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FRANKLIN TEMPLETON HOLDINGS TRUST
DE
87-6458919
One Franklin Parkway
San Mateo
CA
94403-1906
650
312-2000
Shares of Franklin Responsibly Sourced Gold ETF
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<div style="text-align: justify;"> <span style="font-family: Times New Roman; font-size: 10.0pt; font-weight: bold;">Cybersecurity Risk Management Strategy and Governance Overview</span> </div><div style="text-align: justify;"> <span style="font-family: Times New Roman; font-size: 10.0pt;">The Trust and the Fund do not have any officers, directors or employees. The Sponsor is responsible for the oversight and overall management of the Trust and the Fund. The Sponsor is a wholly owned subsidiary of Franklin Resources, Inc. (“FRI”). FRI maintains global, firm-wide policies and procedures governing matters relating to crisis management, corporate continuity, business continuity planning and disaster recovery, enterprise business resilience, and corresponding risk mitigation processes and systems in these areas (collectively referred to as the “Global Corporate Continuity Program”).</span> </div><div style="text-align: justify;"> The Global Corporate Continuity Program is generally overseen by the Business Recovery Governance Committee (“BRGC”). BRGC has developed certain policies and principles in implementing the program. The executive officers of the Sponsor perform certain functions with respect to the Trust and the Fund that, if the Trust or the Fund had directors or executive officers, would typically be performed by them, including receiving reports from the BRGC regarding the Global Corporate Continuity Program. In line with the Global Corporate Continuity Program, the Sponsor or its delegate: (1) regularly conducts a business impact analysis; (2) develops, exercises and maintains a viable and actionable Business Continuity Plan specifically tailored to the Sponsor in light of the nature and scope of its business; and (3) completes annual testing of the Business Continuity Plan. Material exceptions to this policy and risk <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">events and related mitigation/corrective measures are reported to the Sponsor’s Governance Oversight Committee. As appropriate, the Sponsor or its delegate will coordinate with FRI’s relevant risk management and disaster recovery-related committees to review risk monitoring and mitigation strategies as contemplated under the Global Corporate Continuity Program at least annually, and more often if there are significant internal or external changes affecting these risks as pertains to the Sponsor’s business and its Business Continuity Plan.</span></div><div style="text-align: justify;">
<span style="font-family: Times New Roman; font-size: 10.0pt;">FRI has adopted the National Institute of Standards and Technology’s (“NIST”) cybersecurity framework as its security outline. The program is reviewed annually. Using the NIST framework as a guide, FRI’s cybersecurity program is organized around the following program domains:</span>
</div><div style="text-indent: -27pt; padding-left: 81pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-family: Times New Roman; font-size: 10.0pt;">•</span>
</div>
<div>
<span style="font-family: Times New Roman; font-size: 10.0pt;">Identify critical assets, data, systems and capabilities, cybersecurity strategy and governing elements, threats and cybersecurity risks</span>
</div>
</div><div style="text-indent: -27pt; padding-left: 81pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-family: Times New Roman; font-size: 10.0pt;">•</span>
</div>
<div>
<span style="font-family: Times New Roman; font-size: 10.0pt;">Protect assets (data, systems, networks, personnel, etc.) from external or internal malicious actors and failed practices</span>
</div>
</div><div style="text-indent: -27pt; padding-left: 81pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-family: Times New Roman; font-size: 10.0pt;">•</span>
</div>
<div>
<span style="font-family: Times New Roman; font-size: 10.0pt;">Detect anomalies and security events through environments monitoring, analysis, remediation, and reporting. Engage outside vendors to periodically test the network infrastructure and software applications against known vulnerabilities and to ensure the use of a best practice security program</span>
</div>
</div><div style="text-indent: -27pt; padding-left: 81pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-family: Times New Roman; font-size: 10.0pt;">•</span>
</div>
<div>
<span style="font-family: Times New Roman; font-size: 10.0pt;">Respond to incidents regardless of source or causality</span>
</div>
</div><div style="text-indent: -27pt; padding-left: 81pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-family: Times New Roman; font-size: 10.0pt;">•</span>
</div>
<div>
<span style="font-family: Times New Roman; font-size: 10.0pt;">Recover through planning, improvements and communications (external and internal)</span>
</div>
</div><div style="text-indent: -27pt; padding-left: 81pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-family: Times New Roman; font-size: 10.0pt;">•</span>
</div>
<div>
<span style="font-family: Times New Roman; font-size: 10.0pt;">Conduct after-action evaluation to identify what went well, what did not go well and how to improve FRI’s systems after an issue</span>
</div>
</div>
FRI maintains global, firm-wide policies and procedures governing matters relating to crisis management, corporate continuity, business continuity planning and disaster recovery, enterprise business resilience, and corresponding risk mitigation processes and systems in these areas (collectively referred to as the “Global Corporate Continuity Program”).
true
<div style="text-align: justify;"> The Global Corporate Continuity Program is generally overseen by the Business Recovery Governance Committee (“BRGC”). BRGC has developed certain policies and principles in implementing the program. The executive officers of the Sponsor perform certain functions with respect to the Trust and the Fund that, if the Trust or the Fund had directors or executive officers, would typically be performed by them, including receiving reports from the BRGC regarding the Global Corporate Continuity Program. In line with the Global Corporate Continuity Program, the Sponsor or its delegate: (1) regularly conducts a business impact analysis; (2) develops, exercises and maintains a viable and actionable Business Continuity Plan specifically tailored to the Sponsor in light of the nature and scope of its business; and (3) completes annual testing of the Business Continuity Plan. Material exceptions to this policy and risk <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">events and related mitigation/corrective measures are reported to the Sponsor’s Governance Oversight Committee. As appropriate, the Sponsor or its delegate will coordinate with FRI’s relevant risk management and disaster recovery-related committees to review risk monitoring and mitigation strategies as contemplated under the Global Corporate Continuity Program at least annually, and more often if there are significant internal or external changes affecting these risks as pertains to the Sponsor’s business and its Business Continuity Plan.</span></div>
The Global Corporate Continuity Program is generally overseen by the Business Recovery Governance Committee (“BRGC”).
The executive officers of the Sponsor perform certain functions with respect to the Trust and the Fund that, if the Trust or the Fund had directors or executive officers, would typically be performed by them, including receiving reports from the BRGC regarding the Global Corporate Continuity Program.
The executive officers of the Sponsor perform certain functions with respect to the Trust and the Fund that, if the Trust or the Fund had directors or executive officers, would typically be performed by them, including receiving reports from the BRGC regarding the Global Corporate Continuity Program.
In line with the Global Corporate Continuity Program, the Sponsor or its delegate: (1) regularly conducts a business impact analysis; (2) develops, exercises and maintains a viable and actionable Business Continuity Plan specifically tailored to the Sponsor in light of the nature and scope of its business; and (3) completes annual testing of the Business Continuity Plan. Material exceptions to this policy and risk events and related mitigation/corrective measures are reported to the Sponsor’s Governance Oversight Committee.
the Sponsor or its delegate: (1) regularly conducts a business impact analysis; (2) develops, exercises and maintains a viable and actionable Business Continuity Plan specifically tailored to the Sponsor in light of the nature and scope of its business; and (3) completes annual testing of the Business Continuity Plan. Material exceptions to this policy and risk events and related mitigation/corrective measures are reported to the Sponsor’s Governance Oversight Committee.
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<div style="margin-left: 4.5pt;">
<span style="font-weight: bold;">1. ORGANIZATION</span>
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> The Franklin Templeton Holdings Trust (the “Trust”) was organized as a Delaware statutory trust on April 19, 2021 and is governed by the Agreement and Declaration of Trust dated as of May 10, 2022. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and is not a commodity pool for purposes of the Commodity Exchange Act (“CEA”). The Trust had no operations prior to the Fund's launch, other than in connection with the organization and registration of the Fund's shares <span style="letter-spacing: normal; text-align: start; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">under the Securities Act of 1933, as amended (the "Securities Act"). Franklin</span> Holdings, LLC is the Sponsor of the Trust (the “Sponsor”). The Sponsor is not subject to regulation by the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator with respect to the Fund, or a commodity trading advisor with respect to the Fund. The Fund issues shares (the “Shares”), which represent units of fractional undivided beneficial interest in the Fund. The Shares of the Fund are listed on the NYSE Arca, Inc. (“NYSE Arca”). The investment objective of the Fund is for the Shares to reflect the performance of the price of gold bullion, less the Fund’s expenses. The Fund’s only ordinary recurring expense is the Sponsor’s annual fee of 0.15% of the net asset value (“NAV”) of the Fund. The assets of the Fund include only gold bullion and cash, if any. The Fund seeks to hold only responsibly sourced gold in the Fund’s allocated account. The Fund defines responsibly sourced gold for this purpose as London Good Delivery gold bullion bars that were refined on or after January 1, 2012 (also referred to herein as “post-2012 gold”). All post-2012 gold has been refined in accordance with London Bullion Market Association’s (“LBMA”) Responsible Gold Guidance (the “Gold Guidance”). The Shares were first listed for trading on NYSE Arca on June 30, 2022. </div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, or “BNYM,” is the Fund’s Administrator (the “Administrator”) and Transfer Agent (the “Transfer Agent”). BNYM also serves as the custodian of the Fund’s cash (the "Cash Custodian"), if any. JPMorgan Chase Bank, N.A., London branch (“JPMorgan”), is the custodian (the “Gold Custodian”) of the Fund’s gold bullion. CSC Delaware Trust Company, a subsidiary of Corporation Service Company, is the Trustee of the Trust. Franklin Distributors, LLC is the marketing agent of the Trust (the “Marketing Agent”).
