0001858258 2026-04-01 2026-06-30 0001858258 2026-08-03 0001858258 2026-06-30 0001858258 2026-03-31 0001858258 fgdl:FranklinResponsiblySourcedGoldEtfMember 2026-06-30 0001858258 fgdl:FranklinResponsiblySourcedGoldEtfMember 2026-03-31 0001858258 2025-04-01 2026-03-31 0001858258 fgdl:FranklinResponsiblySourcedGoldEtfMember 2026-04-01 2026-06-30 0001858258 fgdl:FranklinResponsiblySourcedGoldEtfMember 2025-04-01 2026-03-31 0001858258 fgdl:InvestmentInGoldMember 2026-06-30 0001858258 fgdl:InvestmentInGoldMember 2026-03-31 0001858258 fgdl:InvestmentInGoldMember fgdl:FranklinResponsiblySourcedGoldEtfMember 2026-06-30 0001858258 fgdl:InvestmentInGoldMember fgdl:FranklinResponsiblySourcedGoldEtfMember 2026-03-31 0001858258 2025-04-01 2025-06-30 0001858258 fgdl:FranklinResponsiblySourcedGoldEtfMember 2025-04-01 2025-06-30 0001858258 2025-03-31 0001858258 fgdl:FranklinResponsiblySourcedGoldEtfMember 2025-03-31 0001858258 2025-06-30 0001858258 fgdl:FranklinResponsiblySourcedGoldEtfMember 2025-06-30 0001858258 srt:MaximumMember 2026-04-01 2026-06-30 0001858258 fgdl:FranklinHoldingsLLCMember 2026-06-30 0001858258 fgdl:FranklinHoldingsLLCMember 2026-03-31 0001858258 srt:MaximumMember fgdl:FranklinResponsiblySourcedGoldEtfMember 2026-04-01 2026-06-30 0001858258 fgdl:FranklinHoldingsLLCMember fgdl:FranklinResponsiblySourcedGoldEtfMember 2026-06-30 0001858258 fgdl:FranklinHoldingsLLCMember fgdl:FranklinResponsiblySourcedGoldEtfMember 2026-03-31 shares iso4217:USD iso4217:USD shares utr:oz pure iso4217:USD compsci:item fgdl:Segment 10-Q true 2026-06-30 false 001-41435 FRANKLIN TEMPLETON HOLDINGS TRUST DE 87-6458919 One Franklin Parkway San Mateo CA 94403 650 312-2000 Shares of Franklin Responsibly Sourced Gold ETF FGDL NYSEArca Yes Yes Non-accelerated Filer true true false false 7750000 415381577 475653721 415381577 475653721 49945 69686 49945 69686 415331632 475584035 7750000 7750000 7750000 7750000 7750000 7750000 53.59 61.37 319429416 319429416 319559905 319559905 0 0 0 0 103173.477 319429416 415381577 1.0001 103173.477 319429416 415381577 1.0001 -49945 -0.0001 415331632 1 103215.624 319559905 475653721 1.0001 103215.624 319559905 475653721 1.0001 -69686 -0.0001 475584035 1 174426 84273 174426 84273 -174426 -84273 63678 2885981 -60141655 7202893 -60077977 10088874 -60252403 10004601 -7.77 1.94 194167 76561 194167 76561 0 0 0 0 0 0 0 0 -60252403 10004601 194167 76561 63678 2885981 -60141655 7202893 -19741 7712 0 0 0 45549915 0 -14608036 475584035 186935761 -174426 -84273 63678 2885981 -60141655 7202893 -60252403 10004601 0 45549915 0 14608036 0 30941879 415331632 227882241 <div style="font-size: 10pt;"> <b>1. ORGANIZATION</b> </div> <div style="font-size: 10pt;">  </div> <div style="text-align: justify; 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 currently offers a single series, the Franklin Responsibly Sourced Gold ETF (the “Fund”). The accompanying financial statements relate to the Trust, as a registrant, and the one series that it currently offers, the Franklin Responsibly Sourced Gold ETF (the “Fund”) presented on a combined basis. Separate, series-level financial statements are provided for the Fund in another section of this report. 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 of 1933, as amended (the “Securities Act”). Franklin Holdings, LLC is the Sponsor of the Trust and the Fund (the “Sponsor”). The Sponsor is not subject to regulation by the U.S. 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-size: 10pt;">  </div> <div style="text-align: justify; 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="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div> <div style="text-align: justify; 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-size: 10pt;">  </div> <div style="text-align: justify;"> The Trust is an “emerging growth company” as that term is used in the Jumpstart Our Business Startups Act (the “JOBS Act”), subject to reduced public company reporting requirements under U.S. federal securities laws. </div><div style="font-size: 10pt;">  </div> <div style="text-align: justify; font-size: 10pt;"> The accompanying combined statements of assets and liabilities and combined schedules of investments at June 30, 2026 and March 31, 2026 and the combined statements of operations, combined statements of cash flows, and combined statements of changes in net assets for the quarters ended June 30, 2026 and June 30, 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), and are unaudited. In the opinion of management of the Sponsor of the Trust, all adjustments (which include only normal recurring adjustments) necessary to state fairly the financial position and results of operations for all periods stated have been made. In addition, interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's and the Fund's financial statements included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2026. </div> <div style="text-align: justify; font-size: 10pt;">  </div> <div style="text-align: justify; font-size: 10pt;"> The fiscal year end of the Trust and the Fund is March 31st. </div> 0.0015 50000 <div style="font-size: 10pt;"> <b>2. SIGNIFICANT ACCOUNTING POLICIES</b> </div> <div style="font-size: 10pt;">  </div> <div style="text-align: justify; 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-size: 10pt;">  </div> <div style="text-align: justify; font-size: 10pt;"> The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). </div> <div style="font-size: 10pt;">  </div> <div style="text-align: justify; font-size: 10pt;"> The following is a summary of significant accounting policies followed by the Trust and the Fund. </div> <div style="font-size: 10pt;">  </div> <div style="font-size: 10pt;"> <b>2.1. Basis of Presentation</b> </div> <div style="font-size: 10pt;">  </div> <div style="text-align: justify; 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-size: 10pt;">  </div> <div style="text-align: justify; font-size: 10pt;"> 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; font-size: 10pt;"> <span style="font-weight: bold;">2.2. Valuation of Gold</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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 (the “LBMA”). 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-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> At June 30, 2026 and March 31, 2026, the value of the gold bullion held by the Fund is categorized as Level 1. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.3. Expenses, realized gains and losses</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> <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 <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">“</span>Specific identification method<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">”</span>.</span></div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <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; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <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; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <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 period ended June 30, 2026, the Fund accrued the Sponsor’s fee of $174,426.</span> </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.4. Gold Receivable and Payable</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.5. Creations and redemptions of Shares</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; 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="font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2026 to June 30, 2026 are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^{^}</b></div> </td><td style="text-align: center; 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 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">7,750,000</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">293,077,067</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:4;height:1.0pt"> <td style="height: 1pt;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">7,750,000</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">293,077,067</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2025 to June 30, 2025 are as follows: </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; 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; text-align: justify;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b>Shares</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^{^}</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Balance at April 1, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">4,500,000</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">136,536,467</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">1,050,000</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"></td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">45,549,915</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"></td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;" valign="top">(350,000</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;" valign="top">) </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"></td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">(14,608,036</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top">)</td> </tr> <tr style="mso-yfti-irow:4;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Balance at June 30, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">5,200,000</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">167,478,346</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; clear: both;"> <table border="0" cellpadding="0" style="border-collapse: collapse; display: none; border-spacing: 0px; font-size: 10pt;"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;"> </span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Shares</span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Amount^</span></b></p> </td> </tr> <tr style="mso-yfti-irow:1;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Balance at April 1, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">4,500,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$136,536,467</span></p> </td> </tr> <tr style="mso-yfti-irow:2;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Creation of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">1,050,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">45,549,915</span></p> </td> </tr> <tr style="mso-yfti-irow:3;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Redemption of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(350,000)</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(14,608,036)</span></p> </td> </tr> <tr style="mso-yfti-irow:4;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Balance at June 30, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">5,200,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$167,478,346</span></p> </td> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;"><span style="mso-spacerun:yes"> </span></span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> </tr> </table></div><div style="text-align: justify; clear: both;"><table border="0" cellpadding="0" style="border-collapse: collapse; display: none; border-spacing: 0px; font-size: 10pt;"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;"> </span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in; text-align: center;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Shares</span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in; text-align: center;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Amount^</span></b></p> </td> </tr> <tr style="mso-yfti-irow:1;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Balance at April 1, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">4,500,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$136,536,467</span></p> </td> </tr> <tr style="mso-yfti-irow:2;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Creation of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">1,050,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">45,549,915</span></p> </td> </tr> <tr style="mso-yfti-irow:3;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Redemption of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(350,000)</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(14,608,036)</span></p> </td> </tr> <tr style="mso-yfti-irow:4;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Balance at June 30, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">5,200,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$167,478,346</span></p> </td> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;"> </span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> </tr> </table></div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> ^ </div> <div style="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><div style="text-align: justify; clear: both; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; 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; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of June 30, 2026 and March 31, 2026 and does not believe that there are any uncertain tax positions that require recognition of a tax liability. </div> <div style="font-size: 10pt;"> <b>2.1. Basis of Presentation</b> </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;"> 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; font-size: 10pt;"> <span style="font-weight: bold;">2.2. Valuation of Gold</span> </div><div style="text-align: justify; 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="text-align: justify; 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 (the “LBMA”). 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; 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="text-align: justify; 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="text-align: justify; 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="text-align: justify; font-size: 10pt;"> Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; </div><div style="text-align: justify; 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="text-align: justify; 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="text-align: justify; font-size: 10pt;"> At June 30, 2026 and March 31, 2026, the value of the gold bullion held by the Fund is categorized as Level 1. </div> <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.3. Expenses, realized gains and losses</span> </div><div style="text-align: justify;"> <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 <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">“</span>Specific identification method<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">”</span>.</span></div><div style="text-align: justify; font-size: 10pt;"> <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; font-size: 10pt;"> <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; font-size: 10pt;"> <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 period ended June 30, 2026, the Fund accrued the Sponsor’s fee of $174,426.</span> </div> 0.0015 500000 174426 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.4. Gold Receivable and Payable</span> </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.5. Creations and redemptions of Shares</span> </div><div style="text-align: justify; 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="text-align: justify; 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-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2026 to June 30, 2026 are as follows: </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^{^}</b></div> </td><td style="text-align: center; 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 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">7,750,000</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">293,077,067</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:4;height:1.0pt"> <td style="height: 1pt;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">7,750,000</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">293,077,067</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2025 to June 30, 2025 are as follows: </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; 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; text-align: justify;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b>Shares</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^{^}</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Balance at April 1, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">4,500,000</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">136,536,467</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">1,050,000</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"></td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">45,549,915</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"></td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;" valign="top">(350,000</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;" valign="top">) </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"></td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">(14,608,036</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top">)</td> </tr> <tr style="mso-yfti-irow:4;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Balance at June 30, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">5,200,000</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">167,478,346</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><table border="0" cellpadding="0" style="border-collapse: collapse; display: none; border-spacing: 0px; font-size: 10pt;"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;"> </span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Shares</span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Amount^</span></b></p> </td> </tr> <tr style="mso-yfti-irow:1;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Balance at April 1, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">4,500,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$136,536,467</span></p> </td> </tr> <tr style="mso-yfti-irow:2;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Creation of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">1,050,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">45,549,915</span></p> </td> </tr> <tr style="mso-yfti-irow:3;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Redemption of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(350,000)</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(14,608,036)</span></p> </td> </tr> <tr style="mso-yfti-irow:4;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Balance at June 30, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">5,200,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$167,478,346</span></p> </td> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;"><span style="mso-spacerun:yes"> </span></span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> </tr> </table><table border="0" cellpadding="0" style="border-collapse: collapse; display: none; border-spacing: 0px; font-size: 10pt;"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;"> </span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in; text-align: center;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Shares</span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in; text-align: center;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Amount^</span></b></p> </td> </tr> <tr style="mso-yfti-irow:1;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Balance at April 1, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">4,500,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$136,536,467</span></p> </td> </tr> <tr style="mso-yfti-irow:2;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Creation of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">1,050,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">45,549,915</span></p> </td> </tr> <tr style="mso-yfti-irow:3;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Redemption of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(350,000)</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(14,608,036)</span></p> </td> </tr> <tr