<PAGE> PAGE 1
000 A000000 12/31/94
000 C000000 0000045156
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 OPPENHEIMER EQUITY INCOME FUND
001 B000000 811-1512
001 C000000 3036713200
002 A000000 3410 SOUTH GALENA STREET
002 B000000 DENVER
002 C000000 CO
002 D010000 80231
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 DENVER
013 B020001 CO
013 B030001 80202
018 000000 Y
019 A000000 Y
019 B000000 39
019 C000000 OPPENHEIMR
020 A000001 GOLDMAN, SACHS & CO.
020 B000001 13-5108880
020 C000001 443
020 A000002 WERTHEIM SCHRODER & CO., INC.
020 B000002 13-2697272
020 C000002 175
020 A000003 SALOMON BROTHERS, INC.
020 B000003 13-3082694
020 C000003 48
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000004 13-5674085
020 C000004 39
020 A000005 SHEARSON LEHMAN BROTHERS, INC.
020 B000005 13-2518466
020 C000005 34
020 A000006 SMITH BARNEY, HARRIS UPHAM & CO., INC.
020 B000006 13-1912900
020 C000006 31
020 A000007 BEAR, STEARNS & CO.
020 B000007 13-3299429
020 C000007 17
<PAGE> PAGE 2
020 A000008 MARINER FINANCIAL SERVICES, INC.
020 B000008 38-2273238
020 C000008 16
020 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000009 13-2741729
020 C000009 15
020 A000010 WARBURG (S.G.), ROWE, & PITMAN, AKROYD, INC.
020 B000010 13-2671492
020 C000010 13
021 000000 831
022 A000001 FIRST CHICAGO CAPITAL MARKET
022 B000001 36-3595942
022 C000001 10842000
022 D000001 0
022 A000002 FIRST BOSTON CORP. (THE)
022 B000002 13-5659485
022 C000002 835440
022 D000002 0
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 211657
022 D000003 14088
022 A000004 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000004 13-5674085
022 C000004 35244
022 D000004 169481
022 A000005 SALOMON BROTHERS, INC.
022 B000005 13-3082694
022 C000005 103933
022 D000005 51515
022 A000006 SHEARSON LEHMAN BROTHERS, INC.
022 B000006 13-2518466
022 C000006 93684
022 D000006 53495
022 A000007 SMITH BARNEY, HARRIS UPHAM & CO., INC.
022 B000007 13-3371860
022 C000007 56200
022 D000007 0
022 A000008 BANK OF NEW YORK (THE)
022 B000008 13-4941102
022 C000008 14200
022 D000008 0
022 A000009 BEAR SECURITIES CORP.
022 B000009 13-3299429
022 C000009 10603
022 D000009 0
022 A000010 PAINEWEBBER, INC.
022 B000010 13-2638166
022 C000010 10598
022 D000010 0
023 C000000 12225442
<PAGE> PAGE 3
023 D000000 297088
024 000000 N
028 A010000 18169
028 A020000 7
028 A030000 0
028 A040000 27265
028 B010000 20770
028 B020000 0
028 B030000 0
028 B040000 26112
028 C010000 33355
028 C020000 293
028 C030000 0
028 C040000 30744
028 D010000 19413
028 D020000 -1
028 D030000 0
028 D040000 24365
028 E010000 18308
028 E020000 -1
028 E030000 0
028 E040000 32200
028 F010000 37754
028 F020000 45313
028 F030000 0
028 F040000 24212
028 G010000 147769
028 G020000 45611
028 G030000 0
028 G040000 164898
028 H000000 113533
029 000000 Y
030 A000000 2361
030 B000000 5.75
030 C000000 0.00
031 A000000 736
031 B000000 0
032 000000 1625
033 000000 0
034 000000 Y
035 000000 95
036 A000000 Y
036 B000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
<PAGE> PAGE 4
043 000000 2162
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.750
048 B010000 100000
048 B020000 0.700
048 C010000 100000
048 C020000 0.650
048 D010000 100000
048 D020000 0.600
048 E010000 100000
048 E020000 0.550
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 500000
048 K020000 0.500
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
<PAGE> PAGE 5
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 Y
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 N
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 618421
071 B000000 469158