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> Shares of the Fund are listed on the NYSE Arca under the ticker symbol “FGDL”. The market price of the Shares may be different from the NAV per Share. Shares may be purchased from the Trust only by certain eligible financial institutions called Authorized Participants and only in one or more blocks of 50,000 Shares (“Creation Units”) in exchange for gold. The Fund issues Shares in Creation Units on a continuous basis at the applicable NAV per Share on the creation order date. Except when aggregated in Creation Units, the Shares are not redeemable securities. </div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
The Trust is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended (the “Securities Act”) and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
The accompanying financial statements for the period ended March 31, 2026 and March 31, 2025 have been prepared on behalf of the Trust, as registrant, combined with its one currently offered series, the Fund, and for the Fund separately (included below in a separate section of this report).
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
The fiscal year end of the Trust and the Fund is March 31st.
</div>
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<div style="text-align: justify; margin-left: 4.5pt;">
<span style="font-weight: bold;">2. SIGNIFICANT ACCOUNTING POLICIES</span>
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
In preparing financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
The accompanying audited financial statements were prepared in accordance with GAAP for financial information and with the instructions for Form 10-K and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
The following is a summary of significant accounting policies followed by the Trust and the Fund.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services - Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
The financial statements are presented for the Trust, as the registrant, combined with the Fund. Financial statements for the Fund presented at the series level are provided separately in this report. For the periods presented, there were no balances or activity for the Trust except for the Fund's operations, as its sole series. These notes to the financial statements relate to the Trust, as the registrant, combined with the Fund. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish. Individual, series-level financial statements for the Fund are presented separately within this report.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.2. Valuation of Gold</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
The Trust and the Fund follow the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
</div><div style="text-align: justify; margin-left: 4.5pt;">
The Fund’s policy is to value the investment in gold bullion at fair value. The NAV is computed based upon the total value of the assets of the Fund (i.e., gold and cash) less its liabilities. The Administrator generally will value any gold bullion held by the Fund on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (“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. In determining the NAV, the Administrator generally will value the gold bullion held by the Fund on the basis of the LBMA Gold Price PM.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
The Administrator calculates the NAV on each day NYSE Arca is open for regular trading, at 12:00 PM New York time. If no LBMA Gold Price (AM or 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 will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination. If the Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluation of the gold bullion held by the Fund that the Sponsor determines fairly represents the commercial value of the Fund's gold bullion.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
Once the value of the gold bullion has been determined, the Administrator subtracts all estimated accrued expenses and other liabilities of the Fund from the total value of the gold bullion and all other assets of the Fund. The resulting figure is the NAV. The NAV is used to compute the Sponsor’s fee. The Administrator determines the NAV per Share by dividing the NAV of the Fund by the number of Shares outstanding as of the close of trading on NYSE Arca.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are:
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
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
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
At March 31, 2026, the value of the gold bullion held by the Fund is categorized as Level 1.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.3. Expenses, realized gains and losses</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
<span style="color: rgb(34, 31, 31);">When selling gold to pay expenses, the Sponsor will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Fund’s holdings of assets other than gold. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold on the trade date, and such amounts are reported as net realized gain (loss) from gold distributed for the redemption of shares and sold to pay expenses in the combined statements of operations. Gold transactions are recorded on the trade date. The cost of gold is determined using the specific identification method.</span>
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> <span style="color: rgb(34, 31, 31);">The Fund’s only ordinary recurring expense is the Sponsor’s fee of 0.15% of the NAV of the Fund (“Sponsor Fee”). The Sponsor Fee is calculated on a daily basis (accrued at 1/365 of the applicable percentage of total net assets on that day) and is payable by the Fund monthly in arrears. The Fund’s expenses will reduce the NAV of the Fund. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Custodian (the Cash Custodian and Gold Custodian, collectively) and the Trustee, NYSE Arca listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, audit fees and expenses, up to $500,000 per annum in legal fees and expenses and applicable license fees.</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
<span style="color: rgb(34, 31, 31);">The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. The Fund will sell gold on an as-needed basis to pay the Sponsor’s fee.</span>
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> <span style="color: rgb(34, 31, 31);">The Fund bears transaction costs, including any other similar transaction fees, in connection with any sales of Gold necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the year ended March 31, 2026, the Fund accrued the Sponsor’s fee of $540,465.</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.4. Gold Receivable and Payable</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;">
Gold receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares respectively, where the gold has not yet been transferred to or from the Fund’s account. Generally, ownership of the gold is transferred within one business day of the trade date.
</div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.5. Creations and redemptions of Shares</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
</div><div style="text-align: justify; margin-left: 4.5pt;"> The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 50,000 Shares). The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold bullion represented by the Creation Units being created or redeemed. The amount of gold bullion required to be delivered to the Fund in connection with any creation, or paid out upon redemption, is based on the combined NAV of the number of Shares included in the Creation Units being created or redeemed as determined on the day the order to create or redeem Creation Units is properly received and accepted. The standard U.S. settlement cycle for most broker-dealer securities transactions is one business day (T+1). Authorized Participants are the only persons that may place orders to create and redeem Creation Units. All gold bullion must be delivered by Authorized Participants to the Fund and distributed by the Fund in unallocated form through credits and debits between Authorized Participants’ unallocated accounts and the Fund Unallocated Account. All gold bullion must be of at least a minimum fineness (or purity) of 995 parts per 1,000 (99.5%) and otherwise conform to the rules, regulations, practices and customs of the LBMA, including the specifications for a London Good Delivery Bar. The Transfer Agent receives a transaction processing fee in connection with orders from Authorized Participants to create or redeem Creation Units in the amount of $500 per order. These transaction processing fees are paid directly by the Authorized Participants and not by the Fund. </div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Prior to initiating any creation or redemption order, an Authorized Participant must have an existing unallocated account with a London Precious Metals Clearing Limited (“LPMCL”) clearing bank identified by the Authorized Participant to the Custodian and the Sponsor, or an agreement with the Custodian itself establishing an unallocated account in London. An unallocated account is an account with a bullion dealer, which may also be a bank, to which a fine weight amount of gold bullion is credited. Transfers to or from an unallocated account are made by crediting or debiting the number of ounces of gold bullion being deposited or withdrawn. The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold bullion equal to the amount of gold bullion standing to the credit of the unallocated account holder. Gold bullion held in an unallocated account is not segregated from the Custodian’s assets. The account holder therefore has no ownership interest in any specific bars of gold bullion that the bullion dealer holds or owns. The account holder is an unsecured creditor of the bullion dealer, and credits to an unallocated account are at risk of the bullion dealer’s insolvency, in which event it may not be possible for a liquidator to identify any gold bullion held in an unallocated account as belonging to the account holder rather than to the bullion dealer.
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div> Changes in the Shares for the year from April 1, 2025 to March 31, 2026 are as follows: </div><div>
</div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">Shares</span>
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">Amount^</span>
</td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at April 1, 2025
</div>
</td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,500,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">136,536,467</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Creation of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,300,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">215,191,777</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Redemption of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(1,050,000</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(58,651,177</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at March 31, 2026
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">7,750,000</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">293,077,067</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table><div>
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Changes in the Shares for the year from April 1, 2024 to March 31, 2025 are as follows: </div><div>
</div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;"> </td>
<td> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<div>
<span style="font-weight: bold;">Shares</span>
</div>
</td><td> </td>
<td> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<div>
<span style="font-weight: bold;">Amount^</span>
</div>
</td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Balance at April 1, 2024
</td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,100,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">46,291,354</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
Creation of Shares
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,150,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">116,418,428</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Redemption of Shares
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(750,000</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(26,173,315</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
Balance at March 31, 2025
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">4,500,000</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">136,536,467</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table><div>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> ^ Dollar amount of balance represents the cumulative fair value of creation of shares less the redemption of shares, at the time of the specific creation or redemption.</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gains, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis.
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of March 31, 2026 and 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability. <span style="font-size:10.0pt">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.</span></div>
<div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services - Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946.
