APPENDIX I
UNITED STATES

OMB APPROVAL

                SECURITIES AND EXCHANGE COMMISSION

OMB Number:   3235-0456

Washington, D.C. 20549

Expires: June 30, 2009



Estimated average burden



hours per response....... 2

FORM 24F-2



Annual Notice of Securities Sold



Pursuant to Rule 24f-2






Read instructions at end of Form before preparing Form.
Please print or type.




1 . Name and address of issuer:



The DIAMONDS Trust, Series 1



c/o State Street Bank & Trust Co.



One Lincoln Street



Boston, MA  02111


2.      The name of each series or class of securities
for which this Form is filed (If the Form is being filed
for all series and classes of securities of the issuer,
check the box but do not list series or classes):  |x|












































3. Investment Company Act File Number:



811-9170


     Securities Act File Number



333-31247






4(a).  Last day of fiscal year for which this Form is filed:



10/31/2008






4(b). Check box if this Form is being filed late (ie., more
than 90 calendar days after the end of the
fiscal year). (See Instruction A.2)
//





Note: If the Form is being filed late, interest must be paid on
the registration fee due.





4(c). Check box if this is the last time the issuer will be
filing this Form.
//














5.  Calculation of registration fee:


(i)
Aggregate sale price of securities sold during the fiscal year


pursuant to section 24(f):

                      $43,009,250,143




(ii)
Aggregate price of securities redeemed or repurchased during the
fiscal year:



                      $39,824,961,718




(iii)
Aggregate price of securities redeemed or repurchased



during any prior fiscal year ending no earlier than October


11, 1995 that were not previously used to reduce registration


fees payable to the Commission:

                        $1,143,744,456




(iv)
Total available redemption credits [add Item 5(ii) and 5(iii):

$40,968,706,174



(v)
Net sales - If Item 5(i) is greater than Item 5(iv)

[subtract Item 5(iv) from Item 5(i) ]:

2,040,543,969


(vi)
Redemption credits available for use in future years

 $0

- if Item 5(i) is less than Item 5(iv) [subtract Item 5(iv)
from Item 5(i)]:




(vii)
Multiplier for determining registration fee (See



Instruction C.9):
X
$0.00003930




(viii)
Registration fee due [multiply Item 5(v) by Item



 5(vii)] (enter 'O' if no fee is due):
=
$80,193.38








6. Prepaid Shares



If the response to item 5(i) was determined by deducting an
amount of securities that were registered under the Securities
Act of 1933 pursuant to rule 24e-2 as in effect before
October 11, 1997, then report the amount of securities
(number of shares or other units) deducted here:   .
If there is a number of shares or other units that were
registered pursuant to rule 24e-2 remaining unsold at the
end of the fiscal year for which this form is filed that are
available for use by the issuer in future fiscal years, then
state that number here:              .








7.  Interest due - if this Form is being filed more than 90 days
after the end of the issuer's fiscal year
 (see Instruction D):





+
$0




8.  Total of the amount of the registration fee due plus any interest
due [line 5(vii) plus line 7]:


=
$0


9. Date the registration fee and any interest payment was sent to the
Commission's lockbox depository:




Method of Delivery:




Wire Transfer
x
1/09/2009

























SIGNATURES






This report has been signed below by the following persons on
behalf of the issuer and in the capacities
and on the dates indicated.




By (Signature and Title.)*




Gary L. French



Senior Vice President, State Street Bank and Trust, as



Trustee for, The DIAMONDS Trust, Series 1






Date: 1/09/2009








*Please print the name and title of the signing officer below the
signature.