-----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, Sgs3xJBJpeltGTYAOMEF1yDE9sh6V27oxzuUT7g3gjeCxFXmVIHFCsLWuo0ENb1s 8nhcyh8fs5ugI+LTxVwFGA== 0000950123-98-003042.txt : 19980331 0000950123-98-003042.hdr.sgml : 19980331 ACCESSION NUMBER: 0000950123-98-003042 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980330 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: SEC FILE NUMBER: 001-08642 FILM NUMBER: 98577384 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 THE EQUITY INCOME 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, 1997 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 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) 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 __. 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. __. 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, 1998 was $1,807,859,419.21. The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant is not applicable. 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, 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 - 4 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, 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 March 31, 1997 89.750 81.825 June 30, 1997 95.262 79.250 September 30, 1997 100.000 92.925 December 31, 1997 120.125 101.475
(ii) Holders There were 5279 record holders of Units of the Fund on the books of the Trustee on February 28, 1998 Eighty-Five and Ninety-Five Hundredths of a percent (85.95%) 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. (iii) Dividends The following are the cash distributions which were paid to holders of Units of the Fund during the last two fiscal years: - 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 ------- -------------
DISTRIBUTION DATE 1997 RATE PER UNIT TOTAL DISTRIBUTION - ---------------------- ------------- ------------------ January 1, 1997 $ .22900 $ 3,623,693.48 February 1, 1997 .23100 3,632,133.81 March 1, 1997 .23100 3,596,267.37 April 1, 1997 .23100 3,579,311.04 May 1, 1997 .23300 3,591,628.13 June 1, 1997 .23300 3,565,001.12 July 1, 1997 .23300 3,542,990.78 August 1, 1997 .23500 3,543,449.85 September 1, 1997 .23300 3,462,465.51 October 1, 1997 .23500 3,466,592.63 November 1, 1997 .23300 3,429,871.37 December 1, 1997 .23300 3,413,966.79 TOTALS $2.79000 $42,447,371.88 ------- -------------
(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 - 6 Item 6. Selected Financial Data. SELECTED FINANCIAL DATA (in thousands except for outstanding Units and Per Unit Data)
1993 1994 1995 1996 1997 ----------- ------------ ----------- ------------ ----------- Net investment income $ 50,352 $ 49,755 $ 46,316 $ 44,766 $ 41,961 Net realized and unrealized gain (loss) on invest- $ 113,727 $ (65,659) $ 406,598 $ (91,579) $ 542,775 ments Net increase (decrease) in net assets resulting from operations $ 164,078 $ (15,904) $ 452,914 $ (46,813) $ 584,736 Income distributions to Unit holders $ 50,311 $ 49,743 $ 47,658 $ 45,241 $ 42,211 Net assets at end of year $ 1,257,937 $ 1,138,226 $ 1,474,906 $ 1,306,794 $ 1,735,234 Units outstanding at end of year 18,514,279 17,701,839 16,670,493 15,726,053 14,505,395 Per Unit Data: Income distribu- tions during year $ 2.66 $ 2.73 $ 2.77 $ 2.79 $ 2.79 Net asset value at end of year $ 67.94 $ 64.30 $ 88.47 $ 83.10 $ 119.63
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 $42.0 million and net realized and unrealized gain on investments of $542.8 million for the year 1997 as compared with net investment income of $44.8 million and net realized and unrealized loss on investments of $91.6 million for the year 1996 and net investment income of $46.3 million and net realized and unrealized gain on investments of $406.6 million for the year 1995. - 4 - 7 The net gain in net assets resulting from operations for the year 1997 was $584.7 million as compared to a net decrease of $46.8 million for the year 1996 and a net increase of $452.9 million for the year 1995. The increase in net assets resulting from operations of $584.7 million for the year 1997 was substantially the result of realized and unrealized gain on investments. The net decrease in net assets resulting from operations of $46.8 for the year 1996 was the result of realized and unrealized loss on investments. Cash distributions paid out per Unit during each year amounted to $2.79 for the year ending December 31, 1997 as compared to $2.79 for the year ending December 31, 1996 and $2.77 for the year ending December 31, 1995. Income distributions accrued per Unit during each year amounted to $2.79 for the year ending December 31, 1997 as compared to $2.79 for the year ending December 31, 1996. The income distribution per Unit for the year ending December 31, 1995 was $2.77. The per Unit net asset value was $119.63 at December 31, 1997, $83.10 at December 31, 1996 and $88.47 at December 31, 1995. The per Unit net asset value increased $36.53 from 1996 to 1997 and decreased $5.37 from 1995 to 1996. There were 14,505,395 Units outstanding as of December 31, 1997, 15,726,053 Units outstanding as of December 31, 1996 and 16,670,493 Units outstanding as of December 31, 1995. There was a decrease of 1,220,658 Units during fiscal year 1997, a decrease of 944,440 Units during fiscal year 1996 and decrease of 1,031,346 Units during fiscal year 1995 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 - 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, 1997 and 1996 and the related statements of operations and of changes in net assets for the years ended December 31, 1997, 1996 and 1995. 