</div><div style="text-align: justify; margin-left: 4.5pt;">
The financial statements are presented for the Trust, as the registrant, combined with the Fund. Financial statements for the Fund presented at the series level are provided separately in this report. For the periods presented, there were no balances or activity for the Trust except for the Fund's operations, as its sole series. These notes to the financial statements relate to the Trust, as the registrant, combined with the Fund. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish. Individual, series-level financial statements for the Fund are presented separately within this report.
</div>
<div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.2. Valuation of Gold</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
The Trust and the Fund follow the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
</div><div style="text-align: justify; margin-left: 4.5pt;">
The Fund’s policy is to value the investment in gold bullion at fair value. The NAV is computed based upon the total value of the assets of the Fund (i.e., gold and cash) less its liabilities. The Administrator generally will value any gold bullion held by the Fund on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (“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. In determining the NAV, the Administrator generally will value the gold bullion held by the Fund on the basis of the LBMA Gold Price PM.
</div><div style="text-align: justify; margin-left: 4.5pt;">
The Administrator calculates the NAV on each day NYSE Arca is open for regular trading, at 12:00 PM New York time. If no LBMA Gold Price (AM or 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 will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination. If the Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluation of the gold bullion held by the Fund that the Sponsor determines fairly represents the commercial value of the Fund's gold bullion.
</div><div style="text-align: justify; margin-left: 4.5pt;">
Once the value of the gold bullion has been determined, the Administrator subtracts all estimated accrued expenses and other liabilities of the Fund from the total value of the gold bullion and all other assets of the Fund. The resulting figure is the NAV. The NAV is used to compute the Sponsor’s fee. The Administrator determines the NAV per Share by dividing the NAV of the Fund by the number of Shares outstanding as of the close of trading on NYSE Arca.
</div><div style="text-align: justify; margin-left: 4.5pt;">
ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are:
</div><div style="text-align: justify; margin-left: 4.5pt;">
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;
</div><div style="text-align: justify; margin-left: 4.5pt;">
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
</div><div style="text-align: justify; margin-left: 4.5pt;">
Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments.
</div><div style="text-align: justify; margin-left: 4.5pt;">
At March 31, 2026, the value of the gold bullion held by the Fund is categorized as Level 1.
</div>
<div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.3. Expenses, realized gains and losses</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
<span style="color: rgb(34, 31, 31);">When selling gold to pay expenses, the Sponsor will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Fund’s holdings of assets other than gold. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold on the trade date, and such amounts are reported as net realized gain (loss) from gold distributed for the redemption of shares and sold to pay expenses in the combined statements of operations. Gold transactions are recorded on the trade date. The cost of gold is determined using the specific identification method.</span>
</div><div style="text-align: justify; margin-left: 4.5pt;"> <span style="color: rgb(34, 31, 31);">The Fund’s only ordinary recurring expense is the Sponsor’s fee of 0.15% of the NAV of the Fund (“Sponsor Fee”). The Sponsor Fee is calculated on a daily basis (accrued at 1/365 of the applicable percentage of total net assets on that day) and is payable by the Fund monthly in arrears. The Fund’s expenses will reduce the NAV of the Fund. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Custodian (the Cash Custodian and Gold Custodian, collectively) and the Trustee, NYSE Arca listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, audit fees and expenses, up to $500,000 per annum in legal fees and expenses and applicable license fees.</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
<span style="color: rgb(34, 31, 31);">The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. The Fund will sell gold on an as-needed basis to pay the Sponsor’s fee.</span>
</div><div style="text-align: justify; margin-left: 4.5pt;"> <span style="color: rgb(34, 31, 31);">The Fund bears transaction costs, including any other similar transaction fees, in connection with any sales of Gold necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the year ended March 31, 2026, the Fund accrued the Sponsor’s fee of $540,465.</span> </div>
0.0015
500000
540465
<div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.4. Gold Receivable and Payable</span> </div><div style="text-align: justify; margin-left: 4.5pt;">
Gold receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares respectively, where the gold has not yet been transferred to or from the Fund’s account. Generally, ownership of the gold is transferred within one business day of the trade date.
</div>
<div style="text-align: justify; margin-left: 4.5pt;"> <span style="font-weight: bold;">2.5. Creations and redemptions of Shares</span> </div><div style="text-align: justify; margin-left: 4.5pt;"> The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 50,000 Shares). The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold bullion represented by the Creation Units being created or redeemed. The amount of gold bullion required to be delivered to the Fund in connection with any creation, or paid out upon redemption, is based on the combined NAV of the number of Shares included in the Creation Units being created or redeemed as determined on the day the order to create or redeem Creation Units is properly received and accepted. The standard U.S. settlement cycle for most broker-dealer securities transactions is one business day (T+1). Authorized Participants are the only persons that may place orders to create and redeem Creation Units. All gold bullion must be delivered by Authorized Participants to the Fund and distributed by the Fund in unallocated form through credits and debits between Authorized Participants’ unallocated accounts and the Fund Unallocated Account. All gold bullion must be of at least a minimum fineness (or purity) of 995 parts per 1,000 (99.5%) and otherwise conform to the rules, regulations, practices and customs of the LBMA, including the specifications for a London Good Delivery Bar. The Transfer Agent receives a transaction processing fee in connection with orders from Authorized Participants to create or redeem Creation Units in the amount of $500 per order. These transaction processing fees are paid directly by the Authorized Participants and not by the Fund. </div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Prior to initiating any creation or redemption order, an Authorized Participant must have an existing unallocated account with a London Precious Metals Clearing Limited (“LPMCL”) clearing bank identified by the Authorized Participant to the Custodian and the Sponsor, or an agreement with the Custodian itself establishing an unallocated account in London. An unallocated account is an account with a bullion dealer, which may also be a bank, to which a fine weight amount of gold bullion is credited. Transfers to or from an unallocated account are made by crediting or debiting the number of ounces of gold bullion being deposited or withdrawn. The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold bullion equal to the amount of gold bullion standing to the credit of the unallocated account holder. Gold bullion held in an unallocated account is not segregated from the Custodian’s assets. The account holder therefore has no ownership interest in any specific bars of gold bullion that the bullion dealer holds or owns. The account holder is an unsecured creditor of the bullion dealer, and credits to an unallocated account are at risk of the bullion dealer’s insolvency, in which event it may not be possible for a liquidator to identify any gold bullion held in an unallocated account as belonging to the account holder rather than to the bullion dealer.
</div><div> Changes in the Shares for the year from April 1, 2025 to March 31, 2026 are as follows: </div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">Shares</span>
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">Amount^</span>
</td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at April 1, 2025
</div>
</td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,500,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">136,536,467</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Creation of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,300,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">215,191,777</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Redemption of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(1,050,000</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(58,651,177</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at March 31, 2026
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">7,750,000</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">293,077,067</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Changes in the Shares for the year from April 1, 2024 to March 31, 2025 are as follows: </div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;"> </td>
<td> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<div>
<span style="font-weight: bold;">Shares</span>
</div>
</td><td> </td>
<td> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<div>
<span style="font-weight: bold;">Amount^</span>
</div>
</td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Balance at April 1, 2024
</td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,100,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">46,291,354</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
Creation of Shares
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,150,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">116,418,428</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Redemption of Shares
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(750,000</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(26,173,315</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
Balance at March 31, 2025
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">4,500,000</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">136,536,467</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> ^ Dollar amount of balance represents the cumulative fair value of creation of shares less the redemption of shares, at the time of the specific creation or redemption.</div>
50000
P1D
500
<div> Changes in the Shares for the year from April 1, 2025 to March 31, 2026 are as follows: </div><div>
</div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">Shares</span>
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">Amount^</span>
</td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at April 1, 2025
</div>
</td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,500,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">136,536,467</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Creation of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,300,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">215,191,777</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Redemption of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(1,050,000</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(58,651,177</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at March 31, 2026
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">7,750,000</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">293,077,067</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table><div>
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Changes in the Shares for the year from April 1, 2024 to March 31, 2025 are as follows: </div><div>
</div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;"> </td>
<td> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<div>
<span style="font-weight: bold;">Shares</span>
</div>
</td><td> </td>
<td> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<div>
<span style="font-weight: bold;">Amount^</span>
</div>
</td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Balance at April 1, 2024
</td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,100,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"></td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">46,291,354</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
Creation of Shares
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,150,000</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">116,418,428</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Redemption of Shares
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(750,000</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(26,173,315</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
Balance at March 31, 2025
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">4,500,000</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">136,536,467</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table><div>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> ^ Dollar amount of balance represents the cumulative fair value of creation of shares less the redemption of shares, at the time of the specific creation or redemption.</div>
4500000
136536467
4300000
215191777
1050000
58651177
7750000
293077067
2100000
46291354
3150000
116418428
750000
26173315
4500000
136536467
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gains, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis.
