-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SbgGz5yOadd1wfCAtORVE1xY8cylmuPzT3ec0CDoiqC4FgiiudWi40HjQi9JX38D jgo6BOtN90lNxKWCoMPn7g== 0000950123-00-002908.txt : 20000411 0000950123-00-002908.hdr.sgml : 20000411 ACCESSION NUMBER: 0000950123-00-002908 CONFORMED SUBMISSION TYPE: 10-K405 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY INCOME FUND FIRST EXCHANGE SERIES AT&T SHARES CENTRAL INDEX KEY: 0000718418 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 136824382 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K405 SEC ACT: SEC FILE NUMBER: 001-08642 FILM NUMBER: 582961 BUSINESS ADDRESS: STREET 1: BANK OF NEW YORK STREET 2: 101 BARCLAY ST CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 2128152749 10-K405 1 THE EQUITY INVESTOR FUND 1 FORM 10-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Fiscal Year Ended December 31, 1999 ................................................................................ Commission file number 001-08642 ................................................................................ The Equity Investor Fund, First Exchange Series - AT&T Shares ................................................................................ (Exact name of registrant as specified in its charter) New York 13-6824382 ................................................................................ (State or other jurisdiction (I.R.S. Employer of incorporation) Identification No.) Merrill Lynch, Pierce, Fenner Prudential Securities & Smith Incorporated Incorporated P.O. Box 9051 One Seaport Plaza Princeton, New Jersey 08543-9051 199 Water Street New York, New York 10292 Morgan Stanley Dean Witter Smith Barney Inc. Two World Trade Center 388 Greenwich Street New York, New York 10048 New York, New York 10013 ................................................................................ (Addresses of principal executive offices of Sponsors) The Bank of New York, 101 Barclay Street, New York, N.Y. 10286 ................................................................................ (Address of principal executive offices of Trustee) (212) 815-2887 ................................................................................ (Trustee's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: NAME OF EACH EXCHANGE TITLE OF EACH CLASS ON WHICH REGISTERED - ------------------- --------------------- Units of Beneficial Interest American Stock in The Equity Investor Fund, Exchange, Inc. First Exchange Series - AT&T Shares Pacific Stock Exchange, Incorporated Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . --- --- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. X. --- The aggregate market value of units of beneficial interest held of record on the books of the Trustee by non-affiliates of the registrant as of February 29, 2000 was $2,288,719,509.44 The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant is not applicable. 2 PART I ITEM 1. BUSINESS. The Equity Investor Fund, First Exchange Series - AT&T Shares (the "Fund") was formed in 1983 as a unit investment trust under New York law and in accordance with the Investment Company Act of 1940 by a trust indenture among Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Dean Witter, Prudential Securities Incorporated and Smith Barney Inc. as Sponsors and The Bank of New York as Trustee. The Fund was formed for the purpose of permitting an investor in common shares of the predivestiture American Telephone and Telegraph Company ("AT&T") to hold an investment in AT&T and the seven regional holding companies created pursuant to the AT&T Plan of Reorganization in the form of units of beneficial interest (the "Units") of the Fund, which consists solely of shares of AT&T common stock and those securities which are distributed to holders of such AT&T common stock pursuant to the reorganization. The Fund is not sponsored by, or affiliated with, AT&T or any of the regional holding companies. ITEM 2. PROPERTIES. The Fund owns no physical properties. ITEM 3. LEGAL PROCEEDINGS. None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. None. - 1 - 3 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS. (a) (i) MARKET INFORMATION The principal United States markets in which Units of the Fund are traded are the American Stock Exchange, Inc. and the Pacific Stock Exchange, Incorporated. The following are the high and low sale prices of Units of the Fund during each quarter for the last two fiscal years in which the Units were traded on the American Stock Exchange, Inc., which was the principal exchange market for the Units:
