000 B000000 12/31/1999
000 C000000 0000756916
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 REICH & TANG EQUITY FUND, INC.
001 B000000 811-4148
001 C000000 2128305200
002 A000000 600 FIFTH AVENUE- 8TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10020
002 D020000 2302
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 REICH & TANG ASSET MANAGEMENT L.P.
008 B000001 A
008 C000001 801-47230
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10020
008 D040001 2302
011 A000001 REICH & TANG DISTRIBUTORS, INC.
011 B000001 8-43429
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10020
011 C040001 2302
012 A000001 REICH & TANG SERVICES, INC.
012 B000001 84-2007
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10020
012 C040001 2302
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 REICH & TANG DISTRIBUTORS, INC.
014 B000001 8-43429
015 A000001 STATE STREET KANSAS CITY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 22
019 C000000 REICHTANGI
020 A000001 REICH & TANG DISTRIBUTORS INC.
020 B000001 13-3598607
020 C000001 23
020 A000002 JEFFRIES & COMPANY, INC.
020 B000002 95-2622900
020 C000002 19
020 A000003 MIDWEST RESEARCH MAXUS GROUP
020 B000003 34-1824715
020 C000003 10
020 A000004 JONES & ASSOCIATES, INC.
020 B000004 95-3583143
020 C000004 10
020 A000005 CANTOR FITZGERALD & CO.
020 B000005 13-3680184
020 C000005 10
020 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000006 13-2741729
020 C000006 10
020 A000007 GOLDMAN, SACHS & CO.
020 B000007 13-5108880
020 C000007 7
020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000008 13-5674085
020 C000008 7
020 A000009 SCHRODER WERTHEIM & CO. INCORPORATED
020 B000009 13-2697271
020 C000009 6
020 A000010 C.L. KING & ASSOCIATES
020 B000010 13-2700327
020 C000010 6
021 000000 177
022 A000001 MORGAN (J.P.) SECURITIES INC.
022 B000001 13-3224016
022 C000001 650437
022 D000001 563
022 A000002 REICH & TANG DISTRIBUTORS INC.
022 B000002 13-3598607
022 C000002 8882
022 D000002 9618
022 A000003 JEFFRIES & COMPANY, INC.
022 B000003 95-2622900
022 C000003 2473
022 D000003 3402
022 A000004 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
022 B000004 13-2741729
022 C000004 1392
022 D000004 2088
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000005 13-5674085
022 C000005 1413
022 D000005 1782
022 A000006 CANTOR FITZGERALD & CO.
022 B000006 13-3680184
022 C000006 1049
022 D000006 2031
022 A000007 MIDWEST RESEARCH MAXUS GROUP
022 B000007 34-1824715
022 C000007 2294
022 D000007 451
022 A000008 JONES & ASSOCIATES, INC.
022 B000008 95-3583143
022 C000008 929
022 D000008 1555
022 A000009 C.L. KING & ASSOCIATES
022 B000009 13-2700327
022 C000009 187
022 D000009 2283
022 A000010 GOLDMAN, SACHS & CO.
022 B000010 13-5108880
022 C000010 231
022 D000010 1575
023 C000000 677068
023 D000000 41779
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 1748
028 A020000 0
028 A030000 0
028 A040000 1818
028 B010000 3004
028 B020000 0
028 B030000 0
028 B040000 4112
028 C010000 3569
028 C020000 26
028 C030000 0
028 C040000 3987
028 D010000 3049
028 D020000 0
028 D030000 0
028 D040000 2627
028 E010000 2141
028 E020000 0
028 E030000 0
028 E040000 6482
028 F010000 3088
028 F020000 6368
028 F030000 0
028 F040000 6336
028 G010000 16599
028 G020000 6394
028 G030000 0
028 G040000 25362
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 6
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.800
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 5000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 27709
071 B000000 46405
071 C000000 41921
071 D000000 66
072 A000000 12
072 B000000 131
072 C000000 466
072 D000000 0
072 E000000 0
072 F000000 356
072 G000000 89
072 H000000 0
072 I000000 26
072 J000000 11
072 K000000 2
072 L000000 7
072 M000000 14
072 N000000 11
072 O000000 1
072 P000000 0
072 Q000000 25
072 R000000 14
072 S000000 19
072 T000000 6
072 U000000 0
072 V000000 0
072 W000000 2
072 X000000 583
072 Y000000 48
072 Z000000 62
072AA000000 13704
072BB000000 6261
072CC010000 0
072CC020000 8209
072DD010000 62
072DD020000 0
072EE000000 0
073 A010000 0.0200
073 A020000 0.0000
073 B000000 3.0200
073 C000000 0.0000
074 A000000 0
074 B000000 487
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 33987
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 444
074 M000000 0
074 N000000 34918
074 O000000 0
074 P000000 31
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 694
074 S000000 0
074 T000000 34193
074 U010000 2963
074 U020000 0
074 V010000 11.54
074 V020000 0.00
074 W000000 0.0000
074 X000000 456
074 Y000000 0
075 A000000 0
075 B000000 45329
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 VIGILANT INSURANCE COMPANY
080 C000000 350
081 A000000 Y
081 B000000 21
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE BERNADETTE N. FINN
TITLE SECRETARY
Report of Independent Accountants
To the Board of Directors and Shareholders of
Reich & Tang Equity Fund, Inc.
In planning and performing our audit of the financial statements of Reich & Tang
Equity Fund, Inc. (the "Fund") for the year ended December 31, 1999, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
January 28, 2000
REICH & TANG EQUITY FUND, INC.
CHANGE IN INDEPENDENT ACCOUNTANTS
On August 13, 1999, McGladrey & Pullen, LLP (McGladrey) resigned as independent
auditors of the Fund pursuant to an agreement by PricewaterhouseCoopers LLP
(PwC) to acquire McGladrey's investment company practice. The McGladrey partners
and professionals serving the Fund at the time of acquisition have joined PwC.
The report of McGladrey on the financial statements of the Fund during the past
two fiscal years contained no adverse opinion or a disclaimer of opinion, and
were not qualified or modified as to certainty, audit scope or accounting
principles.
In connection with its audits for the two most recent fiscal years and through
August 13, 1999, there were no disagreements with McGladrey on any matter of
accounting principle or practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction of
McGladrey would have caused it to make reference to the subject matter of
disagreement in connection with its report.
Effective August 13, 1999, the Fund, with the approval of its Board of Directors
and its Audit Committee, engaged PwC as its independent auditors.
<PAGE>
McGladrey & PULLEN, LLP RSM
_________________________ _______________
Certified Public Accountants and Consultants international
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants for the Reich & Tang Equity Fund,
Inc. We have read their notification of change in independent accountants made
in Item 77K of Form N-SAR. We agree with the statements in the filing.
McGladrey & Pullen, LLP
/s/ McGladrey & Pullen, LLP
New York, New York
December 20, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000756916
<NAME> Reich & Tang Equity Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 30505998
<INVESTMENTS-AT-VALUE> 34473955
<RECEIVABLES> 443497
<ASSETS-OTHER> 75
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34917527
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 724304
<TOTAL-LIABILITIES> 724304
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30278151
<SHARES-COMMON-STOCK> 2963452
<SHARES-COMMON-PRIOR> 3889574
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 186
<ACCUMULATED-NET-GAINS> (70884)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3967956
<NET-ASSETS> 34193223
<DIVIDEND-INCOME> 465443
<INTEREST-INCOME> 131382
<OTHER-INCOME> 0
<EXPENSES-NET> 534748
<NET-INVESTMENT-INCOME> 62077
<REALIZED-GAINS-CURRENT> 7442590
<APPREC-INCREASE-CURRENT> (8209121)
<NET-CHANGE-FROM-OPS> (704454)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 62077
<DISTRIBUTIONS-OF-GAINS> 7323427
<DISTRIBUTIONS-OTHER> 18136
<NUMBER-OF-SHARES-SOLD> 2929217
<NUMBER-OF-SHARES-REDEEMED> 4416911
<SHARES-REINVESTED> 561572
<NET-CHANGE-IN-ASSETS> (22422753)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (172048)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 168629
<GROSS-ADVISORY-FEES> 356215
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 582666
<AVERAGE-NET-ASSETS> 44526825
<PER-SHARE-NAV-BEGIN> 14.56
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 3.02
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.54
<EXPENSE-RATIO> 1.21
</TABLE>
