<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
September 30, 1998
For Quarterly Period Ended ................................
001-08642
Commission file number ......................................
The Equity Income Fund, First Exchange Series - AT&T Shares
.............................................................
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
New York 13-6824382
............................ ..........................
(State or other jurisdiction (I.R.S. Employee
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-69th Floor 388 Greenwich Street
New York, New York 10048 New York, New York 10013
.............................................................
(Addresses of principal executive office of Sponsors)
The Bank of New York, 101 Barclay Street, New York, N.Y. 10286
.............................................................
(Addresses of principal executive office of Trustee)
(212) 815-2887
.............................................................
(Trustee's telephone number, including area code)
</TABLE>
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 .
--- ---
<PAGE> 2
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
(See pages 3-10 below.)
- 2 -
<PAGE> 3
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
The Sponsors, Trustee and Holders
of The Equity Income Fund,
First Exchange Series - AT&T Shares:
We have reviewed the accompanying statement of condition of The Equity Income
Fund, First Exchange Series - AT&T Shares (the "Fund") as of September 30, 1998
and the related statements of operations and of changes in net assets for the
three-month and nine-month periods ended September 30, 1998 and 1997. These
financial statements are the responsibility of the Trustee.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and of making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should
be made to such financial statements for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the statement of condition of The Equity Income Fund, First Exchange
Series - AT&T Shares as of December 31, 1997, and the related statements of
operations and of changes in net assets for the year then ended (not presented
herein); and in our report dated March 9, 1998, we expressed an unqualified
opinion on those financial statements. In our opinion, the information set
forth in the accompanying statement of condition as of December 31, 1997 is
fairly stated, in all material respects, in relation to the statement of
condition from which it has been derived.
November 2, 1998
- 3 -
<PAGE> 4
THE EQUITY INCOME FUND,
FIRST EXCHANGE SERIES - AT&T SHARES
STATEMENTS OF CONDITION
<TABLE>
<CAPTION>
(UNAUDITED)
SEPTEMBER 30, DECEMBER 31,
1998 1997
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities - at market value
(Notes 1 and 2):
1997 cost - $298,343,900 ............................. $1,732,776,714
1998 cost - $283,896,433 ............................. $2,001,528,189
Dividends receivable ................................... 3,142,203 3,286,297
Cash ................................................... 2,735,842 2,564,043
-------------- --------------
Total ........................................ 2,007,406,234 1,738,627,054
-------------- --------------
LESS LIABILITIES:
Distribution payable (Note 3) .......................... 3,335,565 3,387,399
Accrued expenses ....................................... 48,237 5,561
-------------- --------------
Total ........................................ 3,383,802 3,392,960
-------------- --------------
TOTAL TRUST PROPERTY ..................................... $2,004,022,432 $1,735,234,094
============== ==============
NET ASSETS, REPRESENTED BY:
Units of fractional undivided interest outstanding:
1997 - 14,505,395 (Note 6) ........................... $1,732,733,426
1998 - 13,868,886 (Note 6) ........................... $2,001,499,675
Undistributed net investment income .................... 2,522,757 2,500,668
-------------- --------------
NET ASSETS ............................................... $2,004,022,432 $1,735,234,094
============== ==============
UNIT VALUE:
1997 - $1,735,234,094 / 14,505,395 units ............... $119.63
1998 - $2,004,022,432 / 13,868,886 units ............... $144.50 =======
=======
</TABLE>
See Independent Accountants' Review Report and
Notes to Financial Statements.
- 4 -
<PAGE> 5
THE EQUITY INCOME FUND,
FIRST EXCHANGE SERIES - AT&T SHARES
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
(UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30,
1998 1997
<S> <C> <C>
INVESTMENT INCOME:
Dividend income ..................................... $ 10,202,631 $ 10,627,033
Trustee's fees and expenses ......................... (58,730) (86,897)
Sponsors' fees ...................................... (42,664) (4,407)
------------ ------------
Net investment income ............................... 10,101,237 10,535,729
------------ ------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain on securities sold .................... 20,244,486 26,492,279
Unrealized appreciation of investments .............. 53,107,399 65,718,092
------------ ------------
Realized and unrealized gain on investments ......... 73,351,885 92,210,371
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM .............
