SPDR Gold Trust (the Trust) is an investment trust. The Trust's business activity is investment in gold. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the expenses of the Trust's operations. The Trust creates and redeems Shares from time to time, but in over one Basket (a Basket equals a block of approximately 100,000 Shares). The Trust issues baskets of Shares or Baskets, in exchange for deposits of gold, and distributes gold in connection with the redemption of Baskets. The Shares are designed to provide investors with a way to invest in gold. The Trust issues Shares in Baskets to certain participants. The Trust's unallocated account is used to facilitate the transfer of gold between various participants and the Trust in connection with the creation and redemption of Baskets. The Trust's allocated account is used for holding the allocated gold bars of the Trust.