10-Q/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

Form 10-Q/A

Amendment No. 1

____________________________________

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended April 30, 2020

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from ________ to ________

Commission File Number: 333-194144

____________________________________

VAULTED GOLD BULLION TRUST

(Exact name of registrant as specified in its charter)

____________________________________

Delaware	46-7176227
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o Bank of Montreal

3 Times Square

New York, New York 10036

Attention: Legal Department

(Address of principal executive offices)

(212) 885-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Not applicable	Not applicable	Not applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x  No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  x  No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer o
Non-accelerated filer x	Smaller reporting company o  Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  x

As of April 30, 2020, there were 576 Gold Deposit Receipts outstanding.

VAULTED GOLD BULLION TRUST

EXPLANATORY NOTE

The sole purpose of this Amendment No. 1 to Vaulted Gold Bullion Trust’s Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2020, filed with the Securities and Exchange Commission on June 15, 2020 (the “Form 10-Q”), is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 provides the consolidated financial statements and related notes from the Form 10-Q formatted in eXtensible Business Reporting Language (“XBRL”)  and consists of the following XBRL interactive data files that were omitted from the Form 10-Q:

101.INS	XBRL Instance File
101.SCH	XBR Schema File
101.CAL	XBRL Calculation File
101.DEF	XBRL Definition File
101.LAB	XBRL Label File
101.PRE	XBRL Presentation File

No other changes have been made to the Form 10-Q. This Amendment No. 1 speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

In accordance with Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under these sections.

2

PART II. OTHER INFORMATION

Item 12. Exhibits

Exhibit No.	Description
1.1	Second Amended and Restated Distribution Agreement by and among the Vaulted Gold Bullion Trust, Bank of Montreal and BMO Capital Markets Corp. (incorporated by reference to Exhibit 1.1 to the Registrant’s Registration Statement on Form S-1 (No. 333-226132) filed July 11, 2018).*
1.2	Second Amended and Restated Depositary Trust Agreement by and among Bank of Montreal, BMO Capital Markets Corp., The Bank of New York Mellon, as Trustee and BNY Mellon Trust of Delaware, as Delaware Trustee, and included as an exhibit thereto, form of Gold Deposit Receipt (incorporated by reference to Exhibit 1.2 to the Registrant’s Current Report on Form 8-K filed May 12, 2017).*
10.1	Form of Gold Carrier Agreement by and among Bank of Montreal and Carrier (incorporated by reference to Exhibit 10.1 to the Registrant’s Registration Statement on Form S-1 (No. 333-211858) filed June 6, 2016).*
31.1	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS	XBRL Instance File**
101.SCH	XBR Schema File**
101.CAL	XBRL Calculation File**
101.DEF	XBRL Definition File**
101.LAB	XBRL Label File**
101.PRE	XBRL Presentation File**

* Previously included in the registrant’s Form 10-Q for the quarterly period ended April 30, 2020, filed with the Securities and Exchange Commission on June 15, 2020.

** Furnished with this Form 10-Q/A. In accordance with Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for the purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under these sections.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized.

	BANK OF MONTREAL
	Initial Depositor of the Vaulted Gold Bullion Trust
	(Registrant)
Date: June 16, 2020	/s/ Rob Yeung
	*Head, Global FICC
	BMO Capital Markets
Date: June 16, 2020	/s/ Neil Puddicombe
	*Assistant Corporate Secretary

__________

* The Registrant is a trust and the persons are signing in their capacities as officers of Bank of Montreal, the Initial Depositor of the Registrant.

4

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Statements of Assets and Liabilities (Parenthetical) - USD ($)	Apr. 30, 2020	Oct. 31, 2019	Apr. 30, 2019	Oct. 31, 2018
Statement Of Assets And Liabilities Parenthetical
Cost of gold	$ 886,320	$ 203,584,099	$ 203,524,686	$ 203,470,539