style="mso-yfti-irow:4;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Balance at June 30, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">5,200,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$167,478,346</span></p> </td> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;"> </span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> ^ </div> <div style="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> 50000 P1D 500 <div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2026 to June 30, 2026 are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^{^}</b></div> </td><td style="text-align: center; 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 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">7,750,000</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">293,077,067</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:4;height:1.0pt"> <td style="height: 1pt;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">7,750,000</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">293,077,067</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2025 to June 30, 2025 are as follows: </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; 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; text-align: justify;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b>Shares</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">Amount^{^}</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Balance at April 1, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">4,500,000</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">136,536,467</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">1,050,000</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"></td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">45,549,915</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"></td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;" valign="top">(350,000</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;" valign="top">) </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"></td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">(14,608,036</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top">)</td> </tr> <tr style="mso-yfti-irow:4;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Balance at June 30, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">5,200,000</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">167,478,346</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; clear: both;"> <table border="0" cellpadding="0" style="border-collapse: collapse; display: none; border-spacing: 0px; font-size: 10pt;"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;"> </span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Shares</span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Amount^</span></b></p> </td> </tr> <tr style="mso-yfti-irow:1;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Balance at April 1, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">4,500,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$136,536,467</span></p> </td> </tr> <tr style="mso-yfti-irow:2;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Creation of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">1,050,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">45,549,915</span></p> </td> </tr> <tr style="mso-yfti-irow:3;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Redemption of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(350,000)</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(14,608,036)</span></p> </td> </tr> <tr style="mso-yfti-irow:4;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">Balance at June 30, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">5,200,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$167,478,346</span></p> </td> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;"><span style="mso-spacerun:yes"> </span></span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> </tr> </table></div><div style="text-align: justify; clear: both;"><table border="0" cellpadding="0" style="border-collapse: collapse; display: none; border-spacing: 0px; font-size: 10pt;"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal"><span style="display: none;"> </span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in; text-align: center;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Shares</span></b></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in; text-align: center;"><b style="mso-bidi-font-weight:normal"><span style="display: none;">Amount^</span></b></p> </td> </tr> <tr style="mso-yfti-irow:1;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Balance at April 1, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">4,500,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$136,536,467</span></p> </td> </tr> <tr style="mso-yfti-irow:2;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Creation of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">1,050,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">45,549,915</span></p> </td> </tr> <tr style="mso-yfti-irow:3;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Redemption of Shares</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(350,000)</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">(14,608,036)</span></p> </td> </tr> <tr style="mso-yfti-irow:4;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;">Balance at June 30, 2025</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">5,200,000</span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="display: none;">$167,478,346</span></p> </td> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes;display:none;height:1.0pt"> <td style="width:143.8pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><span style="display: none;"> </span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> <td style="width:143.85pt;padding:0in 0in 0in 0in; height:1.0pt" valign="top"> <p style="margin: 0in;"><span style="font-family: Calibri, sans-serif; display: none;"> </span></p> </td> </tr> </table></div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> ^ </div> <div style="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> 7750000 293077067 0 0 0 0 7750000 293077067 4500000 136536467 1050000 45549915 350000 14608036 5200000 167478346 4500000 136536467 1050000 45549915 350000 14608036 5200000 167478346 4500000 136536467 1050000 45549915 350000 14608036 5200000 167478346 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify; 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-size: 10pt;"> The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of June 30, 2026 and March 31, 2026 and does not believe that there are any uncertain tax positions that require recognition of a tax liability. </div> <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">3. INVESTMENT IN GOLD</span> </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the quarter April 1, 2026 to June 30, 2026: </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <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; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%; 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; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Amount in ounces</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%; 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; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Amount in US$</b></div> </td><td style="text-align: center; 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 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">103,215.624</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">475,653,721</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Gold received for the creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Gold distributed for the redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Principal on gold sales to pay expenses</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(42.147</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(194,167</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Net realized gain (loss) from gold bullion distributed for the redemptions of shares and sold to pay expenses</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">63,678</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Net change in unrealized appreciation (depreciation) on investment in gold</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">(60,141,655</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">103,173.477</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">415,381,577</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the quarter April 1, 2025 to June 30, 2025: </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <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; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%; 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; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Amount in ounces</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%; 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; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Amount in US$</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">60,016.277</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">186,956,705</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Gold received for the creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">14,001.581</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">45,549,915</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Gold distributed for the redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(4,666.909</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(14,608,036</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Principal on gold sales to pay expenses</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(23.386</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(76,561</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Net