HIGH SALE LOW SALE QUARTER ENDED PRICE PRICE - ------------- --------- --------- March 31, 1998 $144.875 $117.562 June 30, 1998 146.250 132.750 September 30, 1998 150.500 132.937 December 31, 1998 200.000 142.375 March 31, 1999 $202.875 $177.250 June 30, 1999 210.000 180.625 September 30, 1999 300.000 189.000 December 31, 1999 300.000 195.000
(ii) HOLDERS There were 4,430 record holders of Units of the Fund on the books of the Trustee on February 29, 2000, eighty-seven and ninety-eight hundredths of a percent (87.98%) of such Units were held of record by Cede & Co., a nominee of the Depository Trust Company, for certain of its participants on that date. - 2 - 4 (iii) DIVIDENDS The following are the cash distributions which were paid to holders of Units of the Fund during the last two fiscal years:
DISTRIBUTION DATE 1998 RATE PER UNIT TOTAL DISTRIBUTION - ---------------------- ------------- ------------------ January 1, 1998 $ .233 $ 3,387,399.44 February 1, 1998 .235 3,408,767.82 March 1, 1998 .235 3,371,680.83 April 1, 1998 .237 3,383,641.65 May 1, 1998 .237 3,379,420.68 June 1, 1998 .237 3,343,488.40 July 1, 1998 .239 3,365,616.88 August 1, 1998 .240 3,369,916.32 September 1, 1998 .240 3,343,889.52 October 1, 1998 .240 3,335,564.64 November 1, 1998 .240 3,321,332.64 December 1, 1998 .240 3,296,179.44 TOTALS $2.853 $40,306,898.26 ----- -------------
DISTRIBUTION DATE 1999 RATE PER UNIT TOTAL DISTRIBUTION - ---------------------- ------------- ------------------ January 1, 1999 $ .242 $ 3,309,627.33 February 1, 1999 .244 3,332,511.01 March 1, 1999 .244 3,310,099.61 April 1, 1999 .244 3,301,821.91 May 1, 1999 .246 3,323,298.13 June 1, 1999 .246 3,302,559.35 July 1, 1999 .246 3,288,017.55 August 1, 1999 .252 3,360,534.91 September 1, 1999 .252 3,341,963.02 October 1, 1999 .252 3,330,190.33 November 1, 1999 .253 3,335,844.22 December 1, 1999 .252 3,304,424.34 TOTALS $2.973 $39,840,891.71 ----- -------------
(b) If required pursuant to Rule 463 of the Securities Act of 1933, furnish the information required by Item 701(f) of Regulation S-K. Not Applicable. - 3 - 5 ITEM 6. SELECTED FINANCIAL DATA. SELECTED FINANCIAL DATA (in thousands except for outstanding Units and Per Unit Data)
1995 1996 1997 1998 1999 ---- ---- ---- ---- ---- Net investment income $46,316 $44,766 $41,961 $40,561 $38,581 Net realized And unrealized Gain (loss) on investments $406,598 $(91,579) $542,775 $895,796 $283,141 Net increase (decrease) in net assets resulting from operations $452,914 $(46,813) $584,736 $936,357 $321,722 Total distribu- tions to Unit holders $47,658 $45,241 $42,211 $40,229 $55,569 Net assets at end of year $1,474,906 $1,306,794 $1,735,234 $2,513,292 $2,653,576 Units outstand- ing at end of year 16,670,493 15,726,053 14,505,395 13,657,832 13,016,125 Per Unit Data: Income distribu- tions during year $2.77 $2.79 $2.79 $2.85 $2.99 Principal distri- butions during year $0.00 $0.00 $0.00 $0.00 $1.18 Net asset value at end of year $88.47 $83.10 $119.63 $184.02 $203.87
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The Fund, as a non-managed unit investment trust, has no officers or directors. The Trustees and Sponsors of the Fund are named in Item 1. The Fund had net investment income of $38.6 million and net realized and unrealized gain on investments of $283.1 million for the year 1999 as compared with net investment income of $40.6 million and net realized and unrealized gain on - 4 - 6 investments of $895.8 million for the year 1998 and net investment income of $42.0 million and net realized and unrealized gain on investments of $542.8 million for the year 1997. The net increase in net assets resulting from operations for the year 1999 was $321.7 million as compared to a net increase of $936.4 million for the year 1998 and a net increase of $584.7 million for the year 1997. The increase in net assets resulting from operations of $321.7 million for the year 1999 was substantially the result of realized and unrealized