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Organization

6 Months Ended

Apr. 30, 2020

Organization

Organization

1. Organization

The Vaulted Gold Bullion Trust (the “Trust”) was initially formed on December 10, 2013. The Trust is governed by the second amended and restated Depositary Trust Agreement, dated May 11, 2017 (the “Depositary Trust Agreement”). Commencement of operations occurred on August 5, 2016. The Bank of New York Mellon is the trustee (the “Trustee”) and BNY Mellon Trust of Delaware is the Delaware trustee (the “Delaware Trustee”). The Bank of Montreal (the “Initial Depositor”) sells Gold Bullion (“Gold”) to the Trust, arranges custodial services through its storage account and provides administrative services from time to time. The Vaulted Gold Bullion Trust is not a registered investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Trust is intended to hold Gold for the benefit of owners of Gold Deposit Receipts (“Receipts”). One Receipt represents the undivided beneficial ownership of one troy ounce of Gold. Investors (through registered broker-dealers, or banks or trust companies that become party to the distribution agreement (“Authorized Participants”)) are able to acquire, hold, transfer and surrender only whole Receipts (i.e., no fractional interests), with a minimum of one Receipt per transaction. The Trustee performs only administrative and ministerial acts. The property of the Trust consists of the Gold and all monies or other property, if any, received by the Trustee. The fiscal year end for the Trust is October 31.

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Financial Highlights (Tables)

6 Months Ended

Apr. 30, 2020

Financial Highlights Tables

Schedule of Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Receipt outstanding for the three and six months ended April 30, 2020 and April 30, 2019.

Net Asset Value	Three Months Ended April 30, 2020			Three Months Ended April 30, 2019			Six Months Ended April 30, 2020			Six Months Ended April 30, 2019
Net asset value per Receipt, beginning of period	$	1,584.20		$	1,323.25		$	1,510.95		$	1,214.95
Change in unrealized investment in gold	$	118.55		$	(40.95	)	$	191.80		$	67.35
Net Asset Value per Receipt, end of period	$	1,702.75		$	1,282.30		$	1,702.75		$	1,282.30
Total Return*		7.48	%		(3.09	)%		12.69	%		5.54	%
Portfolio Turnover		0.77	%		0.00	%		0.35	%		0.00	%

* Not annualized

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Financial Highlights

6 Months Ended

Apr. 30, 2020

Financial Highlights

Financial Highlights

5. Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Receipt outstanding for the three and six months ended April 30, 2020 and April 30, 2019.

Net Asset Value	Three Months Ended April 30, 2020			Three Months Ended April 30, 2019			Six Months Ended April 30, 2020			Six Months Ended April 30, 2019
Net asset value per Receipt, beginning of period	$	1,584.20		$	1,323.25		$	1,510.95		$	1,214.95
Change in unrealized investment in gold	$	118.55		$	(40.95	)	$	191.80		$	67.35
Net Asset Value per Receipt, end of period	$	1,702.75		$	1,282.30		$	1,702.75		$	1,282.30
Total Return*		7.48	%		(3.09	)%		12.69	%		5.54	%
Portfolio Turnover		0.77	%		0.00	%		0.35	%		0.00	%

* Not annualized

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Financial Highlights (Details)		3 Months Ended		6 Months Ended
		Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Net Asset Value
Net asset value per Receipt, beginning of period		1,584.20	1,323.25	1,510.95	1,214.95
Change in unrealized investment in gold		118.55	(40.95)	191.80	67.35
Net Asset Value per Receipt		1,584.20	1,323.25	1,510.95	1,214.95	1,702.75	1,282.30
Total Return	[1]	7.48%	(3.09%)	12.69%	5.54%
Portfolio Turnover		0.77%	0.00%	0.35%	0.00%

[1] Not annualized

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Statements of Assets and Liabilities	Apr. 30, 2020 USD ($)	Oct. 31, 2019 USD ($)
ASSETS
Investment in gold (Cost: $886,320 and $203,584,099, respectively) (see Notes 2.2, 2.5)	$ 980,784	$ 231,758,577
Total assets	980,784	231,758,577
Paid In Capital	886,320	203,584,099
Unrealized gain (loss) on investment in gold	94,464	28,174,478
NET ASSETS	$ 980,784	$ 231,758,577
Receipts issued, issuable and outstanding (see Note 2.3)	576	153,386
Net Asset Value per Receipt	1,702.75	1,510.95