realized gain (loss) from gold bullion distributed for the redemptions of shares and sold to pay expenses</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">2,885,981</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Net change in unrealized appreciation (depreciation) on investment in gold</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">7,202,893</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">69,327.563</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">227,910,897</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table> <div style="text-align: justify; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the quarter April 1, 2026 to June 30, 2026: </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Amount in ounces</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Amount in US$</b></div> </td><td style="text-align: center; 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 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">103,215.624</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">475,653,721</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Gold received for the creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Gold distributed for the redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Principal on gold sales to pay expenses</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(42.147</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(194,167</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Net realized gain (loss) from gold bullion distributed for the redemptions of shares and sold to pay expenses</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">63,678</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Net change in unrealized appreciation (depreciation) on investment in gold</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">(60,141,655</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2026</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">103,173.477</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">415,381,577</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the quarter April 1, 2025 to June 30, 2025: </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <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; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%; 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; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Amount in ounces</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%; 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; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Amount in US$</b></div> </td><td style="text-align: center; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Balance at April 1, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">60,016.277</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">186,956,705</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Gold received for the creation of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">14,001.581</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">45,549,915</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Gold distributed for the redemption of Shares</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(4,666.909</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(14,608,036</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Principal on gold sales to pay expenses</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(23.386</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(76,561</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Net realized gain (loss) from gold bullion distributed for the redemptions of shares and sold to pay expenses</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">2,885,981</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Net change in unrealized appreciation (depreciation) on investment in gold</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top"> - </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">7,202,893</td><td style="text-align: left; margin: 0in; 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 0in 0in 0.1in; text-indent: -0.1in;">Balance at June 30, 2025</div> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">69,327.563</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: justify; margin: 0in; width: 1%;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">227,910,897</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table> 103215.624 475653721 0 0 0 0 42.147 194167 0 63678 0 -60141655 103173.477 415381577 60016.277 186956705 14001.581 45549915 -4666.909 -14608036 23.386 76561 0 2885981 0 7202893 69327.563 227910897 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">4. RELATED PARTIES</span> </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; 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 Trust and 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-size: 10pt;">  </div><div style="text-align: justify; 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. </div><div style="font-size: 10pt;">  </div><div style="text-align: justify; 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 by the Sponsor from the Sponsor’s fee. </div><div style="font-size: 10pt;">  </div><div style="text-align: justify; 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 June 30, 2026 and March 31, 2026, no shares of the Fund were held by any related party. </div> 0 0 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">5. CONCENTRATION OF RISK</span> </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; 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 or financial events and situations, including tariffs, sanctions, and other restrictions on trade. 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-size: 10pt;"> <span style="font-weight: bold;">6. COMBINED FINANCIAL HIGHLIGHTS</span> </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> </td> <td style="text-align: center; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">For the Three<br/></b></div> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Months Ended<br/></b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">June 30, 2026</b></div> </td><td style="text-align: center; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td> <td style="text-align: center; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">For the Three<br/></b></div> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Months Ended<br/></b></div> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">June 30, 2025</b></div> </td><td style="text-align: center; vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:1;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Net asset value per Share, beginning of period</b></div> </td> <td style="margin: 0in; width: 1%; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">61.37</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="margin: 0in; width: 1%; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">41.54</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:3;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net investment loss^(a)</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(0.02</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">) </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(0.02</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">) </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net realized and unrealized gain (loss) on investment in gold</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; 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; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(7.76</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-width: medium; border-style: none; border-color: currentcolor;" valign="top">) </td> <td style="margin: 0in; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid black;" valign="top"></td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">2.30</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"></td> </tr> <tr style="mso-yfti-irow:5;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net change in net assets from operations^(b)</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">(7.78</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top">) </td> <td style="margin: 0in; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-width: medium; border-style: none; border-color: currentcolor;" valign="top">2.28</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Net asset value per Share, end of period</b></div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 4px double black;" valign="top">53.59</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 4px double transparent;" valign="top"> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 4px double black;" valign="top">43.82</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 4px double transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:7;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Total return, at net asset value^(c)</b></div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(12.68</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">)%</td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">5.49</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">%</td> </tr> <tr style="mso-yfti-irow:9;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Ratio to average net assets^(d)</b></div> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:11;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net investment loss</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(0.15</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">)%</td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(0.15</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">)%</td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net