gain on investments. The net increase in net assets resulting from operations of $936.4 for the year 1998 was also the result of realized and unrealized gain on investments. Income distributions accrued per Unit during each year amounted to $2.99 for the year ending December 31, 1999 as compared to $2.85 for the year ending December 31, 1998. The income distribution per Unit for the year ending December 31, 1997 was $2.79. Principal distributions accrued per Unit during the year ended December 31, 1999 amounted to $1.18. No such principal distribution occurred in the respective periods for 1998 and 1997. The per Unit net asset value was $203.87 at December 31, 1999, $184.02 at December 31, 1998 and $119.63 at December 31, 1997. The per Unit net asset value increased $19.85 from 1998 to 1999 and increased $64.39 from 1997 to 1998. There were 13,016,125 Units outstanding as of December 31, 1999, 13,657,832 Units outstanding as of December 31, 1998 and 14,505,395 Units outstanding as of December 31, 1997. There was a decrease of 641,707 Units during fiscal year 1999, a decrease of 847,563 Units during fiscal year 1998 and decrease of 1,220,658 Units during fiscal year 1997 as a result of redemptions. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Not Applicable ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. See following pages 6 through 13. ITEM 9. CHANGES IN AND DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. None. - 5 - 7 INDEPENDENT ACCOUNTANTS' REPORT The Sponsors, Trustee and Holders of The Equity Investor Fund, First Exchange Series - AT&T Shares: We have audited the accompanying statements of condition of The Equity Investor Fund, First Exchange Series - AT&T Shares as of December 31, 1999 and 1998 and the related statements of operations and of changes in net assets for the years ended December 31, 1999, 1998 and 1997. These financial statements are the responsibility of the Trustee. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Securities owned at December 31, 1999 and 1998 were confirmed to us by The Bank of New York, the Trustee. An audit also includes assessing the accounting principles used and significant estimates made by the Trustee, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Equity Investor Fund, First Exchange Series - AT&T Shares at December 31, 1999 and 1998 and the results of its operations and changes in its net assets for the above-stated years in conformity with generally accepted accounting principles. Deloitte & Touche LLP New York, N.Y. March 7, 2000 - 6 - 8 THE EQUITY INVESTOR FUND, FIRST EXCHANGE SERIES - AT&T SHARES STATEMENTS OF CONDITION
DECEMBER 31, 1999 1998 TRUST PROPERTY: Investment in marketable securities - at market value (Notes 1 and 2): 1998 cost - $280,910,516 ........................ $2,510,764,391 1999 cost - $267,206,552 ........................ $2,652,463,693 Dividends receivable ............................. 1,863,433 3,188,431 Cash ............................................. 2,751,838 2,732,763 ----------------- ------------ Total .................................. 2,657,078,964 2,516,685,585 ----------------- ------------- LESS LIABILITIES: Distribution payable (Note 3) .................... 3,288,178 3,309,627 Redemption payable ............................... 20,719 Accrued expenses ................................. 193,792 84,393 ---------------- --------------- Total .................................. 3,502,689 3,394,020 TOTAL TRUST PROPERTY ............................... $2,653,576,275 $2,513,291,565 ================ =============== NET ASSETS, REPRESENTED BY: Units of fractional undivided interest outstanding: 1998 - 13,657,832 (Note 6) ..................... $2,510,730,037 1999 - 13,016,125 (Note 6) ..................... $2,652,447,665 Undistributed net investment income .............. 1,128,610 2,561,528 ---------------- --------------- NET ASSETS ......................................... $2,653,576,275 $2,513,291,565 ================ =============== UNIT VALUE: 1998 - $2,513,291,565/13,657,832 units ........... $184.02 -------- 1999 - $2,653,576,275/13,016,125 units ........... $203.87 ========
