As filed with the Securities and Exchange Commission on May 26, 1998
Registration No. 333-48713
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
Post-Effective Amendment No. 1 to
FORM S-6
For Registration Under the Securities Act
of 1933 of Securities of Unit Investment
Trusts Registered on Form N-8B-2
---------------------
A. EXACT NAME OF TRUST:
Equity Securities Trust, Series 18, Signature Series, Zacks' Fastest
Growing Blue Chip Companies Trust and Zacks' Fastest Growing Small
Companies Trust
B. NAME OF DEPOSITOR:
Reich & Tang Distributors, Inc.
C. COMPLETE ADDRESS OF DEPOSITOR'S PRINCIPAL EXECUTIVE OFFICES:
Reich & Tang Distributors, Inc.
600 Fifth Avenue
New York, New York 10020
D. NAME AND COMPLETE ADDRESS OF AGENT FOR SERVICE:
COPY OF COMMENTS TO:
PETER J. DEMARCO MICHAEL R. ROSELLA, Esq.
Reich & Tang Distributors, Inc. Battle Fowler LLP
600 Fifth Avenue 75 East 55th Street
New York, New York 10020 New York, New York 10022
(212) 856-6858
It is proposed that this filing become effective (check appropriate box)
/ / immediately upon filing pursuant to paragraph (b) of Rule 485
/ / on ____________ pursuant to paragraph (b)
/ / 60 days after filing pursuant to paragraph (a)
/ / on ( date ) pursuant to paragraph (a) of Rule 485
718042.1
<PAGE>
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EQUITY SECURITIES TRUST, Reich & Tang Distributors, Inc.
Series 18, Signature Series 600 Fifth Avenue
Zachs' Fastest Growing Blue Chip (212) 830-5200
Companies Trust and Zachs' Fastest
Growing Small Companies Trust
================================================================================
SUPPLEMENT DATED MAY 6, 1998
The following disclosure is to be inserted immediately following Page A-10 of
the Prospectus:
ZACKS' FASTEST GROWING BLUE CHIP COMPANIES TRUST
Tap into the professional expertise of Wall Street's analysts.
What if you could invest with the pro's?
You'd simply identify the companies with the best potential for future earnings
and invest in them. Easier said than done. But, what if you could tap into the
expertise of thousands of Wall Street's analysts? And, what if you could pool
the knowledge of those analysts before making your investment decision?
Introducing Zacks' Fastest Growing Blue Chip Companies Trust
Zacks Investment Research - a leader in rating the performance of Wall Street's
analysts - invites you to invest in the Zacks' Fastest Growing Blue Chip
Companies Trust. The term "fastest growing" identifies those small cap companies
that Zacks believes to have greater earnings potential over the next one-to-two
years. It's a truly unique opportunity created to take advantage of Zacks'
investment strategy.
Over its two-year life, the Trust will seek total return through capital
appreciation and current dividend income. In seeking to achieve its objective,
the Trust will invest in a portfolio of ten blue-chip stocks selected from the
Dow Jones Industrial Average (the "Dow") for their projected future earnings
potential. The Sponsor of the Trust can give no assurance that the Trust's
objectives can be achieved.
The success of the strategy relies on two key elements:
1. The confidence that those analysts place in their own estimates.
2. Projected earnings estimates for these blue-chip companies, based on the
consensus of all of the Wall Street analysts who follow the companies.
Once the results of Wall Street's analysts have been collected, Zacks calculates
the average estimated earnings of each company, as well as the consensus of
those averages, for one to two years in the future. Based on this information,
Zacks then ranks these blue-chip companies and identifies the 10 stocks from the
Dow with the most certain earnings growth.
The stocks selected for the Trust are those that have the highest potential,
based on estimated earnings-per-share (EPS) growth. EPS is the portion of a
company's profit allocated to each outstanding share of stock. So, the theory
holds that those companies with the highest and most certain EPS growth will
also have the highest return potential. Historically, the stocks of such
companies have also tended to be less volatile.
The Strategy
Zacks compiles the research and projected earnings estimates for companies in
the Dow as estimated by Wall Street's analysts. Then Zacks adjusts the
companies' earnings-per-share (EPS) growth rates based on the consensus among
the analysts who follow the stocks. Finally, it's time to calculate the average
estimated earnings of each company for one to two years in the future. The 10
stocks selected for the Trust are those that have the highest potential, based
on these EPS growth estimates.
718023.1
<PAGE>
The following table compares the actual performance of the Dow Jones Industrial
Average and the hypothetical performance of portfolios applying the Zacks'
strategy for each of the stated periods:
24-Month Total Returns
Portfolios created as of the first day of May and ending on the thirtieth day of
April for each 24-month period.
<TABLE>
<CAPTION>
The Strategy:
Zacks' Fastest Growing The Dow Jones
Period: Blue-Chip Companies: Industrial Average:
<S> <C> <C>
May 1985 - April 1987 122.9% 95.3%
May 1987 - April 1989 28.2 15.3
May 1989 - April 1991 71.1 30.8
May 1991 - April 1993 67.8 42.9
May 1993 - April 1995 43.7 37.4
May 1995 - April 1997 89.9 72.8
Average 24-Month Total Return: 70.6% 49.1%
</TABLE>
Unlike the Trust, this back tested data may include foreign securities and ADRs,
as well as securities that may have announced a pending acquisition but was not
consummated within the two-year period of a portfolio.
Past performance cannot guarantee future results. The value of your units, when
redeemed, may be worth more or less than your original investment. Historical
results of the hypothetical strategy for the past 13-year period ended April 30,
1997, including dividends but excluding fees, sales charges, commissions,
expenses or taxes which would reduce the performance quoted. This strategy has
underperformed the Dow in certain years and there can be no assurance that the
Trust will outperform the Dow over its approximate two-year life.
718023.1
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<PAGE>
ZACKS' FASTEST GROWING SMALL COMPANIES TRUST
Is smaller better?
While it may be true that steady blue-chip stocks remain the favorite of
investors from year to year, there's something to be said about smaller
companies making waves.
Over the long term, stocks of small capitalization (small cap) companies have
provided more-aggressive investors with a better return than blue chip stocks.
Their stock prices are also generally good values since they have yet to be
discovered by large institutional investors.
Introducing Zacks' Fastest Growing Small Companies Trust
Zacks Investment Research - a leader in rating the performance of Wall Street's
analysts - now offers you the opportunity to invest in the Zacks' Fastest
Growing Small Companies Trust. The term "fastest growing" identifies those small
cap companies that Zacks believes to have greater earnings potential over the
next one-to-two years. The Trust seeks capital appreciation. It also aims to
outperform the Russell 2000(R) Index - a popular measure of the stock price
performance of small cap companies over its two-year life by investing in a
portfolio of small cap companies. The Sponsor of the Trust can give no assurance
that the Trust's objectives can be achieved.
The Trust will invest in a selection of up-and-coming companies that:
o have at least $100 million in market capitalization
o are expected to experience earnings growth of at least 5(cent) per share in
the coming year
o are relatively unknown to Wall Street - followed by only 2 or
3 analysts.
Because these stocks aren't widely followed by Wall Street analysts, they tend
to be undervalued in the marketplace. That means the current stock price does
not necessarily reflect the companies' expected growth. So, an opportunity for
substantial price appreciation exists. From the universe of stocks that fits
this criteria, Zacks will collect the projected earnings per share (EPS) results
of the Wall Street analysts who follow the companies.
After calculating the average projected earnings of each company for one to two
years in the future as estimated by the analysts, Zacks will then identify the
fastest growing small cap companies for the portfolio.
The Strategy
From the universe of stocks that fit this criteria, Zacks Investment Research
will collect the projected earnings for each stock calculated by each of the
Wall Street analysts who follow those companies. Once the results of the
analysts have been tallied, Zacks formulates a consensus of the analysts'
estimates of the average projected earnings of each company for one or two years
in the future. From this information, Zacks will then identify the twenty
projected fastest growing small cap companies for inclusion in the portfolio of
the Trust.
718023.1
-3-
<PAGE>
The following table compares the actual performance of the Dow Jones Industrial
Average and the hypothetical performance of portfolios applying the Zacks'
strategy for each of the stated periods:
24-month Total Returns
(Portfolios created as of the first day of May and ending on the thirtieth day
of April for each 24-month period)
<TABLE>
<CAPTION>
The Strategy:
Zacks' Fastest Growing
Period: Small Companies: The Russell 2000(R)Index:
<S> <C> <C>
May 1985 - April 1987 102.4% 48.7%
May 1987 - April 1989 35.7 6.1
May 1989 - April 1991 23.1 7.7
May 1991 - April 1993 59.7 35.5
May 1993 - April 1995 97.5 23.1
May 1995 - April 1997 59.1 33.1
Average 24-Month Total Return: 62.9% 25.7%
</TABLE>
Unlike the Trust, this back tested data may include foreign securities and ADRs,
as well as securities that may have announced a pending acquisition but was not
consummated within the two-year period of a portfolio.
Past performance cannot guarantee future results. The value of your units, when
redeemed, may be worth more or less than your original investment. Historical
results of the hypothetical strategy for the past 13-year period ended April 30,
1997, including dividends but excluding fees, sales charges, commissions,
expenses or taxes which would reduce the performance quoted. This strategy has
underperformed the Russell 2000(R) Index in certain years and there can be no
assurance that the Trust will outperform the Russell 2000(R) Index over its
approximate two-year life.
