-----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, EnIOxk/yHP0oNs/BzK8dGyRoZOZzPckk4RAvJJ0Dpp1zz617WnR5kObY2roGkXjg +Abuvdchb3Hbm86SoH3pyg== 0000950123-97-002698.txt : 19970329 0000950123-97-002698.hdr.sgml : 19970329 ACCESSION NUMBER: 0000950123-97-002698 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970328 SROS: NONE 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-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08642 FILM NUMBER: 97567089 BUSINESS ADDRESS: STREET 1: BANK OF NEW YORK STREET 2: 101 BARCLAY ST CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 2128152749 10-K 1 FORM 10-K/ANNUAL REPORT 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, 1996 ................................................................................ Commission file number 2-83192 ................................................................................ The Equity Income 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 Dean Witter Reynolds, Inc. 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) 2 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 Income 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 . ---- ---- 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 28, 1997 was $1,382,170,642.86. 3 PART I ITEM 1. BUSINESS. The Equity Income 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, Dean Witter Reynolds, Inc., 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. PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS. (A) 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: - 1 - 4
HIGH SALE LOW SALE QUARTER ENDED PRICE PRICE - ------------- ----- ----- March 31, 1995 68.500 62.875 June 30, 1995 71.125 66.625 September 30, 1995 82.000 70.125 December 31, 1995 87.875 80.500 March 31, 1996 93.375 79.625 June 30, 1996 84.500 78.750 September 30, 1996 83.000 73.250 December 31, 1996 85.875 75.625
(B) HOLDERS There were 5858 record holders of Units of the Fund on the books of the Trustee on February 28, 1997. Eighty Three and Eighty-Five Hundredths of a percent (83.85%) 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. (C) 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 1995 RATE PER UNIT TOTAL DISTRIBUTION - ---------------------- ------------- ------------------ January 1, 1995 $ .22837 $ 4,057,511.16 February 1, 1995 .22968 4,060,016.32 March 1, 1995 .22968 4,059,788.06 April 1, 1995 .22968 4,021,566.86 May 1, 1995 .23126 4,027,849.47 June 1, 1995 .23127 4,016,297.55 July 1, 1995 .23125 3,958,393.03 August 1, 1995 .23126 3,950,909.41 September 1, 1995 .23126 3,932,362.17 October 1, 1995 .23114 3,911,052.00 November 1, 1995 .23261 3,914,291.31 December 1, 1995 .23261 3,914,134.30 TOTALS $2.77007 $47,824,171.64 ======== ==============
- 2 - 5
DISTRIBUTION DATE 1996 RATE PER UNIT TOTAL DISTRIBUTION - ---------------------- ------------- ------------------ January 1, 1996 $ .23261 $ 3,891,651.38 February 1, 1996 .23400 3,900,889.53 March 1, 1996 .23400 3,899,869.99 April 1, 1996 .23400 3,876,301.26 May 1, 1996 .23600 3,892,235.43 June 1, 1996 .23600 3,885,453.97 July 1, 1996 .23600 3,868,576.19 August 1, 1996 .22600 3,676,777.28 September 1, 1996 .22600 3,665,052.85 October 1, 1996 .22600 3,641,477.88 November 1, 1996 .22900 3,667,699.27 December 1, 1996 .22900 3,643,278.48 TOTALS $2.77861 $45,509,263.51 ======== ==============
ITEM 6. SELECTED FINANCIAL DATA. SELECTED FINANCIAL DATA (in thousands except for outstanding Units and Per Unit Data)
1992 1993 1994 1995 1996 ---- ---- ---- ---- ---- Net investment income $ 50,842 $ 50,352 $ 49,755 $ 46,316 $ 44,766 Net realized and unrealized gain (loss) on invest- $ 115,280 $ 113,727 $ (65,659) $ 406,598 $ (91,579) ments Net increase (decrease) in net assets resulting from operations $ 166,122 $ 164,078 $ (15,904) $ 452,914 $ (46,813) Income distributions to Unit holders $ 50,712 $ 50,311 $ 49,743 $ 47,658 $ 45,241 Net assets at end of year $1,170,224 $1,257,937 $1,138,226 $1,474,906 $1,306,794 Units outstanding at end of year 18,893,010 18,514,279 17,701,839 16,670,493 15,726,053 Per Unit Data: Income distribu- tions during year $2.65 $2.66 $2.73 $2.77 $2.79 Net asset value at end of year $61.94 $67.94 $64.30 $88.47 $83.10