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of March 31, 2026 and 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability. <span style="font-size:10.0pt">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.</span></div>
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">3. INVESTMENT IN GOLD</span>
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the year from April 1, 2025 to March 31, 2026: </div><div>
</div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: center;"> </td><td colspan="2" style="border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; text-align: center;">
<span style="font-weight: bold;">Amount in ounces</span>
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; text-align: center;">
<span style="font-weight: bold;">Amount in US$</span>
</td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at April 1, 2025
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">60,016.277</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">186,956,705</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Gold received for the creation of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">57,308.239</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">215,191,777</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Gold distributed for the redemption of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(13,988.775</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(58,651,177</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Principal on gold sales to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(120.117</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(491,723</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net realized gain (loss) from gold distributed for the redemptions of shares and sold to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> – </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">18,201,941</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net change in unrealized appreciation (depreciation) on investment in gold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;"> – </td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">114,446,198</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at March 31, 2026
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">103,215.624</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">475,653,721</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table><div>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the year from April 1, 2024 to March 31, 2025: </div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td> </td>
<td style="text-align: right;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">
<span style="font-weight: bold;">Amount in ounces</span>
</td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">
<span style="font-weight: bold;">Amount in US$</span>
</td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at April 1, 2024
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">28,048.958</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">62,110,210</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Gold received for the creation of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">42,022.504</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">116,418,428</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Gold distributed for the redemption of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(10,005.285</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(26,173,315</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Principal on gold sales to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(49.900</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(129,448</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net realized gain (loss) from gold distributed for the redemptions of shares and sold to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> – </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,270,206</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net change in unrealized appreciation (depreciation) on investment in gold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;"> – </td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">30,460,624</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at March 31, 2025
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">60,016.277</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">186,956,705</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table>
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the year from April 1, 2025 to March 31, 2026: </div><div>
</div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: center;"> </td><td colspan="2" style="border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; text-align: center;">
<span style="font-weight: bold;">Amount in ounces</span>
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; text-align: center;">
<span style="font-weight: bold;">Amount in US$</span>
</td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at April 1, 2025
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">60,016.277</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">186,956,705</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Gold received for the creation of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">57,308.239</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">215,191,777</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Gold distributed for the redemption of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(13,988.775</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(58,651,177</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Principal on gold sales to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(120.117</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(491,723</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net realized gain (loss) from gold distributed for the redemptions of shares and sold to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> – </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">18,201,941</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net change in unrealized appreciation (depreciation) on investment in gold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;"> – </td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">114,446,198</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at March 31, 2026
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">103,215.624</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">475,653,721</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table><div>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the year from April 1, 2024 to March 31, 2025: </div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td> </td>
<td style="text-align: right;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">
<span style="font-weight: bold;">Amount in ounces</span>
</td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">
<span style="font-weight: bold;">Amount in US$</span>
</td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at April 1, 2024
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">28,048.958</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">62,110,210</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Gold received for the creation of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">42,022.504</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">116,418,428</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Gold distributed for the redemption of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(10,005.285</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(26,173,315</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Principal on gold sales to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(49.900</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(129,448</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net realized gain (loss) from gold distributed for the redemptions of shares and sold to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> – </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,270,206</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net change in unrealized appreciation (depreciation) on investment in gold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;"> – </td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">30,460,624</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance at March 31, 2025
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">60,016.277</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">186,956,705</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table>
60016.277
186956705
57308.239
215191777
-13988.775
-58651177
-120.117
-491723
0
18201941
0
114446198
103215.624
475653721
28048.958
62110210
42022.504
116418428
-10005.285
-26173315
-49.9
-129448
0
4270206
0
30460624
60016.277
186956705
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">4. RELATED PARTIES</span>
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor of the Trust is Franklin Holdings, LLC. The Sponsor is responsible for establishing the Trust and for the registration of the Shares. The Sponsor generally oversees the performance of the Fund’s principal service providers but does not exercise day-to-day oversight over such service providers. The Sponsor, with assistance and support from the Administrator, is responsible for preparing and filing periodic reports on behalf of the Fund with the SEC and will provide any required certification for such reports. The Sponsor has designated the independent registered public accounting firm of the Trust on behalf of the Fund and may from time to time employ legal counsel for the Fund.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Franklin Distributors, LLC serves as the Marketing Agent of the Fund. The Sponsor and the Marketing Agent are affiliates and each is considered to be a related party to the Trust and the Fund. Franklin Resources, Inc. (“FRI”) is the ultimate parent company of the Sponsor and the Marketing Agent. FRI is the holding company for various subsidiaries that together are referred to as Franklin Templeton Investments.
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor is a related party of the Trust and the Fund. The Marketing Agent is an affiliate of the Sponsor. Expenses payable to the Marketing Agent, if any, are paid through the Sponsor’s fee.
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The Trust also considers Franklin Resources, Inc., the ultimate parent company of the Sponsor, to be a related party of the Trust and the Fund. As of March 31, 2026, no shares of the Fund were held by any related party. </div>
0
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">5. CONCENTRATION OF RISK</span>
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Fund’s sole business activity is the investment in gold bullion. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as 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, and new production projects; (ii) investors’ expectations regarding future inflation rates; (iii) currency exchange rate volatility; (iv) interest rate volatility; and (v) political, economic, global or regional incidents. In addition, 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 the Trust’s and the Fund’s financial position and results of operations.
</div>
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">6. COMBINED FINANCIAL HIGHLIGHTS</span>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">For the Year<br/>
Ended<br/>
March 31, 2026</span>
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">For the Year<br/>
Ended<br/>
March 31, 2025</span>
</td><td style="text-align: center; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Net asset value per Share, beginning of year</span>
</div>
</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">41.54</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">29.57</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net investment loss<sup>(a)
</sup></div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.08</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.05</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net realized and unrealized gain (loss) on investment in gold
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19.91</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">12.02</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net change in net assets from operations<sup>(b)
</sup></div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19.83</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">11.97</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Net asset value per Share, end of year</span>
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">61.37</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">41.54</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Total return, at net asset value<sup>(c)</sup></span>
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">47.74</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">40.48</td><td style="text-align: left; width: 1%;">%</td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Ratio to average net assets</span>
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net investment loss
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.15</td><td style="text-align: left; width: 1%;">)%</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.15</td><td style="text-align: left; width: 1%;">)%</td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net expenses
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">0.15</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">0.15</td><td style="text-align: left; width: 1%;">%</td>
</tr>
</table><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (a) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (b) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The amount shown for a share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s shares in relation to fluctuating market values for the Fund’s underlying investment. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (c) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Calculated based on the change in net asset value of a Share during the period. </div> </div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">For the Year<br/>
Ended<br/>
March 31, 2026</span>
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">For the Year<br/>
Ended<br/>
March 31, 2025</span>
</td><td style="text-align: center; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Net asset value per Share, beginning of year</span>
</div>
</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">41.54</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">29.57</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net investment loss<sup>(a)
</sup></div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.08</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.05</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net realized and unrealized gain (loss) on investment in gold
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19.91</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">12.02</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net change in net assets from operations<sup>(b)
</sup></div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19.83</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">11.97</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Net asset value per Share, end of year</span>
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">61.37</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">41.54</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Total return, at net asset value<sup>(c)</sup></span>
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">47.74</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">40.48</td><td style="text-align: left; width: 1%;">%</td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Ratio to average net assets</span>
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> </td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net investment loss
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.15</td><td style="text-align: left; width: 1%;">)%</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.15</td><td style="text-align: left; width: 1%;">)%</td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net expenses
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">0.15</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">0.15</td><td style="text-align: left; width: 1%;">%</td>
</tr>
</table><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (a) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (b) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The amount shown for a share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s shares in relation to fluctuating market values for the Fund’s underlying investment. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (c) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Calculated based on the change in net asset value of a Share during the period. </div> </div>
41.54
29.57
-0.08
-0.05
19.91
12.02
19.83
11.97
61.37
41.54
0.4774
0.4048
-0.0015
-0.0015
0.0015
0.0015
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">7. COMMITMENTS AND CONTINGENCIES</span>
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
In the normal course of business, the Trust, on behalf of the Fund, may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
</div>
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">8. INDEMNIFICATION</span>
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
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 bullion or other assets of the Fund or the 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.
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
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 may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. 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.
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s 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.
</div>
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">9. OPERATING SEGMENTS</span>
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The Fund, which is the sole series of the Trust, and the Trust operate as a <span style="-sec-ix-hidden: hidden-fact-8">single</span> operating segment, which is an investment portfolio. Executive officers of the Fund’s Sponsor perform the functions of the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements. </div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Combined Statements of Assets and Liabilities and the Combined Statements of Operations, along with the related Notes to the Combined Financial Statements. The Combined Schedules of Investments provide details of the Fund's investments that generate returns such as realized and unrealized gains or losses. Performance metrics and expense ratios are disclosed in the Combined Financial Highlights.
