<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>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                      325,845,273
<INVESTMENTS-AT-VALUE>                   1,303,763,692
<RECEIVABLES>                                4,150,342
<ASSETS-OTHER>                               2,545,404
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           1,310,459,438
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    3,665,143
<TOTAL-LIABILITIES>                          3,665,143
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   325,845,406
<SHARES-COMMON-STOCK>                       15,726,053
<SHARES-COMMON-PRIOR>                       16,670,493
<ACCUMULATED-NII-CURRENT>                    3,030,470
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   977,918,419
<NET-ASSETS>                             1,306,794,295
<DIVIDEND-INCOME>                           45,286,433
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 520,346
<NET-INVESTMENT-INCOME>                     44,766,087
<REALIZED-GAINS-CURRENT>                    53,301,227
<APPREC-INCREASE-CURRENT>                (144,879,937)
<NET-CHANGE-FROM-OPS>                     (46,812,623)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   45,241,306
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                    944,440
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                   (168,111,706)
<ACCUMULATED-NII-PRIOR>                      3,634,963
<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>