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Statements of Changes in Net Assets (Unaudited)	3 Months Ended		6 Months Ended
	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)
Receipts
Opening balance	153,395	153,336	153,386	153,304
Issuances	299	10	309	47
Redemptions	(153,118)		(153,119)	(5)
Closing balance	576	153,346	576	153,346
Amount
Opening balance	$ 243,008,359	$ 202,901,862	$ 231,758,577	$ 186,256,695
Net change in unrealized gain (loss) on investment in gold	(39,316,596)	(6,279,471)	(28,080,014)	10,324,734
Net realized gain (loss) on redemption of Receipts	37,134,501		37,134,635	(434)
Issuances	513,032	13,185	527,574	60,860
Redemptions	(240,358,512)		(240,359,988)	(6,279)
Closing balance	$ 980,784	$ 196,635,576	$ 980,784	$ 196,635,576

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Significant Accounting Policies (Schedule of Changes in Gold) (Details)	3 Months Ended		6 Months Ended
	Apr. 30, 2020 USD ($) ozt	Apr. 30, 2019 USD ($) ozt	Apr. 30, 2020 USD ($) ozt	Apr. 30, 2019 USD ($) ozt
Ounces of gold
Opening balance | ozt	153,395	153,336	153,386	153,304
Purchases | ozt	299	10	309	47
Redemptions | ozt	(153,118)		(153,119)	(5)
Closing balance | ozt	576	153,346	576	153,346
Investment in gold
Opening balance	$ 243,008,359	$ 202,901,862	$ 231,758,577	$ 186,256,695
Net change in unrealized gain (loss) on investment in gold	(39,316,596)	(6,279,471)	(28,080,014)	10,324,734
Net realized gain (loss) on redemption of Receipts	37,134,501		37,134,635	(434)
Purchases	513,032	13,185	527,574	60,860
Redemptions	(240,358,512)		(240,359,988)	(6,279)
Closing balance	$ 980,784	$ 196,635,576	$ 980,784	$ 196,635,576

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Significant Accounting Policies (Tables)

6 Months Ended

Apr. 30, 2020

Significant Accounting Policies Tables

Schedule of Changes in Receipts

Subject to certain exceptions, holders of Receipts have the option to redeem their Receipts for physical gold (to be delivered directly to them by the service carrier) subject to payment of a withdrawal and delivery fee to the Initial Depositor, or exchange their Receipts for cash. Changes in the Receipts for the six months ended April 30, 2020 and April 30, 2019 are set out below:

	Six Months Ended April 30, 2020			Six Months Ended April 30, 2019
(Amounts in US$ except for Number of Receipts and per Receipt data)
Number of Receipts Transactions
Opening balance		153,386			153,304
Receipts issued		309			47
Receipts redeemed		(153,119	)		(5	)
Closing balance		576			153,346
Amount of Receipts (at cost)
Opening balance	$	203,584,099		$	203,470,539
Issuances		527,574			60,860
Redemptions		(203,225,353	)		(6,713	)
Closing balance	$	886,320		$	203,524,686
Net Asset Value per Receipt at period end	$	1,702.75		$	1,282.30

Schedule of Changes in Gold

Changes in ounces of the Trust’s investment in gold and the respective values for the three and six months ended April 30, 2020 and April 30, 2019 are set out below:

(Amounts in US$ except for ounces data)	Three Months Ended April 30, 2020			Three Months Ended April 30, 2019			Six Months Ended April 30, 2020			Six Months Ended April 30, 2019
Ounces of gold
Opening balance		153,395			153,336			153,386			153,304
Purchases		299			10			309			47
Redemptions		(153,118	)		-			(153,119	)		(5	)
Closing balance		576			153,346			576			153,346
Investment in gold
Opening balance	$	243,008,359		$	202,901,862		$	231,758,577		$	186,256,695
Net change in unrealized gain (loss) on investment in gold		(39,316,596	)		(6,279,471	)		(28,080,014	)		10,324,734
Net realized gain (loss) on redemption of Receipts		37,134,501			-			37,134,635			(434	)
Purchases		513,032			13,185			527,574			60,860
Redemptions		(240,358,512	)		-			(240,359,988	)		(6,279	)
Closing balance	$	980,784		$	196,635,576		$	980,784		$	196,635,576

