Securities and Exchange Commission
Washington, D.C. 20549
Rule 24f-2 Notice
for
Registration Under the Securities Act of 1933 of Securities of
Unit Investment Trust Registered on Form N-8B-2
Registrant: Equity Securities Trust, Signature Series, Series 1,
Gabelli Communications Income Trust
Registration No. 33-45561
Depositor: Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167
Gruntal & Co., Incorporated
14 Wall Street
New York, New York 10005
under the Investment Company Act of 1940
Form N-8B-2 File No. 811-2868
(i) Fiscal year for which this Notice is filed:
November 30, 1994
(ii) Number or amount of securities of the same class or series, if any,
which had been registered under the Securities Act of 1933 other
than pursuant to Rule 24f-2 under the Investment Company Act of 1940
but which remained unsold at the beginning of such fiscal year:
None
(iii) Number or aggregate dollar amount of securities, if any, registered
during such fiscal year other than pursuant to Rule 24f-2:
None
(iv) Number or aggregate dollar amount of securities sold during such
fiscal year:
$604,460.62
(v) Number or aggregate dollar amount of securities sold during such
fiscal year in reliance upon Rule 24f-2:
$604,460.62 *
Exhibit: Opinion of Messrs. Battle Fowler LLP
* The filing fee of $100.00 is calculated in accordance with
Rule 24f-2(c) and Section 6(b) of the Securities Act of 1933 and is
based upon the following: the actual aggregate sales price of the
51,628 units sold during such fiscal year in reliance upon
Rule 24f-2 was $604,460.62; the actual aggregate dollar amount of
units redeemed or repurchased during the fiscal year was
$493,377.82; and the actual aggregate redemption or repurchase price
of such securities previously applied by the issuer pursuant to
Rule 24(e)-2(a) in filings made pursuant to Section 24(e)(1) was $0.
<PAGE>
SIGNATURE
Pursuant to the requirements of Rule 24f-2, the registrant,
Equity Securities Trust, Signature Series, Series 1, Gabelli
Communications Income Trust, has duly caused this Rule 24f-2 Notice to be
signed on its behalf by the undersigned, thereunto duly authorized, in the
City and State of New York, on this 26th day of January, 1995.
Equity Securities Trust, Signature Series,
Series 1, Gabelli Communications Income Trust
(Registrant)
BEAR, STEARNS & CO. INC.
(Depositor)
By:
Peter J. DeMarco
(Authorized Signatory)
GRUNTAL & CO., INCORPORATED
(Depositor)
By: Bear, Stearns & Co. Inc.
(as Attorney-in-Fact)
By:
Peter J. DeMarco
(Authorized Signatory)
BATTLE FOWLER LLP
PARK AVENUE TOWER
75 EAST 55TH STREET
NEW YORK, NY 10022
(212) 856-7000
January 31, 1995
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167
Gruntal & Co., Incorporated
14 Wall Street
New York, New York 10005
Dear Sirs:
We have acted as special counsel to Bear, Stearns & Co. Inc. and
Gruntal & Co., Incorporated, as Depositors, Sponsors and Principal
Underwriters (collectively, the "Depositors") of Equity Securities Trust,
Series 1, Signature Series, Gabelli Communications Income Trust (the
"Trust") in connection with the preparation by the Trust of a Rule 24f-2
Notice (the "Rule 24f-2 Notice") covering the registration of units of
fractional undivided interest (the "Units") in the Trust.
In connection with our representation, we have examined copies of
the following documents relating to the creation of the Trust and the
issuance and sale of the Units: (a) the Reference Trust Agreement dated
June 3, 1992 (the "Trust Agreement") among the Depositors and United
States Trust Company of New York, as Trustee; (b) the Notification of
Registration on Form N-8A and the Registration Statement on Form N-8B-2,
as amended, relating to the Trusts, as filed with the Securities and
Exchange Commission (the "Commission") pursuant to the Investment Company
Act of 1940 (the "1940 Act"); (c) the Registration Statement on Form S-6
(Registration No. 33-45561) filed with the Commission pursuant to the
Securities Act of 1933 (the "1933 Act"), and all Amendments thereto (said
Registration Statement, as amended by said Amendment(s) being herein
called the "Registration Statement"); (d) the final Prospectus (the
"Prospectus") relating to the Units, filed with the Commission on June 3,
1992; (e) certified resolutions of the Executive Committees of each of the
Depositors authorizing the execution and delivery by the Depositors of the
Trust Agreements and the consummation of the transactions contemplated
thereby; (f) the Certificates of Incorporation and By-Laws of each of the
Depositors; and (g) a certificate of an authorized officer of each of the
Depositors with respect to certain factual matters contained therein.
We have also examined the Notice of Application for an Order of
Exemption from certain provisions of Section 11(a) and 11(c ) of the 1940
Act, filed with the Commission by the Depositors on behalf of Municipal
Securities Trust, Series 1 (and Subsequent Series (including Insured
Securities Trust, Series 1 (and Subsequent Series) and 5th Discount Series
(and Subsequent Series)); New York Municipal Trust, Series 1 (and
Subsequent Series); A Corporate Trust, Series 1 (and Subsequent Series);
Mortgage Securities Trust, CMO Series 1 (and Subsequent Series); and
Equity Securities Trust (Series 1, Signature Series, Gabelli
Communications Income Trust and Subsequent Series) on November 12, 1992
and, as amended, on January 26, 1994 and October 19, 1994, and the related
Exemptive Order (Release No. IC-20729) issued by the Commission on
November 22, 1994.
We have not reviewed the financial statements, compilation of the
Securities held by the Trust, or other financial or statistical data
contained in the Registration Statement and the Prospectus, as to which
you have been furnished with the reports of the accountants appearing in
the Registration Statement and the Prospectus.
In addition, we have assumed the genuineness of all agreements,
instruments and documents submitted to us as originals and the conformity
to originals of all copies thereof submitted to us. We have also assumed
the genuineness of all signatures and the legal capacity of all persons
executing agreements, instruments and documents examined or relied upon by
us.
Statements in this opinion as to the validity, binding effect and
enforceability of agreements, instruments and documents are subject: (i)
to limitations as to enforceability imposed by bankruptcy, reorganization,
moratorium, insolvency and other laws of general application relating to
or affecting the enforceability of creditors' rights, and (ii) to
limitations under equitable principles governing the availability of
equitable remedies.
We are not admitted to the practice of law in any jurisdiction but
the State of New York and we do not hold ourselves out as experts in or
express any opinion as to the laws of other states or jurisdictions except
as to matters of Federal and Delaware corporate law.
Based exclusively on the foregoing, we are of the opinion that under
existing law the Units of the Trust, the registration of which this Notice
makes definitive, were legally issued, fully paid and non-assessable.
We hereby consent to the filing of this opinion as an exhibit to the
Rule 24f-2 Notice.
Very truly yours,
Battle Fowler LLP
