<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                 -------------
                                   FORM 10-K

                        FOR ANNUAL AND TRANSITION REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

(MARK ONE)

X        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 1997

                                       OR
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the transition period from ________ to ___________

                     Commission File Numbers 33-93806
                                             333-2878
                                             333-9309

                       AT&T Universal Card Funding Corp.
              (Originator of the AT&T Universal Card Master Trust)
                        AT&T Universal Card Master Trust
                   (Issuer of the Asset Backed Certificates)
             ------------------------------------------------------
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


<TABLE>
 <S>                                                            <C>                             <C>
              Delaware                                                     59-3325080
 ----------------------------------                             ------------------------------
 (STATE OR OTHER JURISDICTION OF INCORPORATION)                 (I.R.S. EMPLOYER IDENTIFICATION)


                     5201 Amelia Earhart Drive Suite 1001
                            Salt Lake City, Utah                                                    84116
                   ---------------------------------------                                       ----------
                   (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)                                       (ZIP CODE)
</TABLE>

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (801) 578-0619
<PAGE>   2
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

Title of each class                   Name of each exchange on which registered
-------------------                   -----------------------------------------

    Not Applicable


SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

Class A Series 1995-1 Floating Rate Asset Backed Certificates
Class B Series 1995-1 Floating Rate Asset Backed Certificates
Class A Series 1995-2 5.95% Asset Backed Certificates
Class B Series 1995-2 6.10% Asset Backed Certificates
Class A Series 1995-3 Floating Rate Asset Backed Certificates
Class B Series 1995-3 Floating Rate Asset Backed Certificates
Class A Series 1996-1 Floating Rate Asset Backed Certificates
Class B Series 1996-1 Floating Rate Asset Backed Certificates
Class A Series 1996-2 Floating Rate Asset Backed Certificates
Class B Series 1996-2 Floating Rate Asset Backed Certificates
Class A Series 1996-3 Floating Rate Asset Backed Certificates
Class B Series 1996-3 Floating Rate Asset Backed Certificates
Class A Series 1997-1 Floating Rate Asset Backed Certificates
Class B Series 1997-1 Floating Rate Asset Backed Certificates

-------------------------------------------------------------------------------
                                (Title of class)

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 and 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>   3
                                     PART I

Items 1. Business.

         Not Applicable.

Item 2.  Properties.

            Pursuant to Section 3.04(b) of the Pooling and Servicing Agreement,
dated as of August 1, 1995 relating to the AT&T Universal Card Master Trust
among AT&T Universal Funding Corp., as Transferor, AT&T Universal Card Services
Corp., as Servicer, and Bankers Trust Company, as Trustee, AT&T Universal Card
Services Corp., as Servicer, is required to deliver to the Trustee a monthly
servicer certificate (the "Monthly Report") for each outstanding series of
investor certificates.  Exhibits 99.1, 99.2, 99.3, 99.4, 99.5, 99.6 and 99.7
contain the Annual Statement for Series 1995-1, Series 1995-2, Series 1995-3,
Series 1996-1, Series 1996-2, Series 1996-3, and Series 1997-1 aggregating the
information for each such series contained in the Monthly Reports for calendar
year 1997.

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 Stockholders
         Matters.

         The certificates representing investors' interests in the Trust are
         represented by one or more Certificates registered in the name of Cede
         & Co., the nominee of the Depository Trust Company.

         To the best knowledge of the registrant, there is no established
         public trading market for the Certificates.

Item 6.  Selected Financial Data.

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations.

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Exhibits 99.1 through 99.7 filed as part of this report and
         listed in Item 14(a) below are also filed as part of this
         report under this Item 8.





                                       3
<PAGE>   4
Item 9.  Changes in and Disagreements With Accountants on Accounting and
         Financial Disclosure.

         None.

                                    PART III

Item 10. Directors and Executive Officers of the Registrant.

         Not Applicable.

Item 11. Executive Compensation.

         Not Applicable.

Item 12. Security Ownership of Certain Beneficial Owners and
         Management.

