Franklin Templeton Holdings Trust

Previous wording

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Form 10-Q. This Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements involve risks and uncertainties. All statements (other than statements of historical fact) included in this Form 10-Q that address activities, events or developments that may occur in the future, including such matters as future gold prices, gold sales, costs, objectives, changes in commodity prices and market conditions (for gold and the shares), the Fund’s operations, the Sponsor’s plans and references to the Fund’s future success and other similar matters are forward-looking statements. Words such as “could,” “would,” “may,” “expect,” “intend,” “estimate,” “predict,” and variations on such words or negatives thereof, and similar expressions that reflect our current views with respect to future events and Fund performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties that are difficult to predict and many of which are outside of our control, and actual results could differ materially from those discussed. Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed therein. We express our estimates, expectations, beliefs, and projections in good faith and believe them to have a reasonable basis. However, we make no assurances that management’s estimates, expectations, beliefs, or projections will be achieved or accomplished. These forward-looking statements are based on assumptions about many important factors that could cause actual results to differ materially from those in the forward-looking statements. We do not intend to update any forward-looking statements even if new information becomes available or other events occur in the future, except as required by the federal securities laws.

Current wording

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Form 10-Q. This Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements involve risks and uncertainties. All statements (other than statements of historical fact) included in this Form 10-Q that address activities, events or developments that may occur in the future, including such matters as future gold prices, gold sales, costs, objectives, changes in commodity prices and market conditions (for gold and the shares), the Trust’s and the Fund’s operations, the Sponsors’ plans and references to the Trust’s and the Fund’s future success and other similar matters are forward-looking statements. Words such as “could,” “would,” “may,” “expect,” “intend,” “estimate,” “predict,” and variations on such words or negatives thereof, and similar expressions that reflect our current views with respect to future events and Trust and the Fund performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties that are difficult to predict and many of which are outside of our control, and actual results could differ materially from those discussed. Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed therein. We express our estimates, expectations, beliefs, and projections in good faith and believe them to have a reasonable basis. However, we make no assurances that management’s estimates, expectations, beliefs, or projections will be achieved or accomplished. These forward-looking statements are based on assumptions about many important factors that could cause actual results to differ materially from those in the forward-looking statements. Such factors are discussed in: Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q; Part I, Item 1A. Risk Factors of this Form 10-K, and other parts of this Form 10-Q. We do not intend to update any forward-looking statements even if new information becomes available or other events occur in the future, except as required by the federal securities laws.

Previous wording

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s as well as the Trust’s financial position and results of operations. These estimates and assumptions affect the Fund’s as well as the Trust’s application of accounting policies. Below we describe the valuation of gold bullion, a critical accounting policy that we believe is important to understanding the results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further discussion of the accounting policies followed by the Fund and the Trust.

Current wording

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s as well as the Trust’s financial position and results of operations. These estimates and assumptions affect the Fund’s as well as the Trust’s application of accounting policies. A description of the valuation of gold, a critical accounting policy that is important to understanding the results of operations and financial position of the Trust and the Fund is presented in the Trust’s Annual Report on Form 10-K in the section entitled “Valuation of Gold and Computation of Net Asset Value”. In addition, please refer to Note 2 to the Financial Statements for further discussion of the accounting policies followed by the Fund and the Trust.

Previous wording

At December 31, 2024, the Custodian held 41,360.171 ounces of gold on behalf of the Fund in its vault, with a market value of $107,985,202 (cost: $90,663,645) based on the LBMA Gold Price PM at period end.

Current wording

At June 30, 2025, the Custodian held 69,327.563 ounces of gold on behalf of the Fund in its vault, with a market value of $227,910,897 (cost: $179,060,386) based on the LBMA Gold Price PMat period end.

Previous wording

For the nine months ended December 31, 2024, 1,750,000 Shares were issued in exchange for 23,350.560 ounces of gold and (750,000) Shares were redeemed in exchange for (10,005.285) ounces of gold. The Fund’s NAV per Share began the period at $29.57 and ended the period at $34.83. The 17.79% increase in the Fund's NAV from $29.57 at March 31, 2024 to $34.83 at December 31, 2024 is directly related to the 17.91% increase in the price of gold. The Fund's NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor's fee, which was $(92,294) for the period.

Current wording

For the three months ended June 30 2025, 1,050,000 Shares were issued in exchange for 14,001.581 ounces of gold and 350,000 Shares were redeemed in exchange for 4,666.909 ounces of gold. The Fund’s NAV per Share began the period at $41.54 and ended the period at $43.82. The 5.49% increase in the Fund's NAV from $41.54 at March 31, 2025 to $43.82 at June 30, 2025 is directly related to the 5.53% increase in the price of gold during the same period. The Fund's NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor's fee, which was $84,273 for the period.