OPERATIONS .......................................... $ 83,453,122 $102,746,100
============ ============
<CAPTION>
(UNAUDITED)
NINE MONTHS ENDED
SEPTEMBER 30,
1998 1997
<S> <C> <C>
INVESTMENT INCOME:
Dividend income ..................................... $ 30,929,920 $ 31,833,294
Trustee's fees and expenses ......................... (339,797) (282,559)
Sponsors' fees ...................................... (70,812) (30,731)
------------ ------------
Net investment income ............................... 30,519,311 31,520,004
------------ ------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain on securities sold .................... 70,327,760 67,680,432
Unrealized appreciation of
investments ....................................... 283,198,944 190,719,114
------------ ------------
Realized and unrealized gain on investments ......... 353,526,704 258,399,546
------------ ------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ..................................... $384,046,015 $289,919,550
============ ============
</TABLE>
See Independent Accountants' Review Report and
Notes to Financial Statements.
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<PAGE> 6
THE EQUITY INCOME FUND,
FIRST EXCHANGE SERIES - AT&T SHARES
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
(UNAUDITED)
THREE MONTHS ENDED
SEPTEMBER 30,
1998 1997
<S> <C> <C>
OPERATIONS:
Net investment income ............................. $ 10,101,237 $ 10,535,729
Realized gain on securities sold .................. 20,244,486 26,492,279
Unrealized appreciation of investments ............ 53,107,399 65,718,092
-------------- --------------
Net increase in net assets resulting from
operations ...................................... 83,453,122 102,746,100
INCOME DISTRIBUTIONS TO HOLDERS (Note 3) ............ (10,049,370) (10,472,508)
CAPITAL SHARE TRANSACTIONS:
Redemptions of 172,432 and 367,132 units,
respectively (Note 5) ........................... (24,549,298) (34,748,980)
-------------- --------------
NET INCREASE IN NET ASSETS .......................... 48,854,454 57,524,612
NET ASSETS AT BEGINNING OF PERIOD ................... 1,955,167,978 1,416,832,114
-------------- --------------
NET ASSETS AT END OF PERIOD ......................... $2,004,022,432 $1,474,356,726
============== ==============
PER UNIT:
Income distributions during period ................ $.720 $.703
===== =====
Net asset value at end of period .................. $144.50 $100.16
======= =======
UNITS OUTSTANDING AT END OF PERIOD .................. 13,868,886 14,720,478
========== ==========
</TABLE>
See Independent Accountants' Review Report and
Notes to Financial Statements.
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<PAGE> 7
THE EQUITY INCOME FUND,
FIRST EXCHANGE SERIES - AT&T SHARES
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
(UNAUDITED)
NINE MONTHS ENDED
SEPTEMBER 30,
1998 1997
<S> <C> <C>
OPERATIONS:
Net investment income .............................. $ 30,519,311 $ 31,520,004
Realized gain on securities sold ................... 70,327,760 67,680,432
Unrealized appreciation of investments ............. 283,198,944 190,719,114
-------------- --------------
Net increase in net assets resulting
from operations .................................. 384,046,015 289,919,550
INCOME DISTRIBUTIONS TO HOLDERS (Note 3) ............. (30,301,986) (31,979,841)
CAPITAL SHARE TRANSACTIONS:
Redemptions of 636,509 and 1,005,575 units,
respectively (Note 5) ............................ (84,955,691) (90,377,278)
-------------- --------------
NET INCREASE IN NET ASSETS ........................... 268,788,338 167,562,431
NET ASSETS AT BEGINNING OF PERIOD .................... 1,735,234,094 1,306,794,295
-------------- --------------
NET ASSETS AT END OF PERIOD .......................... $2,004,022,432 $1,474,356,726
============== ==============
PER UNIT:
Income distributions during period ................. $2.13 $2.095
===== ======
Net asset value at end of period ................... $144.50 $100.16
======= =======
UNITS OUTSTANDING AT END OF PERIOD ................... 13,868,886 14,720,478
========== ==========
</TABLE>
See Independent Accountants' Review Report and
Notes to Financial Statements.