Highlights of the Blue Chip Trust and Small Companies Trust
Professional Selection
Your portfolio will be selected using the expertise of Wall Street's financial
analysts.
A Buy-and-Hold Strategy
The buy-and-hold, fixed portfolio eliminates management fees and reduces trading
expenses. The savings are passed on to you, the investor. Investors purchasing
units will pay a sales charge.
Monitored Portfolio
The stocks in your portfolio are continuously monitored, and under certain
limited circumstances, can be removed from the portfolio.
Daily Pricing & Liquidity
You have the flexibility to redeem your units at the net asset value any day the
stock market is open. Keep in mind that the daily price will fluctuate with the
underlying securities, and may be worth more or less than you originally paid.
Retirement Plan Qualified
You may hold the Trusts in your IRA or custodial accounts, in addition to your
regular investment portfolio.
Compounded Returns
You have the option to take advantage of the power of compounding by having any
distributions automatically reinvested into additional units of a Trust at a
reduced sales charge.
718023.1
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<PAGE>
Three Options at Termination
When a Trust terminates you have three options, which may be subject to tax
liability. You may:
1. receive your distribution in cash,
2. reinvest your proceeds into a new trust at a reduced sales charge, or
3. receive shares of the underlying stock (minimums apply).
Risk Considerations
An investment in units of either Trust should be made with an understanding of
the risks associated with an investment in common stocks, which include the
risks that the financial condition of the issuer may become impaired or that the
general condition of the stock market may worsen. In addition, the Trust is
"fixed" and not managed; therefore the amount realized upon the sale of a
security at termination may not be the highest price attained by an individual
security during the life of the Trust.
Units of the Trusts are not deposits or obligations of, or guaranteed by any
bank. Units are not Federally insured or otherwise protected by the Federal
Deposit Insurance Corporation and involve investment risk, including loss of
capital.
The name "Dow Jones Industrial Average" is the property of Dow Jones & Company,
Inc., and the name Russell 2000(R) Index is the property of the Frank Russell
Company, neither of which are affiliated with the Sponsor and have not
participated in any way in the creation of the Trusts or in the selection of the
stocks included in the Trusts and have not reviewed or approved any information
included in this Prospectus. Neither the Dow Jones & Company, Inc. nor the Frank
Russell Company have granted to the Trusts or the Sponsor a license to use the
Dow Jones Industrial Average or the Russell 2000(R) Index, respectively.
718023.1
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<PAGE>
PART II -- ADDITIONAL INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM A -- BONDING ARRANGEMENTS
The employees of Reich & Tang Distributors, Inc. are covered under Brokers'
Blanket Policy, Standard Form 14, in the amount of $11,000,000 (plus
$196,000,000 excess coverage under Brokers' Blanket Policies, Standard Form 14
and Form B Consolidated). This policy has an aggregate annual coverage of $15
million.
ITEM B -- CONTENTS OF REGISTRATION STATEMENT
This Registration Statement on Form S-6 comprises the following papers and
documents:
The facing sheet on Form S-6.
The Cross-Reference Sheet (incorporated by reference to the
Cross-Reference Sheet to the Registration Statement of Equity
Securities Trust, Series 12, 1997 Triple Strategy Trust II).
The Prospectus consisting of pages (incorporated by reference to the
Prospectus filed in Amendment No. 2 to the Registration Statement on
Form S-6 No. 333-48713 filed on May 6, 1998).
Undertakings. (incorporated by reference to the Undertakings filed in
Amendment No. 2 to the Registration Statement No. 333-48713 filed on
May 6, 1998).
Signatures.
Written consents of the following persons:
Battle Fowler LLP (included in Exhibit 3.1)
Price Waterhouse LLP (incorporated by reference to Amendment
No. 2 to the Registration Statement on Form S-6 No.
333-48713 filed on May 6, 1998)
Consent of Portfolio Consultant (incorporated by reference to
Amendment No. 2 to the Registration Statement on Form S-6
No. 333-48713 filed on May 6, 1998)
The following exhibits:
99.1.1 -- Reference Trust Agreement including certain amendments to
the Trust Indenture and Agreement referred to under Exhibit
99.1.1.1 below. (filed as Exhibit 99.1.1 to Amendment No. 2 to
Form S-6 Registration Statement No. 333-48713 if Equity
Securities Trust, Series 18, Zacks' Fastest Growing Blue Chip
Companies Trust and Zacks' Fastest Growing Small Companies
Trust on May 6, 1998 and incorporated herein by reference.
