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<PAGE> PAGE 2
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Oppenheimer Equity Income Fund
Independent Auditors' Report
The Board of Trustees and Shareholders of Oppenheimer Equity Income Fund:
<TABLE>
<S> <C>
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Oppenheimer Equity Income Fund as of June 30,
1995, the related statement of operations for the year then ended, the statements
of changes in net assets for the years ended June 30, 1995 and 1994, and the
financial highlights for the period July 1, 1985 to June 30, 1995. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned at June 30, 1995 by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Oppenheimer Equity
Income Fund at June 30, 1995, the results of its operations, the changes in its
net assets, and the financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
</TABLE>
DELOITTE & TOUCHE LLP
Denver, Colorado
July 24, 1995
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1790333680
<INVESTMENTS-AT-VALUE> 2051894244
<RECEIVABLES> 18159351
<ASSETS-OTHER> 55182
<OTHER-ITEMS-ASSETS> 347939
<TOTAL-ASSETS> 2070456716
<PAYABLE-FOR-SECURITIES> 8716903
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7044183
<TOTAL-LIABILITIES> 15761086
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1760752758
<SHARES-COMMON-STOCK> 184622931
<SHARES-COMMON-PRIOR> 187840921
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 970447
<ACCUMULATED-NET-GAINS> 33385470
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 261527849
<NET-ASSETS> 1893248866
<DIVIDEND-INCOME> 58281419
<INTEREST-INCOME> 59082794
<OTHER-INCOME> 0
<EXPENSES-NET> 19431933
<NET-INVESTMENT-INCOME> 97932280
<REALIZED-GAINS-CURRENT> 33525676
<APPREC-INCREASE-CURRENT> 153278187
<NET-CHANGE-FROM-OPS> 284736143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 88319907
<DISTRIBUTIONS-OF-GAINS> 23241171
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19327605
<NUMBER-OF-SHARES-REDEEMED> 33557623
<SHARES-REINVESTED> 11012028
<NET-CHANGE-IN-ASSETS> 193900980
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 22864901
<OVERDISTRIB-NII-PRIOR> 3381130
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10347426
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19431933
<AVERAGE-NET-ASSETS> 1797670000
<PER-SHARE-NAV-BEGIN> 9.44
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> .92
<PER-SHARE-DIVIDEND> .48
<PER-SHARE-DISTRIBUTIONS> .13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.25
<EXPENSE-RATIO> .96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<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> 15815667
<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> 161446764
<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> 5380964
<DISTRIBUTIONS-OF-GAINS> 1584662
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7529176
<NUMBER-OF-SHARES-REDEEMED> 1724724
<SHARES-REINVESTED> 670317
<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> 122471000
<PER-SHARE-NAV-BEGIN> 9.40
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> .91
<PER-SHARE-DIVIDEND> .40
<PER-SHARE-DISTRIBUTIONS> .13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.21
<EXPENSE-RATIO> 1.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Oppenheimer Equity Income Fund
<TABLE>
<S> <C>
Classification of Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of paydown gains and losses and the recognition of certain
foreign currency gains (losses) as ordinary income (loss) for tax purposes. The
character of the distributions made during the year from net investment income
or net realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividend distributions, the fiscal
year in which amounts are distributed may differ from the year that the income
or realized gain (loss) was recorded by the Fund. Effective July 1, 1993, the
Fund adopted Statement of Position 93-2: Determination, Disclosure, and
Financial Statement Presentation of Income, Capital Gain, and Return of Capital
Distributions by Investment Companies. As a result, the Fund changed the
classification of distributions to shareholders to better disclose the
differences between financial statement amounts and distributions determined in
accordance with income tax regulations. During the year ended June 30, 1995, in
accordance with Statement of Position 93-2, undistributed net investment income
was decreased by $1,820,726, and accumulated net realized gain on investments was
increased by the same amount.
</TABLE>
