N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-04797

Oppenheimer Equity Income Fund, Inc.

(Exact name of registrant as specified in charter)

6803 South Tucson Way,

Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OppenheimerFunds, Inc.

Two World Financial Center,

New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: October 31

Date of reporting period: 7/31/2012

Item 1. Schedule of Investments.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Shares		Value
Common Stocks–81.7%
Consumer Discretionary–11.2%
Auto Components–1.3%
Lear Corp.		1,132,500	$	40,260,375
Automobiles–1.7%
Ford Motor Co.		5,700,000		52,668,000
Hotels, Restaurants & Leisure–0.1%
McDonald’s Corp.1		27,500		2,457,400
Household Durables–0.5%
MDC Holdings, Inc.1		525,000		16,726,500
Media–3.3%
Cablevision Systems Corp. New York Group, Cl. A		1,550,000		23,777,000
Cinemark Holdings, Inc.1		500,000		11,690,000
Comcast Corp., Cl. A Special, Non-Vtg.		1,000,000		31,930,000
Regal Entertainment Group		692,500		9,570,350
Time Warner Cable, Inc.		325,000		27,602,250
				104,569,600
Multiline Retail–3.4%
Kohl’s Corp.1		895,000		44,499,400
Target Corp.		1,000,000		60,650,000
				105,149,400
Specialty Retail–0.9%
Foot Locker, Inc.1		900,000		29,718,000
Consumer Staples–4.9%
Beverages–0.5%
PepsiCo, Inc.		205,000		14,909,650
Food & Staples Retailing–2.7%
CVS Caremark Corp.1		675,000		30,543,750
Kroger Co. (The)		1,075,000		23,832,750
Safeway, Inc.		400,000		6,220,000
Walgreen Co.		717,500		26,088,300
				86,684,800
Food Products–0.7%
Archer-Daniels-Midland Co.		450,000		11,740,500
General Mills, Inc.		220,000		8,514,000
Kraft Foods, Inc., Cl. A1		35,000		1,389,850
				21,644,350
Household Products–0.5%
Energizer Holdings, Inc.1,2		132,500		10,304,525
Procter & Gamble Co. (The)1		86,250		5,566,575
				15,871,100
Tobacco–0.5%
Philip Morris International, Inc.1		175,000		16,002,000
Energy–11.0%
Energy Equipment & Services–1.9%
Ensco plc, Cl. A		587,500		31,918,875
Halliburton Co.		850,000		28,160,500
				60,079,375

1 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Shares		Value
Oil, Gas & Consumable Fuels–9.1%
Apache Corp.		190,000	$	16,362,800
BP plc, ADR		890,000		35,511,000
Chevron Corp.1		785,000		86,020,300
CONSOL Energy, Inc.		500,000		14,490,000
Exxon Mobil Corp.1		535,000		46,464,750
Kinder Morgan Management LLC2		1		41
Kinder Morgan, Inc.		1,067,500		38,227,175
Royal Dutch Shell plc, ADR		525,000		35,805,000
Williams Cos., Inc. (The)		415,000		13,192,850
				286,073,916
Financials–17.5%
Capital Markets–2.1%
Goldman Sachs Group, Inc. (The)		440,000		44,396,000
Morgan Stanley		1,537,500		21,002,250
				65,398,250
Commercial Banks–3.0%
CIT Group, Inc.1,2		250,000		9,130,000
SunTrust Banks, Inc.		560,000		13,244,000
Wells Fargo & Co.		2,100,000		71,001,000
				93,375,000
Diversified Financial Services–5.1%
Citigroup, Inc.		550,000		14,921,500
JPMorgan Chase & Co.1		3,250,000		117,000,000
KKR Financial Holdings LLC		3,000,000		27,360,000
				159,281,500
Insurance–5.1%
Assured Guaranty Ltd.		2,100,000		25,158,000
Everest Re Group Ltd.1		500,000		50,850,000
MetLife, Inc.		1,887,500		58,078,375
XL Group plc		1,350,000		27,877,500
				161,963,875
Real Estate Investment Trusts–2.2%
Apollo Commercial Real Estate Finance, Inc.1		995,000		16,616,500
Ashford Hospitality Trust		1,325,000		10,109,750
CYS Investments, Inc.		1,125,000		16,267,500
Starwood Property Trust, Inc.		1,132,500		25,209,450
				68,203,200
Health Care–9.8%
Biotechnology–0.3%
PDL BioPharma, Inc.		1,175,000		7,978,250
Health Care Equipment & Supplies–0.8%
Baxter International, Inc.		13,500		789,885
Medtronic, Inc.		655,000		25,820,100
				26,609,985
Health Care Providers & Services–0.5%
UnitedHealth Group, Inc.		105,000		5,364,450