</div>
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">10. SUBSEQUENT EVENTS</span>
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Trust and the Fund have evaluated subsequent events through the issuance of the financial statements and determined that no such events have occurred that require disclosure.
</div>
475653721
186956705
475653721
186956705
69686
20944
69686
20944
475584035
186935761
7750000
7750000
4500000
4500000
61.37
41.54
103215.624
319559905
475653721
1.0001
103215.624
319559905
475653721
1.0001
-69686
-0.0001
475584035
1
60016.277
145309087
186956705
1.0001
60016.277
145309087
186956705
1.0001
-20944
-0.0001
186935761
1
540465
142813
540465
142813
-540465
-142813
18201941
4270206
114446198
30460624
132648139
34730830
132107674
34588017
19.78
12.69
491723
129448
491723
129448
0
0
0
0
0
0
0
0
132107674
34588017
491723
129448
18201941
4270206
114446198
30460624
48742
13365
0
0
215191777
116418428
-58651177
-26173315
186935761
62102631
-540465
-142813
18201941
4270206
114446198
30460624
132107674
34588017
215191777
116418428
58651177
26173315
156540600
90245113
475584035
186935761
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">1. ORGANIZATION</span>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The Franklin Templeton Holdings Trust (the “Trust”) was organized as a Delaware statutory trust on April 19, 2021 and is governed by the Agreement and Declaration of Trust dated as of May 10, 2022. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and is not a commodity pool for purposes of the Commodity Exchange Act (“CEA”). The Trust had no operations prior to the Fund's launch, other than in connection with the organization and registration of the Fund's shares under the Securities Act. Franklin Holdings, LLC is the Sponsor of the Trust (the “Sponsor”). The Sponsor is not subject to regulation by the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator with respect to the Fund, or a commodity trading advisor with respect to the Fund. The Fund issues shares (the “Shares”), which represent units of fractional undivided beneficial interest in the Fund. The Shares of the Fund are listed on the NYSE Arca, Inc. (“NYSE Arca”). The investment objective of the Fund is for the Shares to reflect the performance of the price of gold bullion, less the Fund’s expenses. The Fund’s only ordinary recurring expense is the Sponsor’s annual fee of 0.15% of the net asset value (“NAV”) of the Fund. The assets of the Fund include only gold bullion and cash, if any. The Fund seeks to hold only responsibly sourced gold in the Fund’s allocated account. The Fund defines responsibly sourced gold for this purpose as London Good Delivery gold bullion bars that were refined on or after January 1, 2012 (also referred to herein as “post-2012 gold”). All post-2012 gold has been refined in accordance with London Bullion Market Association’s (“LBMA”) Responsible Gold Guidance (the “Gold Guidance”). The Shares were first listed for trading on NYSE Arca on June 30, 2022. </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, or “BNYM,” is the Fund’s Administrator (the “Administrator”) and Transfer Agent (the “Transfer Agent”). BNYM also serves as the custodian of the Fund’s cash (the "Cash Custodian"), if any. JPMorgan Chase Bank, N.A., London branch (“JPMorgan”), is the custodian (the “Gold Custodian”) of the Fund’s gold bullion. CSC Delaware Trust Company, a subsidiary of Corporation Service Company, is the Trustee of the Trust. Franklin Distributors, LLC is the marketing agent of the Trust (the “Marketing Agent”).
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Shares of the Fund are listed on the NYSE Arca under the ticker symbol “FGDL”. The market price of the Shares may be different from the NAV per Share. Shares may be purchased from the Trust only by certain eligible financial institutions called Authorized Participants and only in one or more blocks of 50,000 Shares (“Creation Units”) in exchange for gold. The Fund issues Shares in Creation Units on a continuous basis at the applicable NAV per Share on the creation order date. Except when aggregated in Creation Units, the Shares are not redeemable securities. </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Trust is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended (the “Securities Act”) and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The fiscal year end of the Trust and the Fund is March 31st.
</div>
0.0015
50000
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">2. SIGNIFICANT ACCOUNTING POLICIES</span>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
In preparing financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The accompanying audited financial statements were prepared in accordance with GAAP for financial information and with the instructions for Form 10-K and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The following is a summary of significant accounting policies followed by the Trust and the Fund.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services - Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The financial statements are presented for the Fund, which is the sole series of the Trust. Financial statements for the Trust, as the registrant, combined with the Fund are provided separately in this report. For the periods presented, there were no balances or activity for the Trust except for the Fund's operations, as its sole series. These notes to the financial statements relate to the Fund, which is the sole series of the Trust. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish. Combined financial statements for the Trust as registrant, and the Fund are presented separately within this report.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.2. Valuation of Gold</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Trust and the Fund follow the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Fund’s policy is to value the investment in gold bullion at fair value. The NAV is computed based upon the total value of the assets of the Fund (i.e., gold and cash) less its liabilities. The Administrator generally will value any gold bullion held by the Fund on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (“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. In determining the NAV, the Administrator generally will value the gold bullion held by the Fund on the basis of the LBMA Gold Price PM.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Administrator calculates the NAV on each day NYSE Arca is open for regular trading, at 12:00 PM New York time. If no LBMA Gold Price (AM or 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 will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination. If the Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluation of the gold bullion held by the Fund that the Sponsor determines fairly represents the commercial value of the Fund's gold bullion.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Once the value of the gold bullion has been determined, the Administrator subtracts all estimated accrued expenses and other liabilities of the Fund from the total value of the gold bullion and all other assets of the Fund. The resulting figure is the NAV. The NAV is used to compute the Sponsor’s fee. The Administrator determines the NAV per Share by dividing the NAV of the Fund by the number of Shares outstanding as of the close of trading on NYSE Arca.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are:
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
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
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
At March 31, 2026, the value of the gold bullion held by the Fund is categorized as Level 1.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.3. Expenses, realized gains and losses</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="color: rgb(33, 31, 31);">When selling gold to pay expenses, the Sponsor will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Fund’s holdings of assets other than gold. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold on the trade date, and such amounts are reported as net realized gain (loss) from gold distributed for the redemption of shares and sold to pay expenses in the statements of operations. Gold transactions are recorded on the trade date. The cost of gold is determined using the specific identification method.</span>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="color: rgb(33, 31, 31);">The Fund’s only ordinary recurring expense is the Sponsor’s fee of 0.15% of the NAV of the Fund (“Sponsor Fee”). The Sponsor Fee is calculated on a daily basis (accrued at 1/365 of the applicable percentage of total net assets on that day) and is payable by the Fund monthly in arrears. The Fund’s expenses will reduce the NAV of the Fund. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Custodian (the Cash Custodian and Gold Custodian, collectively) and the Trustee, NYSE Arca listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, audit fees and expenses, up to $500,000 per annum in legal fees and expenses and applicable license fees.</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="color: rgb(33, 31, 31);">The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. The Fund will sell gold on an as-needed basis to pay the Sponsor’s fee.</span>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">The Fund bears transaction
costs, including any other similar transaction fees, in connection with any
sales of Gold necessary to pay the Sponsor’s fee, as well as other Fund
expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor
are specified above). Any similar transaction fees incurred in connection with
the creation or redemption of Creation Units are borne by the Authorized
Participant. For the year ended March 31, 2026, the Fund accrued the Sponsor’s
fee of $540,465.</span></div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.4. Gold Receivable and Payable</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Gold receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares respectively, where the gold has not yet been transferred to or from the Fund’s account. Generally, ownership of the gold is transferred within one business day of the trade date.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.5. Creations and redemptions of Shares</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 50,000 Shares). The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold bullion represented by the Creation Units being created or redeemed. The amount of gold bullion required to be delivered to the Fund in connection with any creation, or paid out upon redemption, is based on the combined NAV of the number of Shares included in the Creation Units being created or redeemed as determined on the day the order to create or redeem Creation Units is properly received and accepted. The standard U.S. settlement cycle for most broker-dealer securities transactions is one business day (T+1). Authorized Participants are the only persons that may place orders to create and redeem Creation Units. All gold bullion must be delivered by Authorized Participants to the Fund and distributed by the Fund in unallocated form through credits and debits between Authorized Participants’ unallocated accounts and the Fund Unallocated Account. All gold bullion must be of at least a minimum fineness (or purity) of 995 parts per 1,000 (99.5%) and otherwise conform to the rules, regulations, practices and customs of the LBMA, including the specifications for a London Good Delivery Bar. The Transfer Agent receives a transaction processing fee in connection with orders from Authorized Participants to create or redeem Creation Units in the amount of $500 per order. These transaction processing fees are paid directly by the Authorized Participants and not by the Fund. </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Prior to initiating any creation or redemption order, an Authorized Participant must have an existing unallocated account with a London Precious Metals Clearing Limited (“LPMCL”) clearing bank identified by the Authorized Participant to the Custodian and the Sponsor, or an agreement with the Custodian itself establishing an unallocated account in London. An unallocated account is an account with a bullion dealer, which may also be a bank, to which a fine weight amount of gold bullion is credited. Transfers to or from an unallocated account are made by crediting or debiting the number of ounces of gold bullion being deposited or withdrawn. The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold bullion equal to the amount of gold bullion standing to the credit of the unallocated account holder. Gold bullion held in an unallocated account is not segregated from the Custodian’s assets. The account holder therefore has no ownership interest in any specific bars of gold bullion that the bullion dealer holds or owns. The account holder is an unsecured creditor of the bullion dealer, and credits to an unallocated account are at risk of the bullion dealer’s insolvency, in which event it may not be possible for a liquidator to identify any gold bullion held in an unallocated account as belonging to the account holder rather than to the bullion dealer.
