OF CONTENTS PART I 2 Item 1. Business 2 Trust Objective 2 Overview of the Gold Industry 3 Operation of the Gold Bullion Market 5 Secondary Market Trading 9 Valuation of Gold and Computation of Net Asset Value 9 Trust Expenses 10 Creation and Redemption of Shares 11 Creation and Redemption Transaction Fee 16 The Sponsor 16 The Trustee 17 The Custodian 18 Inspection of Gold 18 Description of the Shares 19 Custody of the Trust’s Gold 20 United States Federal Income Tax Consequences 20 ERISA and Related Considerations 24 Item 1A. Risk Factors 24 Item 1B. Unresolved Staff Comments 34 Item 2. Properties 34 Item 3. Legal Proceedings 35 Item 4. Mine Safety Disclosure 35 PART II 35 Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 41 Item 8. Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 Item 9A. Controls and Procedures 42 Item 9B. Other Information 45 PART III 46 Item 10. Directors, Executive Officers and Corporate Governance 46 Item 11. Executive Compensation 46 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46 Item 13. Certain Relationships and Related Transactions, and Director Independence 47 Item 14. Principal Accounting Fees and Services 48 PART IV 49 Item 15. Exhibits, Financial Statement Schedule 49 Item 16. Form 10K Summary 50 1 PART