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Indemnification

6 Months Ended

Apr. 30, 2020

Indemnification

Indemnification

4. Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Initial Depositor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

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Schedules of Investments		Apr. 30, 2020 USD ($) ozt	Oct. 31, 2019 USD ($) ozt
Troy Oz | ozt		576	153,386
Cost		$ 886,320	$ 203,584,099
Fair Value		$ 980,784	$ 231,758,577
% of Net Assets	[1]	100.00%	100.00%
Gold [Member]
Troy Oz | ozt		576	153,386
Cost		$ 886,320	$ 203,584,099
Fair Value		$ 980,784	$ 231,758,577
% of Net Assets	[1]	100.00%	100.00%

[1] Calculated as investment in gold at fair value divided by net assets

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Significant Accounting Policies

6 Months Ended

Apr. 30, 2020

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1. Basis of Accounting

The Trust is an investment company for financial reporting purposes in accordance with GAAP and is not registered as an investment company under the 1940 Act nor is it required to register under such act.

2.2. Valuation of Gold

The Gold is held for the benefit of holders of the Receipts in a custodial account operated by Bank of Montreal at the Royal Canadian Mint (the “Mint”) and is valued, for financial statement purposes, at fair value. Fair value is determined by the London Bullion Market Association (“LBMA”) (PM) Gold Price, which is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction.

The Trust follows GAAP guidance for determining fair value and GAAP requires disclosure regarding the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Trust records its investment in gold at fair value and recognizes changes in fair value of the investment in gold as changes in unrealized gains or losses on investment in gold through the Statement of Operations. Realized gains and losses on the redemption of Receipts, are calculated as the difference between the fair value and cost of gold redeemed. Realized gains and losses are recorded using the specific identification method for cost relief.

Valuation Techniques and Significant Inputs

A valuation hierarchy exists that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

– Level 2. Observable inputs other than quoted prices in an active market that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

– Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The Trust classifies its investment in gold as Level 1 of the fair value hierarchy. There were no re-allocations or transfers between levels during the period.

2.3. Issuance and Redemption of Receipts

The Trust issues Receipts on a continuous basis pursuant to the Depositary Trust Agreement. Authorized capital is unlimited. There were 576 Receipts issued and outstanding on April 30, 2020 (153,386 Receipts issued and outstanding on October 31, 2019).

Holders of Receipts will receive no distributions.

Subject to certain exceptions, holders of Receipts have the option to redeem their Receipts for physical gold (to be delivered directly to them by the service carrier) subject to payment of a withdrawal and delivery fee to the Initial Depositor, or exchange their Receipts for cash. Changes in the Receipts for the six months ended April 30, 2020 and April 30, 2019 are set out below:

	Six Months Ended April 30, 2020			Six Months Ended April 30, 2019
(Amounts in US$ except for Number of Receipts and per Receipt data)
Number of Receipts Transactions
Opening balance		153,386			153,304
Receipts issued		309			47
Receipts redeemed		(153,119	)		(5	)
Closing balance		576			153,346
Amount of Receipts (at cost)
Opening balance	$	203,584,099		$	203,470,539
Issuances		527,574			60,860
Redemptions		(203,225,353	)		(6,713	)
Closing balance	$	886,320		$	203,524,686
Net Asset Value per Receipt at period end	$	1,702.75		$	1,282.30

2.4. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself is not subject to U.S. federal income tax.

The Trustee 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 April 30, 2020 and October 31, 2019.

2.5. Investment in Gold

Changes in ounces of the Trust’s investment in gold and the respective values for the three and six months ended April 30, 2020 and April 30, 2019 are set out below:

(Amounts in US$ except for ounces data)	Three Months Ended April 30, 2020			Three Months Ended April 30, 2019			Six Months Ended April 30, 2020			Six Months Ended April 30, 2019
Ounces of gold
Opening balance		153,395			153,336			153,386			153,304
Purchases		299			10			309			47
Redemptions		(153,118	)		-			(153,119	)		(5	)
Closing balance		576			153,346			576			153,346
Investment in gold
Opening balance	$	243,008,359		$	202,901,862		$	231,758,577		$	186,256,695
Net change in unrealized gain (loss) on investment in gold		(39,316,596	)		(6,279,471	)		(28,080,014	)		10,324,734
Net realized gain (loss) on redemption of Receipts		37,134,501			-			37,134,635			(434	)
Purchases		513,032			13,185			527,574			60,860
Redemptions		(240,358,512	)		-			(240,359,988	)		(6,279	)
Closing balance	$	980,784		$	196,635,576		$	980,784		$	196,635,576

2.6. Fees and Expenses

The expenses of the Trust are borne by the Initial Depositor.

