<PAGE>
PURSUANT TO RULE NO. 497(d)
REGISTRATION NO. 33-46080
STANDARD & POOR'S DEPOSITARY RECEIPTS(R) ("SPDRs")(R)
SPDR Trust, Series I
(A Unit Investment Trust)
SUPPLEMENT DATED MARCH 10, 2000
TO PROSPECTUS DATED JANUARY 25, 2000
Effective March 1, 2000, the Trustee has agreed to contractually reduce, on
a permanent basis, the Trustee Fees. The Trustee has also contractually agreed
that, for the next two years, it will waive an additional portion of its fee,
as needed, so that the total operating expenses will not exceed 0.1200% of the
Trust's daily net asset value.
As a result of the fee reduction, the "Trustee Fee Scale" table on page B-72
is hereby revised as follows:
TRUSTEE FEE SCALE
<TABLE>
<CAPTION>
Net Asset Value of the
Trust Fee as a Percentage of Net Asset Value of the Trust
- ---------------------- ----------------------------------------------------------
<S> <C>
$0-$499,999,999......... 10/100 of 1% per annum plus or minus the Adjustment Amount
$500,000,000-
$2,499,999,999......... 8/100 of 1% per annum plus or minus the Adjustment Amount
$2,500,000,000 and
above.................. 6/100 of 1% per annum plus or minus the Adjustment Amount
</TABLE>