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<PAGE> 8
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 average 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 SEPTEMBER 30, 1998 (UNAUDITED):
<TABLE>
<CAPTION>
TOTAL MARKET
NAME OF ISSUER SHARES COST VALUE
<S> <C> <C> <C>
AT&T 4,553,706 $ 56,246,559 $ 266,107,194
Airtouch Communications 1,821,522 10,267,984 103,826,754
Ameritech Corp. 5,464,481 29,698,067 258,879,787
Bell Atlantic Corporation 6,440,831 58,491,761 311,977,752
BellSouth Corporation 4,098,335 32,201,375 308,399,709
Lucent Technologies 2,951,639 24,680,149 203,847,568
Mediaone Group Inc.(formerly
U.S. West Media Group) 1,821,522 10,056,085 80,943,884
NCR Corporation 284,668 3,089,602 8,184,205
SBC Communications Inc. 8,129,094 43,223,111 361,236,615
U.S. West Inc. (formerly 1,871,270 15,941,740 98,124,721
U.S. West Communications) ------------ --------------
$283,896,433 $2,001,528,189
============ ==============
</TABLE>
See Independent Accountants' Review Report.
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<PAGE> 9
THE EQUITY INCOME FUND,
FIRST EXCHANGE SERIES - AT&T SHARES
NOTES TO FINANCIAL STATEMENTS
MARKETABLE SECURITIES, AT DECEMBER 31, 1997:
<TABLE>
<CAPTION>
TOTAL MARKET
NAME OF ISSUER SHARES COST VALUE
<S> <C> <C> <C>
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 Corporation 297,713 3,179,421 8,280,143
SBC Communications Inc. 4,251,128 45,168,484 311,395,126
U.S. West Inc. 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
============ ==============
</TABLE>
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.
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.
See Independent Accountants' Review Report.
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<PAGE> 10
THE EQUITY INCOME FUND,
FIRST EXCHANGE SERIES - AT&T SHARES
NOTES TO FINANCIAL STATEMENTS
6. 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.
See Independent Accountants' Review Report.
- 10 -
<PAGE> 11
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
During the third quarter ended September 30, 1998, the Equity Income
Fund, First Exchange Series - AT&T Shares (the "Fund") continued to hold
securities of AT&T and each of the nine companies.
The Fund had net investment income of approximately $10.1 million and
net realized and unrealized gain on investments of approximately $73.4 million
for the quarter ended September 30, 1998, causing a net increase in net assets
resulting from operations of approximately $83.5 million. In contrast, net
investment income of approximately $10.5 million and net realized and
unrealized gain on investments of approximately $92.2 million for the quarter
ended September 30, 1997, resulted in a net increase in net assets resulting
from operations of approximately $102.7 million. For the year ended December
31, 1997, net investment income of approximately $42.0 million and net realized
and unrealized gain on investments of approximately $542.8 million resulted in
a net increase in net assets resulting from operations of approximately $584.7
million.
Income distributions during the third quarter of 1998 totaled $0.72 per
Unit, compared with income distributions of $0.70 per Unit during the third
quarter of 1997.
For the nine month period ended September 30, 1998, the Fund had net
investment income of approximately $30.5 million and net realized and
unrealized gain on investments of approximately $353.5 million resulting in a
net increase in net assets resulting from operations of approximately $384.0
million, compared with net investment income of approximately $31.5 million and
net realized and unrealized gain on investments of approximately $258.4 million
resulting in a net increase in net assets resulting from operations of
approximately $289.9 million for the nine month period ending September 30,
1997. Income distributions during the nine months ended September 30, 1998
totaled $2.130 per Unit compared with income distributions of $2.095 per Unit
during the nine months ended September 30, 1997.
As of the end of the third quarter of 1998, the per Unit net asset value
of the fund had increased to $144.50 from its
- 11 -
<PAGE> 12
$100.16 level at the end of the third quarter of 1997, and increased from its
$139.24 level at the end of the second quarter of 1998. There was a decrease
of 172,432 Units outstanding during the third quarter of 1998 due to
redemptions, and there were 13,868,886 Units outstanding at the end of that
quarter.
Year 2000 Problem
The Fund's ability to perform properly is dependent upon The Bank of New
York in its capacity as Trustee of the Trust, and the Depository Trust Company
("DTC") in its capacity as clearing agent.
