OPPENHEIMER EQUITY INCOME FUND
                Supplement dated January 9, 1998 to the
                   Prospectus dated December 22, 1997

The Prospectus is changed as follows:

1. The section entitled "Futures" on page 18 is replaced with the following:

      o Futures.  The Fund may buy and sell futures contracts that relate to (1)
broadly- based stock indices (these are referred to as Stock Index Futures), (2)
interest rates (Interest Rate Futures) (3) foreign  currency  (Foreign  Currency
Futures),  (4) other securities indexes (Financial Futures), and (5) commodities
(Commodities  Futures).  Foreign  Currency  Futures  are used to try to  protect
against declines in the dollar value of foreign  securities the Fund owns, or to
protect  against an increase in the dollar  cost of buying  foreign  securities.
There are special  risks  associated  with  foreign  currency  options such as a
possible lack of liquidity an increased  volatility because of currency exchange
rates.  More  information  on Futures is included in the Statement of Additional
Information  including a discussion of the potential risks which may be involved
in investing in Futures.





January 9, 1998                                               PS0300.011



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