APPENDIX I

UNITED STATES

OMB APPROVAL

SECURITIES AND 
EXCHANGE COMMISSION

OMB Number:   0456

Washington, D.C. 20549

Expires: July 31, 2006

Estimated average burden
hours per response....... 1

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/


The Diamonds Trust, Series 1


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:     

10/31/2005


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)

N/A


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.

N/A

5.  Calculation of registration fee:


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


pursuant to section 24(f):

$12,385,682,813


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

$13,517,459,506


(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:

$0


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

$13,517,459,506


(v)
Net sales - If Item 5(i) is greater 
than Item 5(iv)
[subtract Item 5(iv) from Item 5(i) 
]:                                                               

$0       


(vi)
Redemption credits available for use 
in future years
- if Item 5(i) is less than Item 
5(iv) [subtract Item 5(iv) from Item 
5(i)]:

$(1,131,776,693)


(vii)
Multiplier for determining 
registration fee (See
Instruction C.9):

X $0.00010700 


(viii)
Registration fee due [multiply Item 
5(v) by Item 5(vii)] (enter 'O' if no fee is 
due):

= $0 


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 [effective date of rescission 
of rule 24e-2], then
report the amount of securities 
(number of shares or other units) 
deducted here:   N/A        . 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: N/A


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.)*

/s/ Gary L. French
Gary L. French
Treasurer

Date_01/26/06________


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