The expenses of the Trust are expected to include, but are not limited to, the following:

• any expenses or liabilities of the Trust;

• any taxes and other governmental charges that may fall on the Trust or its property; and

• fees and expenses of the Trustee and any indemnification of the Trustee.

Additionally, the Trustee’s and Mint’s fees are paid by the Initial Depositor and are not separate expenses of the Trust.

2.7. Related Party Transactions

On May 11, 2017, the Trust entered into the Depositary Trust Agreement with The Bank of New York Mellon, BNY Trust of Delaware, Bank of Montreal and BMO Capital Markets Corp. On July 11, 2018, the Trust entered into the Second Amended and Restated Distribution Agreement with Bank of Montreal and BMO Capital Markets Corp (the “Distribution Agreement”).

Bank of Montreal acts as the Initial Depositor of the Trust and holds gold that it transfers to the Trust from time to time in connection with the sale by the Trust of Receipts. Pursuant to the Depositary Trust Agreement and the Distribution Agreement, the offering price for each Receipt consists of the spot price at the time of sale to an investor for one troy ounce of gold, plus: (1) in the case of a Class A Gold Deposit Receipt, a deposit fee of 2.00%, payable to Bank of Montreal, plus a sales fee of 2.00% to any participating broker-dealer that sells Gold Deposit Receipts to an investor; (2) in the case of a Class F Gold Deposit Receipt, which is sold only through fee-based programs, a deposit fee of 2.00%, payable to Bank of Montreal, plus a sales fee of 0.25%; (3) in the case of a Class F-1 Gold Deposit Receipt, which is sold to trust or fiduciary accounts, a deposit fee of 2.00%, payable to Bank of Montreal, and no sales fee; (4) in the case of a Class F-2 Gold Deposit Receipt, which is sold solely to an Institutional Account, a deposit fee of 1.50%, payable to Bank of Montreal, and no sales fee; (5) in the case of a Class F-3 Gold Deposit Receipt, which is sold solely to an Institutional Account, a deposit fee of 1.00%, payable to Bank of Montreal, and no sales fee; and (6) in the case of a Class S Gold Deposit Receipt, which is sold solely to an Institutional Account, neither a deposit fee nor a sales fee. The deposit fee and the sales fee are not expenses of the Trust and have no impact on the financial highlights of the Trust. The Trust uses the proceeds of the issuance of Receipts, net of these fees, to purchase gold from Bank of Montreal in an amount that corresponds to the amount of Receipts.

Bank of Montreal charges holders of Receipts a withdrawal and delivery fee if physical delivery of the gold is requested (the “Withdrawal and Delivery Fee”). Bank of Montreal additionally reserves the right to charge the holders of Receipts a custody fee, not to exceed 0.50% per annum of the daily average closing price of gold represented by the Receipts, as calculated by the Initial Depositor, acting in good faith (the “Custody Fee”). Bank of Montreal did not charge any Custody Fee during the three or six months ended April 30, 2020 or for the fiscal year ended October 31, 2019. None of the Deposit Fee, Withdrawal and Delivery Fee or Custody Fee is paid by the Trust to Bank of Montreal.

Pursuant to the terms of the Distribution Agreement, BMO Capital Markets Corp., one of Bank of Montreal’s affiliates, acts as the Underwriter of the continuous offerings of Receipts and as the calculation agent responsible for calculating the spot price at which Receipts are offered to the public.

Further Bank of Montreal or its affiliates may acquire Receipts of the Trust on behalf of its private clients.

BMO Financial Group (“BMO”) held no Receipts as at April 30, 2020, after redeeming 153,118 Receipts in February 2020. BMO held 153,118 Receipts as at October 31, 2019 with a total market value of $231,353,642 (Cost: $203,243,629).