         (a) the Certificates of each Class of Series representing investors'
interests in the Trust are represented by one or more Certificates registered
in the name of Cede & Co., the nominee of The Depository Trust Company ("DTC"),
and an investor holding an interest in the Trust is not entitled to receive a
Certificate representing such interest except in certain limited circumstances.
Accordingly, Cede & Co. is the sole holder of record of Certificates, which it
held on behalf of brokers, dealers, banks and other direct participants in the
DTC system at December 31, 1997.  Such direct participants may hold
Certificates for their own accounts or for the accounts of their customers.  At
December 31, 1997, the following direct DTC participants held positions in the
Certificates representing interests in the Trust equal to or exceeding 5% of
the total principal amount of the Certificates of each Class of each Series
outstanding on that date:



SERIES 1995-1

<TABLE>
<CAPTION>
            Participant                                               Quantity             Percentage
            -----------                                               --------             ----------
<S>                                                                    <C>                    <C>
Class A
            Bank of New York                                            $86,535,000            10%
            Chase Manhattan Bank                                        $83,165,000            10%
            FUJI Bank & Trust                                           $40,000,000             5%
            Northern Trust Company                                     $120,000,000            14%
            SSB - Custodian                                            $421,965,000            49%

Class B
            Citibank, N.A.                                              $25,000,000            42%
            FUJI Bank and Trust Company                                 $25,000,000            42%
            Witter (Dean) Reynolds Inc.                                 $10,000,000            17%


SERIES 1995-2
</TABLE>





                                       4
<PAGE>   5
<TABLE>
<CAPTION>
            Participant                                       Quantity               Percentage
            -----------                                       --------               ----------
<S>         <C>                                               <C>                    <C>
Class A
            Bank of New York                                            $53,902,000             8%
            Bankers Trust Company                                      $111,646,000            17%
            Boston Safe Deposit & Trust Co.                             $46,027,000             7%
            Chase Manhattan Bank                                        $77,420,000            11%
            Chase Manhattan Bank/Chemical                               $42,128,000             6%
            Northern Trust Company                                      $49,007,000             7%
            SSB-Custodian                                              $137,988,000            20%

Class B
            Chase Manhattan Bank                                        $25,125,000            71%
            Bank of New York                                            $10,000,000            28%

SERIES 1995-3

            Participant                                       Quantity               Percentage
            -----------                                       --------               ----------
Class A
            Bankers Trust Company                                       $95,000,000            15%
            Chase Manhattan Bank                                       $249,450,000            38%
            Chase Manhattan Bank/Chemical                               $55,250,000             8%
            Citibank, N.A.                                              $95,850,000            15%
            Dai-Ichi Kangyo Bank Limited (The)                          $70,000,000            11%
                 New York-Branch

Class B
            NBD Bank Municipal Bond Department                          $20,000,000            44%
            Fuji Bank & Trust Company                                   $25,000,000            56%


</TABLE>





                                       5
<PAGE>   6

<TABLE>
<CAPTION>
SERIES 1996-1

            Participant                                       Quantity               Percentage
            -----------                                       --------               ----------
<S>         <C>                                               <C>                    <C>
Class A
            Bank of New York                                           $141,800,000            17%
            Bankers Trust Company                                       $42,000,000             5%
            Chase Manhattan Bank                                        $93,600,000            11%
            SSB-Custodian                                              $406,800,000            48%
            Chase Manhattan Bank/Chemical                               $56,575,000             7%

Class B
            Bankers Trust Company                                       $20,000,000            25%
            Boston Safe Deposit & Trust Co.                             $27,600,000            35%
            Bankers Trust Company/Corporate Clearance                   $13,400,000            17%
            Bankers Trust/Investment Account                            $10,000,000            13%
            Chase Manhattan Bank                                         $4,750,000             6%
            Citibank, N.A.                                               $4,000,000             5%

SERIES 1996-2

            Participant                                       Quantity               Percentage
            -----------                                       --------               ----------
Class A
            Citibank, N.A.                                             $181,500,000            21%
            Northern Trust Company                                     $167,500,000            20%
            SSB-Custodian                                              $338,750,000            40%

Class B
            Bank of New York                                            $22,500,000            28%
            Bankers Trust Company                                       $20,000,000            25%
            Boston Safe Deposit and Trust Company                        $5,000,000             6%
            PNC Bank, National Association                              $17,500,000            22%
            Swiss American Securities, Inc.                             $15,000,000            19%

SERIES 1996-3

            Participant                                       Quantity               Percentage
            -----------                                       --------               ----------
Class A
            Bankers Trust Company                                      $100,915,000            12%
            Bank of New York                                           $162,000,000            19%
            Chase Manhattan Bank                                       $116,185,000            14%
            Chase Manhattan Bank/Chemical                               $49,800,000             6%
            Citibank, N.A.                                             $112,500,000            13%
            Northern Trust Company                                     $100,000,000            12%
            SSB-Custodian                                              $110,200,000            13%

Class B
            Boston Safe Deposit & Trust Co.                             $31,500,000            39%
            Bankers Trust Company/Corporate Clearance                   $10,000,000            13%
            Chase Manhattan Bank                                        $35,500,000            44%
</TABLE>