Previous wording

Net realized and unrealized gain on investment in gold for the nine months ended December 31, 2024, was approximately $10,395,772 which includes a realized gain of $19,999 on the sale of gold to pay the Sponsor Fee, net realized gain on investment in gold sold for redemptions of $4,241,210, and net change in unrealized appreciation (depreciation) on investment in gold of approximately $6,134,563. Net realized and unrealized gain on investment in gold for the period was driven by gold price appreciation from $2,214.35 per ounce as of March 31, 2024 to $2,610.85 per ounce as of December 31, 2024. Net increase in net assets resulting from operations was approximately $10,303,478 for the nine months ended December 31, 2024, which consisted of the net realized and unrealized gain on investment in gold of $10,395,772, and payment of the Sponsor Fee of $(92,294). Net assets increased to approximately $107,969,989 on December 31, 2024. The increase in net assets primarily resulted from the aforementioned gold price appreciation and net capital share transactions of approximately $35,563,880.

Current wording

Net realized and unrealized gain on investment in gold for the three months ended June 30, 2025 was $10,088,874, which includes a realized gain of $16,737 on the sale of gold to pay the Sponsor Fee, realized gain of $2,869,244 on the sale of gold for redemptions, and net change in unrealized appreciation on investment in gold of $7,202,893. Net realized and unrealized gain on investment in gold for the period was driven by gold price appreciation from $3,115.10 per ounce as of March 31, 2025 to $3,287.45 per ounce as of June 30, 2025. Net increase in net assets resulting from operations was $10,004,601 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in gold of $10,088,874, offset by the Sponsor Fee of $84,273. Net assets increased to $227,882,241 on June 30, 2025. The increase in net assets primarily resulted from net capital share transactions of $30,941,879, in addition to the aforementioned gold price appreciation. Other than the Sponsor's fee, the Fund had no expenses during the three months ended June 30, 2025.

Previous wording

For the three months ended December 31, 2023, no Shares were issued and (500,000) Shares were redeemed in exchange for (6,680.800) ounces of gold. The Fund’s NAV per Share began the period at $25.00 and ended the period at $27.55. The increase in NAV per Share was due to a higher price of gold of $2,062.40 at period end, which represented an increase of 10.26% from $1,870.50 at September 30, 2023.

Current wording

For the three months ended June 30, 2024, 100,000 Shares were issued in exchange for 1,335.464 ounces of gold and no Shares were redeemed. The Fund’s NAV per Share began the period at $29.57 and ended the period at $31.12. The increase in NAV per Share was due to a higher price of gold of $2,330.90 at period end, which represented an increase of 5.26% from $2,214.35 at March 31, 2024.

Previous wording

The change in net assets from operations for the three months ended December 31, 2023 was $6,529,425, which was due to (i) the Sponsor Fee of $(24,388), (ii) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $1,537,276 and (iii) a net change in unrealized appreciation (depreciation) on investment of gold of $5,016,537. Other than the Sponsor Fee the Fund had no expenses during the three months ended December 31, 2023.

Current wording

The change in net assets from operations for the three months ended June 30, 2024 was $3,209,963, which was due to (i) payment of the Sponsor Fee of $(25,549), (ii) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $5,214 and (iii) a net change in unrealized appreciation (depreciation) on investment in gold of $3,230,298. Other than the Sponsor Fee, the Fund had no expenses during the three months ended June 30, 2024.

Previous wording

The Fund is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Fund’s only ordinary recurring expense is the fee paid to the Sponsor at an annual rate of 0.15% of the daily net asset value of the Fund. The Sponsor’s annual fee accrues daily and is payable by the Fund monthly in arrears. 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 Marketing Agent, the Custodian 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 and up to $500,000 per annum in legal fees and expenses and applicable license fees. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement.

Current wording

The Fund is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Fund’s only ordinary recurring expense is the fee paid to the Sponsor at an annual rate of 0.15% of the daily net asset value of the Fund. The Sponsor’s annual fee accrues daily and is payable by the Fund monthly in arrears. 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 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. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement.

Previous wording

At December 31, 2024, the Fund as well as the Trust do not have any off-balance sheet arrangements.

Current wording

At June 30, 2025 and March 31, 2025, the Trust and the Fund did not have any off-balance sheet arrangements.

Previous wording

The average, high, low and end-of-period gold prices based on the LBMA Gold Price PM for the period are below:

Current wording

The average, high, low and end-of-period gold prices based on the LBMA Gold Price PM for the period are as below: