UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.20549

FORM 10-Q

|        |                                                                                                                                     |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|
|   | Quarterly reportpursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934for the quarterly period ended March 31, 2005 |

|        |                                                                                                                                  |
|--------|----------------------------------------------------------------------------------------------------------------------------------|
|   | Transition report pursuant to Section 13 or15(d) of the Securities Exchange Act of 1934 for the transition periodfrom ____to ___ |

Commission file number: 001-32356

streetTRACKS® GOLD TRUSTSPONSORED BY WORLD GOLDTRUST SERVICES, LLC

(Exact Name ofRegistrant as Specified in Its Charter)

|                                                              |  |                                     |  |  |  |  |
|--------------------------------------------------------------|--|-------------------------------------|--|--|--|--|
| **NewYork**                                                  |  | **81-6124035**                      |
| (State or OtherJurisdiction ofIncorporation or Organization) |  | (I.R.S.Employer Identification No.) |
|                                                              |

c/o World GoldTrust Services, LLC444 Madison Avenue, 3rd FloorNew York, NewYork 10022

(Address of PrincipalExecutive Offices)

(212) 317-3800

(Registrant's Telephone Number,Including Area Code)

N/A

(FormerName, Former Address and Former Fiscal Year, if Changed Since LastReport)

Indicate by check mark whether the registrant:(1) has filed all reports required to be filed by Section 13or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filingrequirements for the past 90 days.

Yes              No  

Indicate by check mark whether the registrant is anaccelerated filer (as defined in Rule 12b-2 of the Exchange Act)YES      NO  

As of April 29,2005 the Registrant had 57,600,000 sharesoutstanding.

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streetTRACKS®GOLDTRUSTINDEX

|                               |  |                                                                                                                                                                                        |    |        |    |        |  |  |  |  |
|-------------------------------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|--------|----|--------|--|--|--|--|
|                          |  |                                                                                                                                                                                   |    | Page   |
| PARTI - FINANCIAL INFORMATION |  |                                                                                                                                                                                   | 1  |   |
| Item1.                        |  | FinancialStatements                                                                                                                                                                    |    |   | 1  |   |
|                          |  | Unaudited Statementsof Condition at March 31, 2005 and November 12, 2004 (Date ofInception)                                                                                            |    |   | 1  |   |
|                          |  | Unaudited Statementsof Operations for the three months ended March 31, 2005 and for    the period from November 12, 2004 (Date of Inception) throughMarch 31, 2005 |    |   | 2  |   |
|                          |  | UnauditedStatements of Cash Flow for the period from November 12, 2004 (Dateof     Inception) through March 31, 2005                                               |    |   | 3  |   |
|                          |  | Unaudited Statements of Changes inShareholders' Equity for the period from     November 12,2004 (Date of Inception) through March 31,2005                     |    |   | 4  |   |
|                          |  | Notes to theUnaudited Financial Statements                                                                                                                                             |    |   | 5  |   |
| Item2.                        |  | Management's Discussion and Analysis of FinancialCondition and     Results ofOperations                                                                            |    |   | 11 |   |
| Item 3.                       |  | Quantitative and Qualitative Disclosures AboutMarket Risk                                                                                                                    |    |   | 16 |   |
| Item4.                        |  | Controls and Procedures                                                                                                                                                                |    |   | 16 |   |
| PART II - OTHERINFORMATION    |  |                                                                                                                                                                                   | 17 |   |
| Item 1.                       |  | LegalProceedings                                                                                                                                                                       |    |   | 17 |   |
| Item 2.                       |  | UnregisteredSales of Equity Securities and Use of Proceeds                                                                                                                             |    |   | 17 |   |
| Item 3.                       |  | Defaults Upon SeniorSecurities                                                                                                                                                         |    |   | 17 |   |
| Item 4.                       |  | Submission ofMatters to a Vote of Security Holders                                                                                                                                     |    |   | 17 |   |
| Item 5.                       |  | Other Information                                                                                                                                                                      |    |   | 17 |   |
| Item 6.                       |  | Exhibits and Reports on Form8-K                                                                                                                                                   |    |   | 17 |   |
| SIGNATURES                    |  |                                                                                                                                                                                   | 18 |   |
|                               |

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streetTRACKS®GOLD TRUST

PART I - FINANCIALINFORMATION:

Item 1.    Financial Statements

Unaudited Statements of Condition

at March 31, 2005and November 12, 2004 (Date ofInception)

|                                                                                                                                                                      |  |             |           |                              |  |        |         |        |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------|-----------|------------------------------|--|--------|---------|--------|--|--|
| (Amountsin 000's ofUS$)                                                                                                                                              |  | Mar-31,2005 |           | Nov-12,2004(DateofInception) |
| **ASSETS**                                                                                                                                                           |  |        |      |                         |  |   |    |   |
| InvestmentinGold                                                                                                                                                     |  | $           | 2,254,801 |                         |  | $      | 13,081  |   |
|                                                                                                                                                                 |  |        |      |                         |  |   |    |   |
| **TotalAssets**                                                                                                                                                      |  | $           | 2,254,801 |                         |  | $      | 13,081  |   |
| **LIABILITIES**                                                                                                                                                      |  |        |      |                         |  |   |    |   |
| Accountspayable                                                                                                                                                      |  | $           | 803       |                         |  | $      | — |   |
| Accruedexpenses                                                                                                                                                      |  |        | 119       |                         |  |   | — |   |
| TotalLiabilities                                                                                                                                                     |  |        | 922       |                         |  |   | — |   |
| CommitmentsandContingencies                                                                                                                                          |  |        | —   |                         |  |   | — |   |
| **RedeemableShares:**                                                                                                                                                |  |
| Shares at redemption value toinvestors(issued and outstanding at March 31, 2005 - 52,800,000and at November 12, 2004 - 300,000; unlimited authorized; $0.00parvalue) |  |        | 2,253,879 |                         |  |   | 13,081  |   |
| **Shareholders'Equity**                                                                                                                                              |  |        | —   |                         |  |   | — |   |
|                                                                                                                                                                 |  |        |      |                         |  |   |    |   |
| **TotalLiabilities, Redeemable Shares & Shareholders'Equity**                                                                                                    |  | $           | 2,254,801 |                         |  | $      | 13,081  |   |
|                                                                                                                                                                      |

Seenotes to the financial statements

1

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streetTRACKS®GOLD TRUST

Unaudited Statements ofOperations

For the three months ending March 31, 2005 andfor the period from November 12, 2004 (Date of Inception) through March31,2005

|                                                                     |  |                              |         |                          |  |        |         |         |  |  |
|---------------------------------------------------------------------|--|------------------------------|---------|--------------------------|--|--------|---------|---------|--|--|
| (Amountsin 000's of US$)                                            |  | ThreeMonthsEndedMar-31, 2005 |         | Nov-12,2004toMar-31,2005 |
| **SALES**                                                           |  |                         |    |                     |  |
| Proceedsfrom sales ofgold                                           |  | $                            | 1,631   |                     |  | $      | 1,726   |    |
| Cost of gold soldto payexpenses                                     |  |                         | (1,676  | )                   |  |   | (1,770  | )  |
| Realized(Loss) on gold sold to payexpenses                          |  |                         | (45     | )                   |  |   | (44     | )  |
| Realized(Loss)/Gain on gold distributed for the redemption ofshares |  |                         | (284    | )                   |  |   | 2,425   |    |
| Unrealized (Loss)on investment ingold                               |  |                         | (30,399 | )                   |  |   | (50,696 | )  |
| Total(Loss) ongold                                                  |  |                         | (30,728 | )                   |  |   | (48,315 | )  |
| **EXPENSES**                                                        |  |                         |    |                     |  |
| Custodyfees                                                         |  |                         | 509     |                     |  |   | 653     |    |
| Trusteefees                                                         |  |                         | 123     |                     |  |   | 182     |    |
| Sponsorfees                                                         |  |                         | 622     |                     |  |   | 786     |    |
| Marketing agentfees                                                 |  |                         | 622     |                     |  |   | 786     |    |
| Otherexpenses                                                       |  |                         | 163     |                     |  |   | 241     |    |
| Totalexpenses                                                       |  |                         | 2,039   |                     |  |   | 2,648   |    |
| Net(Loss)                                                           |  | $                            | (32,767 | )                   |  | $      | (50,963 | )  |
| (Loss)pershare                                                      |  | $                            | (0.67   | )                   |  | $      | (1.21   | )  |
| Weightedaverage number ofshares                                     |  | $                            | 48,618  |                     |  |   | 42,219  |    |
|                                                                     |

Seenotes to the financial statements

2

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streetTRACKS®GOLD TRUST

Unaudited Statements of CashFlow

For the period from November 12, 2004 (Date ofInception) through March 31,2005

|                                                                      |  |                           |           |         |  |  |
|----------------------------------------------------------------------|--|---------------------------|-----------|---------|--|--|
| (Amountsin 000's of US$)                                             |  | Nov-12,2004toMar-31, 2005 |
| **INCREASE /DECREASE IN CASH FROM OPERATIONS:**                      |  |                      |      |    |
| Cashproceeds received from sales ofgold                              |  | $                         | 1,726     |    |
| Cashexpensespaid                                                     |  |                      | (1,726    | )  |
| (Decrease)/ Increase in cash resulting fromoperations                |  |                      | —   |    |
| Cashand cash equivalents at beginning ofperiod                       |  |                      | —   |    |
| Cash andcash equivalents at end ofperiod                             |  | $                         | —   |    |
| **SUPPLEMENTALDISCLOSURE OF NON-CASH FINANCINGACTIVITIES:**          |  |                      |      |    |
| Value of gold receivedfor creation of shares - net of goldreceivable |  | $                         | 2,578,643 |    |
| Valueof gold distributed for redemption of shares - at averagecost   |  | $                         | 284,457   |    |
|                                                                      |

Seenotes to the financial statements

3

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streetTRACKS®GOLD TRUST

Unaudited Statements of Changes inShareholders' Equity

For the period from November12, 2004 (Date of Inception) through March 31,2005

|                                                   |  |             |         |         |  |  |
|---------------------------------------------------|--|-------------|---------|---------|--|--|
| (Amountsin 000's ofUS$)                           |  | Mar-31,2005 |
| Shareholders'Equity - Opening Balance             |  | $           | — |    |
| Net Lossfor the period                            |  |        | (50,963 | )  |
| Adjustment ofRedeemable Shares to redemptionvalue |  |        | 50,963  |    |
| Shareholders'Equity - ClosingBalance              |  | $           | — |    |
|                                                   |

Seenotes to the financialstatements

4

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streetTRACKS®GOLD TRUST    

Notes to the UnauditedFinancialStatements

1.    Organization

The streetTRACKS® Gold Trust (the"Trust") is an investment trust formed onNovember 12, 2004 (Date of Inception), under New York law pursuant to atrust indenture. The fiscal year end for the Trust is September 30th.The Trust holds gold and is expected from time to time to issue shares("Shares") (in minimum denominations of100,000, also referred to as "Baskets") inexchange for deposits of gold and to distribute gold in connection withredemption of Baskets. The investment objective of the Trust is for theShares to reflect the performance of the price of gold bullion, lessthe Trust's expenses.

The statements of condition at March31, 2005, the statements of operations for the three months ended March31, 2005 and the statements of operations, cash flow, and changes inshareholders' equity for the period from November 12, 2004 (Dateof Inception) through March 31, 2005 have been prepared on behalf ofthe Trust without audit. In the opinion of management of the sponsor ofthe Trust, World Gold Trust Services, LLC (the"Sponsor"), all adjustments (which includenormal recurring adjustments) necessary to present fairly the financialposition, results of operations and cash flow at March 31, 2005 and forall periods presented have been made.

Certain information andfootnote disclosures normally included in financial statements preparedin accordance with accounting principles generally accepted in theUnited States of America have been condensed or omitted. It issuggested that these condensed financial statements be read inconjunction with the financial statements and notes thereto included inthe Trust's Prospectus dated January 21, 2005. The results ofoperations for the three months ended March 31, 2005 and for the periodfrom November 12, 2004 (Date of Inception) through March 31, 2005 arenot necessarily indicative of the operating results for the fullyear

2.    Significantaccounting policies

The preparation of financial statements inaccordance with accounting principles generally accepted in the UnitedStates requires those responsible for preparing financial statements tomake estimates and assumptions that affect the reported amounts anddisclosures. Actual results could differ from those estimates. Thefollowing is a summary of significant accounting policies followed bythe Trust.

2.1.    Valuation of Gold

Gold acquired,or disposed of, by the Trust is recorded at average cost. Gold isvalued at the lower of cost or market.

The table belowsummarizes the impact of unrealized gains or losses on theTrust's gold holdings as of November 12, 2004 (Date of Inception)and for the period November 12, 2004 (Date of Inception) through March31,2005:

|                                  |  |             |           |                              |  |        |         |        |  |  |
|----------------------------------|--|-------------|-----------|------------------------------|--|--------|---------|--------|--|--|
| (Amountsin 000's ofUS$)          |  | Mar-31,2005 |           | Nov-12,2004(DateofInception) |
| Gold holdings - averagecost      |  | $           | 2,305,497 |                         |  | $      | 13,081  |   |
| Unrealized(Loss) on goldholdings |  |        | (50,696   | )                       |  |   | — |   |
|                             |  |        |      |                         |  |   |    |   |
| Goldholdings - marketvalue       |  | $           | 2,254,801 |                         |  | $      | 13,081  |   |
|                                  |

2.2    Goldreceivable

Gold receivable represents the quantity of goldcovered by contractually binding orders for the creation of shareswhere the gold has not yet been transferred to the Trust'saccount. Generally, ownership of the gold is transferred within threedays of trade date.

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streetTRACKS®GOLD TRUST    

Notes to the UnauditedFinancialStatements

2.    Significantaccounting policies   (continued)

2.3    Creations and Redemptions ofShares

The Trust will create and redeem Shares from time totime, but only in one or more Baskets (a Basket equals a block of100,000 Shares). The creation and redemption of Baskets will only bemade in exchange for the delivery to the Trust or the distribution bythe Trust of the amount of gold and any cash represented by the Basketsbeing created or redeemed, the amount of which will be based on thecombined net asset value of the number of Shares included in theBaskets being created or redeemed determined on the day the order tocreate or redeem Baskets is properly received.

As the Shares ofthe Trust are redeemable at the option of the Authorized Participantsonly in Baskets, the Trust has classified the Shares as RedeemableShares on the Statement of Financial Condition. The Trust records theredemption value, which represents its maximum obligation, asRedeemable Shares with the difference from historical cost as anoffsetting amount to Shareholders' Equity. Changes in the sharesas of November 12, 2004 (Date of Inception) and for the period November12, 2004 (Date of Inception) through March 31, 2005, are asfollows:

|                           |  |             |        |                                |  |        |         |        |  |  |
|---------------------------|--|-------------|--------|--------------------------------|--|--------|---------|--------|--|--|
| (Allamounts are in 000's) |  | Mar-31,2005 |        | Nov-12, 2004(Date ofInception) |
| **Number ofShares:**      |  |        |   |                           |  |   |    |   |
| OpeningBalance            |  |        | 300    |                           |  |   | — |   |
| Creations                 |  |        | 58,900 |                           |  |   | 300     |   |
| Redemptions               |  |        | (6,400 | )                         |  |   | — |   |
| ClosingBalance            |  |        | 52,800 |                           |  |   | 300     |   |
|                           |

|                                                                      |  |             |           |                                |  |        |         |        |  |  |
|----------------------------------------------------------------------|--|-------------|-----------|--------------------------------|--|--------|---------|--------|--|--|
| (Amountsin 000's of US$)                                             |  | Mar-31,2005 |           | Nov-12, 2004(Date ofInception) |
| **Redeemableshares:**                                                |  |        |      |                           |  |   |    |   |
| OpeningBalance                                                       |  | $           | 13,081    |                           |  | $      | — |   |
| Creations(Number of shares period ended March31, 2005 - 58,900,000)  |  |        | 2,578,643 |                           |  |   | 13,081  |   |
| Redemptions(Number of shares period ended March31, 2005 - 6,400,000) |  |        | (286,882  | )                         |  |   | — |   |
| Adjustment to redemption value at March31                            |  |        | (50,963   | )                         |  |   | — |   |
| Closing Balance                                                      |  | $           | 2,253,879 |                           |  | $      | 13,081  |   |
|                                                                      |

2.4    Revenue RecognitionPolicy

The Trustee will at the direction of the Sponsor or inits own discretion sell the Trust's gold as necessary to pay theTrust's expenses. When selling gold to pay expenses, the Trusteewill endeavor to sell the smallest amounts of gold needed to payexpenses in order to minimize the Trust's holdings of assetsother than gold. Unless otherwise directed by the Sponsor, when sellinggold the Trustee will endeavor to sell at the price established by theLondon PM Fix. The Trustee will place orders with dealers (which mayinclude the Custodian) through which the Trustee expects to receive themost favorable price and execution of orders. The Custodian may be thepurchaser of such gold only if the sale transaction is made at the nextLondon gold price fix (either AM or PM) following the sale order.

2.5    Income Taxes

The Trust is classified as a"grantor trust" for US federal income taxpurposes. As a result, the Trust itself will not be subject to USfederal income tax. Instead, the Trust's income and expenses will"flow 

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streetTRACKS®GOLD TRUST    

Notes to the UnauditedFinancialStatements

2.    Significantaccounting policies   (continued)

through" to the Shareholders, andthe Trustee will report the Trust's proceeds, income, deductions,gains, and losses to the Internal Revenue Service on thatbasis.

3    Investment inGold

The following represents the changes in ounces of gold andthe respective values at November 12, 2004 (Date of Inception) andMarch 31,2005:

|                                                                  |  |              |           |                                |  |        |         |        |  |  |
|------------------------------------------------------------------|--|--------------|-----------|--------------------------------|--|--------|---------|--------|--|--|
| (Ouncesof gold are in 000's and value of gold is in 000's ofUS$) |  | Mar-31, 2005 |           | Nov-12, 2004(Date ofInception) |
| **Ounces ofGold:**                                               |  |         |      |                           |  |   |    |   |
| OpeningBalance                                                   |  |         | 30.0      |                           |  |   | — |   |
| Creations                                                        |  |         | 5,888.2   |                           |  |   | 30.0    |   |
| Redemptions                                                      |  |         | (639.8    | )                         |  |   | — |   |
| Sales of gold                                                    |  |         | (4.0      | )                         |  |   | — |   |
| ClosingBalance                                                   |  |         | 5,274.4   |                           |  |   | 30.0    |   |
| **Value ofGold:**                                                |  |         |      |                           |  |   |    |   |
| OpeningBalance                                                   |  | $            | 13,081    |                           |  | $      | — |   |
| Creations                                                        |  |         | 2,578,643 |                           |  |   | 13,081  |   |
| Redemptions                                                      |  |         | (284,457  | )                         |  |   | — |   |
| Sales of gold                                                    |  |         | (1,770    | )                         |  |   | — |   |
| Unrealized (loss) on goldholdings                                |  |         | (50,696   | )                         |  |   |    |   |
| ClosingBalance                                                   |  | $            | 2,254,801 |                           |  | $      | 13,081  |   |
|                                                                  |

4    RelatedParties - Sponsor, Trustee, Custodian and Marketing Agent Fees

Fees are paid to the Sponsor as compensation for services performedunder the Trust Indenture and for services performed in connection withmaintaining the Trust's website and marketing the Shares. TheSponsor's fee is payable monthly in arrears and is accrued dailyat an annual rate equal to 0.15% of the adjusted net asset value("ANAV") of the Trust, subject to reductionas described below. The Sponsor will receive reimbursement from theTrust for all of its disbursements and expenses incurred in connectionwith the Trust.

Fees are paid to the Trustee as compensation forservices performed under the Trust Indenture. The Trustee's feeis payable monthly in arrears and is accrued daily at an annual rateequal to 0.02% of the ANAV of the Trust, subject to a minimumfee of $500,000 and a maximum fee of $2 million per year. TheTrustee's fee is subject to modification as determined by theTrustee and the Sponsor in good faith to account for significantchanges in the Trust's administration or the Trustee'sduties. The Trustee will charge the Trust for its expenses anddisbursements incurred in connection with the Trust (including theexpenses of the Custodian paid by the Trustee), exclusive of fees ofagents for services to be performed by the Trustee, and for anyextraordinary services performed by the Trustee for the Trust.

Affiliates of the Trustee may from time to time act as AuthorizedParticipants or purchase or sell gold or Shares for their own account,as agent for their customers and for accounts over which they exerciseinvestment discretion.

Fees are paid to the Custodian under theAllocated Bullion Account Agreement as compensation for its custodyservices. Under the Allocated Bullion Account Agreement, the Custodianis entitled to a fee that is accrued daily at an annual rate equal to0.10% of the average daily aggregate value of the gold held inthe Trust's allocated gold account (Trust Allocated Account) andthe Trust's unallocated 

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streetTRACKS®GOLD TRUST    

Notes to the UnauditedFinancialStatements

4    RelatedParties - Sponsor, Trustee, Custodian and Marketing Agent Fees   (continued)

gold account (Trust Unallocated Account),payable in monthly installments in arrears. The Custodian does notreceive a fee under the Unallocated Bullion Account Agreement.

The Custodian and its affiliates may from time to time act asAuthorized Participants or purchase or sell gold or Shares for theirown account, as agent for their customers and for accounts over whichthey exercise investment discretion.

Fees are paid to themarketing agent for the Trust, State Street Global Markets, LLC (the"Marketing Agent") by the Trustee from theassets of the Trust as compensation for services performed pursuant tothe agreement between the Sponsor and the Marketing Agent (MarketingAgent Agreement). The Marketing Agent's fee is payable monthly inarrears and is accrued daily at an annual rate equal to 0.15% ofthe ANAV of the Trust, subject to reduction as described below.

The Marketing Agent and its affiliates may from time to time act asAuthorized Participants or purchase or sell gold or Shares for theirown account, as agent for their customers and for accounts over whichthey exercise investment discretion.

For seven years from thedate of the Trust Indenture or until the earlier termination of theMarketing Agent Agreement, if at the end of any month during thisperiod the estimated ordinary expenses of the Trust exceed an amountequal to 0.40% per year of the daily ANAV of the Trust for suchmonth, the fees payable to the Sponsor and the Marketing Agent from theassets of the Trust for such month will be reduced by the amount ofsuch excess in equal shares up to the amount of their fees. Investorsshould be aware that if the gross value of the Trust's assets isless than approximately $388 million, the ordinary expenses of theTrust will be accrued at a rate greater than 0.40% per year ofthe daily ANAV of the Trust, even after the Sponsor and the MarketingAgent have completely reduced their combined fees of 0.30% peryear of the daily ANAV of the Trust. This amount is based on theestimated ordinary expenses of the Trust described in"Business of the Trust—Trust Expenses"and may be higher if the Trust's actual ordinary expenses exceedthose estimates. Additionally, if the Trust incurs unforeseen expensesthat cause the total ordinary expenses of the Trust to exceed0.70% per year of the daily ANAV of the Trust, the ordinaryexpenses will accrue at a rate greater than 0.40% per year ofthe daily ANAV of the Trust, even after the Sponsor and the MarketingAgent have completely reduced their combined fees of 0.30% peryear of the daily ANAV of the Trust.

Upon the end of the sevenyear period or the earlier termination of the Marketing AgentAgreement, the fee reduction will expire and the estimated ordinaryexpenses of the Trust which are payable from the assets of the Trusteach month may be more than they would have been during the period whenthe fee reduction is in effect, thus reducing the NAV of the Trust morerapidly than if the fee reduction was in effect and adversely affectingthe value of the Shares.

For the period November 12, 2004 (Dateof Inception) through March 31, 2005 the fees payable to the Sponsorand the Marketing Agent from the assets of the Trust were reduced by$207,283 respectively.

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streetTRACKS®GOLD TRUST    

Notes to the UnauditedFinancialStatements

4    RelatedParties - Sponsor, Trustee, Custodian and Marketing Agent Fees   (continued)

Amounts Payable to Related parties andother accountspayable

|                           |  |             |      |         |  |  |
|---------------------------|--|-------------|------|---------|--|--|
| (Amountsin 000's of US$)  |  | Mar-31,2005 |
| Payable to Custodian      |  | $           | (195 | )  |
| Payable to Trustee        |  |        | (42  | )  |
| Payable toSponsor         |  |        | (241 | )  |
| Payable to MarketingAgent |  |        | (241 | )  |
| Other accountspayable     |  |        | (84  | )  |
| AccountsPayable           |  | $           | (803 | )  |
|                           |

5    Concentrationof Risk

In accordance with Statement of Position No. 94-6,Disclosure of Certain Significant Risks and Uncertainties, theTrust's sole business activity is the investment in gold.Several factors could affect the price of gold: (i.) global gold supplyand demand, which is influenced by such factors as forward selling bygold producers, purchases made by gold producers to unwind gold hedgepositions, central bank purchases and sales, and production and costlevels in major gold-producing countries such as South Africa, theUnited States and Australia; (ii.) investors' expectations withrespect to the rate of inflation; (iii.) currency exchange rates; (iv.)interest rates; (v.) investment and trading activities of hedge fundsand commodity funds; and (vi.) global or regional political, economicor financial events and situations.   In addition, there is noassurance that gold will maintain its long-term value in terms ofpurchasing power in the future.   In the event that the price ofgold declines, the Sponsor expects the value of an investment in theShares to decline proportionately.   Each of these events couldhave a material affect on the Trust's financial position andresults of operations.

6    LegalProceedings

The Sponsor, the World Gold Council, the Trust andBNY, as Trustee of the Trust, have been named as defendants in a civillawsuit filed by plaintiffs Gemini Diversified Holdings LLC and DanAscani in the Supreme Court of the State of New York, County of NewYork, on November 6, 2003 (Index No. 119243/03). The complaint allegesbreach of contract and misappropriation of trade secrets under theTrade Secrets Act of the State of Georgia, and seeks compensatorydamages in excess of $450,000, preliminary and permanent injunctiverelief, costs and attorneys fees and other relief. The lawsuit is inits discovery phase. The Sponsor believes it has good defenses againstthese claims. The Sponsor and the World Gold Council have agreed toindemnify the Marketing Agent and UBS Securities LLC, as Purchaser inthe initial public offering of 2,300,000 Shares, against liabilitiesarising out of thecomplaint.

7    Indemnification

TheSponsor and its shareholders, members, directors, officers, employees,affiliates and subsidiaries are indemnified from the Trust and heldharmless against certain losses, liabilities or expenses incurred inthe performance of its duties under the Trust Indenture without grossnegligence, bad faith, willful misconduct, willful malfeasance orreckless disregard of the indemnified party's obligations andduties under the Trust Indenture. Such indemnity includes payment fromthe Trust of the costs and expenses incurred in defending against anyclaim or liability under the Trust Indenture. Under the TrustIndenture, the Sponsor may be able to seek indemnification from theTrust for payments it makes in connection with the Sponsor'sactivities under the Trust Indenture to the extent its conduct does notdisqualify it from receiving such indemnification under the terms ofthe Trust Indenture. The Sponsor 

9

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streetTRACKS®GOLD TRUST    

Notes to the UnauditedFinancialStatements

7    Indemnification   (continued)

will also be indemnified from the Trust andheld harmless against any loss, liability or expense arising under theDistribution Agreement with the Purchaser, the Marketing AgentAgreement or any agreement entered into with an Authorized Participantwhich provides the procedures for the creation and redemption ofBaskets and for the delivery of gold and any cash required forcreations and redemptions insofar as such loss, liability or expensearises from any untrue statement or alleged untrue statement of amaterial fact contained in any written statement provided to theSponsor by the Trustee. Any amounts payable to the Sponsor are securedby a lien on the Trust.

The Sponsor has agreed to indemnifycertain parties against certain liabilities and to contribute topayments that such parties may be required to make in respect of thoseliabilities. The Trustee has agreed to reimburse such parties, solelyfrom and to the extent of the Trust's assets, for indemnificationand contribution amounts due from the Sponsor in respect of suchliabilities to the extent the Sponsor has not paid such amounts whendue. The Sponsor has agreed that, to the extent the Trustee pays anyamount in respect of the reimbursement obligations described in thepreceding sentence, the Trustee, for the benefit of the Trust, will besubrogated to and will succeed to the rights of the party so reimbursedagainst the Sponsor.

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Item2.    Management's Discussion and Analysis of FinancialCondition and Results of Operations

Thisinformation should be read in conjunction with the financial statementsand notes included in Item 1 of Part I of this QuarterlyReport. The discussion and analysis which follows may contain trendanalysis and other forward-looking statements within the meaning ofSection 21E of the Securities Exchange Act of 1934 which reflect ourcurrent views with respect to future events and financial results.Words such as "anticipate,""expect," "intend,""plan," "believe,""seek," "outlook"and "estimate" as well as similar words andphrases signify forward-looking statements.streetTRACKS® Gold Trust's forward-lookingstatements are not guarantees of future results and conditions andimportant factors, risks and uncertainties may cause our actual resultsto differ materially from those expressed in our forward-lookingstatements.

Trust Overview

streetTRACKS®Gold Trust is an investment trust that was formed on November 12, 2004(Date of Inception). The Trust issues baskets of shares, or Baskets, inexchange for deposits of gold and distributes gold in connection withthe redemption of Baskets. The investment objective of the Trust is forthe shares to reflect the performance of the price of gold bullion,less the expenses of the Trust's operations. The shares aredesigned to provide investors with a cost effective and convenient wayto invest in gold.

Investing in the Shares does not insulate theinvestor from certain risks, including price volatility. The followingchart illustrates the movement in the price of the Shares against thecorresponding gold price (per 1/10 of an oz. of gold):

Valuation of Gold,Definition of Net Asset Value ("NAV") andAdjusted Net Asset Value ("ANAV")

Asof the London PM Fix on each day that the NYSE is open for regulartrading or, if there is no London PM Fix on such day or the London PMFix has not been announced by 12:00 PM New York time on such day, as of12:00 PM New York time on such day (the "EvaluationTime"), the Bank of New York, the Trustee, evaluates thegold held by the Trust and determines both the ANAV and the NAV of theTrust.

At the Evaluation Time, the Trustee values theTrust's gold on the basis of that day's London PM Fix or,if no London PM Fix is made on such day or has not been announced bythe Evaluation Time, the 

11

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next most recent London gold price fix (AM orPM) determined prior to the Evaluation Time will be used, unless theTrustee, in consultation with the Sponsor determines that such price isinappropriate as a basis for evaluation. In the event the Trustee andthe Sponsor determine that the London PM Fix or last prior London"fix" is not an appropriate basis forevaluation of the Trust's gold, they will identify an alternativebasis for such evaluation to be employed by the Trustee.

Oncethe value of the gold has been determined, the Trustee subtracts allestimated accrued but unpaid fees (other than the fees to be computedby reference to the value of the ANAV of the Trust or custody feescomputed by reference to the value of gold held in the Trust), expensesand other liabilities of the Trust from the total value of the gold andall other assets of the Trust (other than any amounts credited to theTrust's reserve account, if established). The resulting figure isthe ANAV of the Trust. The ANAV of the Trust is used to compute thefees of the Trustee, the Sponsor and the Marketing Agent.

Todetermine the Trust's NAV, the Trustee subtracts from the ANAV ofthe Trust the amount of estimated accrued but unpaid fees computed byreference to the value of the ANAV of the Trust and computed byreference to the value of the gold held in the Trust (i.e., the fees ofthe Trustee, the Sponsor, the Marketing Agent and HSBC Bank USA, N.A.,our Custodian). The Trustee determines the NAV per Share by dividingthe NAV of the Trust by the number of shares outstanding as of theclose of trading on the NYSE.

Gold acquired, or disposed of, bythe Trust is recorded at average cost. The table below summarizes theimpact of unrealized gains or losses on the Trust's gold holdingsduring the period November 12, 2004 (Date of Inception) through March31,2005:

|                                  |  |             |           |                              |  |        |         |        |  |  |
|----------------------------------|--|-------------|-----------|------------------------------|--|--------|---------|--------|--|--|
| (Amountsin 000's ofUS$)          |  | Mar-31,2005 |           | Nov-12,2004(DateofInception) |
| Gold holdings - averagecost      |  | $           | 2,305,497 |                         |  | $      | 13,081  |   |
| Unrealized(loss) on goldholdings |  |        | (50,696   | )                       |  |   | — |   |
|                             |  |        |      |                         |  |   |    |   |
| Goldholdings - marketvalue       |  | $           | 2,254,801 |                         |  | $      | 13,081  |   |
|                                  |

CriticalAccounting Policy

Valuation of Gold

Gold acquired, ordisposed of, by the Trust is recorded at average cost. Gold is valuedat the lower of cost or market.

Review of FinancialResults

Financial Highlights

|                                                                                              |  |                              |         |                          |  |   |         |         |  |  |
|----------------------------------------------------------------------------------------------|--|------------------------------|---------|--------------------------|--|---|---------|---------|--|--|
| (Allamounts in the following table and two paragraphs, except pershare, are in 000's of US$) |  | ThreeMonthsEndedMar-31, 2005 |         | Nov-12,2004toMar-31,2005 |
| Total loss ongold                                                                            |  | $                            | (30,728 | )                   |  | $ | (48,315 | )  |
| NetLoss                                                                                      |  | $                            | (32,767 | )                   |  | $ | (50,963 | )  |
| Loss pershare                                                                                |  | $                            | (0.67   | )                   |  | $ | (1.21   | )  |
| Net cashflows from operatingactivities                                                       |  | $                            | 0       |                     |  | $ | 0       |    |
|                                                                                              |

The Trust'sloss on gold for the three months ending March 31, 2005 is made up of$30,399 of unrealized loss on gold holdings and realized loss of $45 onthe sale of gold to pay expenses plus realized loss of $284 on golddistributed on the redemption of shares.

The Trust's losson gold from November 12, 2004 (Date of Inception) to March 31, 2005 ismade up of $50,696 of unrealized loss on gold holdings and realizedloss of $44 on the sale of gold to pay expenses offset by realized gainof $2,425 of gold distributed on the redemption of shares.

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Selected Supplemental Data -As of November 12, 2004 (Date of Inception) and for the period November12, 2004 (Date of Inception) through March 31,2005

|                                                                                                  |  |             |           |                              |  |        |         |        |  |  |
|--------------------------------------------------------------------------------------------------|--|-------------|-----------|------------------------------|--|--------|---------|--------|--|--|
| (Allamounts, except per ounce and per share, are in000's)                                        |  | Mar-31,2005 |           | Nov-12,2004(DateofInception) |
| **Ounces ofGold:**                                                                               |  |        |      |                         |  |   |    |   |
| OpeningBalance                                                                                   |  |        | 30.0      |                         |  |   | — |   |
| Creations                                                                                        |  |        | 5,888.2   |                         |  |   | 30.0    |   |
| Redemptions                                                                                      |  |        | (639.8    | )                       |  |   | — |   |
| Salesofgold                                                                                      |  |        | (4.0      | )                       |  |   | — |   |
| ClosingBalance                                                                                   |  |        | 5,274.4   |                         |  |   | 30.0    |   |
| Goldprice per ounce - London PMfix                                                               |  | $           | 427.50    |                         |  | $      | 436.03  |   |
| Valueof goldholdings                                                                             |  | $           | 2,254,801 |                         |  | $      | 13,081  |   |
| **Numberof Shares:**                                                                             |  |        |      |                         |  |   |    |   |
| OpeningBalance                                                                                   |  |        | 300       |                         |  |   | — |   |
| Creations                                                                                        |  |        | 58,900    |                         |  |   | 300     |   |
| Redemptions                                                                                      |  |        | (6,400    | )                       |  |   | — |   |
| ClosingBalance                                                                                   |  |        | 52,800    |                         |  |   | 300     |   |
| **NetAsset Value pershare:**                                                                     |  |        |      |                         |  |   |    |   |
| Creations                                                                                        |  | $           | 43.78     |                         |  | $      | 43.60   |   |
| Redemptions                                                                                      |  | $           | (44.83    | )                       |  | $      | 0.00    |   |
| NetLoss for theperiod                                                                            |  | $           | (1.21     | )                       |  | $      | 0.00    |   |
| AtPeriodEnd                                                                                      |  | $           | 42.69     |                         |  | $      | 43.60   |   |
| NetAsset Value at PeriodEnd                                                                      |  | $           | 2,253,879 |                         |  | $      | 13,081  |   |
| Changein Net Asset Value frominception                                                           |  |        | 17,131.3  | %                       |  |   | N/A     |   |
| %Difference between Net Asset Value per share and market value ofounces represented by eachshare |  |        | (0.041    | )%                      |  |   | N/A     |   |
|                                                                                                  |

Resultsof Operations

On November 12, 2004, the date of formation ofthe Trust, the Custodian received 30,000 ounces of gold on behalf ofthe Trust in exchange for 300,000 shares (3 Baskets). Trading in theshares in the Trust commenced on November 18, 2004 and on that date theTrust offered 2,300,000 shares (23 Baskets) through UBS Securities LLC,as underwriter, in exchange for 230,000 ounces of gold. ThroughDecember 31, 2004 an additional 33,700,000 shares (337 Baskets) werecreated in exchange for 3,369,804 ounces of gold and 5,800,000 shares(58 Baskets) were redeemed in exchange for 579,871 ounces of gold and211 ounces of gold were sold to pay expenses. In the three months endedMarch 31, 2005, 22,900,000 shares (229 Baskets) were created inexchange for 2,288,422 ounces of gold and 600,000 shares (6 Baskets)were redeemed in exchange for 59,936 ounces of gold, and 3,820 ouncesof gold were sold to pay expenses.

As at March 31, 2005 theamount of gold owned by the Trust was 5,274,388 ounces with a value of$2,254,801, based on that day's PM Fix (in accordance with theTrust Indenture).

Cash flow from operations

The Trusthad no cash flow from operations in the period November 12, 2004 (Dateof Inception) to March  31, 2005. Cash received in respect of goldsold to pay expenses in the period November 12 to March 31, 2005 wasthe same as those expenses, resulting in a zero cash balance at March31, 2005.

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Cash Resources and Liquidity

AtMarch 31, 2005 the Trust did not have any cash balances.

Whenselling gold to pay expenses, the Trustee endeavors to sell the exactamount of gold needed to pay expenses in order to minimize theTrust's holdings of assets other than gold. As a consequence, weexpect that the Trust will not record any cash flow from its operationsand that its cash balance will be zero at the end of each reportingperiod.

Analysis of Movements in the Price of Gold

Asmovements in the price of gold are expected to directly affect theprice of the Trust's shares, investors should understand what therecent movements in the price of gold have been. Investors, however,should also be aware that past movements in the gold price are notindicators of future movements. This section identifies recent trendsin the movements of the gold price and discusses some of the importantevents that have influenced these movements.

The following chartprovides historical background on the price of gold. The chartillustrates movements in the price of gold in US dollars per ounce overthe period from April 1, 2004 to March 31, 2005, and is based on theLondon PM Fix.

Thegold price, at the London PM fix at March 31, 2005 was $427.50 perounce and during the three months ended March 31, 2005 the gold price,at the London PM fix, traded in the range $411.10 per ounce (February8, 2005) to $443.70 (March 11, 2005) and the average price over thisperiod was $427.35.

During the year ending on March 31 2005 thegold price, at the London PM Fix, traded in the range $375.00 per ounce(May 10, 2004) to $454.20 (December 2, 2004) and the average price perounce over that period, based on the London PM fix, was $414.21,compared to the average price of $409.17 for 2004.

The evolutionof the gold price over the 12 month period ended March 31, 2005 wasdominated by the weakening of the dollar relative to other currenciesand swings in investment demand. The second Central Bank Gold Agreementcame into effect in September 2004, removing a degree of uncertainty.

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Physical demand for gold was stronger in 2004than during the previous year, indicating that participants in thephysical market had become accustomed to the generally higher pricelevel. Demand data for the three months ended March 31, 2005 is not yetavailable. Continuing political tension, particularly in the MiddleEast, contributed to the rally in the gold price in the second half ofcalendar 2004. The rise in oil prices over the past six months and ageneral increase in commodity investment have influenced the goldprice.

Cautionary Statement Regarding Forward-LookingInformation and Risk Factors

This report containsforward-looking statements within the meaning of the Private SecuritiesLitigation Reform Act of 1995. These statements are predictions andactual events or results may differ materially from those expressed inour forward-looking statements. Risks and uncertainties may cause ouractual results to differ materially from those expressed in ourforward-looking statements. These uncertainties and other factorsinclude, but are not limited to, the following:

The value ofthe shares relates directly to the value of the gold held by the Trustand fluctuations in the price of gold could materially adversely affectan investment in the shares.

The Shares are designed to mirroras closely as possible the price of gold bullion, and the value of theShares relates directly to the value of the gold held by the Trust,less the Trust's liabilities (including estimated accrued butunpaid expenses). The price of gold has fluctuated widely over the pastseveral years. Several factors may affect the price of gold,including:

|              |                                                                                                                                                                                                                                                                                                                                |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •  | Global gold supplyand demand, which is influenced by such factors as forward selling bygold producers, purchases made by gold producers to unwind gold hedgepositions, central bank purchases and sales, and production and costlevels in major gold-producing countries such as South Africa, theUnited States and Australia; |

|              |                                                              |
|--------------|--------------------------------------------------------------|
| •  | Investors' expectationswith respect to the rate ofinflation; |

|              |                         |
|--------------|-------------------------|
| •  | Currency exchangerates; |

|              |                |
|--------------|----------------|
| •  | Interestrates; |

|              |                                                                         |
|--------------|-------------------------------------------------------------------------|
| •  | Investment and tradingactivities of hedge funds and commodity funds;and |

|              |                                                                           |
|--------------|---------------------------------------------------------------------------|
| •  | Global or regionalpolitical, economic or financial events and situations. |

Inaddition, investors should be aware that there is no assurance thatgold will maintain its long term value in terms of purchasing power inthe future. In the event that the price of gold declines, the Sponsorexpects the value of an investment in the Shares to declineproportionately.