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, 1997 and 1996 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, 1997 and 1996 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 9, 1998 - 6 - 9 EXHIBIT a.1.1 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES STATEMENTS OF CONDITION
December 31, 1997 1996 TRUST PROPERTY: Investment in marketable securities - at market value (Notes 1 and 2): 1996 cost - $325,845,273 ............................. $1,303,763,692 1997 cost - $298,343,900 ............................. $1,732,776,714 Dividends receivable ................................... 3,286,297 4,105,785 Cash ................................................... 2,564,043 2,545,404 Receivable from securities sold ........................ 44,557 -------------- -------------- Total ........................................ 1,738,627,054 1,310,459,438 -------------- -------------- LESS LIABILITIES: Distribution payable (Note 3) .......................... 3,387,399 3,623,693 Accrued expenses ....................................... 5,561 14,171 Redemptions payable .................................... 27,279 -------------- -------------- Total ........................................ 3,392,960 3,665,143 -------------- -------------- TOTAL TRUST PROPERTY ..................................... $1,735,234,094 $1,306,794,295 ============== ============== NET ASSETS, REPRESENTED BY: Units of fractional undivided interest outstanding: 1996 - 15,726,053 (Note 6) ........................... $1,303,763,825 1997 - 14,505,395 (Note 6) ........................... $1,732,733,426 Undistributed net investment income .................... 2,500,668 3,030,470 -------------- -------------- NET ASSETS ............................................... $1,735,234,094 $1,306,794,295 ============== ============== UNIT VALUE: 1996 - $1,306,794,295/15,726,053 units ................. $83.10 ====== 1997 - $1,735,234,094/14,505,395 units ................. $119.63 =======
See Notes to Financial Statements. - 7 - 10 EXHIBIT a.1.2 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES STATEMENTS OF OPERATIONS
Years Ended December 31, 1997 1996 1995 INVESTMENT INCOME: Dividend income ........................... $ 42,399,400 $ 45,286,433 $ 46,877,031 Trustee's fees and expenses ............... (386,416) (465,437) (505,957) Sponsors' fees ............................ (52,443) (54,909) (55,227) ------------ ------------ ------------ Net investment income ..................... 41,960,541 44,766,087 46,315,847 ------------ ------------ ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Realized gain on securities sold .......... 86,260,735 53,301,227 46,437,769 Unrealized appreciation (depreciation) of investments ............................. 456,514,395 (144,879,937) 360,160,015 ------------ ------------ ------------ Net realized and unrealized gain (loss) on investments ............................. 542,775,130 (91,578,710) 406,597,784 ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................. $584,735,671 $(46,812,623) $452,913,631 ============ ============ ============
See Notes to Financial Statements. - 8 - 11 EXHIBIT a.1.3 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES STATEMENTS OF CHANGES IN NET ASSETS
Years Ended December 31, 1997 1996 1995 OPERATIONS: Net investment income ..................... $ 41,960,541 $ 44,766,087 $ 46,315,847 Realized gain on securities sold .......... 86,260,735 53,301,227 46,437,769 Unrealized appreciation (depreciation) of investments ............................. 456,514,395 (144,879,937) 360,160,015 -------------- -------------- -------------- Net increase (decrease) in net assets resulting from operations ............... 584,735,671 (46,812,623) 452,913,631 INCOME DISTRIBUTIONS TO HOLDERS (Note 3) .... (42,211,078) (45,241,306) (47,658,313) CAPITAL SHARE TRANSACTIONS: Redemptions of 1,220,658, 944,440 and 1,031,346 units, respectively (Note 5) . (114,084,794) (76,057,777) (68,615,789) -------------- -------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS ....... 428,439,799 (168,111,706) 336,639,529 NET ASSETS AT BEGINNING OF YEAR ............. 1,306,794,295 1,474,906,001 1,138,266,472 -------------- -------------- -------------- NET ASSETS AT END OF YEAR ................... $1,735,234,094 $1,306,794,295 $1,474,906,001 ============== ============== ============== PER UNIT: Income distributions during year .......... $2.79 $2.79 $2.77 ===== ===== ===== Net asset value at end of year ............ $119.63 $83.10 $88.47 ======= ====== ====== UNITS OUTSTANDING AT END OF YEAR ............ 14,505,395 15,726,053 16,670,493 ========== ========== ==========