See Notes to Financial Statements. - 7 - 9 THE EQUITY INVESTOR FUND, FIRST EXCHANGE SERIES - AT&T SHARES STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 1999 1998 1997 INVESTMENT INCOME: Dividend income ...................... $ 39,152,924 $ 41,091,956 $ 42,399,400 Trustee's fees and expenses .......... (547,080) (452,453) (386,416) Sponsors' fees ....................... (24,515) (78,070) (52,443) ------------ ------------- ------------- Net investment income ................ 38,581,329 40,561,433 41,960,541 ------------ ------------- ------------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Realized gain on securities sold ..... 127,737,243 100,374,644 86,260,735 Unrealized appreciation of investments ........................ 155,403,265 795,421,062 456,514,395 ------------ ------------- ------------- Net realized and unrealized gain on investments ........................ 283,140,508 895,795,706 542,775,130 ------------ ------------- ------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............ $321,721,837 $936,357,139 $584,735,671 ============ ============= =============
See Notes to Financial Statements. - 8 - 10 THE EQUITY INVESTOR FUND, FIRST EXCHANGE SERIES - AT&T SHARES STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 1998 1997 OPERATIONS: Net investment income ................ $ 38,581,329 $ 40,561,433 $ 41,960,541 Realized gain on securities sold ..... 127,737,243 100,374,644 86,260,735 Unrealized appreciation of investments ........................ 155,403,265 795,421,062 456,514,395 ------------ ------------ --------------- Net increase in net assets resulting from operations .......... 321,721,837 936,357,139 584,735,671 ------------ ------------ -------------- DISTRIBUTIONS TO HOLDERS (Note 3): Income ............................... (39,819,444) (40,229,125) (42,211,078) Principal ............................ (15,749,174) ------------ ------------ -------------- Total Distributions .................. (55,568,618) (40,229,125) (42,211,078) ------------- ------------ -------------- CAPITAL SHARE TRANSACTIONS: Redemptions of 641,707, 847,563 and 1,220,658 units, respectively (Note 5) ............. (125,868,510) (118,070,543) (114,084,794) ----------- ------------ -------------- NET INCREASE IN NET ASSETS ............. 140,284,709 778,057,471 428,439,799 NET ASSETS AT BEGINNING OF YEAR ........ 2,513,291,566 1,735,234,094 1,306,794,295 ------------- ------------- -------------- NET ASSETS AT END OF YEAR .............. $2,653,576,275 $2,513,291,565 $1,735,234,094 -------------- -------------- --------------- PER UNIT: Income distributions during year ..... $2.99 $2.85 $2.79 ===== ===== ====== Principal distributions during year .. $1.18 ===== Net asset value at end of year ....... $203.87 $184.02 $119.63 ======= ======= ======== UNITS OUTSTANDING AT END OF YEAR ....... 13,016,125 13,657,832 14,505,395 ========== ========== ===========
See Notes to Financial Statements. - 9 - 11 THE EQUITY INVESTOR FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS 1. SIGNIFICANT ACCOUNTING POLICIES The Fund is registered under the Investment Company Act of 1940 as a Unit Investment Trust. A summary of the significant accounting policies, which are in conformity with generally accepted accounting principles, followed by the Fund in the preparation of its financial statements since July 7, 1983, its initial date of deposit, is as follows: (a) Securities are stated at market value based on the last sales price reported at the close of business on the New York Stock Exchange. Substantially all of the aggregate cost of securities represents the market value of the shares of common stock of American Telephone and Telegraph Company (AT&T) on the days the shares were exchanged for units of the Fund; such aggregate cost was subsequently allocated among the portfolio holdings in shares of AT&T and the seven regional holding companies following their divestiture by AT&T in accordance with its Plan of Reorganization. Realized gains or losses on sales of securities are determined using the identified cost basis. (b) The Fund is not subject to income taxes. Accordingly, no provision for such taxes is required. (c) Dividend income has been recognized on the ex-dividend date. 2. MARKETABLE SECURITIES, AT DECEMBER 31, 1998:
