Company: FGDL
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001140361-25-004056
Chunk: 8

Company: Franklin Templeton Holdings Trust
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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 refer to Note 2 to the Financial Statements for further discussion of
the accounting policies followed by the Fund and the Trust. 

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 2, 2024, 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. 

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Table of Contents

Results of Operations

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.

For the Three
Months Ended December 31, 2024

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 (0.77)% decrease in the Fund's NAV from $35.10 at
September 30, 2024 to $34.83 at December 31, 2024 is directly related to the
(0.73)% 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's fee, which was
$(38,441) for the quarter.

Net realized
and unrealized loss on investment in gold for the three months ended December
31, 2024, was approximately $(1,865,280) which includes a realized gain of $8,230
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 $(6,114,720).
Net realized and unrealized gain on investment in gold for the period was
driven by gold price depreciation