ISHARES GOLD TRUST Annual Report, Year Ended Dec 31, 2009

The iShares Gold Trust (IAU), as of December 31, 2009, reported total assets of approximately $1.91 billion, a significant increase from the previous year, reflecting the growing investor interest in gold as an asset class. The Trust's objective is to provide investors with a cost-effective and accessible way to invest in physical gold, with its shares designed to track the price of gold less the Trust's expenses. During 2009, the Trust saw substantial growth in both its net asset value and outstanding shares, driven by a rise in the COMEX Spot Settlement Price for gold and increased creation of new shares by Authorized Participants. The Trust operates as a passive investment vehicle, holding physical gold with its value primarily determined by the COMEX settlement price. While the Sponsor, BlackRock Asset Management International Inc., assumes many administrative costs, a nominal sponsor's fee is charged, necessitating the sale of small amounts of gold to cover these expenses. This ongoing expense management, coupled with gold price volatility and potential market trading discrepancies, presents key considerations for investors.