2.8. New Accounting Pronouncement

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework --Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for annual periods beginning after December 15, 2019. Management is currently assessing the potential impact of these changes to future financial statements.

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Significant Accounting Policies (Narrative) (Details)	Apr. 30, 2020 USD ($)	Feb. 29, 2020	Jan. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Apr. 30, 2019 USD ($)	Jan. 31, 2019 USD ($)	Oct. 31, 2018 USD ($)
Maximum custody fee	0.50%
Receipts issued and outstanding	576			153,386
Investment market value	$ 980,784		$ 243,008,359	$ 231,758,577	$ 196,635,576	$ 202,901,862	$ 186,256,695
Investment cost	$ 886,320			$ 203,584,099	$ 203,524,686		$ 203,470,539
BMO Capital Markets Corp [Member]
Receipts issuable		153,118		153,118
Investment market value				$ 231,353,642
Investment cost				$ 203,243,629
Class A Gold Deposit Receipt [Member]
Deposit fee	2.00%
Sales fee	2.00%
Class F Gold Deposit Receipt [Member]
Deposit fee	2.00%
Sales fee	0.25%
Class F-1 Gold Deposit Receipt [Member]
Deposit fee	2.00%
Sales fee
Class F-2 Gold Deposit Receipt [Member]
Deposit fee	1.50%
Sales fee
Class F-3 Gold Deposit Receipt [Member]
Deposit fee	1.00%
Sales fee

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Subsequent Events

6 Months Ended

Apr. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

6. Subsequent Events

The Trust evaluated subsequent events through the date the financial statements were issued. The Trust concluded that no subsequent events have occurred that would require recognition or disclosure in the financial statements.

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Concentration of Risk

6 Months Ended

Apr. 30, 2020

Concentration Of Risk

Concentration of Risk

3. Concentration of Risk

The Trust’s sole business activity is the investment in gold, and substantially all the Trust’s assets are holdings of gold which creates a concentration of risk associated with fluctuations in the price of gold. Several factors could affect the price of gold, including: (i) global gold supply and demand, which is influenced by factors such as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the value of an investment in the Receipts will decline proportionately. Subject to certain restrictions, Receipts may be redeemed after notice at the option of the holder. Each of these events could have a material effect on the Trust’s financial position and results of operations.

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Document and Entity Information	6 Months Ended
	Apr. 30, 2020 shares	Oct. 31, 2019
Document And Entity Information
Entity Registrant Name	Vaulted Gold Bullion Trust
Entity Central Index Key	0001593812
Document Type	10-Q/A
Document Period End Date	Apr. 30, 2020
Amendment Flag	true
Amendment Description	N/A
Current Fiscal Year End Date	--10-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	333-194144
Entity Common Stock, Shares Outstanding	0
Gold Deposit Receipts Outstanding	576	153,386
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Shell Company	false

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Statements of Operations (Unaudited)		3 Months Ended		6 Months Ended
		Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)
Statements Of Operations
Net realized gain (loss) on redemption of Receipts		$ 37,134,501		$ 37,134,635	$ (434)
Net change in unrealized gain (loss) on investment in gold		(39,316,596)	(6,279,471)	(28,080,014)	10,324,734
Total gain (loss) on investment in gold		(2,182,095)	(6,279,471)	9,054,621	10,324,300
Increase (decrease) in net assets from operations		$ (2,182,095)	$ (6,279,471)	$ 9,054,621	$ 10,324,300
Increase (decrease) in net assets from operations per Receipt	[1]	(97.39)	(40.95)	102.18	67.34
Weighted average number of receipts		22,405	153,338	88,618	153,321

[1] Based on weighted average number of Receipts issued and outstanding over the period

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Significant Accounting Policies (Schedule of Changes in Receipts) (Details)	3 Months Ended		6 Months Ended
	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)
Number of Receipts Transactions
Opening balance	153,395	153,336	153,386	153,304
Receipts issued	299	10	309	47
Receipts redeemed	(153,118)		(153,119)	(5)
Closing balance	576	153,346	576	153,346
Amount of Receipts (at cost)
Opening balance			$ 203,584,099	$ 203,470,539
Issuances			527,574	60,860
Redemptions			(203,225,353)	(6,713)
Closing balance	$ 886,320	$ 203,524,686	$ 886,320	$ 203,524,686
Net Asset Value per Receipt at period end	1,702.75	1,282.30	1,702.75	1,282.30

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Significant Accounting Policies (Policies)

6 Months Ended

Apr. 30, 2020

Significant Accounting Policies Policy

Basis of Accounting

2.1. Basis of Accounting

The Trust is an investment company for financial reporting purposes in accordance with GAAP and is not registered as an investment company under the 1940 Act nor is it required to register under such act.

