What changed in this filing

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Item 1. Financial Statements

2022-05-09 compared with 2022-02-09 · 37 added, 28 removed, 187 unchanged (26% of the section changed)

1 unchanged sentence

Statements of Financial Condition

at December 31, 2021 (unaudited) and September 30, 2021

at March 31, 2022 (unaudited) and September 30, 2021

(Amounts in 000’s of US$ except for share and per share data)

Investments in Gold, at fair value (cost $ 48,753,565 and $ 49,227,344 at December 31, 2021 and September 30, 2021, respectively)

Investments in Gold, at fair value (cost $ 56,276,018 and $ 49,227,344 at March 31, 2022 and September 30, 2021, respectively)

Accounts payable to Sponsor

6 unchanged sentences

(Amounts in 000’s except for percentages)

December 31, 2021

March 31, 2022

Ounces of gold

% of Net Assets

Investment in Gold

2 unchanged sentences

September 30, 2021

Ounces of gold

% of Net Assets

Investment in Gold

3 unchanged sentences

Unaudited Statements of Operations

For the three months ended December 31, 2021 and 2020

For the three and six months ended March 31, 2022 and March 31, 2021

(Amounts in 000’s of US$, except per share data)

11 unchanged sentences

Unaudited Statements of Cash Flows

For the three months ended December 31, 2021 and 2020

For the three and six months ended March 31, 2022 and March 31, 2021

(Amounts in 000’s of US$)

11 unchanged sentences

(Amounts in 000’s of US$)

RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES

RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH

PROVIDED BY OPERATING ACTIVITIES

Net income/(loss)

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

Adjustments to reconcile net income/(loss) to net cash provided by operating

Proceeds from sales of gold to pay expenses

6 unchanged sentences

Unaudited Statements of Changes in Net Assets

For the three months ended December 31, 2021 and 2020

For the three and six months ended March 31, 2022 and March 31, 2021

(Amounts in 000’s of US$)

8 unchanged sentences

Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York law pursuant to a trust indenture (the “Trust Indenture”).

The fiscal year end for the Trust is September 30 th

The Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of 100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold in connection with redemption of Baskets.

The fiscal year-end

for the Trust is September 30th.

The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses.

10 unchanged sentences

Any losses sustained by the Trust will adversely affect the value of the Shares.

The Statements of Financial Condition and Schedules of Investment at December 31, 2021 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three months ended December 31, 2021 and 2020 have been prepared on behalf of the Trust without audit.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three months ended December 31, 2021 and for all periods presented have been made.

The Statements of Financial Condition and Schedules of Investment at March 31, 2022 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and six months ended March 31, 2022 and 2021 have been prepared on behalf of the Trust without audit.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and six months ended March 31, 2022 and for all periods presented have been made.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K

for the fiscal year ended September 30, 2021.

The results of operations for the three months ended December 31, 2021 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three and six months ended March 31, 2022 are not necessarily indicative of the operating results for the full fiscal year.

Significant Accounting Policies

21 unchanged sentences

(Amounts in 000’s of US$)

December 31, 2021

March 31, 2022

Investment in Gold

2 unchanged sentences

Investment in Gold

There were no transfers between Level 1 and other Levels for the three months ended December 31, 2021 or for the year ended September 30, 2021.

There were no transfers between Level 1 and other Levels for the six months ended March 31, 2022, or for the year ended September 30, 2021.

The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process as well as the overall administration and governance for the London Bullion Market Association (“LBMA”).

In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold held by the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration).

in rounds (30 seconds in duration).

The auction runs twice daily at 10:30 AM and 3:00 PM London time.

Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time.

The Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time.

If no LBMA Gold Price is made on a particular evaluation day or if the LBMA Gold Price has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price is inappropriate to use as the basis for such determination.

Custody of Gold

Gold is held by the Custodian on behalf of the Trust, 100 % of which is allocated gold in the form of good delivery gold bars which includes gold held with a subcustodian.

During the three months ended December 31, 2021, no gold was held by a subcustodian.

Gold is held by the Custodian on behalf of the Trust, 100 % of which is allocated gold in the form of good delivery gold bars.

A current list of all gold held by the Custodian, including any held with a subcustodian is available on the sponsor’s website at www.spdrgoldshares.com.

Gold Receivable

11 unchanged sentences

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Net Assets for financial reporting purposes.

Activity in the number and value of Shares created and redeemed for the three months ended December 31, 2021 and 2020 are as follows:

Activity in the number and value of Shares created and redeemed for the six months ended March 31, 2022 and 2021 are as follows:

(Amounts are in 000’s)

9 unchanged sentences

A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay expenses on the Statements of Operations.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2021 of $ 2,403,753 is made up of a realized gain of $ 7,317 from the sale of gold to pay expenses, a realized gain of $ 302,742 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $ 2,093,694 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2020 of $ 23,404 is made up of a realized gain of $ 15,299 from the sale of gold to pay expenses, a realized gain of $ 1,667,498 from gold distributed for the redemption of Shares, and a change in unrealized depreciation of $ 1,659,393 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended March 31, 2022 of $ 6,388,032 is made up of a realized gain of $ 16,195 from the sale of gold to pay expenses, a realized gain of $ 743,073 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $ 5,628,764 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended March 31, 2021 of $( 7,203,083 ) is made up of a realized gain of $ 25,666 from the sale of gold to pay expenses, a realized gain of $ 3,380,697 from gold distributed for the redemption of Shares, and a change in unrealized depreciation of $( 10,609,446 ) on investment in gold.

The Trust is classified as a “grantor trust” for U.S.

3 unchanged sentences

Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of December 31, 2021 or September 30, 2021.

The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not”

3 unchanged sentences

Open tax years are those years that are open for examination by the relevant income taxing authority.

As of December 31, 2021, the 2020, 2019 and 2018 tax years remain open for examination.

As of March 31, 2022, the 2020, 2019 and 2018 tax years remain open for examination.

There were no examinations in progress at period end.

1 unchanged sentence

The Trust’s only recurring fixed expense is the Sponsor’s fee which accrues daily at an annual rate equal to 0.40 % of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees and expenses of the Trust which include fees and expenses of the Trustee, the fees and expenses of the Custodian for the custody of the Trust’s gold bars, the fees and expenses of the Sponsor, certain taxes, the fees of the Marketing Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and other marketing costs and expenses.

Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their

customers and for accounts over which they exercise investment discretion.

Concentration of Risk

21 unchanged sentences

Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three months ended December 31, 2021 and 2020, respectively.

The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market

value is based on the change in market value of a Share on the NYSE Arca during the period.

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and six months ended March 31, 2022 and 2021, respectively.

The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on the NYSE Arca during the period.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

Financial Highlights (Unaudited)

For the three and six months ended March 31, 2022 and 2021

Net Asset Value

15 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements