Franklin Templeton Holdings Trust

Previous wording

The Fund issues Shares on a continuous basis. Shares are issued by the Fund only in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Creation Unit”) in exchange for gold from Authorized Participants, which is then allocated to the Fund and stored safely by the Custodian. The Fund issues and redeems Creation Units on an ongoing basis at Net Asset Value to Authorized Participants who have entered into an agreement with the Sponsor and the Administrator.

Current wording

The Fund issues Shares on a continuous basis. Shares are issued by the Fund only in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Creation Unit”) in exchange for gold from Authorized Participants, which is then allocated to the Fund and stored in a vault maintained by the Gold Custodian. The Fund issues and redeems Creation Units on an ongoing basis at Net Asset Value to Authorized Participants who have entered into an agreement with the Sponsor and the Administrator.

Previous wording

At September 30, 2025, the Custodian held 98,620.181 ounces of gold on behalf of the Fund in its vault, with a market value of $377,251,778 (cost: $286,845,363) based on the LBMA Gold Price at period end.

Current wording

At December 31, 2025, the Custodian held 107,912.458 ounces of gold on behalf of the Fund in its vault, with a market value of $464,881,473 (cost: $326,196,160) based on the LBMA Gold Price PM at quarter end.

Previous wording

For the three months ended September 30, 2025, 2,200,000 Shares were issued in exchange for 29,318.609 ounces of gold and no Shares were redeemed. The Fund’s NAV per Share began the period at $43.82 and ended the period at $50.97. The 16.32% increase in the Fund's NAV from $43.82 at June 30, 2025 to $50.97 at September 30, 2025 is directly related to the 16.36% 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 $97,539 for the period.

Current wording

For the three months ended December 31, 2025, 700,000 Shares were issued in exchange for 9,326.172 ounces of gold and no Shares were redeemed. The Fund’s NAV per Share began the period at $50.97 and ended the period at $57.39. The 12.60% increase in the Fund's NAV from $50.97 at September 30, 2025 to $57.39 at December 31, 2025 is directly related to the 12.62% 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 Fee, which was $160,945 for the period.

Previous wording

Net realized and change in unrealized gain on investment in gold for the three months ended September 30, 2025, was approximately $41,577,533 which includes a realized gain of $21,629 on the sale of gold to pay the Sponsor Fee, and net change in unrealized appreciation on investment in gold of approximately $41,555,904. Net realized and unrealized gain on investment in gold for the period was driven by gold price appreciation from $3,287.45 per ounce as of June 30, 2025 to $3,825.30 per ounce as of September 30, 2025. Net increase in net assets resulting from operations was approximately $41,479,994 for the three months ended September 30, 2025, which consisted of the net realized and change in unrealized gain on investment in gold of $41,577,533, offset by the Sponsor Fee of $97,539. Net assets increased to approximately $377,214,947 on September 30, 2025. The increase in net assets primarily resulted from net capital share transactions of approximately $107,852,712, in addition to the aforementioned gold price appreciation. Other than the Sponsor's fee the Fund had no expenses during the three months ended September 30, 2025.

Current wording

Net realized and change in unrealized gain on investment in gold for the three months ended December 31, 2025, was approximately $48,319,858 which includes a realized gain of $40,960 on the sale of gold to pay the Sponsor Fee, and net change in unrealized appreciation on investment in gold of approximately $48,278,898. Net realized and unrealized gain on investment in gold for the period was driven by gold price appreciation from $3,825.30 per ounce as of September 30, 2025 to $4,307.95 per ounce as of December 31, 2025. Net increase in net assets resulting from operations was approximately $48,158,913 for the three months ended December 31, 2025, which consisted of the net realized and change in unrealized gain on investment in gold of $48,319,858, offset by the Sponsor Fee of $160,945. Net assets increased to approximately $464,824,868 on December 31, 2025. The increase in net assets primarily resulted from net capital share transactions of approximately $39,451,008, in addition to the aforementioned gold price appreciation. Other than the Sponsor Fee the Fund had no expenses during the three months ended December 31, 2025.

Previous wording

For the three months ended September 30, 2024, 250,000 Shares were issued in exchange for 3,336.631 ounces of gold and no Shares were redeemed. The Fund’s NAV per Share began the period at $31.12 and ended the period at $35.10. The increase in NAV per Share was due to a higher price of gold of $2,629.95 per fine ounce at period end, which represented an increase of 12.83% from $2,330.90 per fine ounce at June 30, 2024.