expenses</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">0.15</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">%</td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">0.15</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">%</td> </tr> </table><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (a) </div> <div style="font-size: 10pt;"> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (b) </div> <div style="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; clear: both;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (c) </div> <div style="font-size: 10pt;"> Calculated based on the change in net asset value of a Share during the period. Total return for periods of less than a year are not annualized. </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (d) </div> <div style="font-size: 10pt;"> Annualized. </div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> </td> <td style="text-align: center; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">For the Three<br/></b></div> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Months Ended<br/></b></div> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">June 30, 2026</b></div> </td><td style="text-align: center; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td> <td style="text-align: center; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; width: 1%;" 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); vertical-align: bottom; width: 9%;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight:normal">For the Three<br/></b></div> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">Months Ended<br/></b></div> <div style="margin : 0in; white-space : nowrap; "><b style="mso-bidi-font-weight:normal">June 30, 2025</b></div> </td><td style="text-align: center; vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:1;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Net asset value per Share, beginning of period</b></div> </td> <td style="margin: 0in; width: 1%; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">61.37</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="margin: 0in; width: 1%; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">41.54</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:3;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net investment loss^(a)</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(0.02</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">) </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(0.02</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">) </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net realized and unrealized gain (loss) on investment in gold</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; 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; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(7.76</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-width: medium; border-style: none; border-color: currentcolor;" valign="top">) </td> <td style="margin: 0in; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid black;" valign="top"></td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">2.30</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top"></td> </tr> <tr style="mso-yfti-irow:5;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net change in net assets from operations^(b)</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid black;" valign="top">(7.78</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 2px solid transparent;" valign="top">) </td> <td style="margin: 0in; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-width: medium; border-style: none; border-color: currentcolor;" valign="top">2.28</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Net asset value per Share, end of period</b></div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 4px double black;" valign="top">53.59</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 4px double transparent;" valign="top"> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom; border-bottom: 4px double black;" valign="top">43.82</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom; border-bottom: 4px double transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:7;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Total return, at net asset value^(c)</b></div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(12.68</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">)%</td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">5.49</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">%</td> </tr> <tr style="mso-yfti-irow:9;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;"><b style="mso-bidi-font-weight:normal">Ratio to average net assets^(d)</b></div> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> <td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td><td style="height: 1pt; vertical-align: bottom; width: 9%;" valign="top"> </td><td style="vertical-align: bottom; width: 1%;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:11;height:1.0pt"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net investment loss</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(0.15</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">)%</td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">(0.15</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">)%</td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; vertical-align: bottom;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Net expenses</div> </td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">0.15</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">%</td> <td style="margin: 0in; vertical-align: bottom; width: 1%;" valign="top"> </td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top"> </td><td style="height: 1pt; margin: 0in; width: 9%; text-align: right; vertical-align: bottom;" valign="top">0.15</td><td style="margin: 0in; width: 1%; text-align: left; vertical-align: bottom;" valign="top">%</td> </tr> </table><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (a) </div> <div style="font-size: 10pt;"> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (b) </div> <div style="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; clear: both;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (c) </div> <div style="font-size: 10pt;"> Calculated based on the change in net asset value of a Share during the period. Total return for periods of less than a year are not annualized. </div> </div><div style="text-indent: -18pt; padding-left: 18pt; clear: both;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (d) </div> <div style="font-size: 10pt;"> Annualized. </div> </div> 61.37 41.54 -0.02 -0.02 -7.76 2.3 -7.78 2.28 53.59 43.82 -0.1268 0.0549 -0.0015 -0.0015 0.0015 0.0015 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">7. COMMITMENTS AND CONTINGENCIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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-size: 10pt;"> <span style="font-weight: bold;">8. INDEMNIFICATION</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="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; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; 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-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-size: 10pt;"> <span style="font-weight: bold;">9. OPERATING SEGMENTS</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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-size: 10pt;">  </div><div style="text-align: justify; 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-size: 10pt;"> <span style="font-weight: bold;">10. SUBSEQUENT EVENTS</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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> 415381577 475653721 415381577 475653721 49945 69686 49945 69686 415331632 475584035 7750000 7750000 53.59 61.37 103173.477 319429416 415381577 1.0001 103173.477 319429416 415381577 1.0001 -49945 -0.0001 415331632 1 103215.624 319559905 475653721 1.0001 103215.624 319559905 475653721 1.0001 -69686 -0.0001 475584035 1 174426 84273 174426 84273 -174426 -84273 63678 2885981 -60141655 7202893 -60077977 10088874 -60252403 10004601 -7.77 1.94 194167 76561 194167 76561 0 0 0 0 0 0 0 0 -60252403 10004601 194167 76561 63678 2885981 -60141655 7202893 -19741 7712 0 0 0 45549915 0 -14608036 475584035 186935761 -174426 -84273 63678 2885981 -60141655 7202893 -60252403 10004601 0 45549915 0 14608036 0 30941879 415331632 227882241 <div style="font-size: 10pt;"> <span style="font-weight: bold;">1. ORGANIZATION</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> 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 currently offers a single series, the Franklin Responsibly Sourced Gold ETF (the <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">“</span>Fund<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">”</span>). The accompanying financial statements relate to the Fund. Separate financial statements are provided for the Trust, as registrant, on a combined basis with the Fund in another section of this report. The Trust had no operations prior to the Fund's launch, other than in connection with the organization and registration of the Fund<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">’</span>s shares under the Securities Act of 1933, as amended (the “Securities Act”). Franklin Holdings, LLC is the Sponsor of the Trust and the Fund (the “Sponsor”). The Sponsor is not subject to regulation by the U.S. 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; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify;"> The Trust is an “emerging growth company” as that term is used in the Jumpstart Our Business Startups Act (the “JOBS Act”), subject to reduced public company reporting requirements under U.S. federal securities laws. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The accompanying statements of assets and liabilities and schedules of investments at June 30, 2026 and March 31, 2026 and the statements of operations, statements of cash flows, and statements of changes in net assets for the quarters ended June 30, 2026 and June 30, 2025, have been prepared on behalf of the Trust, as registrant, combined with the Fund, as the sole series of the Trust, and are included above in a separate section of this report and are unaudited. In the opinion of management of the Sponsor of the Trust, all adjustments (which include only normal recurring adjustments) necessary to state fairly the financial position and results of operations for all periods stated have been made. In addition, interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's and the Fund's financial statements included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2026. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The fiscal year end of the Trust and the Fund is March 31st. </div> 0.0015 50000 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2. SIGNIFICANT ACCOUNTING POLICIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The following is a summary of significant accounting policies followed by the Trust and the Fund. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The Sponsor has determined that the Fund 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-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The financial statements are presented for the Fund, which is the sole series of the Trust. Financial Statements and accompanying notes 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. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.2. Valuation of Gold</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; 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 (the “LBMA”). 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-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> At June 30, 2026 and March 31, 2026, the value of the gold bullion held by the Fund is categorized as Level 1. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.3. Expenses, realized gains and losses</span> </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify;"> <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 statements of operations. Gold transactions are recorded on the trade date. The cost of gold is determined using the <span style="color: rgb(0, 0, 0); letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">“</span>Specific identification method<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">”</span>.</span></div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <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; font-size: 10pt;">  </div><div style="font-size: 10pt;"> <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; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <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 period ended June 30, 2026, the Fund accrued the Sponsor’s fee of $174,426.</span></div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.4. Gold Receivable and Payable</span> </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.5. Creations and redemptions of Shares</span> </div><div style="text-align: justify; margin-left: 4.5pt; font-size: 10pt;">  </div><div style="text-align: justify; 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="text-align: justify; 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-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2026 to June 30, 2026 are as follows: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; 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, 2026 </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">7,750,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right;">293,077,067</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left; 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 June 30, 2026 </div> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">7,750,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">293,077,067</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2025 to June 30, 2025 are as follows: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; 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="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">4,500,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right;">136,536,467</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">1,050,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">45,549,915</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(350,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(14,608,036</td><td style="vertical-align: bottom; width: 1%; text-align: left; 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 June 30, 2025 </div> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">5,200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">167,478,346</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ^ </div> <div> 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><div style="text-indent: -18pt; padding-left: 18pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of June 30, 2026 and March 31, 2026 and does not believe that there are any uncertain tax positions that require recognition of a tax liability. </div> <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify; font-size: 10pt;"> The Sponsor has determined that the Fund 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; font-size: 10pt;"> The financial statements are presented for the Fund, which is the sole series of the Trust. Financial Statements and accompanying notes 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. </div> <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.2. Valuation of Gold</span> </div><div style="text-align: justify; 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="text-align: justify; 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 (the “LBMA”). 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; 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="text-align: justify; 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="text-align: justify; 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="text-align: justify; font-size: 10pt;"> Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; </div><div style="text-align: justify; 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="text-align: justify; 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="text-align: justify; font-size: 10pt;"> At June 30, 2026 and March 31, 2026, the value of the gold bullion held by the Fund is categorized as Level 1. </div> <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.3. Expenses, realized gains and losses</span> </div><div style="text-align: justify;"> <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 statements of operations. Gold transactions are recorded on the trade date. The cost of gold is determined using the <span style="color: rgb(0, 0, 0); letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">“</span>Specific identification method<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">”</span>.</span></div><div style="text-align: justify; font-size: 10pt;"> <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="font-size: 10pt;"> <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; font-size: 10pt;"> <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 period ended June 30, 2026, the Fund accrued the Sponsor’s fee of $174,426.</span></div> 0.0015 500000 174426 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.4. Gold Receivable and Payable</span> </div><div style="text-align: justify; 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="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.5. Creations and redemptions of Shares</span> </div><div style="text-align: justify; 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="text-align: justify; 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-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2026 to June 30, 2026 are as follows: </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; 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, 2026 </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">7,750,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right;">293,077,067</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left; 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 June 30, 2026 </div> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">7,750,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">293,077,067</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2025 to June 30, 2025 are as follows: </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; 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="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">4,500,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right;">136,536,467</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">1,050,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">45,549,915</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(350,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(14,608,036</td><td style="vertical-align: bottom; width: 1%; text-align: left; 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 June 30, 2025 </div> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">5,200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">167,478,346</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ^ </div> <div> 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> 50000 P1D 500 <div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2026 to June 30, 2026 are as follows: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; 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, 2026 </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">7,750,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right;">293,077,067</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; width: 1%; text-align: left; 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 June 30, 2026 </div> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">7,750,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">293,077,067</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> Changes in the Shares for the quarter from April 1, 2025 to June 30, 2025 are as