Valuation of Gold

2.2. Valuation of Gold

The Gold is held for the benefit of holders of the Receipts in a custodial account operated by Bank of Montreal at the Royal Canadian Mint (the “Mint”) and is valued, for financial statement purposes, at fair value. Fair value is determined by the London Bullion Market Association (“LBMA”) (PM) Gold Price, which is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction.

The Trust follows GAAP guidance for determining fair value and GAAP requires disclosure regarding the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Trust records its investment in gold at fair value and recognizes changes in fair value of the investment in gold as changes in unrealized gains or losses on investment in gold through the Statement of Operations. Realized gains and losses on the redemption of Receipts, are calculated as the difference between the fair value and cost of gold redeemed. Realized gains and losses are recorded using the specific identification method for cost relief.

Valuation Techniques and Significant Inputs

A valuation hierarchy exists that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

– Level 2. Observable inputs other than quoted prices in an active market that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

– Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The Trust classifies its investment in gold as Level 1 of the fair value hierarchy. There were no re-allocations or transfers between levels during the period.

Issuance and Redemption of Receipts

2.3. Issuance and Redemption of Receipts

The Trust issues Receipts on a continuous basis pursuant to the Depositary Trust Agreement. Authorized capital is unlimited. There were 576 Receipts issued and outstanding on April 30, 2020 (153,386 Receipts issued and outstanding on October 31, 2019).

Holders of Receipts will receive no distributions.

Subject to certain exceptions, holders of Receipts have the option to redeem their Receipts for physical gold (to be delivered directly to them by the service carrier) subject to payment of a withdrawal and delivery fee to the Initial Depositor, or exchange their Receipts for cash. Changes in the Receipts for the six months ended April 30, 2020 and April 30, 2019 are set out below:

	Six Months Ended April 30, 2020			Six Months Ended April 30, 2019
(Amounts in US$ except for Number of Receipts and per Receipt data)
Number of Receipts Transactions
Opening balance		153,386			153,304
Receipts issued		309			47
Receipts redeemed		(153,119	)		(5	)
Closing balance		576			153,346
Amount of Receipts (at cost)
Opening balance	$	203,584,099		$	203,470,539
Issuances		527,574			60,860
Redemptions		(203,225,353	)		(6,713	)
Closing balance	$	886,320		$	203,524,686
Net Asset Value per Receipt at period end	$	1,702.75		$	1,282.30

Income Taxes

2.4. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself is not subject to U.S. federal income tax.

The Trustee 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 April 30, 2020 and October 31, 2019.

Investment in Gold

2.5. Investment in Gold

Changes in ounces of the Trust’s investment in gold and the respective values for the three and six months ended April 30, 2020 and April 30, 2019 are set out below:

(Amounts in US$ except for ounces data)	Three Months Ended April 30, 2020			Three Months Ended April 30, 2019			Six Months Ended April 30, 2020			Six Months Ended April 30, 2019
Ounces of gold
Opening balance		153,395			153,336			153,386			153,304
Purchases		299			10			309			47
Redemptions		(153,118	)		-			(153,119	)		(5	)
Closing balance		576			153,346			576			153,346
Investment in gold
Opening balance	$	243,008,359		$	202,901,862		$	231,758,577		$	186,256,695
Net change in unrealized gain (loss) on investment in gold		(39,316,596	)		(6,279,471	)		(28,080,014	)		10,324,734
Net realized gain (loss) on redemption of Receipts		37,134,501			-			37,134,635			(434	)
Purchases		513,032			13,185			527,574			60,860
Redemptions		(240,358,512	)		-			(240,359,988	)		(6,279	)
Closing balance	$	980,784		$	196,635,576		$	980,784		$	196,635,576

Fees and Expenses

2.6. Fees and Expenses

The expenses of the Trust are borne by the Initial Depositor.