To the extent that there are any material Year 2000 issues or
consequences for The Bank of New York in its capacity as Trustee of the Fund,
those issues and consequences, if any, are addressed in The Bank of New York
Company, Inc.'s Annual Report on Form 10-K for the fiscal year ended December
31, 1997 and Quarterly Report on Form 10-Q for the period ended September 30,
1998 (Commission File No. 1-6152).
To the extent that there are any material Year 2000 issues or
consequences for DTC, DTC has provided the following information:
"DTC management is aware that some computer applications, systems, and
the like for processing data ("Systems") that are dependent upon calendar
dates, including dates before, on, and after January 1, 2000, may encounter
"Year 2000 Problems." DTC has informed its Participants and other members of
the financial community (the "Industry") that it believes that it has developed
and is implementing a program so that its Systems, as the same relate to the
timely payment of distributions (including principal and income payments) to
securityholders, book-entry deliveries, and settlement of trades within DTC
("DTC Services"), will continue to function appropriately. This program
includes a technical assessment and remediation plan, each of which is
complete. Additionally, DTC's plan includes a testing phase which is expected
to be completed within appropriate time frames."
"However, DTC's ability to perform properly its services is also
dependent upon other parties, including but not limited to issuers and their
agents, as well as third-party vendors on whom DTC relies for information or
the provision of services, including telecommunication and electrical utility
service providers, among others. DTC has informed the Industry that it is
contacting (and will continue to contact) third party vendors from whom DTC
acquires services to: (i) impress upon them the importance of such services
being Year 2000 compliant; and (ii) determine the extent of their efforts for
Year 2000
- 12 -
<PAGE> 13
remediation (and, as appropriate, testing) of their services. In addition, DTC
is in the process of developing such contingency plans as it deems
appropriate."
"According to DTC, the foregoing information with respect to DTC has
been provided to the Industry for informational purposes only and is not
intended to serve as a representation, warranty, or contract modification of
any kind."
Although the Fund believes it is adequately addressing its Year 2000
issues, if the Fund were to encounter a material Year 2000 probelm, such
problem could materially and adversely result in an interruption in, or a
failure of, the Trustee's exercising its powers on behalf of the Fund.
The information presented with respect to Year 2000 compliance is
forward looking information. As such it is subject to risks and uncertainties
that could cause actual results to differ materially from the projected results
discussed in this report.
- 13 -
<PAGE> 14
<TABLE>
<S> <C>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings - None
Item 2. Changes in Securities - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. Exhibits and Reports on 8-K
a. 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).
19 - Forms 10-Q and 10-K (incorporated by reference to such forms filed under The Equity Income Fund, First
Exchange Series - AT&T Shares, No. 001-08642).
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.
b. None.
</TABLE>
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<PAGE> 15
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Trustee of the trust has duly caused this report to be signed on behalf of the
trust by the undersigned thereto duly authorized.
THE EQUITY INCOME FUND, First
Exchange Series - AT&T Shares
By: THE BANK OF NEW YORK,
as Trustee
Dated: November 13, 1998 By /s/ Alfred Irving
------------------------
Name: Alfred Irving
Title: Vice President
- 15 -
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AT&T-FIRST
EXCHANGE SERIES IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 283,896,433
<INVESTMENTS-AT-VALUE> 2,001,528,189
<RECEIVABLES> 3,142,203
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,735,842
<TOTAL-ASSETS> 2,007,406,234
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,383,802
<TOTAL-LIABILITIES> 3,383,802
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,718,300,731
<SHARES-COMMON-STOCK> 13,868,886
<SHARES-COMMON-PRIOR> 14,505,395
<ACCUMULATED-NII-CURRENT> 2,522,757
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 283,198,944
<NET-ASSETS> 2,004,022,432
<DIVIDEND-INCOME> 30,929,920
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (410,609)
<NET-INVESTMENT-INCOME> 30,519,311
<REALIZED-GAINS-CURRENT> 70,327,760
<APPREC-INCREASE-CURRENT> 283,198,944
<NET-CHANGE-FROM-OPS> 384,046,015
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30,301,986
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 636,509
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 268,788,338
<ACCUMULATED-NII-PRIOR> 2,522,757
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>