Registration No. 2-94935
Rule 497(e)
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CORTLAND
TRUST, INC.
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SUPPLEMENT DATED OCTOBER 12, 1995 TO PROSPECTUS
DATED AUGUST 1, 1995 OF CORTLAND TRUST, INC.
Cortland's Manager and Investment Advisor, Reich & Tang Asset Management L.P.,
is a wholly-owned subsidiary of New England Investment Companies, L.P. ("NEIC").
New England Mutual Life Insurance Company ("The New England") owns NEIC's sole
general partner and a majority of the limited partnership interest in NEIC. The
New England and Metropolitan Life Insurance Company ("MetLife") have entered
into an agreement to merge, with MetLife to be the survivor of the merger. The
merger is conditioned upon, among other things, approval by the policyholders of
The New England and MetLife and receipt of certain regulatory approvals. The
merger is not expected to occur until after December 31, 1995.
The merger of The New England into MetLife will constitute an "assignment" of
the existing Management/Investment Advisory Agreements relating to Cortland's
Funds. Under the Investment Company Act of 1940, such an "assignment" will
result in the automatic termination of the Management/Investment Advisory
Agreements effective at the time of the merger. Prior to the merger,
shareholders of the Funds will be asked to approve the new Management/Investment
Advisory Agreements intended to take effect at the time of the merger. The new
agreements will be substantially identical to the existing agreements. A proxy
statement describing the new agreements will be sent to shareholders of the
Funds prior to their being asked to vote on the new agreements.
