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<PAGE> PAGE 3
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 045156
<NAME> OPPENHEIMER EQUITY INCOME FUND -A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 2,256,496,231
<INVESTMENTS-AT-VALUE> 3,209,431,487
<RECEIVABLES> 17,157,706
<ASSETS-OTHER> 70,430
<OTHER-ITEMS-ASSETS> 45,571
<TOTAL-ASSETS> 3,226,705,194
<PAYABLE-FOR-SECURITIES> 8,534,019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,650,293
<TOTAL-LIABILITIES> 25,184,312
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,079,711,486
<SHARES-COMMON-STOCK> 192,764,206
<SHARES-COMMON-PRIOR> 185,740,752
<ACCUMULATED-NII-CURRENT> 18,883,337
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 150,225,211
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 952,700,848
<NET-ASSETS> 2,721,671,770
<DIVIDEND-INCOME> 60,064,066
<INTEREST-INCOME> 76,575,702
<OTHER-INCOME> 0
<EXPENSES-NET> 27,844,056
<NET-INVESTMENT-INCOME> 108,795,712
<REALIZED-GAINS-CURRENT> 156,172,442
<APPREC-INCREASE-CURRENT> 524,310,151
<NET-CHANGE-FROM-OPS> 789,278,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 90,387,132
<DISTRIBUTIONS-OF-GAINS> 74,843,781
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,312,307
<NUMBER-OF-SHARES-REDEEMED> 27,925,816
<SHARES-REINVESTED> 12,636,963
<NET-CHANGE-IN-ASSETS> 824,104,328
<ACCUMULATED-NII-PRIOR> 10,933,236
<ACCUMULATED-GAINS-PRIOR> 79,266,067
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,800,449
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,844,056
<AVERAGE-NET-ASSETS> 2,446,302,000
<PER-SHARE-NAV-BEGIN> 11.36
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 3.17
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<EXPENSE-RATIO> 0.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 045156
<NAME> OPPENHEIMER EQUITY INCOME FUND -B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
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<INVESTMENTS-AT-VALUE> 3,209,431,487
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<ASSETS-OTHER> 70,430
<OTHER-ITEMS-ASSETS> 45,571
<TOTAL-ASSETS> 3,226,705,194
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<OTHER-ITEMS-LIABILITIES> 16,650,293
<TOTAL-LIABILITIES> 25,184,312
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,079,711,486
<SHARES-COMMON-STOCK> 30,788,852
<SHARES-COMMON-PRIOR> 22,998,516
<ACCUMULATED-NII-CURRENT> 18,883,337
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 150,225,211
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 952,700,848
<NET-ASSETS> 431,481,249
<DIVIDEND-INCOME> 60,064,066
<INTEREST-INCOME> 76,575,702
<OTHER-INCOME> 0
<EXPENSES-NET> 27,844,056
<NET-INVESTMENT-INCOME> 108,795,712
<REALIZED-GAINS-CURRENT> 156,172,442
<APPREC-INCREASE-CURRENT> 524,310,151
<NET-CHANGE-FROM-OPS> 789,278,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,876,167
<DISTRIBUTIONS-OF-GAINS> 9,970,652
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,869,512
<NUMBER-OF-SHARES-REDEEMED> 3,589,063
<SHARES-REINVESTED> 1,509,887
<NET-CHANGE-IN-ASSETS> 824,104,328
<ACCUMULATED-NII-PRIOR> 10,933,236
<ACCUMULATED-GAINS-PRIOR> 79,266,067
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,800,449
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,844,056
<AVERAGE-NET-ASSETS> 344,270,000
<PER-SHARE-NAV-BEGIN> 11.29
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 3.13
<PER-SHARE-DIVIDEND> 0.38
<PER-SHARE-DISTRIBUTIONS> 0.40
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.01
<EXPENSE-RATIO> 1.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 045156
<NAME> OPPENHEIMER EQUITY INCOME FUND -C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 2,256,496,231
<INVESTMENTS-AT-VALUE> 3,209,431,487
<RECEIVABLES> 17,157,706
<ASSETS-OTHER> 70,430
<OTHER-ITEMS-ASSETS> 45,571
<TOTAL-ASSETS> 3,226,705,194
<PAYABLE-FOR-SECURITIES> 8,534,019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,650,293
<TOTAL-LIABILITIES> 25,184,312
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,079,711,486
<SHARES-COMMON-STOCK> 3,450,666
<SHARES-COMMON-PRIOR> 653,028
<ACCUMULATED-NII-CURRENT> 18,883,337
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 150,225,211
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 952,700,848
<NET-ASSETS> 48,367,863
<DIVIDEND-INCOME> 60,064,066
<INTEREST-INCOME> 76,575,702
<OTHER-INCOME> 0
<EXPENSES-NET> 27,844,056
<NET-INVESTMENT-INCOME> 108,795,712
<REALIZED-GAINS-CURRENT> 156,172,442
<APPREC-INCREASE-CURRENT> 524,310,151
<NET-CHANGE-FROM-OPS> 789,278,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 666,754
<DISTRIBUTIONS-OF-GAINS> 386,132
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,032,244
<NUMBER-OF-SHARES-REDEEMED> 315,866
<SHARES-REINVESTED> 81,260
<NET-CHANGE-IN-ASSETS> 824,104,328
<ACCUMULATED-NII-PRIOR> 10,933,236
<ACCUMULATED-GAINS-PRIOR> 79,266,067
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,800,449
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,844,056
<AVERAGE-NET-ASSETS> 24,511,000
<PER-SHARE-NAV-BEGIN> 11.30
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> 3.12
<PER-SHARE-DIVIDEND> 0.40
<PER-SHARE-DISTRIBUTIONS> 0.40
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<EXPENSE-RATIO> 1.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On July 16, 1997, a shareholder meeting was held at which the eleven Trustees
identified below were elected, the selection of KPMG Deloitte & Touche LLP as
the independent certified public accountants and auditors of the Fund for the