</div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">Changes
in the Shares for the year from April 1, 2025 to March 31, 2026 are as follows:</div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div>
</td><td valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^</b></div>
</td><td valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at April 1, 2025</div>
</td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">4,500,000</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">136,536,467</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:2;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Creation of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">4,300,000</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">215,191,777</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Redemption of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(1,050,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(58,651,177</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
</tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at March 31, 2026</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">7,750,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">293,077,067</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
</tr>
</table><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">Changes
in the Shares for the year from April 1, 2024 to March 31, 2025 are as follows:<span style="mso-tab-count:1"> </span></div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial;" valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial; height: 1pt; text-align: center;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div>
</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial;" valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial;" valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial; height: 1pt; text-align: center;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^</b></div>
</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at April 1, 2024</div>
</td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">2,100,000</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">46,291,354</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:2;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Creation of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">3,150,000</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">116,418,428</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Redemption of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(750,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(26,173,315</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
</tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at March 31, 2025</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">4,500,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">136,536,467</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
</tr>
</table><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">^ Dollar amount of balance
represents the cumulative fair value of creation of shares less the redemption
of shares, at the time of the specific creation or redemption.</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"><span style="font-weight: 700; letter-spacing: normal; text-align: start; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2.6. <span style="text-indent: -23.2667px; text-decoration-thickness: initial; float: none; display: inline !important;">Income Taxes</span></span></div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gains, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor has analyzed applicable tax laws and regulations and their application to the Fund as of March 31, 2026 and 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability. <span style="font-size:10.0pt">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.</span></div>
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services - Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The financial statements are presented for the Fund, which is the sole series of the Trust. Financial statements for the Trust, as the registrant, combined with the Fund are provided separately in this report. For the periods presented, there were no balances or activity for the Trust except for the Fund's operations, as its sole series. These notes to the financial statements relate to the Fund, which is the sole series of the Trust. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish. Combined financial statements for the Trust as registrant, and the Fund are presented separately within this report.
</div>
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.2. Valuation of Gold</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Trust and the Fund follow the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Fund’s policy is to value the investment in gold bullion at fair value. The NAV is computed based upon the total value of the assets of the Fund (i.e., gold and cash) less its liabilities. The Administrator generally will value any gold bullion held by the Fund on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (“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. In determining the NAV, the Administrator generally will value the gold bullion held by the Fund on the basis of the LBMA Gold Price PM.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Administrator calculates the NAV on each day NYSE Arca is open for regular trading, at 12:00 PM New York time. If no LBMA Gold Price (AM or 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 will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination. If the Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluation of the gold bullion held by the Fund that the Sponsor determines fairly represents the commercial value of the Fund's gold bullion.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Once the value of the gold bullion has been determined, the Administrator subtracts all estimated accrued expenses and other liabilities of the Fund from the total value of the gold bullion and all other assets of the Fund. The resulting figure is the NAV. The NAV is used to compute the Sponsor’s fee. The Administrator determines the NAV per Share by dividing the NAV of the Fund by the number of Shares outstanding as of the close of trading on NYSE Arca.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are:
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
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
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
At March 31, 2026, the value of the gold bullion held by the Fund is categorized as Level 1.
</div>
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.3. Expenses, realized gains and losses</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="color: rgb(33, 31, 31);">When selling gold to pay expenses, the Sponsor will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Fund’s holdings of assets other than gold. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold on the trade date, and such amounts are reported as net realized gain (loss) from gold distributed for the redemption of shares and sold to pay expenses in the statements of operations. Gold transactions are recorded on the trade date. The cost of gold is determined using the specific identification method.</span>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="color: rgb(33, 31, 31);">The Fund’s only ordinary recurring expense is the Sponsor’s fee of 0.15% of the NAV of the Fund (“Sponsor Fee”). The Sponsor Fee is calculated on a daily basis (accrued at 1/365 of the applicable percentage of total net assets on that day) and is payable by the Fund monthly in arrears. The Fund’s expenses will reduce the NAV of the Fund. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Custodian (the Cash Custodian and Gold Custodian, collectively) and the Trustee, NYSE Arca listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, audit fees and expenses, up to $500,000 per annum in legal fees and expenses and applicable license fees.</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="color: rgb(33, 31, 31);">The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. The Fund will sell gold on an as-needed basis to pay the Sponsor’s fee.</span>
</div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">The Fund bears transaction
costs, including any other similar transaction fees, in connection with any
sales of Gold necessary to pay the Sponsor’s fee, as well as other Fund
expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor
are specified above). Any similar transaction fees incurred in connection with
the creation or redemption of Creation Units are borne by the Authorized
Participant. For the year ended March 31, 2026, the Fund accrued the Sponsor’s
fee of $540,465.</span></div>
0.0015
500000
540465
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.4. Gold Receivable and Payable</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Gold receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares respectively, where the gold has not yet been transferred to or from the Fund’s account. Generally, ownership of the gold is transferred within one business day of the trade date.
</div>
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> <span style="font-weight: bold;">2.5. Creations and redemptions of Shares</span> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 50,000 Shares). The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold bullion represented by the Creation Units being created or redeemed. The amount of gold bullion required to be delivered to the Fund in connection with any creation, or paid out upon redemption, is based on the combined NAV of the number of Shares included in the Creation Units being created or redeemed as determined on the day the order to create or redeem Creation Units is properly received and accepted. The standard U.S. settlement cycle for most broker-dealer securities transactions is one business day (T+1). Authorized Participants are the only persons that may place orders to create and redeem Creation Units. All gold bullion must be delivered by Authorized Participants to the Fund and distributed by the Fund in unallocated form through credits and debits between Authorized Participants’ unallocated accounts and the Fund Unallocated Account. All gold bullion must be of at least a minimum fineness (or purity) of 995 parts per 1,000 (99.5%) and otherwise conform to the rules, regulations, practices and customs of the LBMA, including the specifications for a London Good Delivery Bar. The Transfer Agent receives a transaction processing fee in connection with orders from Authorized Participants to create or redeem Creation Units in the amount of $500 per order. These transaction processing fees are paid directly by the Authorized Participants and not by the Fund. </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Prior to initiating any creation or redemption order, an Authorized Participant must have an existing unallocated account with a London Precious Metals Clearing Limited (“LPMCL”) clearing bank identified by the Authorized Participant to the Custodian and the Sponsor, or an agreement with the Custodian itself establishing an unallocated account in London. An unallocated account is an account with a bullion dealer, which may also be a bank, to which a fine weight amount of gold bullion is credited. Transfers to or from an unallocated account are made by crediting or debiting the number of ounces of gold bullion being deposited or withdrawn. The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold bullion equal to the amount of gold bullion standing to the credit of the unallocated account holder. Gold bullion held in an unallocated account is not segregated from the Custodian’s assets. The account holder therefore has no ownership interest in any specific bars of gold bullion that the bullion dealer holds or owns. The account holder is an unsecured creditor of the bullion dealer, and credits to an unallocated account are at risk of the bullion dealer’s insolvency, in which event it may not be possible for a liquidator to identify any gold bullion held in an unallocated account as belonging to the account holder rather than to the bullion dealer.
