Rule 497(d)
Registration No. 33-53445
REICH & TANG DISTRIBUTORS L.P.
EQUITY SECURITIES TRUST
(the "Trust")
Supplement dated April 15, 1996
Public Offering - Offering Price
Effective April 15, 1996, the method used for computing the
sales charge for secondary market purchases shall be based upon the number of
years remaining to the Trust's Termination Date (as defined in the Prospectus).
The table below sets forth the various sales charges based on the
number of years remaining to the Trust's Termination Date (as defined in the
Prospectus).
NEW EFFECTIVE SALES CHARGE FOR SECONDARY MARKET PURCHASES
As Percent of Public
Years to Termination Offering Price
less than 6 months 0%
6 months to 1 year 2.95%
over 1 yr. to 2 yrs. 3.45%
over 2 yrs. to 3 yrs. 3.90%
over 3 yrs. to 4 yrs. 4.50%
over 4 yrs. 4.90%
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