The sale of gold by the Trust to pay expenseswill reduce the amount of gold represented by each share on an ongoingbasis irrespective of whether the trading price of the shares rises orfalls in response to changes in the price of gold.

Eachoutstanding Share will represent a proportional interest in the goldheld by the Trust. As the Trust will not generate any income and as theTrust will regularly sell gold over time to pay for its ongoingexpenses, the amount of gold represented by each Share will graduallydecline over time. This is true even if additional Shares are issued inexchange for additional deposits of gold into the Trust, as the amountof gold required to create Shares will proportionately reflect theamount of gold represented by the Shares outstanding at the time ofcreation. Assuming a constant gold price, the trading price of theShares is expected to gradually decline relative to the price of goldas the amount of gold represented by the Shares gradually declines. TheShares will only maintain their original price if the price of goldincreases.

Investors should be aware that the gradual decline inthe amount of gold represented by the Shares will occur regardless ofwhether the trading price of the Shares rises or falls in response tochanges in the price of gold.

Readers are urged to review theRisk Factors section contained in the Prospectus for a description ofother risks and uncertainties that may affect an investment in ourshares.

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Item 3.    Quantitative andQualitative Disclosures About Market Risk

Notapplicable.

Item 4.    Controls and Procedures

Under the supervision and with the participation of the sponsor,World Gold Trust Services, LLC, including its chief executive officerand chief financial officer, we carried out an evaluation of theeffectiveness of the design and operation of our company'sdisclosure controls and procedures pursuant to Rule 13a-14 of theSecurities Exchange Act of 1934. Based upon that evaluation, our chiefexecutive officer and chief financial officer concluded that ourdisclosure controls and procedures were effective as of the end of theperiod covered by this quarterly report.

There have beenno significant changes in our internal controls during the most recentfiscal quarter or other factors, which could significantly affectinternal controls subsequent to the date we carried out theevaluation.

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PARTII - OTHER INFORMATION:

Item 1.    LegalProceedings

The Sponsor, World Gold Trust Services, LLC,the World Gold Council, the Trust and BNY, as Trustee of the Trust,have been named as defendants in a civil lawsuit filed by plaintiffsGemini Diversified Holdings LLC and Dan Ascani in the Supreme Court ofthe State of New York, County of New York, on November 6, 2003 (IndexNo. 119243/03). The complaint alleges breach of contract andmisappropriation of trade secrets under the Trade Secrets Act of theState of Georgia, and seeks compensatory damages in excess of $450,000,preliminary and permanent injunctive relief, costs and attorneys feesand other relief. The lawsuit is in its discovery phase. The Sponsorbelieves it has good defenses against these claims. The Sponsor and theWorld Gold Council have agreed to indemnify the Marketing Agent and UBSSecurities LLC, as Purchaser in the initial public offering of2,300,000 Shares, against liabilities arising out of the complaint.

Item 2.    Unregistered Sales of Equity Securities and Use ofProceeds

As of the date of the formation of the Trust onNovember 12, 2004, the NAV of the Trust, which represents the value ofthe gold deposited into the Trust, was $13,081,500, and the NAV perShare was $43.60. Since formation and through April 29, 2005, 641Baskets (64,100,000 Shares) have been created, including 23 Baskets(2,300,000 Shares) issued in connection with the initial publicoffering of our Shares on November 18, 2004 (Registration No.333-105202). As of April 29, 2005, 57,600,000 Shares were outstandingand the estimated NAV per Share as determined by the Trustee for April29, 2005 was $43.49.

Item 3.    Defaults Upon SeniorSecurities

None

Item 4.    Submission ofMatters to a Vote of Security Holders

None

Item5.    Other Information

None

Item6.    Exhibits and Reports on Form 8-K

|           |          |
|-----------|----------|
| (a)  | Exhibits |

|  |                |                                                                                                       |
|--|----------------|-------------------------------------------------------------------------------------------------------|
|  | **31.1**  | Certification by PrincipalExecutive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of2002. |

|  |                |                                                                                                       |
|--|----------------|-------------------------------------------------------------------------------------------------------|
|  | **31.2**  | Certification byPrincipal Financial Officer Pursuant to Section 302 of theSarbanes-Oxley Act of 2002. |

|  |                |                                                                                                                                                      |
|--|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | **32.1**  | Certification by PrincipalExecutive Officer Pursuant to 18 U.S.C. Section 1350, as AdoptedPursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

|  |                |                                                                                                                                                      |
|--|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | **32.2**  | Certification by PrincipalFinancial Officer Pursuant to 18 U.S.C. Section 1350, as AdoptedPursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

|               |                                                                             |
|---------------|-----------------------------------------------------------------------------|
| **(b)**  | Reports on Form 8-K filed during thequarter for which this report is filed: |

None.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,the registrant has duly caused this report to be signed on its behalfby the undersigned in the capacities* indicated thereunto dulyauthorized.

|  | WORLD GOLD TRUST SERVICES, LLCSponsor of the Equity Gold Trust                   (Registrant) |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

/s/J. StuartThomas

|  |
|--|
|  |  |  |
|  |

|  | J.Stuart Thomas Managing Director (principal executiveofficer) |
|--|----------------------------------------------------------------|

/s/ JamesLowe

|  |
|--|
|  |  |  |
|  |

|  | JamesLowe Chief Financial Officer and Treasurer (principalfinancial officer and principal accounting officer) |
|--|---------------------------------------------------------------------------------------------------------------|

Date: May 11, 2005

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| *  | The Registrant isa trust and the persons are signing in their capacities as officers ofWorld Gold Trust Services, LLC, the Sponsor of theRegistrant. |

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