Issuer:

Vaulted Gold Bullion Trust

Securities:

Class A Gold Deposit Receipts, Class F Gold Deposit Receipts, Class F‑1 Gold Deposit Receipts, Class F‑2 Gold Deposit Receipts, Class F‑3 Gold Deposit Receipts, and Class S Gold Deposit Receipts (collectively, the “Gold Deposit Receipts” or the “Receipts”), each representing an undivided beneficial ownership in a fixed quantity of unencumbered, allocated, physical gold bullion (“Gold Bullion”). The Gold Bullion will be held for the benefit of holders of Gold Deposit Receipts in an account operated by Bank of Montreal at the Royal Canadian Mint. The Gold Deposit Receipts are separate from the Gold Bullion.

Period:

April 1 – April 30, 2018

Number of Class A and
Class F through
Class F‑3 Receipts Sold
in Period:

10 Class A Gold Deposit Receipts

Number of Class S Gold
Deposit Receipts Sold in
Period:

94,802 Class S Gold Deposit Receipts

A total of 209,848 Gold Deposit Receipts outstanding.

Daily High and Low Sale
Price to Public Per Class
A Gold Deposit Receipt
Sold in Period:

The sale of the Class A Gold Deposit Receipts took place on April 25 at $1,349.14, representing the prevailing interbank spot price for one troy ounce of gold, plus a 2.00% deposit fee.

Daily High and Low Sale
Price to Public per Class
S Gold Deposit Receipt
Sold in Period:

The sale of the Class S Gold Deposit Receipts took place on April 17 at $1,342.60, representing the prevailing interbank spot price for one troy ounce of gold.

Net Proceeds to the
Trust:

$127,294,392.10

Listing:

The Gold Deposit Receipts will not be listed or traded on any securities exchange.

Underwriter:

BMO

CUSIP/ISIN for Class A
Gold Deposit Receipts:

92242D205/ US92242D2053

CUSIP/ISIN for Class S
Gold Deposit Receipts:

92242D700/ US92242D7003