071 C000000 1785182
071 D000000 26
<PAGE> PAGE 6
072 A000000 6
072 B000000 28179
072 C000000 29541
072 D000000 0
072 E000000 0
072 F000000 5133
072 G000000 0
072 H000000 0
072 I000000 813
072 J000000 195
072 K000000 145
072 L000000 145
072 M000000 38
072 N000000 43
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 74
072 S000000 36
072 T000000 2162
072 U000000 0
072 V000000 0
072 W000000 242
072 X000000 9026
072 Y000000 0
072 Z000000 48694
072AA000000 41266
072BB000000 17816
072CC010000 0
072CC020000 59681
072DD010000 44094
072DD020000 2378
072EE000000 24827
073 A010000 0.4800
073 A020000 0.4080
073 B000000 0.1272
073 C000000 0.0000
074 A000000 0
074 B000000 184500
074 C000000 0
074 D000000 655423
074 E000000 358779
074 F000000 761071
074 G000000 0
074 H000000 0
074 I000000 8402
074 J000000 147700
074 K000000 0
074 L000000 17373
074 M000000 138
074 N000000 2133386
<PAGE> PAGE 7
074 O000000 295136
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 7810
074 S000000 0
074 T000000 1830440
074 U010000 187583
074 U020000 12842
074 V010000 9.14
074 V020000 9.10
074 W000000 0.0000
074 X000000 162520
074 Y000000 0
075 A000000 0
075 B000000 1886312
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000045156
<NAME> OPPENHEIMER EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1919594273
<INVESTMENTS-AT-VALUE> 1968174925
<RECEIVABLES> 165073488
<ASSETS-OTHER> 137591
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2133386004
<PAYABLE-FOR-SECURITIES> 295136139
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7809582
<TOTAL-LIABILITIES> 302945721
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1761542836
<SHARES-COMMON-STOCK> 187583169
<SHARES-COMMON-PRIOR> 187840921
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1159310
<ACCUMULATED-NET-GAINS> 21488182
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48568575
<NET-ASSETS> 1713603845
<DIVIDEND-INCOME> 29540368
<INTEREST-INCOME> 28179209
<OTHER-INCOME> 0
<EXPENSES-NET> 9025631
<NET-INVESTMENT-INCOME> 48693946
<REALIZED-GAINS-CURRENT> 23450162
<APPREC-INCREASE-CURRENT> (59681087)
<NET-CHANGE-FROM-OPS> 12463021
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 44094449
<DISTRIBUTIONS-OF-GAINS> 23242601
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9296925
<NUMBER-OF-SHARES-REDEEMED> 16364509
<SHARES-REINVESTED> 6809832
<NET-CHANGE-IN-ASSETS> (30354367)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 22864901
<OVERDISTRIB-NII-PRIOR> 3381130
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5132512
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9025631
<AVERAGE-NET-ASSETS> 1779665000
<PER-SHARE-NAV-BEGIN> 9.44
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> (.18)
<PER-SHARE-DIVIDEND> .48
<PER-SHARE-DISTRIBUTIONS> .13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.14
<EXPENSE-RATIO> .92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000045156
<NAME> OPPENHEIMER EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 12841765
<SHARES-COMMON-PRIOR> 9340898
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 116836438
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2377677
<DISTRIBUTIONS-OF-GAINS> 1584280
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3899797
<NUMBER-OF-SHARES-REDEEMED> 792375
<SHARES-REINVESTED> 393445
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 106647000
<PER-SHARE-NAV-BEGIN> 9.40
<PER-SHARE-NII> .42
<PER-SHARE-GAIN-APPREC> (.19)
<PER-SHARE-DIVIDEND> .41
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.10
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>