TOTAL MARKET NAME OF ISSUER SHARES COST VALUE AT&T 4,484,416 $ 55,391,778 $ 337,452,304 Airtouch Communications 1,793,809 10,109,849 129,378,474 Ameritech Corp. 5,381,333 29,526,775 341,041,979 Bell Atlantic Corporation 6,342,826 58,237,121 336,169,778 BellSouth Corporation 8,071,942 32,488,131 402,588,107 Lucent Technologies 2,906,729 24,032,761 319,740,190 NCR Corp. 280,342 2,993,908 11,704,279 SBC Communications Inc. 8,005,395 42,528,895 429,289,307 U.S. West Incorporated 1,842,800 15,698,478 119,090,950 Mediaone Group 1,793,809 9,902,820 84,309,023 ---------- ----------- $280,910,516 $2,510,764,391 ============ ==============
- 10 - 12 THE EQUITY INVESTOR FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS MARKETABLE SECURITIES, AT DECEMBER 31, 1999:
TOTAL MARKET NAME OF ISSUER SHARES COST VALUE AT&T 6,410,600 $ 52,790,382 $ 325,337,950 Bell Atlantic Corporation 6,044,830 55,501,410 372,134,847 BellSouth Corporation 7,692,691 30,963,121 360,114,097 Lucent Technologies 5,540,343 22,903,808 414,486,911 NCR Corp. 267,196 2,853,510 10,120,049 SBC Communications Inc. 14,378,400 68,669,664 700,947,000 U.S. West Incorporated 1,756,244 14,961,050 126,449,568 Mediaone Group 1,709,556 9,437,707 131,315,270 Vodafone Airtouch 4,273,899 9,125,900 211,558,001 ---------- ----------- $267,206,552 $2,652,463,693 ============ =============
3. DISTRIBUTIONS Any monthly distributions to Holders, who have not elected to participate in the Fund's Reinvestment Plan, are made on or about the first day of each month. The income distribution payable at December 31, 1998 and 1999 to holders of record at December 15, 1998 and December 15, 1999 was at the rate of $.242 and $.252 per unit, respectively. 4. REINVESTMENT PLAN Holders could reinvest any distributions in the Fund prior to April 1, 1984, or in certain subsequent series of The Equity Income Fund after March 31, 1984, by executing an appropriate notice of election to participate in the Fund's Reinvestment Plan. The Sponsors (Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Dean Witter, Prudential Securities Incorporated and Smith Barney Inc.) may, in their sole discretion, cancel the Fund's Reinvestment Plan at any time. 5. REDEMPTIONS Holders may request redemptions of units by presentation thereof to the Trustee, The Bank of New York. Redemptions of units are made in kind by the Trustee; fractional undivided interests are redeemed in cash. Under certain circumstances, Holders may request redemptions of units in cash. Units of the Fund are listed and traded on the American and Pacific Stock Exchanges. - 11 - 13 THE EQUITY INVESTOR FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS 6. NET CAPITAL
DECEMBER 31, 1999 1998 Cost at dates of deposit, including subsequent reinvested distributions, of remaining units outstanding .... $ 276,519,128 $ 290,151,777 Less sales charge ................... 4,147,783 4,352,273 -------------- -------------- Net amount applicable to Holders 272,371,345 285,799,504 Redemptions of units - net cost of units redeemed less redemption amounts ........................... (763,235,825) (650,990,278) Principal distributions ............. (15,749,174) Realized gain on securities sold .... 773,804,178 646,066,936 Unrealized appreciation of investments ....................... 2,385,257,141 2,229,853,875 -------------- -------------- Net capital applicable to Holders ... $2,652,447,665 $2,510,730,037 ============== ==============
7. INCOME TAXES All Fund items of income received, expenses paid, and realized gains and losses on securities sold are attributable to the Holders, on a pro rata basis, for Federal income tax purposes in accordance with the grantor trust rules of the United States Internal Revenue Code. 8. QUARTERLY RESULTS OF OPERATIONS - UNAUDITED A summary of the Fund's 1999 and 1998 quarterly results of operations, in thousands of dollars, is as follows:
Year Ended December 31, 1998 FOR THE QUARTER ENDED 1998 MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 TOTAL Net investment income $ 10,234 $ 10,184 $10,101 $ 10,042 $ 40,561 Net realized and unrealized gain (loss) on investments 334,314 (54,139) 73,352 542,269 895,796 --------- -------- -------- -------- -------- Net increase (decrease) in net assets resulting from operations $344,548 $(43,955) $83,453 $552,311 $936,357 ======== ======== ======= ======== ========
