<PAGE> PAGE 1
000 B000000 08/31/98
000 C000000 0000045156
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 OPPENHEIMER EQUITY INCOME FUND
001 B000000 811-1512
001 C000000 3037683200
002 A000000 6803 SOUTH TUCSON WAY
002 B000000 ENGLEWOOD
002 C000000 CO
002 D010000 80112
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 OPPENHEIMERFUNDS, INC.
008 B000001 A
008 C000001 801-8253
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10048
008 D040001 0203
011 A000001 OPPENHEIMERFUNDS DISTRIBUTOR, INC.
011 B000001 8-22992
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10048
011 C040001 0203
012 A000001 OPPENHEIMERFUNDS SERVICES
012 B000001 84-1562
012 C010001 ENGLEWOOD
012 C020001 CO
012 C030001 80112
012 C040001 3924
<PAGE> PAGE 2
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 DENVER
013 B020001 CO
013 B030001 80202
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10015
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 46
019 C000000 OPPENHEIMR
020 A000001 COWEN & CO.
020 B000001 13-5616116
020 C000001 88
020 A000002 FIRST BOSTON CORP. (THE)
020 B000002 13-5659485
020 C000002 61
020 A000003 BERSTEIN & CO., INC.
020 B000003 13-2625874
020 C000003 56
020 A000004 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
020 B000004 13-5674085
020 C000004 56
020 A000005 LEHMAN BROTHERS, INC.
020 B000005 13-2518466
020 C000005 56
020 A000006 GOLDMAN, SACHS & CO.
020 B000006 13-5108880
020 C000006 48
020 A000007 SMITH BARNEY, HARRIS UPHAM & CO., INC.
020 B000007 13-3371860
020 C000007 46
020 A000008 PAINEWEBBER, INC.
020 B000008 13-2638166
020 C000008 43
020 A000009 MORGAN (J.P.) SECURITIES, INC.
020 B000009 13-3224016
020 C000009 38
020 A000010 SALOMON BROTHERS, INC.
020 B000010 13-3082694
020 C000010 32
021 000000 830
022 A000001 SALOMON SMITH BARNEY
022 B000001 13-3371860
022 C000001 15968594
022 D000001 0
022 A000002 MORGAN GUARANTY TRUST CO.
022 B000002 13-5123346
<PAGE> PAGE 3
022 C000002 11040215
022 D000002 0
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 5907363
022 D000003 43107
022 A000004 SMITH BARNEY, HARRIS UPHAM & CO., INC.
022 B000004 13-3371860
022 C000004 4159987
022 D000004 18671
022 A000005 FIRST CHICAGO CAPITAL MARKET
022 B000005 36-3595942
022 C000005 2734200
022 D000005 0
022 A000006 ZION FIRST NATIONAL BANK
022 B000006 87-0189025
022 C000006 2086200
022 D000006 0
022 A000007 PAINEWEBBER, INC.
022 B000007 13-2638166
022 C000007 2012335
022 D000007 19941
022 A000008 LEHMAN BROTHERS, INC.
022 B000008 13-2518466
022 C000008 356084
022 D000008 31649
022 A000009 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000009 13-5674085
022 C000009 145241
022 D000009 197426
022 A000010 LAMBERSON KNIGHT CAPITAL MARKETS, INC.
022 B000010 22-2596731
022 C000010 248662
022 D000010 0
023 C000000 46987567
023 D000000 617559
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE> PAGE 4
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 67853
028 A020000 26985
028 A030000 0
028 A040000 34922
028 B010000 84579
028 B020000 3
028 B030000 0
028 B040000 50354
028 C010000 71663
028 C020000 1
028 C030000 0
028 C040000 42198
028 D010000 71032
028 D020000 27597
028 D030000 0
028 D040000 64589
028 E010000 72290
028 E020000 2
028 E030000 0
028 E040000 51250
028 F010000 71542
028 F020000 1
028 F030000 0
028 F040000 54952
028 G010000 438959
028 G020000 54589
028 G030000 0
028 G040000 298265
028 H000000 176301
029 000000 Y
030 A000000 8057
030 B000000 5.75
030 C000000 0.00
031 A000000 2430
031 B000000 0
032 000000 5627
033 000000 0
034 000000 Y
035 000000 655
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
<PAGE> PAGE 5
042 B000000 0
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 12561
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
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
<PAGE> PAGE 6
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 Y
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 25
