<PAGE> PAGE 1
000 B000000 07/31/96
000 C000000 0000945865
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 EQUITABLE REAL ESTATE HYPERION MORT OPPO FUND
001 B000000 811-07301
001 C000000 2129808400
002 A000000 520 MADISON AVENUE, 10TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10022
002 D020000 4213
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C020100 A - 1995
007 C030100 N
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 A00AA01 EQUITABLE REAL ESTATE HYPERION CAPITAL ADVSRS
008 B00AA01 A
008 C00AA01 801-49350
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10022
008 D04AA01 4213
010 A00AA01 EQUITABLE REAL ESTATE HYPERION CAPITAL ADVSRS
010 B00AA01 801-49350
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10022
010 C04AA01 4213
011 A00AA01 HYPERION DISTRIBUTORS, INC.
011 B00AA01 8-46861
011 C01AA01 NEW YORK
<PAGE> PAGE 2
011 C02AA01 NY
011 C03AA01 10022
011 C04AA01 4213
012 A00AA01 STATE STREET BANK & TRUST COMPANY
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 HYPERION DISTRIBUTORS, INC.
014 B00AA01 8-46861
014 A00AA02 RANIERI & CO., INC.
014 B00AA02 8-39678
014 A00AA03 EQUICO SECURITIES, INC.
014 B00AA03 8-17883
014 A00AA04 EQUITABLE REAL ESTATE CAPITAL MARKETS, INC.
014 B00AA04 8-38683
014 A00AA05 DONALDSON, LUFKIN & JENRETTE SEC. CORP.
014 B00AA05 8-17574
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
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015 C02AA01 MA
015 C03AA01 02171
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
048 E02AA00 0.000
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE JOSEPH W. SULLIVAN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000945865
<NAME> EQUITABLE REAL ESTATE HYPERION MORTGAGE OPPORTUNITY FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
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<RECEIVABLES> 28
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<OTHER-ITEMS-LIABILITIES> 141671
<TOTAL-LIABILITIES> 141671
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100000
<SHARES-COMMON-STOCK> 10000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4754
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
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<NET-ASSETS> 104754
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4754
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 4754
<REALIZED-GAINS-CURRENT> 0
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<NET-CHANGE-FROM-OPS> 4754
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-REDEEMED> 0
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<NET-CHANGE-IN-ASSETS> 4754
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-NAV-END> 10.48
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