                                       6
<PAGE>   7
SERIES 1997-1

<TABLE>
<CAPTION>
            Participant                                       Quantity               Percentage
            -----------                                       --------               ----------
<S>         <C>                                                        <C>                    <C>
Class A
            Bankers Trust Company                                       $79,557,000             9%
            Bank of New York                                           $186,500,000            22%
            Boston Safe Deposit and Trust Company                       $89,700,000            11%
            Citibank, N.A.                                              $91,000,000            11%
            SSB-Custodian                                              $190,643,000            22%

Class B
            Bank of New York                                            $10,000,000            13%
            Bankers Trust Company                                       $10,000,000            13%
            Boston Safe Deposit and Trust Company                       $13,000,000            16%
            Chase Manhattan Bank/Chemical                               $24,000,000            30%
            NBD Bank Municipal Bond Department                          $10,000,000            13%
</TABLE>



            The address of each above participant is:

                     c/o     The Depository Trust Company
                             55 Water Street
                             New York, New York  10041

            (b) Not Applicable.

            (c) Not Applicable.

Item 13.    Certain Relationships and Related Transactions.

            None.





                                       7
<PAGE>   8
                                    PART IV

Item 14.    Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

            (a) The following are filed as part of this report.

            Exhibit 99.1     Annual Statement for the Period Ending
                             December 31, 1997 with respect to the AT&T
                             Universal Card Master Trust Series 1995-1.

            Exhibit 99.2     Annual Statement for the Period Ending
                             December 31, 1997 with respect to the AT&T
                             Universal Card Master Trust Series 1995-2.

            Exhibit 99.3     Annual Statement for the Period Ending
                             December 31, 1997 with respect to the AT&T
                             Universal Card Master Trust Series 1995-3.

            Exhibit 99.4     Annual Statement for the Period Ending
                             December 31, 1997 with respect to the AT&T
                             Universal Card Master Trust Series 1996-1.

            Exhibit 99.5     Annual Statement for the Period Ending
                             December 31, 1997 with respect to the AT&T
                             Universal Card Master Trust Series 1996-2.

            Exhibit 99.6     Annual Statement for the Period Ending
                             December 31, 1997 with respect to the AT&T
                             Universal Card Master Trust Series 1996-3.

            Exhibit 99.7     Annual Statement for the Period Ending
                             December 31, 1997 with respect to AT&T
                             Universal Card Master Trust Series 1997-1.

            Exhibit 99.8     AT&T Universal Card Services Corp. Officers
                             Certificate dated March 10, 1998.

            Exhibit 99.9     Report, dated March 5, 1998, issued by
                             Coopers & Lybrand LLP.

            (b)      The following Current Reports on Form 8-K were filed
                     by the registrant during the quarter ending December
                     31, 1997:

                     Current Report on Form 8-K dated October 17, 1997
                     Current Report on Form 8-K dated November 17, 1997
                     Current Report on Form 8-K dated December 17, 1997

                                   SIGNATURES

            Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.





                                       8
<PAGE>   9
                                  AT&T UNIVERSAL CARD MASTER TRUST

                                  BY:  AT&T UNIVERSAL CARD SERVICES CORP.,
                                       AS SERVICER



                                  By:  /s/ Robert A. Miller
                                     ----------------------------
                                  Name: Robert A. Miller
                                  Title:  Vice President Finance





                                       9
<PAGE>   10
<TABLE>
<CAPTION>
EXHIBIT          DESCRIPTION                                            PAGE
-------          -----------                                            ----
<S>              <C>                                                    <C>
Exhibit 99.1     Annual Statement for the Period Ending
                 December 31, 1997 with respect to the AT&T
                 Universal Card Master Trust Series 1995-1.

Exhibit 99.2     Annual Statement for the Period Ending
                 December 31, 1997 with respect to the AT&T
                 Universal Card Master Trust Series 1995-2.

Exhibit 99.3     Annual Statement for the Period Ending
                 December 31, 1997 with respect to the AT&T
                 Universal Card Master Trust Series 1995-3.

Exhibit 99.4     Annual Statement for the Period Ending
                 December 31, 1997 with respect to the AT&T
                 Universal Card Master Trust Series 1996-1.

Exhibit 99.5     Annual Statement for the Period Ending
                 December 31, 1997 with respect to the AT&T
                 Universal Card Master Trust Series 1996-2.

Exhibit 99.6     Annual Statement for the Period Ending
                 December 31, 1997 with respect to the AT&T
                 Universal Card Master Trust Series 1996-3.

Exhibit 99.7     Annual Statement for the Period Ending
                 December 31, 1997 with respect to the AT&T
                 Universal Card Master Trust Series 1997-1.

Exhibit 99.8     AT&T Universal Card Services Corp. Officers
                 Certificate dated March 10, 1998.

Exhibit 99.9     Report, dated March 5, 1998, issued by Coopers
                 & Lybrand LLP.
</TABLE>





                                       10