follows: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; 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="vertical-align: bottom; 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="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">4,500,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right;">136,536,467</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">1,050,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">45,549,915</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </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="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(350,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(14,608,036</td><td style="vertical-align: bottom; width: 1%; text-align: left; 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 June 30, 2025 </div> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">5,200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">167,478,346</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ^ </div> <div> 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> 7750000 293077067 0 0 0 0 7750000 293077067 4500000 136536467 1050000 45549915 350000 14608036 5200000 167478346 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">2.6. Income Taxes</span> </div><div style="text-align: justify; 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-size: 10pt;"> The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of June 30, 2026 and March 31, 2026 and does not believe that there are any uncertain tax positions that require recognition of a tax liability. </div> <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">3. INVESTMENT IN GOLD</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the quarter April 1, 2026 to June 30, 2026: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; 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;">Amount in ounces</span> </td><td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; 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;">Amount in US$</span> </td><td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </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, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">103,215.624</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">475,653,721</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(42.147</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(194,167</td><td style="vertical-align: bottom; 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 bullion distributed for the redemptions of shares and sold to pay expenses </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">63,678</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(60,141,655</td><td style="vertical-align: bottom; 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 June 30, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">103,173.477</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">415,381,577</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the quarter April 1, 2025 to June 30, 2025: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; 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;">Amount in ounces</span> </td><td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; 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;">Amount in US$</span> </td><td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at April 1, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">60,016.277</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">186,956,705</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,001.581</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">45,549,915</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(4,666.909</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(14,608,036</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(23.386</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(76,561</td><td style="vertical-align: bottom; 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 bullion distributed for the redemptions of shares and sold to pay expenses </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,885,981</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">7,202,893</td><td style="vertical-align: bottom; 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 June 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">69,327.563</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">227,910,897</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> <div style="text-align: justify; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the quarter April 1, 2026 to June 30, 2026: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <span style="font-weight: bold;">Amount in ounces</span> </td><td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; white-space: nowrap; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <span style="font-weight: bold;">Amount in US$</span> </td><td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </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, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">103,215.624</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">475,653,721</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(42.147</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(194,167</td><td style="vertical-align: bottom; 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 bullion distributed for the redemptions of shares and sold to pay expenses </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">63,678</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(60,141,655</td><td style="vertical-align: bottom; 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 June 30, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">103,173.477</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">415,381,577</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> The following represents the changes in ounces of gold held and the respective fair value during the quarter April 1, 2025 to June 30, 2025: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; 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;">Amount in ounces</span> </td><td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; 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;">Amount in US$</span> </td><td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at April 1, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">60,016.277</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">186,956,705</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,001.581</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">45,549,915</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(4,666.909</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(14,608,036</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(23.386</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(76,561</td><td style="vertical-align: bottom; 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 bullion distributed for the redemptions of shares and sold to pay expenses </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,885,981</td><td style="vertical-align: bottom; 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="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">7,202,893</td><td style="vertical-align: bottom; 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 June 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">69,327.563</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">227,910,897</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 103215.624 475653721 0 0 0 0 42.147 194167 0 63678 0 -60141655 103173.477 415381577 60016.277 186956705 14001.581 45549915 -4666.909 -14608036 23.386 76561 0 2885981 0 7202893 69327.563 227910897 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">4. RELATED PARTIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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 Trust and 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-size: 10pt;">  </div><div style="text-align: justify; 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. </div><div style="font-size: 10pt;">  </div><div style="text-align: justify; 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 by the Sponsor from the Sponsor’s fee. </div><div style="font-size: 10pt;">  </div><div style="text-align: justify; 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 June 30, 2026 and March 31, 2026, no shares of the Fund were held by any related party. </div> 0 0 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">5. CONCENTRATION OF RISK</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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 or financial events and situations, including tariffs, sanctions, and other restrictions on trade. 