Registration No. 2-94184
Rule 497(c)
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Reich & Tang 600 Fifth Avenue
Equity Fund, Inc. New York, NY 10020
(212) 830-5220
April 6, 2000
SUPPLEMENT TO PROSPECTUS DATED MAY 3, 1999
On March 22, 2000, the Board of Directors of Reich & Tang Equity Fund, Inc.
(the "Fund") approved an Agreement and Plan of Reorganization and Liquidation
(the "Plan") which contemplates the transfer of all of the assets and
liabilities of the Fund in exchange for Institutional Class shares of Delafield
Fund, Inc. ("Delafield"). Following such transfer, Institutional Class shares of
Delafield will be distributed to shareholders of the Fund and the Fund will be
subsequently dissolved. As a result of the proposed transaction, each
shareholder of the Fund will receive that number of full and fractional
Institutional Class shares of Delafield equal in value at the time of the
exchange to the value of such shareholders of the Fund.
The Board of Directors has determined that the interests of existing
shareholders of R&T Equity will not be diluted as a result of the transaction
contemplated by the Plan. Both the Fund and Delafield share three common
directors on the Board of Directors. Both Funds are equity funds with similar
investment objectives and strategies. The Fund is managed by Reich & Tang Asset
Management L.P. and Delafield is managed by the Delafield Asset Management
Division of Reich & Tang Asset Management L.P. (Reich & Tang Asset Management
L.P. and its Delafield Asset Management Division may be referred to herein as
"Reich & Tang"). The Board of Directors and Reich & Tang recognize that greater
economies of scale and efficiencies can be attained by combining the assets of
the Funds and that since the investment objectives are very similar, such a
combination would not materially alter the investment experience of the
shareholders of the Fund.
The Plan is subject to the affirmative approval of the shareholders of the
Fund.
