 31, 2026</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">29,618,787</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b><span style="text-decoration: underline; ">September 30, 2025</span></b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 1</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 2</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Level 3</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Investment in Gold</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Total</b></p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">20,855,894</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
29618787000
29618787000
0
0
0
0
29618787000
29618787000
0
0
0
0
20855894000
20855894000
0
0
0
0
20855894000
20855894000
0
0
0
0
0
0
0
0
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.5.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Custody of Gold </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold is held by the Custodian on behalf of GLDM, 100% of which is allocated gold in the form of good delivery gold bars. A current list of all gold held by the Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.5.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Custody of Gold </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold is held by the Custodian on behalf of GLDM, 100% of which is allocated gold in the form of good delivery gold bars. A current list of all gold held by the Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.</p>
1
1
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.6.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Gold Receivable </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112594"><span style="-sec-ix-hidden:c143112695"><span style="-sec-ix-hidden:c143112696">one</span></span></span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold receivable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.6.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Gold Receivable </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112594"><span style="-sec-ix-hidden:c143112695"><span style="-sec-ix-hidden:c143112696">one</span></span></span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold receivable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112594"><span style="-sec-ix-hidden:c143112695"><span style="-sec-ix-hidden:c143112696">one</span></span></span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold receivable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112594"><span style="-sec-ix-hidden:c143112695"><span style="-sec-ix-hidden:c143112696">one</span></span></span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold receivable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
0
0
0
0
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.7.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Gold Payable </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112597">one</span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold payable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.7.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Gold Payable </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112597">one</span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold payable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112597">one</span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold payable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account. Generally, ownership of the gold is transferred within <span style="-sec-ix-hidden:c143112597">one</span> business day of the trade date.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Sep-30,</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Gold payable</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
0
0
0
0
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.8.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Creations and Redemptions of Shares </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 100,000 Shares). GLDM issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the amount of gold and any cash represented by the Creation Units being created or redeemed. This amount will be based on the combined net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes. Changes in the Shares for the six months ended March 31, 2026 and 2025 are as follows:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>(Amounts are in 000’s)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Activity in Number of Shares Created and Redeemed:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Creations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">74,800</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">57,300</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Redemptions</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(25,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(17,700</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Change in Number of Shares Created and Redeemed</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">49,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">39,600</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Activity in Value of Shares Created and Redeemed:</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Creations</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">6,658,061</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">3,235,706</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Redemptions</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(2,233,429</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(944,204</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Net change in Value of Shares Created and Redeemed</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">4,424,632</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">2,291,503</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.8.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Creations and Redemptions of Shares </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 100,000 Shares). GLDM issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the amount of gold and any cash represented by the Creation Units being created or redeemed. This amount will be based on the combined net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes. Changes in the Shares for the six months ended March 31, 2026 and 2025 are as follows:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>(Amounts are in 000’s)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Activity in Number of Shares Created and Redeemed:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Creations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">74,800</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">57,300</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Redemptions</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(25,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(17,700</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Change in Number of Shares Created and Redeemed</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">49,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">39,600</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Activity in Value of Shares Created and Redeemed:</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Creations</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">6,658,061</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">3,235,706</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Redemptions</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(2,233,429</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(944,204</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Net change in Value of Shares Created and Redeemed</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">4,424,632</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">2,291,503</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
100000
100000