Current wording

For the three months ended December 31, 2024, 1,400,000 Shares were issued in exchange for 18,678.465 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 $35.10 and ended the period at $34.83. The decrease in NAV per Share was due to a lower price of gold of $2,610.85 per fine ounce at period end, which represented a decrease of (0.73)% from $2,629.95 per fine ounce at September 30, 2024.

Previous wording

The change in net assets from operations for the three months ended September 30, 2024 was $8,997,236, which was due to (i) the Sponsor Fee of $28,305, (ii) realized gain on sale of gold to pay expenses of $6,556 and (iii) a net change in unrealized appreciation (depreciation) on investment in gold of $9,018,985. Other than the Sponsor Fee the Fund had no expenses during the three months ended September 30, 2024.

Current wording

The change in net assets from operations for the three months ended December 31, 2024 was $(1,903,721), which was due to (i) the Sponsor Fee of $38,441, (ii) realized gain on sale of gold to pay expenses of $4,249,440 and (iii) a net change in unrealized appreciation (depreciation) on investment in gold of $(6,114,720). Other than the Sponsor Fee the Fund had no expenses during the three months ended December 31, 2024.

Previous wording

For the six months ended September 30 2025, 3,250,000 Shares were issued in exchange for 43,320.190 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 $50.97. The 22.70% increase in the Fund's NAV from $41.54 at March 31, 2025 to $50.97 at September 30, 2025 is directly related to the 22.80% 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 $181,812 for the period.

Current wording

For the nine months ended December 31, 2025, 3,950,000 Shares were issued in exchange for 52,646.362 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 $57.39. The 38.16% increase in the Fund's NAV from $41.54 at March 31, 2025 to $57.39 at December 31, 2025 is directly related to the 38.29% 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 Fee, which was $342,757 for the period.

Previous wording

Net realized and change in unrealized gain on investment in gold for the six months ended September 30, 2025, was approximately $51,666,407 which includes a realized gain of $38,366 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 approximately $48,758,797. 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 $3,825.30 per ounce as of September 30, 2025. Net increase in net assets resulting from operations was approximately $51,484,595 for the six months ended September 30, 2025, which consisted of the net realized and change in unrealized gain on investment in gold of $51,666,407, offset by the Sponsor Fee of $181,812. Net assets increased to approximately $377,214,947 on September 30, 2025. The increase in net assets primarily resulted from net capital share transactions of approximately $138,794,591, in addition to the aforementioned gold price appreciation. Other than the Sponsor's fee the Fund had no expenses during the six months ended September 30, 2025.

Current wording

Net realized and change in unrealized gain on investment in gold for the nine months ended December 31, 2025, was approximately $99,986,265 which includes a realized gain of $79,328 on the sale of gold to pay the Sponsor Fee, realized gain of $2,869,242 on the sale of gold for redemptions, and net change in unrealized appreciation on investment in gold of approximately $97,037,695. 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 $4,307.95 per ounce as of December 31, 2025. Net increase in net assets resulting from operations was approximately $99,643,508 for the nine months ended December 31, 2025, which consisted of the net realized and change in unrealized gain on investment in gold of $99,986,265, offset by the Sponsor Fee of $342,757. Net assets increased to approximately $464,824,868 on December 31, 2025. The increase in net assets primarily resulted from net capital share transactions of approximately $178,245,599, in addition to the aforementioned gold price appreciation. Other than the Sponsor Fee the Fund had no expenses during the nine months ended December 31, 2025.

Previous wording

For the six months ended September 30, 2024, 350,000 Shares were issued and in exchange for 4,672.095 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 $35.10. The increase in NAV per Share was due to a higher price of gold of $2,629.95 per fine ounce at period end, which represented an increase of 18.77% from $2,214.35 per fine ounce at March 31, 2024.

Current 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 increase in NAV per Share was due to a higher price of gold of $2,610.85 per fine ounce at period end, which represented an increase of 17.91% from $2,214.35 per fine ounce at March 31, 2024.

Previous wording

The change in net assets from operations for the six months ended September 30, 2024 was $12,207,199, which was due to (i) the Sponsor Fee of $53,854, (ii) realized gain on sale of gold to pay expenses of $11,770 and (iii) a net change in unrealized appreciation (depreciation) on investment in gold of $12,249,283. Other than the Sponsor Fee the Fund had no expenses during the six months ended September 30, 2024.

Current wording

The change in net assets from operations for the nine months ended December 31, 2024 was $10,303,478, which was due to (i) realized gain on sale of gold to pay expenses of $4,261,209 and (ii) a net change in unrealized appreciation (depreciation) on investment of gold of $6,134,563, offset by the Sponsor Fee of $92,294. Other than the Sponsor Fee the Fund had no expenses during the nine months ended December 31, 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 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.

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 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.