99.1.1.1 -- Form of Trust Indenture and Agreement (filed as Exhibit
99.1.1.1 to Amendment No. 1 to Form S-6 Registration Statement
No. 33-62627 of Equity Securities Trust, Series 6, Signature
Series, Gabelli Entertainment and Media Trust on November 16,
1995 and incorporate herein by reference).
99.1.3.5 -- Certificate of Incorporation of Reich & Tang Distributors,
Inc. (filed as Exhibit 99.1.3.5 to Form S-6 Registration
Statement No. 333-44301 on January 15, 1998 and incorporated
herein by reference).
99.1.3.6 -- By-Laws of Reich & Tang Distributors, Inc.(filed as Exhibit
99.1.3.6 to Form S-6 Registration Statement No. 333-44301 on
January 15, 1998 and incorporated herein by reference).
99.1.4 -- Form of Agreement Among Underwriters (filed as Exhibit
99.1.4 to Amendment No. 1 to Form S-6 Registration Statement
No. 33-62627 of Equity Securities Trust, Series 6, Signature
Series, Gabelli Entertainment and Media Trust on November 16,
1995 and incorporated herein by reference).
99.2.1 -- Form of Certificate (filed as Exhibit 99.2.1 to Amendment
No. 1 to Form S-6 Registration Statement No. 33- 62627 of
Equity Securities Trust, Series 6, Signature Series, Gabelli
Entertainment and Media Trust on November 16, 1995 and
incorporated herein by reference).
99.3.1 -- Opinion of Battle Fowler LLP as to the legality of the
securities being registered, including their consent to the
filing thereof and to the use of their name under the headings
"Tax Status" and "Legal Opinions" in the Prospectus, and to
the filing of their opinion regarding tax status of the Trust.
(filed as Exhibit 99.3.1 to Amendment No. 2 to Form S-6
Registration Statement No. 333-48713 if Equity Securities
Trust, Series 18, Zacks' Fastest Growing Blue Chip Companies
Trust and Zacks' Fastest Growing Small Companies Trust on May
6, 1998 and incorporated herein by reference.
99.6.0 -- Power of Attorney of Reich & Tang Distributors, Inc., the
Depositor, by its officers and a majority of its Directors
(filed as Exhibit 99.6.0 to Form S-6 Registration Statement
No. 333-44301 on January 15, 1998 and incorporated herein by
reference).
*99.27 -- Financial Data Schedule (for EDGAR filing only).
- --------------
* Filed herewith
718042.1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
Equity Securities Trust, Series 18, Signature Series, Zacks' Fastest Growing
Blue Chip Companies Trust and Zacks' Fastest Growing Small Companies Trust, has
duly caused this Post-Effective Amendment to the Registration Statement to be
signed on its behalf by the undersigned, hereunto duly authorized, in the City
of New York and State of New York on the 26th day of May, 1998.
EQUITY SECURITIES TRUST, SERIES 18,
SIGNATURE SERIES,
ZACKS' FASTEST GROWING BLUE CHIP COMPANIES TRUST
AND ZACKS' FASTEST GROWING SMALL COMPANIES TRUST
(Registrant)
REICH & TANG DISTRIBUTORS, INC.
(Depositor)
By /s/ PETER J. DEMARCO
--------------------
Peter J. DeMarco
Executive Vice President
Pursuant to the requirements of the Securities Act of 1933, this Amendment
to the Registration Statement has been signed below by the following persons,
who constitute the principal officers and a majority of the directors of Reich &
Tang Distributors, Inc., the Depositor, in the capacities and on the dates
indicated.
<TABLE>
<CAPTION>
Name Title Date
---- ----- ----
<S> <C> <C>
RICHARD E. SMITH, III President and Director
PETER S. VOSS Director
G. NEAL RYLAND Director
STEVEN W. DUFF Director
ROBERT F. HOERLE Managing Director May 26, 1998
PETER J. DEMARCO Executive Vice President
RICHARD I. WEINER Vice President
BERNADETTE N. FINN Vice President
LORRAINE C. HYSLER Secretary
RICHARD DE SANCTIS Treasurer
EDWARD N. WADSWORTH Executive Officer
By /s/ PETER J. DEMARCO
--------------------
Peter J. DeMarco
as Executive Vice President
and Attorney-In-Fact*
</TABLE>
- -----------------------------------
* Executed copies of Powers of Attorney were filed as Exhibit 99.6.0 to
Form S-6 Registration Statement No. 333-44301 on January 15, 1998.
718042.1
II-3
<PAGE>
*******
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
</LEGEND>
<CIK> 1057784
<NAME> BLUE CHIP
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<NAME> BLUE CHIP
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<CURRENCY> US DOLLARS
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<PERIOD-START> MAY-6-1998
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<PERIOD-TYPE> OTHER
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</TABLE>
<TABLE> <S> <C>
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<NAME> SMALL COMPANIES
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</TABLE>
