<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-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<INVESTMENTS-AT-COST>                      280,910,516
<INVESTMENTS-AT-VALUE>                   2,510,264,391
<RECEIVABLES>                                3,188,431
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         2,732,263
<TOTAL-ASSETS>                           2,516,685,585
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    3,394,020
<TOTAL-LIABILITIES>                          3,394,020
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   280,876,162
<SHARES-COMMON-STOCK>                       13,657,832
<SHARES-COMMON-PRIOR>                       14,505,395
<ACCUMULATED-NII-CURRENT>                    2,561,528
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                 2,229,853,875
<NET-ASSETS>                             2,513,291,565
<DIVIDEND-INCOME>                           41,091,956
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (530,523)
<NET-INVESTMENT-INCOME>                     40,561,433
<REALIZED-GAINS-CURRENT>                   100,374,644
<APPREC-INCREASE-CURRENT>                  795,421,062
<NET-CHANGE-FROM-OPS>                      936,357,139
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   40,229,125
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                    847,563
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     778,057,471
<ACCUMULATED-NII-PRIOR>                      2,500,668
<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>