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
063 A000000 0
063 B000000 0.0
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 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
<PAGE> PAGE 7
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 572001
071 B000000 670954
071 C000000 5128320
071 D000000 11
072 A000000 12
072 B000000 88135
072 C000000 70095
072 D000000 0
072 E000000 0
072 F000000 19364
072 G000000 0
072 H000000 0
072 I000000 3984
072 J000000 148
072 K000000 668
072 L000000 218
072 M000000 71
072 N000000 277
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 36
<PAGE> PAGE 8
072 S000000 46
072 T000000 12561
072 U000000 0
072 V000000 0
072 W000000 90
072 X000000 37463
072 Y000000 0
072 Z000000 120767
072AA000000 237315
072BB000000 5258
072CC010000 0
072CC020000 176539
072DD010000 99501
072DD020000 13978
072EE000000 183821
073 A010000 0.4948
073 A020000 0.3793
073 B000000 0.7917
073 C000000 0.0000
074 A000000 0
074 B000000 253300
074 C000000 524485
074 D000000 786969
074 E000000 269292
074 F000000 1799428
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 15222
074 M000000 103
074 N000000 3648799
074 O000000 17812
074 P000000 586
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 11159
074 S000000 0
074 T000000 3619242
074 U010000 210162
074 U020000 46559
074 V010000 13.75
074 V020000 13.63
074 W000000 0.0000
074 X000000 203863
074 Y000000 41336
075 A000000 0
075 B000000 3723966
<PAGE> PAGE 9
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 Y
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 85000
081 A000000 Y
081 B000000 95
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Return of Capital
The Fund adjusts 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 year ended
August 31, 1998, amounts have been reclassified to reflect an increase in
undistributed net investment income of $77,329, a decrease in paid-in capital of
$1,648,429, and an increase in accumulated realized gain on investments of
$1,571,100.
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, 1998 (on which we
have issued our report dated September 22, 1998), we considered its internal
control, including control activities 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, and
not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 Fund's internal control would not necessarily disclose
all matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud 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 Fund's internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of August 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
September 22, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 045156
<NAME> OPPENHEIMER EQUITY INCOME FUND, INC.-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 2,857,229,002
<INVESTMENTS-AT-VALUE> 3,633,474,167
<RECEIVABLES> 15,222,182
<ASSETS-OTHER> 102,998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,648,799,347
<PAYABLE-FOR-SECURITIES> 17,811,783
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,745,571
<TOTAL-LIABILITIES> 29,557,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,618,657,524
<SHARES-COMMON-STOCK> 210,161,974
<SHARES-COMMON-PRIOR> 192,764,206
<ACCUMULATED-NII-CURRENT> 24,389,841
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 200,032,683
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 776,161,945
<NET-ASSETS> 2,889,472,020
<DIVIDEND-INCOME> 70,094,505
<INTEREST-INCOME> 88,135,493
<OTHER-INCOME> 0
<EXPENSES-NET> 37,462,731
<NET-INVESTMENT-INCOME> 120,767,267
<REALIZED-GAINS-CURRENT> 232,056,916
<APPREC-INCREASE-CURRENT> (176,538,903)
<NET-CHANGE-FROM-OPS> 176,285,280
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 99,500,973
<DISTRIBUTIONS-OF-GAINS> 154,035,012
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,301,749
<NUMBER-OF-SHARES-REDEEMED> 27,270,231
<SHARES-REINVESTED> 16,336,250
<NET-CHANGE-IN-ASSETS> 417,721,111
