Rule 24f-2 Notice for Oppenheimer Equity Income Fund

3410 South Galena Street, Denver, Colorado  80231

(Registration No. 2-33043, File No. 811-1512)

     NOTICE IS HEREBY GIVEN that Oppenheimer Equity Income Fund having
previously filed by post-effective amendment of its registration statement
a declaration that an indefinite number of its securities were being
registered pursuant to Rule 24f-2 of the Investment Company Act of 1940,
now elects to continue such indefinite registration.

     (i)    This Notice is being filed for the fiscal year ended June 30,
            1994.

     (ii)   No shares which had been registered other than pursuant to
            this Rule remained unsold at the beginning of the above fiscal
            year.

     (iii)  1,939,832 shares were registered other than pursuant to this
            Rule during the above fiscal year.

     (iv)   The number of shares sold during the above fiscal year was as
            follows (1):

                         Class A        26,551,307
                         Class B         9,581,829
 
     (v)  The number of shares sold during the above fiscal year in
          reliance upon registration pursuant to this Rule was as follows:

                         Class A        26,551,307
                         Class B         9,581,829

     Pursuant to the requirements of the Investment Company Act of 1940,
the undersigned registrant has caused this notice to be signed on its
behalf this 29th day of August, 1994.

                                 Oppenheimer Equity Income Fund



                                 By ___________________________________
                                     Robert G. Zack, Assistant Secretary

- -----------------
[FN]
(1) The calculation of the aggregate sales price is made pursuant to Rule
24f-2 of the Investment Company Act of 1940, as follows:  




          Value of       Value of                          Filing
          Shares Sold    Shares Redeemed   Net             Fee 
          -----------    ---------------   ---             ------
                                               
Class A   $272,322,749   $(286,128,384)    $(13,805,635)   $     0*
Class B   $ 95,687,102   $(  4,891,064)    $ 90,796,038    $31,309**


 * Class A shares redeemed in excess of Class A shares sold to be
   re-registered pursuant to Rule 24e-2 total 2,146,910.
** Calculated as 1/29 of 1% of net sales.




                        MYER, SWANSON & ADAMS, P.C.
                             Attorneys At Law
                     The Colorado State Bank Building
                        1600 Broadway - Suite 1850
                        DENVER, COLORADO 80202-4918
                         Telephone (303) 866-9800


                              August 23, 1994


Oppenheimer Equity Income Fund
3410 South Galena Street
Denver, Colorado 80231

Gentlemen:

In connection with the public offering of the no par value Class A shares
and no par value Class B shares of the Oppenheimer Equity Income Fund, a
business trust organized under the laws of the Commonwealth of
Massachusetts (the "Trust"), as counsel for the Trust, we have examined
such records and documents and have made such further investigation and
examination as we deem necessary for the purposes of this opinion.

We are advised that during the fiscal period ended June 30, 1994,
26,551,307 Class A shares and 9,581,829 Class B shares of beneficial
interest of the Trust were sold in reliance on the registration of an
indefinite number of shares pursuant to Rule 24f-2 of the Investment
Company Act of 1940.

It is our opinion that the said shares of beneficial interest of the Trust
sold in reliance on Rule 24f-2 of the Investment Company Act of 1940 are
legally issued and, subject to the matters mentioned in the next
paragraph, fully paid and nonassessable by the Trust.

Under Massachusetts law, shareholders of the Trust may, under certain
circumstances, be held personally liable as partners for the obligations
of the Trust.  The Declaration of Trust does, however, contain an express
disclaimer of shareholder liability for acts or obligations of the Trust
and requires that notice of such disclaimer be given in each agreement,
obligation, or instrument entered into or executed by the Trust or the
Trustees.  The Declaration of Trust provides for indemnification out of
the trust property of any shareholder held personally liable for the
obligations of the Trust.  The Declaration of Trust also provides that the
Trust shall, upon request, assume the defense of any claim made against
any shareholder for any act or obligation of the Trust and satisfy any
judgment thereon.

                             Sincerely,

                             MYER, SWANSON & ADAMS, P.C.


                             By_________________________________
                               Allan B. Adams