</div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">Changes
in the Shares for the year from April 1, 2025 to March 31, 2026 are as follows:</div><table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div>
</td><td valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^</b></div>
</td><td valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at April 1, 2025</div>
</td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">4,500,000</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">136,536,467</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:2;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Creation of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">4,300,000</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">215,191,777</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Redemption of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(1,050,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(58,651,177</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
</tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at March 31, 2026</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">7,750,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">293,077,067</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
</tr>
</table><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">Changes
in the Shares for the year from April 1, 2024 to March 31, 2025 are as follows:<span style="mso-tab-count:1"> </span></div><table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial;" valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial; height: 1pt; text-align: center;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div>
</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial;" valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial;" valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial; height: 1pt; text-align: center;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^</b></div>
</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at April 1, 2024</div>
</td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">2,100,000</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">46,291,354</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:2;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Creation of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">3,150,000</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">116,418,428</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Redemption of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(750,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(26,173,315</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
</tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at March 31, 2025</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">4,500,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">136,536,467</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
</tr>
</table><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">^ Dollar amount of balance
represents the cumulative fair value of creation of shares less the redemption
of shares, at the time of the specific creation or redemption.</div>
50000
P1D
500
<div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">Changes
in the Shares for the year from April 1, 2025 to March 31, 2026 are as follows:</div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div>
</td><td valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^</b></div>
</td><td valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at April 1, 2025</div>
</td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">4,500,000</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">136,536,467</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:2;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Creation of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">4,300,000</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">215,191,777</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Redemption of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(1,050,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(58,651,177</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
</tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at March 31, 2026</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">7,750,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">293,077,067</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
</tr>
</table><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">Changes
in the Shares for the year from April 1, 2024 to March 31, 2025 are as follows:<span style="mso-tab-count:1"> </span></div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial;" valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial; height: 1pt; text-align: center;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div>
</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial;" valign="top"> </td>
<td valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial;" valign="top"> </td><td style="border-width: medium medium 1.5pt; border-style: none none solid; border-color: currentcolor currentcolor black; border-image: initial; height: 1pt; text-align: center;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^</b></div>
</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at April 1, 2024</div>
</td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">2,100,000</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in; width: 1%;" valign="top"> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">46,291,354</td><td style="border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:2;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Creation of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">3,150,000</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right;" valign="top">116,418,428</td><td style="margin: 0in; width: 1%; text-align: left;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Redemption of Shares</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(750,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(26,173,315</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td>
</tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance at March 31, 2025</div>
</td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">4,500,000</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
<td style="margin: 0in;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">136,536,467</td><td style="margin: 0in; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td>
</tr>
</table><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="margin: 0in; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">^ Dollar amount of balance
represents the cumulative fair value of creation of shares less the redemption
of shares, at the time of the specific creation or redemption.</div>
4500000
136536467
4300000
215191777
1050000
58651177
7750000
293077067
2100000
46291354
3150000
116418428
750000
26173315
4500000
136536467
<div style="text-align: justify; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"><span style="font-weight: 700; letter-spacing: normal; text-align: start; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2.6. <span style="text-indent: -23.2667px; text-decoration-thickness: initial; float: none; display: inline !important;">Income Taxes</span></span></div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gains, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor has analyzed applicable tax laws and regulations and their application to the Fund as of March 31, 2026 and 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability. <span style="font-size:10.0pt">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.</span></div>
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"><span style="font-weight: 700; letter-spacing: normal; text-indent: -23.2667px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-indent: -44px; text-decoration-thickness: initial; float: none; display: inline !important;">3. INVESTMENT IN GOLD</span></span></div><div style="clear: both; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the year from April 1, 2025 to March 31, 2026:</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><table cellpadding="0" style="line-height: 115%; border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top"> </td>
<td style="text-align: center; white-space: nowrap;" valign="top"> </td><td style="text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"> </td><td style="height: 1pt; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in ounces</b></div>
</td><td style="text-align: center; border-color: black; white-space: nowrap;" valign="top"> </td>
<td style="text-align: center; white-space: nowrap;" valign="top"> </td><td style="text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"> </td><td style="height: 1pt; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in US$</b></div>
</td><td style="text-align: center; border-color: black; white-space: nowrap;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance
at April 1, 2025</div>
</td>
<td style="margin: 0in; text-align: right; width: 1%;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">60,016.277</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
<td style="margin: 0in; text-align: right; width: 1%;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">$</td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">186,956,705</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:2;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Gold
received for the creation of Shares</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">57,308.239</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">215,191,777</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Gold
distributed for the redemption of Shares</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">(13,988.775</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">) </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">(58,651,177</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">) </td>
</tr>
<tr style="mso-yfti-irow:4;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Principal
on gold sales to pay expenses</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">(120.117</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">) </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">(491,723</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">) </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Net
realized gain (loss) from gold distributed for the redemptions of shares and
sold to pay expenses</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top"> – </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">18,201,941</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:6;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Net
change in unrealized appreciation (depreciation) on investment in gold</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%; border-bottom: 2px solid black;" valign="top"> – </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%; border-bottom: 2px solid black;" valign="top">114,446,198</td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance
at March 31, 2026</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%; border-bottom: 4px double black;" valign="top">103,215.624</td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%; border-bottom: 4px double black;" valign="top">475,653,721</td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td>
</tr>
</table><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the year from April 1, 2024 to March 31, 2025: </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr>
<td> </td>
<td style="white-space: nowrap;"> </td><td style="white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; font-weight: bold;">
<div>
Amount in ounces
</div>
</td><td style="white-space: nowrap;"> </td>
<td style="white-space: nowrap;"> </td><td style="white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; font-weight: bold;">
<div>
Amount in US$
</div>
</td><td style="white-space: nowrap;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td>
<div>
Balance at April 1, 2024
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">28,048.958</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">62,110,210</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr>
<td>
<div>
Gold received for the creation of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">42,022.504</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">116,418,428</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td>
<div>
Gold distributed for the redemption of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(10,005.285</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(26,173,315</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr>
<td>
<div>
Principal on gold sales to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(49.900</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(129,448</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td>
<div>
Net realized gain (loss) from gold distributed for the redemptions of shares and sold to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> – </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,270,206</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr>
<td>
<div>
Net change in unrealized appreciation (depreciation) on investment in gold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;"> – </td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">30,460,624</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td>
<div>
Balance at March 31, 2025
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">60,016.277</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">186,956,705</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table>
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the year from April 1, 2025 to March 31, 2026:</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><table cellpadding="0" style="line-height: 115%; border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt">
<td style="height: 1pt;" valign="top"> </td>
<td style="text-align: center; white-space: nowrap;" valign="top"> </td><td style="text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"> </td><td style="height: 1pt; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in ounces</b></div>
</td><td style="text-align: center; border-color: black; white-space: nowrap;" valign="top"> </td>
<td style="text-align: center; white-space: nowrap;" valign="top"> </td><td style="text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"> </td><td style="height: 1pt; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top">
<div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount in US$</b></div>
</td><td style="text-align: center; border-color: black; white-space: nowrap;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance
at April 1, 2025</div>
</td>
<td style="margin: 0in; text-align: right; width: 1%;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">60,016.277</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
<td style="margin: 0in; text-align: right; width: 1%;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">$</td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">186,956,705</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:2;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Gold
received for the creation of Shares</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">57,308.239</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">215,191,777</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Gold
distributed for the redemption of Shares</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">(13,988.775</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">) </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">(58,651,177</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">) </td>
</tr>
<tr style="mso-yfti-irow:4;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Principal
on gold sales to pay expenses</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">(120.117</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">) </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">(491,723</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top">) </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Net
realized gain (loss) from gold distributed for the redemptions of shares and
sold to pay expenses</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top"> – </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%;" valign="top">18,201,941</td><td style="margin: 0in; text-align: left; width: 1%;" valign="top"> </td>
</tr>
<tr style="mso-yfti-irow:6;height:1.0pt">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Net
change in unrealized appreciation (depreciation) on investment in gold</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%; border-bottom: 2px solid black;" valign="top"> – </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%; border-bottom: 2px solid black;" valign="top">114,446,198</td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="height: 1pt;" valign="top">