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes. Changes in the Shares for the six months ended March 31, 2026 and 2025 are as follows:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>(Amounts are in 000’s)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Activity in Number of Shares Created and Redeemed:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Creations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">74,800</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">57,300</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Redemptions</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(25,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(17,700</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Change in Number of Shares Created and Redeemed</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">49,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">39,600</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Activity in Value of Shares Created and Redeemed:</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Creations</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">6,658,061</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">3,235,706</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Redemptions</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(2,233,429</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(944,204</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Net change in Value of Shares Created and Redeemed</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">4,424,632</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">2,291,503</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes. Changes in the Shares for the six months ended March 31, 2026 and 2025 are as follows:</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>(Amounts are in 000’s)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Activity in Number of Shares Created and Redeemed:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Creations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">74,800</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">57,300</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Redemptions</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(25,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(17,700</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Change in Number of Shares Created and Redeemed</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">49,400</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">39,600</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Six Months</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Ended</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>(Amounts in 000’s of US$)</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2026</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Mar-31, 2025</b></p> </td><td style="font-size: 10pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;"><b>Activity in Value of Shares Created and Redeemed:</b></p> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Creations</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">6,658,061</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;">3,235,706</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Redemptions</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(2,233,429</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; font-family: "Times New Roman", Times, serif;">(944,204</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; font-family: "Times New Roman", Times, serif;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; font-family: "Times New Roman", Times, serif;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Net change in Value of Shares Created and Redeemed</p> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">4,424,632</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); font-family: "Times New Roman", Times, serif;">2,291,503</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; font-family: "Times New Roman", Times, serif;"> </td></tr>
</tbody></table>
74800000
74800000
57300000
57300000
25400000
25400000
17700000
17700000
49400000
49400000
39600000
39600000
6658061000
6658061000
3235706000
3235706000
2233429000
2233429000
944204000
944204000
4424632000
4424632000
2291503000
2291503000
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.9.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income and Expense (Amounts in 000</b>’<b>s of US$) </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Administrator will, at the direction of the Sponsor, sell GLDM’s gold as necessary to pay its expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodian at the LBMA Gold Price PM following the sell order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay Sponsor expenses on the Statement of Operations.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2026 of $1,659,474 and $4,350,743, respectively, is made up of a realized gain/(loss) of $2,818 and $4,723, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $259,539 and $817,154, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,397,117 and $3,528,866, respectively, on investment in gold.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2025 of $1,900,649 and $1,831,988, respectively, is made up of a realized gain/(loss) of $699 and $1,316, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $34,849 and $255,934, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,865,101 and $1,574,739, respectively, on investment in gold.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.9.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income and Expense (Amounts in 000</b>’<b>s of US$) </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Administrator will, at the direction of the Sponsor, sell GLDM’s gold as necessary to pay its expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodian at the LBMA Gold Price PM following the sell order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay Sponsor expenses on the Statement of Operations.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2026 of $1,659,474 and $4,350,743, respectively, is made up of a realized gain/(loss) of $2,818 and $4,723, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $259,539 and $817,154, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,397,117 and $3,528,866, respectively, on investment in gold.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2025 of $1,900,649 and $1,831,988, respectively, is made up of a realized gain/(loss) of $699 and $1,316, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $34,849 and $255,934, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,865,101 and $1,574,739, respectively, on investment in gold.</p>
1659474000
1659474000
4350743000
4350743000
2818000
2818000
4723000
4723000
259539000
259539000
817154000
817154000
1397117000
1397117000
3528866000
3528866000
1900649000
1900649000
1831988000
1831988000
699000
699000
1316000
1316000
34849000
34849000
255934000
255934000
1865101000
1865101000
1574739000
1574739000
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.10.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income Taxes </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, it is not subject to U.S. federal income tax. Instead, its income and expenses “flow through” to the shareholders, and the Administrator will report GLDM’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Sponsor has evaluated whether there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2026. As of March 31, 2026, the 2025, 2024 and 2023 tax years remain open for examination. There were no examinations in progress at period end.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.10.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Income Taxes </b></p> </td></tr>
</tbody></table> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GLDM is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, it is not subject to U.S. federal income tax. Instead, its income and expenses “flow through” to the shareholders, and the Administrator will report GLDM’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis.</p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Sponsor has evaluated whether there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2026. As of March 31, 2026, the 2025, 2024 and 2023 tax years remain open for examination. There were no examinations in progress at period end.</p>
0
0
There were no examinations in progress at period end.
There were no examinations in progress at period end.