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, 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. 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 ============ ==============
- 10 - 13 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS MARKETABLE SECURITIES, AT DECEMBER 31, 1997:
Total Market Name Of Issuer Shares Cost Value AT&T 4,762,732 $ 58,829,554 $ 291,717,335 Airtouch Communications 1,905,120 10,737,194 79,181,550 Ameritech Corp. 2,857,659 31,359,314 230,041,549 Bell Atlantic Corporation 3,368,236 61,851,410 306,509,476 BellSouth Corporation 4,286,460 34,504,478 241,381,279 Lucent Technologies 1,543,554 25,524,130 123,291,376 NCR Corp. 297,713 3,179,421 8,280,143 SBC Communications Inc. 4,251,128 45,168,484 311,395,126 U.S. West Incorporated 1,905,120 16,263,966 85,968,540 U.S. West Media Group 1,905,120 10,925,949 55,010,340 ------------ -------------- $298,343,900 $1,732,776,714 ============ ==============
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, 1996 and 1997 to holders of record at December 15, 1996 and December 15, 1997 was at the rate of $.229 and $.233 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 - 14 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS 6. NET CAPITAL
December 31, 1997 1996 Cost at dates of deposit, including subsequent reinvested distributions, of remaining units outstanding....... $ 308,157,703 $ 334,239,562 Less sales charge...................... 4,622,362 5,013,589 -------------- -------------- Net amount applicable to Holders....... 303,535,341 329,225,973 Redemptions of units - net cost of units redeemed less redemption amounts.............................. (550,927,021) (462,812,124) Realized gain on securities sold....... 545,692,292 459,431,557 Unrealized appreciation of investments.......................... 1,434,432,814 977,918,419 -------------- -------------- Net capital applicable to Holders...... $1,732,733,426 $1,303,763,825 ============== ==============
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 1997 and 1996 quarterly results of operations, in thousands of dollars, is as follows: 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) ========= ======= ========= ======== ========
- 12 - 15 THE EQUITY INCOME FUND, FIRST EXCHANGE SERIES - AT&T SHARES NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 1997
For the Quarter Ended 1997 March 31 June 30 September 30 December 31 Total Net investment income $12,165 $ 8,819 $ 10,536 $ 10,441 $ 41,961 Net realized and unrealized gain (loss) on investments (19,417) 185,607 92,210 284,375 542,775 -------- -------- -------- -------- -------- Net increase (decrease) in net assets resulting from operations $(7,252) $194,426 $102,746 $294,816 $584,736 ======== ======== ======== ======== ========
- 13 - 16 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 - 17 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, 1996 and 1997 ....................................... 7 1.2 - Statements of Operations for the years ended December 31, 1995, December 31, 1996 and December 31, 1997 .............................. 8 1.3 - Statements of Changes in Net Assets for the years ended December 31, 1995, December 31, 1996 and December 31, 1997 ................. 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. 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, 1996, incorporated by reference to 1933 Act File No. 2-83192. - 15 - 18 13.2 - Form 10-Q, for the quarter ended June 30, 1996, incorporated by reference to 1933 Act File No. 2-83192. 13.3 - Form 10-Q, for the quarter ended September 30, 1996, incorporated by reference to 1933 Act File No. 2-83192. 13.4 - Form 10-K for the fiscal year ended December 31, 1996, incorporated by reference to 1933 Act File No. 2-83192. 13.5 - Form 10-Q for the quarter ended March 31, 1997, incorporated by reference to 1933 Act File No. 2-83192. 13.6 - Form 10-Q for the quarter ended June 30, 1997, incorporated by reference to 1933 Act File No. 2-83192. 13.7 - Form 10-Q for the quarter ended September 30, 1997, incorporated by reference to 1933 Act File No. 2-83192. 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- 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 __, 1998 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 1 YEAR SEP-30-1997 SEP-30-1997 298,343,900 1,732,776,714 3,286,297 2,564,043 0 1,738,627,054 0 0 0 3,392,960 0 298,300,612 14,505,395 15,726,053 2,500,668 0 0 0 1,434,432,814 1,735,234,094 42,399,400 0 0 (438,859) 41,960,541 86,260,735 456,514,395 584,735,671 0 (42,211,078) 0 0 0 1,220,658 0 428,439,799 3,030,470 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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