- 3 - 6 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 $44.8 million and net realized and unrealized loss on investments of $91.6 million for the year 1996 as compared with net investment income of $46.3 million and net realized and unrealized gain on investments of $406.6 million for the year 1995 and net investment income of $49.8 million and net realized and unrealized loss on investments of $65.7 million for the year 1994. The net decrease in net assets resulting from operations for the year 1996 was $46.8 million as compared to a net increase of $452.9 million for the year 1995 and a net decrease of $15.9 million for the year 1994. The decrease in net assets resulting from operations of $46.8 million for the year 1996 was substantially the result of realized and unrealized loss on investments. The net increase in net assets resulting from operations of $452.9 million for the year 1995 was the result of realized and unrealized gain on investments. Cash distributions paid out per Unit during each year amounted to $2.79 for the year ending December 31, 1996 as compared to $2.77 for the year ending December 31, 1995 and $2.73 for the year ending December 31, 1994. Income distributions accrued per Unit during each year amounted to $2.79 for the year ending December 31, 1996 as compared to $2.77 for the year ending December 31, 1995. The income distribution per Unit for the year ending December 31, 1994 was $2.73. - 4 - 7 The per Unit net asset value was $83.10 at December 31, 1996, $88.47 at December 31, 1995 and $64.30 at December 31, 1994. The per Unit net asset value decreased $5.37 from 1995 to 1996 and increased $24.17 from 1994 to 1995. There were 15,726,053 Units outstanding as of December 31, 1996, 16,670,493 Units outstanding as of December 31, 1995 and 17,701,839 Units outstanding as of December 31, 1994. There was a decrease of 944,440 Units during fiscal year 1996, a decrease of 1,031,346 Units during fiscal year 1995 and decrease of 812,440 Units during fiscal year 1994 as a result of redemptions. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. See following pages 6 through 13. - 5 - 8 INDEPENDENT ACCOUNTANTS' REPORT The Sponsors, Trustee and Holders of The Equity Income Fund, First Exchange Series - AT&T Shares: We have audited the accompanying statements of condition of The Equity Income Fund, First Exchange Series - AT&T Shares as of December 31, 1996 and 1995 and the related statements of operations and of changes in net assets for the years ended December 31, 1996, 1995 and 1994. 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, 1996 and 1995 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 Income Fund, First Exchange Series - AT&T Shares at December 31, 1996 and 1995 and the results of its operations and changes in its net assets for the above-stated years in conformity with generally accepted accounting principles. March 13, 1997 - 6 - 9 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES STATEMENTS OF CONDITION
DECEMBER 31, 1996 1995 TRUST PROPERTY: Investment in marketable securities - at market value (Notes 1 and 2): 1995 cost - $348,494,818 .......................... $1,471,293,175 1996 cost - $325,845,273 .......................... $1,303,763,692 Dividends receivable ................................ 4,105,785 4,740,110 Cash ................................................ 2,545,404 2,808,808 Receivable from securities sold ..................... 44,557 -------------- -------------- Total ..................................... 1,310,459,438 1,478,842,093 -------------- -------------- LESS LIABILITIES: Distribution payable (Note 3) ....................... 3,623,693 3,891,651 Other ............................................... 44,441 Accrued expenses .................................... 14,171 Redemptions payable ................................. 27,279 -------------- -------------- Total ..................................... 3,665,143 3,936,092 -------------- -------------- TOTAL TRUST PROPERTY .................................. $1,306,794,295 $1,474,906,001 ============== ============== NET ASSETS, REPRESENTED BY: Units of fractional undivided interest outstanding: 1995 - 16,670,493 (Note 6) ........................ $1,471,271,038 1996 - 15,726,053 (Note 6) ........................ $1,303,763,825 Undistributed net investment income ................. 3,030,470 3,634,963 -------------- -------------- NET ASSETS ............................................ $1,306,794,295 $1,474,906,001 ============== ============== UNIT VALUE: 1995 - $1,474,906,001/16,670,493 units .............. $88.47 ====== 1996 - $1,306,794,295/15,726,053 units .............. $83.10 ======