<ACCUMULATED-NII-PRIOR> 18,883,337
<ACCUMULATED-GAINS-PRIOR> 150,225,211
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,364,160
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,462,731
<AVERAGE-NET-ASSETS> 3,072,000,000
<PER-SHARE-NAV-BEGIN> 14.12
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> 0.41
<PER-SHARE-DIVIDEND> 0.49
<PER-SHARE-DISTRIBUTIONS> 0.79
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.75
<EXPENSE-RATIO> 0.87
<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, INC.-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 2,857,229,002
<INVESTMENTS-AT-VALUE> 3,633,474,167
<RECEIVABLES> 15,222,182
<ASSETS-OTHER> 102,998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,648,799,347
<PAYABLE-FOR-SECURITIES> 17,811,783
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,745,571
<TOTAL-LIABILITIES> 29,557,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,618,657,524
<SHARES-COMMON-STOCK> 46,558,894
<SHARES-COMMON-PRIOR> 30,788,852
<ACCUMULATED-NII-CURRENT> 24,389,841
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 200,032,683
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 776,161,945
<NET-ASSETS> 634,775,074
<DIVIDEND-INCOME> 70,094,505
<INTEREST-INCOME> 88,135,493
<OTHER-INCOME> 0
<EXPENSES-NET> 37,462,731
<NET-INVESTMENT-INCOME> 120,767,267
<REALIZED-GAINS-CURRENT> 232,056,916
<APPREC-INCREASE-CURRENT> (176,538,903)
<NET-CHANGE-FROM-OPS> 176,285,280
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,977,579
<DISTRIBUTIONS-OF-GAINS> 26,561,696
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,875,704
<NUMBER-OF-SHARES-REDEEMED> 4,755,561
<SHARES-REINVESTED> 2,649,899
<NET-CHANGE-IN-ASSETS> 417,721,111
<ACCUMULATED-NII-PRIOR> 18,883,337
<ACCUMULATED-GAINS-PRIOR> 150,225,211
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,364,160
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,462,731
<AVERAGE-NET-ASSETS> 575,000,000
<PER-SHARE-NAV-BEGIN> 14.01
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 0.40
<PER-SHARE-DIVIDEND> 0.38
<PER-SHARE-DISTRIBUTIONS> 0.79
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.63
<EXPENSE-RATIO> 1.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 045156
<NAME> OPPENHEIMER EQUITY INCOME FUND, INC.-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 2,857,229,002
<INVESTMENTS-AT-VALUE> 3,633,474,167
<RECEIVABLES> 15,222,182
<ASSETS-OTHER> 102,998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,648,799,347
<PAYABLE-FOR-SECURITIES> 17,811,783
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,745,571
<TOTAL-LIABILITIES> 29,557,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,618,657,524
<SHARES-COMMON-STOCK> 6,969,876
<SHARES-COMMON-PRIOR> 3,450,666
<ACCUMULATED-NII-CURRENT> 24,389,841
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 200,032,683
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 776,161,945
<NET-ASSETS> 94,994,899
<DIVIDEND-INCOME> 70,094,505
<INTEREST-INCOME> 88,135,493
<OTHER-INCOME> 0
<EXPENSES-NET> 37,462,731
<NET-INVESTMENT-INCOME> 120,767,267
<REALIZED-GAINS-CURRENT> 232,056,916
<APPREC-INCREASE-CURRENT> (176,538,903)
<NET-CHANGE-FROM-OPS> 176,285,280
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,859,540
<DISTRIBUTIONS-OF-GAINS> 3,223,836
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,117,941
<NUMBER-OF-SHARES-REDEEMED> 941,057
<SHARES-REINVESTED> 342,326
<NET-CHANGE-IN-ASSETS> 417,721,111
<ACCUMULATED-NII-PRIOR> 18,883,337
<ACCUMULATED-GAINS-PRIOR> 150,225,211
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,364,160
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,462,731
<AVERAGE-NET-ASSETS> 77,000,000
<PER-SHARE-NAV-BEGIN> 14.02
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 0.40
<PER-SHARE-DIVIDEND> 0.39
<PER-SHARE-DISTRIBUTIONS> 0.79
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.63
<EXPENSE-RATIO> 1.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
