REICH & TANG DISTRIBUTORS L.P.
MUNICIPAL SECURITIES TRUST
INSURED MUNICIPAL SECURITIES TRUST
MORTGAGE SECURITIES TRUST
NEW YORK MUNICIPAL TRUST
EQUITY SECURITIES TRUST
(the "Trusts")
SUPPLEMENT TO THE PROSPECTUS dated November 15, 1996
Reich & Tang Distributors L.P., Sponsor of each of the Trusts (the
"Sponsor"), is a Delaware limited partnership of which 99% is owned by Reich &
Tang Asset Management L.P. ("RTAM LP").
On August 30, 1996, the merger of New England Mutual Life Insurance
Company and Metropolitan Life Insurance Company ("MetLife") became effective,
with MetLife being the continuing company. RTAM LP remains a wholly-owned
subsidiary of NEIC LP, a New York Stock Exchange listed company, but its sole
general partner is now an indirect subsidiary of MetLife. MetLife also
indirectly owns a majority of the outstanding limited partnership interest of
NEIC LP.
MetLife is a mutual life insurance company with assets of $142.2 billion
at March 31, 1996. It is the second largest life insurance company in the
United States in terms of total assets. MetLife provides a wide range of
insurance and investment products and services to individuals and groups and is
the leader among United States life insurance companies in terms of total life
insurance in force, which exceeded $1.2 trillion at March 31, 1996 for MetLife
and its insurance affiliates. MetLife and its affiliates provide insurance or
other financial services to approximately 36 million people worldwide.
C/M: 11939.0001 424667.1