fiscal year beginning September 1, 1996 was ratified (Proposal No. 1), the
proposed change to certain of the Fund's fundamental investment policies were
approved (Proposals No. 2), the Investment Advisory Agreement between the Fund
and OppenheimerFunds, Inc. was approved (Proposal No. 3), the Fund's Class B
12b-1 Distribution and Service Plan was approved by Class B shareholders
(Proposal No. 4), and the Fund's Class C 12b-1 Distribution and Service Plan was
approved by Class C shareholders (Proposal No. 5) as described in the Fund's
proxy statement for that meeting. The following is a report of the votes cast:
<TABLE>
<CAPTION>
Withheld/ Broker
Nominee/Proposal For Against Abstain Non-Votes Total
- ---------------- --- ------- ------- --------- -----
TRUSTEES
- --------
<S> <C> <C> <C> <C> <C>
Robert G. Avis 122,710,693.186 3,033,873.574 1,969,712 125,744,566.760
William A. Baker 121,262,782.406 4,481,784.354 1,969,712 125,744,566.760
Charles Conrad, Jr. 122,873,460.508 2,871,106.252 1,969,712 125,744,566.760
Jon S. Fossel 121,772,848.105 3,971,718.655 1,969,712 125,744,566.760
Sam Freedman 122,711,839.062 3,032,727.698 1,969,712 125,744,566.760
Raymond Kalinowski 121,893,986.740 3,850,580.020 1,969,712 125,744,566.760
C. Howard Kast 122,379,483.606 3,347,083.154 1,969,712 125,744,566.760
Robert M. Kirchner 121,705,189.387 4,039,377.373 1,969,712 125,744,566.760
Bridget A. Macaskill 122,699,426.391 3,045,140.369 1,969,712 125,744,566.760
Ned Steel 121,502,182.081 4,242,384.679 1,969,712 125,744,566.760
James C. Swain 122,679,080.441 3,065,486.319 1,969,712 125,744,566.760
Proposal No. 1 117,160,758.715 2,861,590.825 6,290,445.725 1,969,710 126,312,795.265
Proposal No. 2 94,830,125.636 7,765,180.357 8,832,185.668 13,209,161 111,427,491.661
Proposal No. 3 114,10,848.019 3,584,531.460 8,819,706.396 1,969,721 126,565,085.875
Proposal No. 4 15,332,103.823 552,803.651 1,096,180.209 262,526 16,981,087.683
Proposal No. 5 1,446,599.595 32,570.567 237,643.945 270,584 1,716,814.107
</TABLE>
<PAGE>
To the Board of Trustees of
Oppenheimer Equity Income Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Equity Income Fund (the Fund) for the year ended August 31, 1997 (on which we
have issued our report dated September 22, 1997), we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
August 31, 1997.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
Yours truly,
/s/Deloitte & Touche LLP
September 22, 1997
<PAGE>
During the year ended August 31, 1997, the Fund adjusted the classification
of distributions to shareholders to reflect the differences between financial
statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, during the period ended August 31, 1997, amounts have
been reclassified to reflect an increase in undistributed net investment income
of $84,443, a decrease in accumulated net realized gain on investments of
$12,734, and a decrease in paid-in capital of $71,709.
Shareholders of the Fund approved the following changes to certain of the Fund's
fundamental investment policies to give the Fund further investment flexibility.
o REAL ESTATE INVESTMENT TRUSTS. The Fund's fundamental investment policy
prohibiting it from buying or selling real estate or interests in real estate
investment trusts was changed to read as follows: "The Fund cannot invest in
real estate or in interests in real estate, but may purchase securities of
issuers holding real estate or interests therein."
o INVESTMENTS IN OTHER INVESTMENT COMPANIES. The Fund's fundamental investment
policy, prohibiting the Fund from buying securities of other investment
companies, except in connection with a merger or consolidation was eliminated
and the Fund may purchase securities of other investment companies to the extent
permitted by law, regulation and exemptions, subject to the approval by the
Board of Trustees.
o COMMODITIES. The Fund's fundamental investment policy, which prohibited the
Fund from buying or selling commodities or commodity contracts other than those
hedging instruments which are considered commodities was replaced with the
following new fundamental policy: "The Fund cannot invest in physical
commodities or physical commodity contracts; however, the Fund may: (i) buy and
sell hedging instruments permitted by any of its other investment policies, and
(ii) buy and sell options, futures, securities or other instruments backed by,
or the investment return from which is linked to changes in the price of,
physical commodities."
o HEDGING. The Fund's fundamental investment policies that pertain to the use of
certain hedging instruments were revised to read as follows: "The Fund cannot
engage in short sales or purchase securities on margin; however, the Fund may
make margin deposits in connection with any of its other investments;" and "The
Fund cannot mortgage, pledge or hypothecate the Fund's assets; the escrow,
collateral and margin arrangements involved with any of its investments are not
considered to involve a mortgage, hypothecation or pledge."
o BORROWING. The Fund's fundamental investment policy prohibiting it from
borrowing money was revised to read as follows: "The Fund cannot borrow money,
except for temporary, emergency purposes or under other unusual circumstances."
o UNDERWRITING SECURITIES. The Fund's investment policy prohibiting it from
acting as an underwriter of securities of other issuers was revised to read as
follows: "The Fund cannot act as an underwriter of securities of other issuers,
except in connection with sales of its portfolio securities."
