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 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.

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, the Trust's and the Fund's operations, the Sponsor's 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 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.

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 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.

Current wording

The Fund issues and offers 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

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.

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 and the Trust’s financial position and results of operations. These estimates and assumptions affect the Fund’s and 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”. 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

The gold bullion held on behalf of the Fund at the vaults of the Gold Custodian is audited each year generally coinciding with the Fund's financial year end at March 31. On April 1, 2025, Bureau Veritas Commodities UK LTD concluded the audit inspection procedures with respect to the Fund's gold bullion held by the Gold Custodian. The audit findings did not identify non-conformities.

Current wording

The gold bullion held on behalf of the Fund at the vaults of the Gold Custodian is audited each year generally coinciding with the Fund's financial year end at March 31 and/or the preparation of the Fund's annual report on Form 10-K. On June 1, 2026, Bureau Veritas Commodities UK LTD concluded the audit inspection procedures with respect to the Fund's gold bullion held by the Gold Custodian. The audit findings did not identify non-conformities.

Previous 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.

Current wording

At June 30, 2026, the Custodian held 103,173.477 ounces of gold on behalf of the Fund in its vault, with a market value of $415,381,577 (cost: $319,429,416) based on the LBMA Gold Price PM at quarter end.

Previous 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.

Current wording

For the three months ended June 30, 2026, no Shares were issued or redeemed. The Fund’s NAV per Share began the period at $61.37 and ended the period at $53.59. The 12.68% decrease in the Fund's NAV from $61.37 at March 31, 2026 to $53.59 at June 30, 2026 is directly related to the 12.64% decrease in the price of gold. The Fund's NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor Fee, which was $174,426 for the quarter.

Previous 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.

Current wording

Net realized and change in unrealized loss on investment in gold for the three months ended June 30, 2026, was approximately $60,077,977 which includes a realized gain of $63,678 on the sale of gold to pay the Sponsor Fee, and net change in unrealized depreciation on investment in gold of approximately $60,141,655. Net realized and change in unrealized loss on investment in gold for the period was driven by gold price depreciation from $4,608.35 per ounce as of March 31, 2026 to $4,026.05 per ounce as of June 30, 2026. Net decrease in net assets resulting from operations was approximately $60,252,403 for the three months ended June 30, 2026, which consisted of the net realized and change in unrealized loss on investment in gold of $60,077,977 and the Sponsor Fee of $174,426. Net assets decreased to approximately $415,331,632 as of June 30, 2026. The decrease in net assets primarily resulted from the aforementioned gold price depreciation. Other than the Sponsor Fee the Fund had no expenses during the three months ended June 30, 2026.

Previous 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.

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 quarter.

Previous 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.

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 as of 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

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 will be 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.

Current wording

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.

Previous wording

(1) The end of period gold price is the LBMA Gold Price PM on the last business day of the period.

Current wording

(1)The end of period gold price is the LBMA Gold Price PM on the last business day of the period.