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.11.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b>Segment Reporting</b></td></tr>
</tbody></table> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;">The Principal Financial and Accounting Officer of the Sponsor performs the functions of GLDM's chief operating decision maker (“CODM”). The CODM monitors the operating results of GLDM as a whole, and GLDM's asset allocation is managed in accordance with its Prospectus. GLDM operates as a single operating and reporting segment pursuant to its investment objective. GLDM's prospectus describes GLDM's fees, investment objective, and principal risks, among other items. GLDM's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within GLDM's financial statements. The accompanying financial statements detail GLDM's segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the GLDM's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statement of Operations.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 2.7%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>2.11.</b></p> </td><td style="vertical-align: top; width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b>Segment Reporting</b></td></tr>
</tbody></table> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;">The Principal Financial and Accounting Officer of the Sponsor performs the functions of GLDM's chief operating decision maker (“CODM”). The CODM monitors the operating results of GLDM as a whole, and GLDM's asset allocation is managed in accordance with its Prospectus. GLDM operates as a single operating and reporting segment pursuant to its investment objective. GLDM's prospectus describes GLDM's fees, investment objective, and principal risks, among other items. GLDM's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within GLDM's financial statements. The accompanying financial statements detail GLDM's segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the GLDM's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statement of Operations.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>3.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Related Parties </b>–<b> Sponsor</b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Effective February 23, 2022, the Sponsor reduced its annual fee of 0.18% of the NAV of GLDM to 0.10% of the NAV of GLDM and implemented a one-for-two reverse stock split of the Shares which now represent 1/50th of an ounce of gold. The Sponsor’s annual fee equal to 0.10% of the NAV of GLDM is calculated daily. The Sponsor is responsible for the payment of all GLDM’s ordinary fees and expenses, including but not limited to the following: fees charged by GLDM’s Administrator, Custodian, Marketing Agent and Trustee; exchange listing fees; typical maintenance and transaction fees of The Depository Trust Company; SEC registration fees; printing and mailing costs; audit fees and expenses; and legal fees not in excess of $100,000 per annum and expenses and applicable license fees. The Sponsor is not, however, required to pay any extraordinary expenses incurred in the ordinary course of GLDM’s business as outlined in the Sponsor’s agreement with the Trust.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>3.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Related Parties </b>–<b> Sponsor</b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Effective February 23, 2022, the Sponsor reduced its annual fee of 0.18% of the NAV of GLDM to 0.10% of the NAV of GLDM and implemented a one-for-two reverse stock split of the Shares which now represent 1/50th of an ounce of gold. The Sponsor’s annual fee equal to 0.10% of the NAV of GLDM is calculated daily. The Sponsor is responsible for the payment of all GLDM’s ordinary fees and expenses, including but not limited to the following: fees charged by GLDM’s Administrator, Custodian, Marketing Agent and Trustee; exchange listing fees; typical maintenance and transaction fees of The Depository Trust Company; SEC registration fees; printing and mailing costs; audit fees and expenses; and legal fees not in excess of $100,000 per annum and expenses and applicable license fees. The Sponsor is not, however, required to pay any extraordinary expenses incurred in the ordinary course of GLDM’s business as outlined in the Sponsor’s agreement with the Trust.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
0.0018
0.0018
0.001
0.001
one-for-two reverse stock split of the Shares which now represent 1/50th of an ounce of gold
one-for-two reverse stock split of the Shares which now represent 1/50th of an ounce of gold
2
2
0.001
0.001
100000
100000
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>4.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>GLDM Expenses </b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">GLDM’s only ordinary recurring operating expense is the Sponsor’s annual fee of 0.10% of the NAV of GLDM. The Sponsor’s fee is payable monthly in arrears.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Expenses payable will reduce the NAV of GLDM.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>4.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>GLDM Expenses </b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">GLDM’s only ordinary recurring operating expense is the Sponsor’s annual fee of 0.10% of the NAV of GLDM. The Sponsor’s fee is payable monthly in arrears.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Expenses payable will reduce the NAV of GLDM.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
0.001
0.001
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>5.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Concentration of Risk </b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">GLDM’s primary business activities are the investment in gold and the issuance and sale of Shares. Various factors could affect the price of gold including: (i) global gold supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, Canada and the United States; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; (vi) other economic variables such as income growth, economic output, and monetary policies; and (vii) global or regional political, economic or financial events and situations, especially those that are unexpected in nature. In addition, while gold is used to preserve wealth by investors around the world, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on GLDM’s financial position and results of operations.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>5.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Concentration of Risk </b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">GLDM’s primary business activities are the investment in gold and the issuance and sale of Shares. Various factors could affect the price of gold including: (i) global gold supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, Canada and the United States; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; (vi) other economic variables such as income growth, economic output, and monetary policies; and (vii) global or regional political, economic or financial events and situations, especially those that are unexpected in nature. In addition, while gold is used to preserve wealth by investors around the world, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on GLDM’s financial position and results of operations.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>6.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Indemnification </b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith or willful misconduct. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>6.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Indemnification </b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith or willful misconduct. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>7.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Commitments and Contingent Liabilities</b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future potential claims that may be made against the Trust that have not yet occurred.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Trustee and each of its officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. The Sponsor will not be liable to the Trust, the Trustee or any shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any gold or other assets held in trust under the Declaration of Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>7.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Commitments and Contingent Liabilities</b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future potential claims that may be made against the Trust that have not yet occurred.