Company: FGDL
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001140361-25-030875
Chunk: 35

Company: Franklin Templeton Holdings Trust
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 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.

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.

Results of Operations

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 PM at period end.

  25
  

For
the Three Months Ended June 30, 2025

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.

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