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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