The expenses of the Trust are expected to include, but are not limited to, the following:

• any expenses or liabilities of the Trust;

• any taxes and other governmental charges that may fall on the Trust or its property; and

• fees and expenses of the Trustee and any indemnification of the Trustee.

Additionally, the Trustee’s and Mint’s fees are paid by the Initial Depositor and are not separate expenses of the Trust.

Related Party Transactions

2.7. Related Party Transactions

On May 11, 2017, the Trust entered into the Depositary Trust Agreement with The Bank of New York Mellon, BNY Trust of Delaware, Bank of Montreal and BMO Capital Markets Corp. On July 11, 2018, the Trust entered into the Second Amended and Restated Distribution Agreement with Bank of Montreal and BMO Capital Markets Corp (the “Distribution Agreement”).

Bank of Montreal acts as the Initial Depositor of the Trust and holds gold that it transfers to the Trust from time to time in connection with the sale by the Trust of Receipts. Pursuant to the Depositary Trust Agreement and the Distribution Agreement, the offering price for each Receipt consists of the spot price at the time of sale to an investor for one troy ounce of gold, plus: (1) in the case of a Class A Gold Deposit Receipt, a deposit fee of 2.00%, payable to Bank of Montreal, plus a sales fee of 2.00% to any participating broker-dealer that sells Gold Deposit Receipts to an investor; (2) in the case of a Class F Gold Deposit Receipt, which is sold only through fee-based programs, a deposit fee of 2.00%, payable to Bank of Montreal, plus a sales fee of 0.25%; (3) in the case of a Class F-1 Gold Deposit Receipt, which is sold to trust or fiduciary accounts, a deposit fee of 2.00%, payable to Bank of Montreal, and no sales fee; (4) in the case of a Class F-2 Gold Deposit Receipt, which is sold solely to an Institutional Account, a deposit fee of 1.50%, payable to Bank of Montreal, and no sales fee; (5) in the case of a Class F-3 Gold Deposit Receipt, which is sold solely to an Institutional Account, a deposit fee of 1.00%, payable to Bank of Montreal, and no sales fee; and (6) in the case of a Class S Gold Deposit Receipt, which is sold solely to an Institutional Account, neither a deposit fee nor a sales fee. The deposit fee and the sales fee are not expenses of the Trust and have no impact on the financial highlights of the Trust. The Trust uses the proceeds of the issuance of Receipts, net of these fees, to purchase gold from Bank of Montreal in an amount that corresponds to the amount of Receipts.

Bank of Montreal charges holders of Receipts a withdrawal and delivery fee if physical delivery of the gold is requested (the “Withdrawal and Delivery Fee”). Bank of Montreal additionally reserves the right to charge the holders of Receipts a custody fee, not to exceed 0.50% per annum of the daily average closing price of gold represented by the Receipts, as calculated by the Initial Depositor, acting in good faith (the “Custody Fee”). Bank of Montreal did not charge any Custody Fee during the three or six months ended April 30, 2020 or for the fiscal year ended October 31, 2019. None of the Deposit Fee, Withdrawal and Delivery Fee or Custody Fee is paid by the Trust to Bank of Montreal.

Pursuant to the terms of the Distribution Agreement, BMO Capital Markets Corp., one of Bank of Montreal’s affiliates, acts as the Underwriter of the continuous offerings of Receipts and as the calculation agent responsible for calculating the spot price at which Receipts are offered to the public.

Further Bank of Montreal or its affiliates may acquire Receipts of the Trust on behalf of its private clients.

BMO Financial Group (“BMO”) held no Receipts as at April 30, 2020, after redeeming 153,118 Receipts in February 2020. BMO held 153,118 Receipts as at October 31, 2019 with a total market value of $231,353,642 (Cost: $203,243,629).

New Accounting Pronouncement

2.8. New Accounting Pronouncement

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework --Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for annual periods beginning after December 15, 2019. Management is currently assessing the potential impact of these changes to future financial statements.