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Trustee and each of its officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. The Sponsor will not be liable to the Trust, the Trustee or any shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any gold or other assets held in trust under the Declaration of Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>7.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Financial Highlights </b></p> </td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three and six months ended March 31, 2026 and 2025, respectively. The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on NYSE Arca during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Financial Highlights (Unaudited) </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">For the three and six months ended March 31, 2026 and 2025</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Three Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Three Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Net Asset Value</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Asset Value per Share, beginning of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">85.27</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">51.73</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">75.74</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">52.12</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Investment income/(loss) (1)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.02</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.01</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.04</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.03</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Realized and Change in Unrealized Gain/(Loss) (2)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.95</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.50</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.62</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net increase/(decrease) in net assets resulting from operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.93</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.98</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.46</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.59</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Asset Value per Share, end of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">91.20</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">91.20</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Market Value per Share, beginning of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">85.37</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">51.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">76.45</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">52.13</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Market Value per Share, end of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">92.69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.89</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">92.69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.89</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Ratio to average net assets</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Investment loss(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gross expenses(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net expenses(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Return, at Net Asset Value(4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">6.95</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">19.29</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20.41</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18.40</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Return, at Market Value(4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8.57</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">19.04</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">21.24</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18.72</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(1)</p> </td><td style="vertical-align:top;width:auto;">Based on average Shares outstanding during the period.</td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(2)</p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust's underlying investment.</p> </td></tr>
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<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(3)</p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Percentages are annualized.</p> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(4)</p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Percentages are not annualized.</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>7.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Financial Highlights </b></p> </td></tr>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three and six months ended March 31, 2026 and 2025, respectively. The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on NYSE Arca during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Financial Highlights (Unaudited) </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">For the three and six months ended March 31, 2026 and 2025</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Three Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Three Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Net Asset Value</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Asset Value per Share, beginning of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">85.27</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">51.73</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">75.74</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">52.12</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Investment income/(loss) (1)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.02</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.01</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.04</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.03</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Realized and Change in Unrealized Gain/(Loss) (2)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.95</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.50</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.62</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net increase/(decrease) in net assets resulting from operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.93</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.98</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.46</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.59</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Asset Value per Share, end of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">91.20</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">91.20</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Market Value per Share, beginning of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">85.37</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">51.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">76.45</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">52.13</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Market Value per Share, end of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">92.69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.89</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">92.69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.89</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Ratio to average net assets</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Investment loss(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gross expenses(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net expenses(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Return, at Net Asset Value(4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">6.95</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">19.29</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20.41</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18.40</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Return, at Market Value(4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8.57</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">19.04</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">21.24</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18.72</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