<div style="margin: 0in;">Balance
at March 31, 2026</div>
</td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%; border-bottom: 4px double black;" valign="top">103,215.624</td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td>
<td style="margin: 0in; text-align: right;" valign="top"> </td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; text-align: right; width: 9%; border-bottom: 4px double black;" valign="top">475,653,721</td><td style="margin: 0in; text-align: left; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td>
</tr>
</table><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the year from April 1, 2024 to March 31, 2025: </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr>
<td> </td>
<td style="white-space: nowrap;"> </td><td style="white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; font-weight: bold;">
<div>
Amount in ounces
</div>
</td><td style="white-space: nowrap;"> </td>
<td style="white-space: nowrap;"> </td><td style="white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; font-weight: bold;">
<div>
Amount in US$
</div>
</td><td style="white-space: nowrap;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td>
<div>
Balance at April 1, 2024
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">28,048.958</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">62,110,210</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr>
<td>
<div>
Gold received for the creation of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">42,022.504</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">116,418,428</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td>
<div>
Gold distributed for the redemption of Shares
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(10,005.285</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(26,173,315</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr>
<td>
<div>
Principal on gold sales to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(49.900</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(129,448</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td>
<div>
Net realized gain (loss) from gold distributed for the redemptions of shares and sold to pay expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> – </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,270,206</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr>
<td>
<div>
Net change in unrealized appreciation (depreciation) on investment in gold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;"> – </td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">30,460,624</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td>
<div>
Balance at March 31, 2025
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">60,016.277</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">186,956,705</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
</table>
60016.277
186956705
57308.239
215191777
-13988.775
-58651177
-120.117
-491723
0
18201941
0
114446198
103215.624
475653721
28048.958
62110210
42022.504
116418428
-10005.285
-26173315
-49.9
-129448
0
4270206
0
30460624
60016.277
186956705
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
<span style="font-weight: bold;">4. RELATED PARTIES</span>
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor of the Trust is Franklin Holdings, LLC. The Sponsor is responsible for establishing the Trust and for the registration of the Shares. The Sponsor generally oversees the performance of the Fund’s principal service providers but does not exercise day-to-day oversight over such service providers. The Sponsor, with assistance and support from the Administrator, is responsible for preparing and filing periodic reports on behalf of the Fund with the SEC and will provide any required certification for such reports. The Sponsor has designated the independent registered public accounting firm of the Trust on behalf of the Fund and may from time to time employ legal counsel for the Fund.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
Franklin Distributors, LLC serves as the Marketing Agent of the Fund. The Sponsor and the Marketing Agent are affiliates and each is considered to be a related party to the Trust and the Fund. Franklin Resources, Inc. (“FRI”) is the ultimate parent company of the Sponsor and the Marketing Agent. FRI is the holding company for various subsidiaries that together are referred to as Franklin Templeton Investments.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Sponsor is a related party of the Trust and the Fund. The Marketing Agent is an affiliate of the Sponsor. Expenses payable to the Marketing Agent, if any, are paid through the Sponsor’s fee.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The Trust also considers Franklin Resources, Inc., the ultimate parent company of the Sponsor, to be a related party of the Trust and the Fund. As of March 31, 2026, no shares of the Fund were held by any related party. </div>
0
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">5. <span style="text-indent: -12px; text-decoration-thickness: initial; float: none; display: inline !important;">CONCENTRATION OF RISK</span></span></div><div style="text-indent: -9pt; padding-left: 9pt; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Fund’s sole business activity is the investment in gold bullion. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as 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, and new production projects; (ii) investors’ expectations regarding future inflation rates; (iii) currency exchange rate volatility; (iv) interest rate volatility; and (v) political, economic, global or regional incidents. In addition, 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 the Trust’s and the Fund’s financial position and results of operations.</div>
<div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"><span style="font-weight: 700; letter-spacing: normal; text-indent: -13.2667px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">6. FINANCIAL HIGHLIGHTS</span></div><div style="text-indent: -9pt; padding-left: 9pt; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: center; white-space: nowrap;"> </td><td style="text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">For the Year<br/>
Ended<br/>
March 31, 2026</span>
</td><td style="text-align: center; white-space: nowrap;"> </td>
<td style="text-align: center; white-space: nowrap;"> </td><td style="text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">For the Year<br/>
Ended<br/>
March 31, 2025</span>
</td><td style="text-align: center; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Net asset value per Share, beginning of year</span>
</div>
</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">41.54</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">29.57</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net investment loss<sup>(a)
</sup></div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.08</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.05</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net realized and unrealized gain (loss) on investment in gold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19.91</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">12.02</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net change in net assets from operations<sup>(b)
</sup></div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-indent: 36pt; text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19.83</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">11.97</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; clear: both; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Net asset value per Share, end of year</span>
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">61.37</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="clear: both; text-align: right;"> </td><td style="clear: both; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="clear: both; text-align: right; width: 9%; border-bottom: 4px double black;">41.54</td><td style="clear: both; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt; clear: both;">
<td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Total return, at net asset value<sup>(c)</sup></span>
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">47.74</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-indent: 36pt; text-align: right; width: 9%;">40.48</td><td style="text-align: left; width: 1%;">%</td>
</tr>
<tr style="vertical-align: top; height: 1.0pt; clear: both;">
<td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Ratio to average net assets</span>
</div>
</td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net investment loss
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.15</td><td style="text-align: left; width: 1%;">)%</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.15</td><td style="text-align: left; width: 1%;">)%</td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">0.15</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">0.15</td><td style="text-align: left; width: 1%;">%</td>
</tr>
</table><div style="text-indent: -18pt; text-align: justify; padding-left: 34.45pt; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt; font-family: Aptos;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (a) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt; font-family: Aptos;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (b) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The amount shown for a share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s shares in relation to fluctuating market values for the Fund’s underlying investment. </div> </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt; font-family: Aptos;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (c) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Calculated based on the change in net asset value of a Share during the period. </div> </div>
<table cellpadding="0" style="border-collapse: collapse; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: center; white-space: nowrap;"> </td><td style="text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">For the Year<br/>
Ended<br/>
March 31, 2026</span>
</td><td style="text-align: center; white-space: nowrap;"> </td>
<td style="text-align: center; white-space: nowrap;"> </td><td style="text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">For the Year<br/>
Ended<br/>
March 31, 2025</span>
</td><td style="text-align: center; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Net asset value per Share, beginning of year</span>
</div>
</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">41.54</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">29.57</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net investment loss<sup>(a)
</sup></div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.08</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.05</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net realized and unrealized gain (loss) on investment in gold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19.91</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">12.02</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net change in net assets from operations<sup>(b)
</sup></div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-indent: 36pt; text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19.83</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">11.97</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; clear: both; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Net asset value per Share, end of year</span>
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">61.37</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
<td style="clear: both; text-align: right;"> </td><td style="clear: both; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="clear: both; text-align: right; width: 9%; border-bottom: 4px double black;">41.54</td><td style="clear: both; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt; clear: both;">
<td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Total return, at net asset value<sup>(c)</sup></span>
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">47.74</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-indent: 36pt; text-align: right; width: 9%;">40.48</td><td style="text-align: left; width: 1%;">%</td>
</tr>
<tr style="vertical-align: top; height: 1.0pt; clear: both;">
<td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Ratio to average net assets</span>
</div>
</td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net investment loss
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.15</td><td style="text-align: left; width: 1%;">)%</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.15</td><td style="text-align: left; width: 1%;">)%</td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">0.15</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">0.15</td><td style="text-align: left; width: 1%;">%</td>
</tr>
</table><div style="text-indent: -18pt; text-align: justify; padding-left: 34.45pt; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt; font-family: Aptos;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (a) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt; font-family: Aptos;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (b) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> The amount shown for a share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s shares in relation to fluctuating market values for the Fund’s underlying investment. </div> </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt; font-family: Aptos;"> <div style="float: left; width: 18pt; white-space: nowrap; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> (c) </div> <div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> Calculated based on the change in net asset value of a Share during the period. </div> </div>
41.54
29.57
-0.08
-0.05
19.91
12.02
19.83
11.97
61.37
41.54
0.4774
0.4048
-0.0015
-0.0015
0.0015
0.0015
<div style="font-weight: bold; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"><span style="letter-spacing: normal; text-indent: -13.3333px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">7. COMMITMENTS AND CONTINGENCIES</span></div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
In the normal course of business, the Trust, on behalf of the Fund, may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.</div>
<div style="clear: both; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"><b>8. <span style="letter-spacing: normal; text-indent: -13.3333px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">INDEMNIFICATION</span></b></div><div style="clear: both; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;"> </div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
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 bullion or other assets of the Fund or the 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.
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
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 may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. 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.
</div><div style="margin-left: 16.45pt; font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
</div><div style="font-family: TimesNewRoman, "Times New Roman", Times, Baskerville, Georgia, serif; font-size: 10pt;">
The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s 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.
</div>
<div style="clear: both;"><span style="font-weight: 700; letter-spacing: normal; text-indent: -13.3333px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">9. OPERATING SEGMENTS</span></div><div style="clear: both;"> </div><div> The Fund, which is the sole series of the Trust, and the Trust operate as a <span style="-sec-ix-hidden: hidden-fact-9">single</span> operating segment, which is an investment portfolio. Executive officers of the Fund’s Sponsor perform the functions of the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements. </div><div style="margin-left: 16.45pt;">
</div><div>
For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Schedules of Investments provide details of the Fund's investments that generate returns such as realized and unrealized gains or losses. Performance metrics and expense ratios are disclosed in the Financial Highlights.
</div>
<div style="clear: both;"><span style="font-weight: 700; letter-spacing: normal; text-indent: -12px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-indent: -13.3333px; text-decoration-thickness: initial; float: none; display: inline !important;">10. SUBSEQUENT EVENTS</span></span></div><div style="clear: both;"> </div><div>
The Trust and the Fund have evaluated subsequent events through the issuance of the financial statements and determined that no such events have occurred that require disclosure.
</div>
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