- 12 - 14 THE EQUITY INVESTOR FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 1999
FOR THE QUARTER ENDED 1999 MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 TOTAL Net investment income $ 8,401 $ 9,941 $ 13,731 $ 6,508 $ 38,581 Net realized and unrealized gain (loss) on investments (95,196) 446,929 (166,756) 98,164 283,141 -------- -------- --------- -------- -------- Net increase (decrease) in net assets resulting from operations $(86,795) $456,870 $(153,025) $104,672 $321,722 ======== ======== ========= ======== ========
- 13 - 15 PART III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. None. ITEM 11. EXECUTIVE COMPENSATION. None. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. None. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. None. - 14 - 16 PART IV ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K. Page a. 1.1 - Statements of Condition as of December 31, 1998 and 1999 ......................... 7 1.2 - Statements of Operations for the years ended December 31, 1997, December 31, 1998 and December 31, 1999 .............................. 8 1.3 - Statements of Changes in Net Assets for the years ended December 31, 1997, December 31, 1998 and December 31, 1999 ............ 9 2 - Financial schedules are not filed because of the absence of conditions under which they are required or because the required information, where material, is included in the financial statements or the footnotes thereto. b. None. c. 4.1 - Form of Trust Indenture (incorporated by reference to Exhibit 1.1 to the Registration Statement of The Equity Income Fund, First Exchange Series - AT&T Shares, 1933 Act File No. 2-83192) 4.1.1 - Form of Certificate of Amendment to Trust Indenture dated August 8, 1983 (incorporated by reference to Registration Statement on Form 8-A of The Equity Income Fund, First Exchange Series - AT&T Shares, 1934 Act File No. 001-08642) 4.1.2 - Form of Standard Terms and Conditions of Trust effective January 1, 1983 (incorporated by reference to Exhibit 1.1.1 to the Registration Statement of The Equity Income Fund, First Exchange Series - AT&T Shares, 1933 Act File No. 2-83192) 9. - None. 11. - Computation of per Unit earnings (See Statement of Changes in Net Assets, Item 1.3, above) 13.1 - Form 10-Q, for the quarter ended March 31, 1998, incorporated by reference to 1934 Act File No. 001-08642. - 15 - 17 13.2 - Form 10-Q, for the quarter ended June 30, 1998, incorporated by reference to 1934 Act File No. 001-08642. 13.3 - Form 10-Q, for the quarter ended September 30, 1998, incorporated by reference to 1934 Act File No. 001-08642. 13.4 - Form 10-K for the fiscal year ended December 31, 1998, incorporated by reference to 1934 Act File No. 001-08642. 13.5 - Form 10-Q for the quarter ended March 31, 1999, incorporated by reference to 1934 Act File No. 001-08642. 13.6 - Form 10-Q for the quarter ended June 30, 1999, incorporated by reference to 1934 Act File No. 001-08642. 13.7 - Form 10-Q for the quarter ended September 30, 1999, incorporated by reference to 1934 Act File No. 001-08642. 18. - None. 21. - None. 22. - None. 23 - Consents (incorporated by reference to Registration Statement of The Equity Income Fund, First Exchange Series - AT&T Shares, 1933 Act File No. 2-83192). 27. - Financial Data Schedule. d. None. - 16 - 18 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustee of the Fund has duly caused this report to be signed on behalf of the Fund by the undersigned, thereunto duly authorized. The Equity Investor Fund, First Exchange Series - AT&T Shares By: The Bank of New York, as Trustee Date: March 28, 2000 By: /s/ Alfred Irving --------------------- Name: Alfred Irving Title: Vice President EX-27 2 FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRAC FROM AT&T- FIRST EXCHANGE SERIES IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS YEAR DEC-31-1999 JAN-01-1999 DEC-31-1999 267,206,552 2,652,463,693 1,863,433 2,751,838 0 2,657,078,961 0 0 3,502,689 3,502,689 0 2,497,044,400 13,016,125 13,657,832 1,128,610 0 0 0 155,103,265 2,653,576,275 39,152,924 0 0 (571,595) 38,581,329 127,737,243 155,403,265 321,721,837 0 39,819,444 0 15,749,174 0 641,707 0 140,284,709 2,561,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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