JULY 6, 1998
COHEN & STEERS EQUITY INCOME FUND, INC.
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1998 (AMENDED MAY 19, 1998)
THE FOLLOWING REPLACES IN ITS ENTIRETY THE SECTION OF THE PROSPECTUS
CAPTIONED "PURCHASE OF SHARES" (PAGE 13):
PURCHASE OF SHARES
The Class I shares are purchased at net asset value. There is no
front-end or contingent deferred sales charge.
Class I shares are available for purchase only by or through
investment advisers who charge separate fees for their advisory services
("IAs"). IAs may include banks and trust companies, brokers and financial
planners. Class I shares may be purchased (a) by an IA on behalf of its clients
or for its own account, (b) by clients of an IA whose accounts are linked to the
master account of the IA on the books and records of the IA or of the client's
broker, or (c) by employees of the IA. (Class I shares may also be purchased by
employees of any securities dealer that has entered into a dealer's agreement
with CSSI, the Fund's principal underwriter).
The minimum initial investment to open a Class I shareholder account
is $100,000, except that the Fund does not impose a minimum initial investment
requirement with respect to financial intermediaries listed above who have
introduced Class I share accounts valued in the aggregate at $250,000 or more.
In addition, no initial investment minimum is imposed with respect to employees
of the Adviser. The minimum amount for subsequent Class I investments is $500.
The Fund's Class I shares may be purchased through certain brokers and other
financial intermediaries that have entered into an agreement with CSSI or
through CSSI directly. For accounts opened directly through CSSI, a completed
and signed Subscription Agreement is required at the time the account is opened.
In addition to offering Class I shares, the Fund also offers Class A,
Class B and Class C shares which are described in a separate prospectus. To
obtain a prospectus relating to such classes, contact the underwriter by writing
to the address or by calling the phone numbers listed on the back cover of this
Prospectus.