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-size: 10pt;"> <span style="font-weight: bold;">6. FINANCIAL HIGHLIGHTS</span> </div><div style="text-align: justify; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: justify; white-space: nowrap;" valign="top"> </td><td colspan="2" style="white-space: nowrap; 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">For the Three<br/>Months Ended<br/>June 30, 2026</b></div> </td><td style="text-align: justify; white-space: nowrap;" valign="top"> </td> <td style="text-align: justify; white-space: nowrap;" valign="top"> </td><td colspan="2" style="white-space: nowrap; 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">For the Three<br/>Months Ended<br/>June 30, 2025</b></div> </td><td style="text-align: justify; white-space: nowrap;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:1;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">Net asset value per Share, beginning of period</b></div> </td> <td style="text-align: right; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">61.37</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="text-align: right; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">41.54</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:3;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net investment loss^(a)</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(0.02</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(0.02</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net realized and unrealized gain (loss) on investment in gold</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(7.76</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top">) </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">2.30</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:5;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net change in net assets from operations^(b)</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(7.78</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top">) </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">2.28</td><td style="text-align: left; margin: 0in; 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; text-align: justify;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">Net asset value per Share, end of period</b></div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">53.59</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">43.82</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:7;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">Total return, at net asset value^(c)</b></div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(12.68</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">)%</td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">5.49</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">%</td> </tr> <tr style="mso-yfti-irow:9;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">Ratio to average net assets^(d)</b></div> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:11;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net investment loss</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(0.15</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">)%</td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(0.15</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">)%</td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net expenses</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">0.15</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">%</td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">0.15</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">%</td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (a) </div> <div style="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-size: 10pt;"> (b) </div> <div style="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-size: 10pt;"> (c) </div> <div style="font-size: 10pt;"> Calculated based on the change in net asset value of a Share during the period. Total return for periods of less than a year are not annualized. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (d) </div> <div style="font-size: 10pt;"> Annualized. </div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, 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="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: justify; white-space: nowrap;" valign="top"> </td><td colspan="2" style="white-space: nowrap; 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">For the Three<br/>Months Ended<br/>June 30, 2026</b></div> </td><td style="text-align: justify; white-space: nowrap;" valign="top"> </td> <td style="text-align: justify; white-space: nowrap;" valign="top"> </td><td colspan="2" style="white-space: nowrap; 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">For the Three<br/>Months Ended<br/>June 30, 2025</b></div> </td><td style="text-align: justify; white-space: nowrap;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:1;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">Net asset value per Share, beginning of period</b></div> </td> <td style="text-align: right; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">61.37</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="text-align: right; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="top">41.54</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:3;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net investment loss^(a)</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(0.02</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(0.02</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">) </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net realized and unrealized gain (loss) on investment in gold</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(7.76</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top">) </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">2.30</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:5;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net change in net assets from operations^(b)</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">(7.78</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid transparent;" valign="top">) </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top">2.28</td><td style="text-align: left; margin: 0in; 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; text-align: justify;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">Net asset value per Share, end of period</b></div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">53.59</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="top">43.82</td><td style="text-align: left; margin: 0in; width: 1%; border-bottom: 4px double transparent;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:7;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">Total return, at net asset value^(c)</b></div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(12.68</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">)%</td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">5.49</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">%</td> </tr> <tr style="mso-yfti-irow:9;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">Ratio to average net assets^(d)</b></div> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> <td style="text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td><td style="height: 1pt; text-align: justify;" valign="top"> </td><td style="text-align: justify;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:11;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net investment loss</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(0.15</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">)%</td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">(0.15</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">)%</td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in;">Net expenses</div> </td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">0.15</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">%</td> <td style="text-align: right; margin: 0in;" valign="top"> </td><td style="text-align: left; margin: 0in; width: 1%;" valign="top"> </td><td style="height: 1pt; text-align: right; margin: 0in; width: 9%;" valign="top">0.15</td><td style="text-align: left; margin: 0in; width: 1%;" valign="top">%</td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (a) </div> <div style="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-size: 10pt;"> (b) </div> <div style="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-size: 10pt;"> (c) </div> <div style="font-size: 10pt;"> Calculated based on the change in net asset value of a Share during the period. Total return for periods of less than a year are not annualized. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;"> (d) </div> <div style="font-size: 10pt;"> Annualized. </div> </div> 61.37 41.54 -0.02 -0.02 -7.76 2.3 -7.78 2.28 53.59 43.82 -0.1268 0.0549 -0.0015 -0.0015 0.0015 0.0015 <div style="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">7. COMMITMENTS AND CONTINGENCIES</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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-size: 10pt;"> <span style="font-weight: bold;">8. INDEMNIFICATION</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="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-size: 10pt;">  </div><div style="text-align: justify; 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-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-size: 10pt;"> <span style="font-weight: bold;">9. OPERATING SEGMENTS</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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-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="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> 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="text-align: justify; font-size: 10pt;"> <span style="font-weight: bold;">10. SUBSEQUENT EVENTS</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-align: justify; 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> false false false false http://fasb.org/us-gaap/2026#RelatedPartyMember http://fasb.org/us-gaap/2026#RelatedPartyMember http://fasb.org/us-gaap/2026#RelatedPartyMember http://fasb.org/us-gaap/2026#RelatedPartyMember 1 1 0001858258 false 2027 Q1 --03-31 Unlimited Unlimited Unlimited Unlimited Cost of investment in gold bullion: $319,429,416 at June 30, 2026 and $319,559,905 at March 31, 2026. No par value, unlimited amount authorized. Net increase (decrease) in net assets per Share based on average shares outstanding during the period. 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. Calculated using average Shares outstanding. 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. Calculated based on the change in net asset value of a Share during the period. Total return for periods of less than a year are not annualized. Annualized. 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. Calculated using average Shares outstanding. 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. Calculated based on the change in net asset value of a Share during the period. Total return for periods of less than a year are not annualized. Annualized.