</tbody></table>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(1)</p> </td><td style="vertical-align:top;width:auto;">Based on average Shares outstanding during the period.</td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(2)</p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust's underlying investment.</p> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(3)</p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Percentages are annualized.</p> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(4)</p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Percentages are not annualized.</p> </td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Three Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Three Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Net Asset Value</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Asset Value per Share, beginning of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">85.27</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">51.73</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">75.74</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">52.12</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Investment income/(loss) (1)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.02</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.01</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.04</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.03</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Realized and Change in Unrealized Gain/(Loss) (2)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.95</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.50</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.62</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net increase/(decrease) in net assets resulting from operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.93</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.98</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.46</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.59</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Asset Value per Share, end of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">91.20</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">91.20</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Market Value per Share, beginning of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">85.37</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">51.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">76.45</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">52.13</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Market Value per Share, end of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">92.69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.89</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">92.69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.89</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Ratio to average net assets</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Investment loss(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gross expenses(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net expenses(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Return, at Net Asset Value(4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">6.95</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">19.29</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20.41</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18.40</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Return, at Market Value(4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8.57</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">19.04</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">21.24</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18.72</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Three Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Three Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Six Months</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Ended</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2026</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Mar-31, 2025</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(unaudited)</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Net Asset Value</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Asset Value per Share, beginning of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">85.27</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">51.73</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">75.74</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">52.12</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Investment income/(loss) (1)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.02</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.01</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.04</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.03</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Realized and Change in Unrealized Gain/(Loss) (2)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.95</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.50</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.62</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net increase/(decrease) in net assets resulting from operations</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.93</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.98</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15.46</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">9.59</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Asset Value per Share, end of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">91.20</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">91.20</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Market Value per Share, beginning of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">85.37</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">51.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">76.45</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">52.13</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Market Value per Share, end of period</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">92.69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.89</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">92.69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">61.89</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Ratio to average net assets</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b> </b></td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Investment loss(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)%</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gross expenses(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net expenses(3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Return, at Net Asset Value(4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">6.95</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">19.29</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20.41</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18.40</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Return, at Market Value(4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8.57</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">19.04</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">21.24</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18.72</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">%</td></tr>
</tbody></table>
85.27
85.27
51.73
51.73
75.74
75.74
52.12
52.12
-0.02
-0.02
-0.01
-0.01
-0.04
-0.04
-0.03
-0.03
5.95
5.95
9.99
9.99
15.5
15.5
9.62
9.62
5.93
5.93
9.98
9.98
15.46
15.46
9.59
9.59
91.2
91.2
61.71
61.71
91.2
91.2
61.71
61.71
85.37
85.37
51.99
51.99
76.45
76.45
52.13
52.13
92.69
92.69
61.89
61.89
92.69
92.69
61.89
61.89
-0.001
-0.001
-0.001
-0.001
-0.001
-0.001
-0.001
-0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.001
0.0695
0.0695
0.1929
0.1929
0.2041
0.2041
0.184
0.184
0.0857
0.0857
0.1904
0.1904
0.2124
0.2124
0.1872
0.1872
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>8.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Subsequent Events</b></p> </td></tr>
</tbody></table>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;">There are no known events that have occurred subsequent to March 31, 2026 that require additional disclosure in these financial statements. </p>
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:2.7%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>8.</b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Subsequent Events</b></p> </td></tr>
</tbody></table>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;">There are no known events that have occurred subsequent to March 31, 2026 that require additional disclosure in these financial statements. </p>
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </p>
The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust's underlying investment.
Percentages are annualized.
Based on average Shares outstanding during the period.
Authorized share capital is unlimited and the par value of the Shares is $0.00.
Percentages are not annualized.