OPPENHEIMER EQUITY INCOME FUND
Supplement dated January 3, 1995 to the
Prospectus dated November 1, 1994
The Prospectus is amended as follows:
1. The table on page 3 under the heading "Annual Fund Operating
Expenses" is deleted and replaced with the following:
Class A Class B
Shares Shares
Management Fees 0.54% 0.54%
___________________________________________________________
12b-1 Distribution Plan Fees 0.18% 1.00%
(Restated as to Class A)
___________________________________________________________
Other Expenses 0.20% 0.28%
___________________________________________________________
Total Fund Operating Expenses 0.92% 1.82%
2. The section entitled "At What Price Are Shares Sold?" on page 17 is
amended to change the time of day at which the net asset value is
determined, by revising the second sentence of the first paragraph
to read as follows: "In most cases, to enable you to receive that
day's offering price, the Distributor must receive your order by the
time of day The New York Stock Exchange closes, which is normally
4:00 P.M., New York time, but may be earlier on some days (all
references to time in this Prospectus mean `New York time')." In the
second paragraph of that section, the first sentence is revised to
read as follows: "If you buy shares through a dealer, the dealer must
receive your order by the close of The New York Stock Exchange on a
regular business day and transmit it to the Distributor so that it
is received before the Distributor's close of business that day,
which is normally 5:00 P.M."
3. The section entitled "Selling Shares by Telephone" on page 23 is
amended by revising the second sentence to read as follows: "To
receive the redemption price on a regular business day, your call
must be received by the Transfer Agent by the close of The New York
Stock Exchange that day, which is normally 4:00 P.M., but may be
earlier on some days."
(continued)
<PAGE>
4. The section entitled "How To Exchange Shares" on page 24 is amended
by revising the first sentence in the first "bulleted" paragraph
following "Telephone Exchange Requests" to read as follows: "Shares
are normally redeemed from one fund and purchased from the other fund
in the exchange transaction on the same regular business day on which
the Transfer Agent receives an exchange request that is in proper
form by the close of The New York Stock Exchange that day, which is
normally 4:00 P.M. but may be earlier on some days."
5. The first sentence of the section entitled "Net Asset Value Per
Share" under "Shareholder Account Rules and Policies" on page 25 is
revised to read as follows: "Net Asset Value Per Share is determined
for each class of shares as of the close of The New York Stock
Exchange on each regular business day by dividing the value of the
Fund's net assets attributable to a class by the number of shares of
that class that are outstanding.
January 3, 1995 PS300.0195
<PAGE>
OPPENHEIMER EQUITY INCOME FUND
Supplement dated January 3, 1995
to the Statement of Additional Information dated November 1, 1994
The Statement of Additional Information is amended as follows:
1. The first sentence of the section entitled "Determination of Net Asset
Values Per Share" under "How To Buy Shares" on page 29 is amended to read
as follows, and a new second sentence is added to that section as follows:
"The net asset values per share of Class A and Class B shares
of the Fund are determined as of the close of business of The
New York Stock Exchange (the "NYSE") on each day that the NYSE
is open by dividing the Fund's net assets attributable to a
class by the number of shares of that class that are
outstanding. The NYSE normally closes at 4:00 P.M., New York
time, but may close earlier on some days (for example, in case
of weather emergencies or on days falling before a holiday)."
2. The section entitled "AccountLink" on page 30 is revised by replacing
the text after the second sentence with the following:
"Dividends will begin to accrue on shares purchased by the
proceeds of ACH transfers on the business day the Fund receives
Federal funds for the purchase through the ACH system before the
close of The New York Stock Exchange. The Exchange normally
closes at 4:00 P.M., but may close earlier on certain days. If
Federal funds are received on a business day after the close of
the Exchange, the shares will be purchased and dividends will
begin to accrue on the next regular business day. The proceeds
of ACH transfers are normally received by the Fund three days
after the transfers are initiated. The Distributor and the Fund
are not responsible for any delays in purchasing shares
resulting from delays in ACH transmissions.
3. The second sentence of the section entitled "Special Arrangements for
Repurchases of Shares from Dealers and Brokers" on page 36 is amended to
read as follows:
"The repurchase price per share will be the net asset value next
computed after the Distributor receives the order placed by the
dealer or broker, except that if the Distributor receives a
repurchase order from a dealer or broker after the close of The
New York Stock Exchange on a regular business day, it will be
processed at that day's net asset value if the order was
received by the dealer or broker from its customer prior to the
time the Exchange closes (normally, that is 4:00 P.M., but may
be earlier on some days) and the order was transmitted to and
received by the Distributor prior to its close of business that
day (normally 5:00 P.M.)."
January 3, 1995 SAI300.0195