See Notes to Financial Statements. - 7 - 10 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 1996 1995 1994 INVESTMENT INCOME: Dividend income .......................... $ 45,286,433 $ 46,877,031 $ 50,297,823 Trustee's fees and expenses .............. (465,437) (505,957) (479,720) Sponsors' fees ........................... (54,909) (55,227) (62,676) ------------ ------------ ------------ Net investment income .................... 44,766,087 46,315,847 49,755,427 ------------ ------------ ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Realized gain on securities sold ......... 53,301,227 46,437,769 36,968,354 Unrealized appreciation (depreciation) of investments ............................ (144,879,937) 360,160,015 (102,628,199) ------------ ------------ ------------ Net realized and unrealized gain (loss) on investments ............................ (91,578,710) 406,597,784 (65,659,845) ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................ $(46,812,623) $452,913,631 $(15,904,418) ============ ============ ============
See Notes to Financial Statements. - 8 - 11 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1996 1995 1994 OPERATIONS: Net investment income ................... $ 44,766,087 $ 46,315,847 $ 49,755,427 Realized gain on securities sold ........ 53,301,227 46,437,769 36,968,354 Unrealized appreciation (depreciation) of investments ........................... (144,879,937) 360,160,015 (102,628,199) -------------- -------------- -------------- Net increase (decrease) in net assets resulting from operations ............. (46,812,623) 452,913,631 (15,904,418) INCOME DISTRIBUTIONS TO HOLDERS (Note 3) .. (45,241,306) (47,658,313) (49,742,556) CAPITAL SHARE TRANSACTIONS: Redemptions of 944,440, 1,031,346 and 812,440 units, respectively (Note 5) .. (76,057,777) (68,615,789) (54,064,009) -------------- -------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS ..... (168,111,706) 336,639,529 (119,710,983) NET ASSETS AT BEGINNING OF YEAR ........... 1,474,906,001 1,138,266,472 1,257,937,455 -------------- -------------- -------------- NET ASSETS AT END OF YEAR ................. $1,306,794,295 $1,474,906,001 $1,138,226,472 ============== ============== ============== PER UNIT: Income distributions during year ........ $2.79 $2.77 $2.73 ============== ============== ============== Net asset value at end of year .......... $83.10 $88.47 $64.30 ============== ============== ============== UNITS OUTSTANDING AT END OF YEAR .......... 15,726,053 16,670,493 17,701,839 ============== ============== ==============
See Notes to Financial Statements. - 9 - 12 THE EQUITY INCOME 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, 1995:
TOTAL MARKET NAME OF ISSUER SHARES COST VALUE AT&T 5,473,541 $ 99,432,993 $ 354,411,780 Airtouch Communications 2,189,442 12,339,723 61,851,737 Ameritech Corp. 3,284,098 36,039,118 193,761,782 Bell Atlantic Corporation 2,189,442 36,598,654 146,418,934 BellSouth Corporation 4,926,216 46,764,934 214,290,396 NYNEX Corporation 2,189,442 34,330,554 118,229,868 Pacific Telesis Group 2,189,442 18,641,294 73,619,987 SBC Communications Inc. (formerly Southwestern Bell Corporation) 3,284,143 33,109,333 188,838,223 U.S. West Incorporated 2,189,442 18,686,389 78,272,552 U.S. West Media Group 2,189,364 12,551,826 41,597,916 ------------ -------------- $348,494,818 $1,471,293,175 ============ ==============
- 10 - 13 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS MARKETABLE SECURITIES, AT DECEMBER 31, 1996:
TOTAL MARKET NAME OF ISSUER SHARES COST VALUE AT&T 5,163,363 $ 66,979,418 $ 224,606,290 Airtouch Communications 2,065,367 11,640,367 52,150,517 Ameritech Corp. 3,098,036 33,996,969 187,818,433 Bell Atlantic Corporation 2,065,367 34,524,884 133,732,513 BellSouth Corporation 4,647,029 41,414,519 187,623,796 Lucent Technologies 1,673,372 26,613,902 77,393,455 NYNEX Corporation 2,065,367 32,385,225 99,395,787 Pacific Telesis Group 2,065,367 17,584,928 75,902,237 SBC Communications Inc. (formerly Southwestern Bell Corporation) 3,098,036 31,233,252 160,323,362 U.S. West Incorporated 2,065,367 17,629,271 66,608,086 U.S. West Media Group 2,065,363 11,842,538 38,209,216 ------------ -------------- $325,845,273 $1,303,763,692 ============ ==============
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, 1995 and 1996 to holders of record at December 15, 1995 and December 15, 1996 was at the rate of $.23261 and $.229 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, Dean Witter Reynolds, Inc., 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 - 14 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS 6. NET CAPITAL
DECEMBER 31, 1996 1995 Cost at dates of deposit, including subsequent reinvested distributions, of remaining units outstanding ..... $ 334,239,562 $ 354,153,806 Less sales charge .................... 5,013,589 5,312,303 -------------- -------------- Net amount applicable to Holders ..... 329,225,973 348,841,503 Redemptions of units - net cost of units redeemed less redemption amounts ............................ (462,812,124) (406,499,152) Realized gain on securities sold ..... 459,431,557 406,130,330 Unrealized appreciation of investments ........................ 977,918,419 1,122,798,357 -------------- -------------- Net capital applicable to Holders .... $1,303,763,825 $1,471,271,038 ============== ==============
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 1995 and 1996 quarterly results of operations, in thousands of dollars, is as follows: Year Ended December 31, 1995
FOR THE QUARTER ENDED 1995 MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 TOTAL Net investment income $10,834 $11,966 $ 10,503 $ 13,013 $ 46,316 Net realized and unrealized gain on investments 55,352 53,198 194,760 103,288 406,598 ------- ------- -------- -------- -------- Net increase in net assets resulting from operations $66,186 $65,164 $205,263 $116,301 $452,914 ======= ======= ======== ======== ========
- 12 - 15 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 1996
FOR THE QUARTER ENDED 1996 MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 TOTAL Net investment income $ 10,498 $11,667 $ 11,022 $ 11,579 $ 44,766 Net realized and unrealized gain (loss) on investments (112,348) 34,916 (128,649) 114,502 (91,579) --------- ------- --------- -------- -------- Net increase (decrease) in net assets resulting from operations $(101,850) $46,583 $(117,627) $126,081 $(46,813) ========= ======= ========= ======== ========
- 13 - 16 ITEM 9. CHANGES IN AND DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. None. 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. 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, 1995 and 1996 ............................................... 7 1.2 - Statements of Operations for the years ended December 31, 1994, December 31, 1995 and December 31, 1996 ...................................... 8 1.3 - Statements of Changes in Net Assets for the years ended December 31, 1994, December 31, 1995 and December 31, 1996 ......................... 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
- 14 - 17 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. 1-8642) 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, 1995, incorporated by reference to 1933 Act File No. 2-83192. 13.2 - Form 10-Q, for the quarter ended June 30, 1995, incorporated by reference to 1933 Act File No. 2-83192. 13.3 - Form 10-Q, for the quarter ended September 30, 1995, incorporated by reference to 1933 Act File No. 2-83192. 13.4 - Form 10-K for the fiscal year ended December 31, 1995, incorporated by reference to 1933 Act File No. 2-83192. 13.5 - Form 10-Q for the quarter ended March 31, 1996, incorporated by reference to 1933 Act File No. 2-83192. 13.6 - Form 10-Q for the quarter ended June 30, 1996, incorporated by reference to 1933 Act File No. 2-83192. 13.7 - Form 10-Q for the quarter ended September 30, 1996, incorporated by reference to 1933 Act File No. 2-83192. 18. - None. 21. - None. 22. - None. - 15 - 18 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 - 19 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 Income Fund, First Exchange Series - AT&T Shares The Bank of New York, as Trustee Date: March __, 1997 By: ________________________ Name: Jeffrey Cohen Title: Vice President - 17 - EX-27 2 FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AT&T - FIRST EXCHANGE SERIES IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS YEAR DEC-31-1996 DEC-31-1996 325,845,273 1,303,763,692 4,150,342 2,545,404 0 1,310,459,438 0 0 3,665,143 3,665,143 0 325,845,406 15,726,053 16,670,493 3,030,470 0 0 0 977,918,419 1,306,794,295 45,286,433 0 0 520,346 44,766,087 53,301,227 (144,879,937) (46,812,623) 0 45,241,306 0 0 0 944,440 0 (168,111,706) 3,634,963 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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