2 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Shares		Value
Health Care Providers & Services Continued
WellPoint, Inc.		175,000	$	9,325,750
				14,690,200
Pharmaceuticals–8.2%
GlaxoSmithKline plc, ADR		595,000		27,370,000
Johnson & Johnson		350,000		24,227,000
Merck & Co., Inc.1		2,000,000		88,340,000
Pfizer, Inc.		3,250,000		78,130,000
Teva Pharmaceutical Industries Ltd., Sponsored ADR1		975,000		39,867,750
				257,934,750
Industrials–5.5%
Aerospace & Defense–1.2%
General Dynamics Corp.		512,500		32,513,000
Honeywell International, Inc.		115,000		6,675,750
				39,188,750
Commercial Services & Supplies–0.5%
Pitney Bowes, Inc.		290,000		3,874,400
R.R. Donnelley & Sons Co.		1,000,000		12,120,000
				15,994,400
Industrial Conglomerates–2.0%
General Electric Co.1		1,750,000		36,312,500
Tyco International Ltd.		475,000		26,096,500
				62,409,000
Machinery–0.8%
Ingersoll-Rand plc1		500,000		21,205,000
Navistar International Corp.2		185,000		4,551,000
				25,756,000
Marine–0.9%
Box Ships, Inc.3		1,365,000		8,695,050
Costamare, Inc.		710,000		9,251,300
Diana Containerships, Inc.3		1,505,000		9,225,650
				27,172,000
Trading Companies & Distributors–0.1%
Aircastle Ltd.1		280,000		3,312,400
Information Technology–5.9%
Communications Equipment–1.4%
Cisco Systems, Inc.		562,000		8,963,900
QUALCOMM, Inc.		600,000		35,808,000
				44,771,900
Computers & Peripherals–1.6%
Apple, Inc.1,2		20,750		12,673,270
Hewlett-Packard Co.		191,600		3,494,784
Seagate Technology1		1,125,000		33,772,500
				49,940,554
Electronic Equipment & Instruments–0.4%
Corning, Inc.		1,050,000		11,980,500

3 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Shares		Value
Semiconductors & Semiconductor Equipment–0.0%
Intel Corp.		50,000	$	1,285,000
Software–2.5%
Microsoft Corp.		2,615,000		77,064,050
Materials–3.9%
Chemicals–2.0%
Celanese Corp., Series A		436,509		16,644,088
LyondellBasell Industries NV, Cl. A		310,000		13,804,300
Mosaic Co. (The)		575,000		33,413,250
				63,861,638
Containers & Packaging–0.1%
Rock-Tenn Co., Cl. A		33,500		1,950,370
Metals & Mining–0.4%
Allegheny Technologies, Inc.		181,500		5,450,445
Freeport-McMoRan Copper & Gold, Inc., Cl. B		235,250		7,920,868
				13,371,313
Paper & Forest Products–1.4%
International Paper Co.		1,350,000		44,293,500
Telecommunication Services–6.9%
Diversified Telecommunication Services–6.9%
AT&T, Inc.1		1,675,000		63,516,000
CenturyLink, Inc.1		1,860,000		77,264,400
Consolidated Communications Holdings, Inc.1		1,450,000		22,997,000
Frontier Communications Corp.		11,600,000		45,472,000
Windstream Corp.		637,500		6,349,500
				215,598,900
Utilities–5.1%
Electric Utilities–4.1%
American Electric Power Co., Inc.		550,000		23,232,000
Edison International, Inc.		775,000		35,789,500
Entergy Corp.1		292,500		21,255,975
Exelon Corp.		565,000		22,102,800
FirstEnergy Corp.		280,000		14,061,600
PPL Corp.		410,000		11,849,000
				128,290,875
Energy Traders–0.4%
GenOn Energy, Inc.2		1,875,000		4,462,500
NRG Energy, Inc.		442,500		8,770,350
				13,232,850
Multi-Utilities–0.6%
National Grid plc, Sponsored ADR		325,000		16,867,500
Total Common Stocks (Cost $2,382,257,588)				2,564,590,976
Preferred Stocks–6.3%
Citigroup, Inc., 7.50% Cv.2		1,042,500		89,488,200
General Motors Co., 4.75% Cv., Series B, Non-Vtg.2		1,775,000		59,409,250
MetLife, Inc., 5% Cv., Non-Vtg.2		362,500		22,725,125
Molycorp, Inc., 5.50% Cv., Series A, Non-Vtg.2		67,500		3,213,675

4 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Shares		Value
Preferred Stocks Continued
PPL Corp., 8.75% Cv.2		190,000	$	10,233,400
Synovus Financial Corp., 8.25% Cv.2		685,000		12,336,850
Total Preferred Stocks (Cost $233,771,722)				197,406,500
	Units
Rights, Warrants and Certificates–0.1%
Kinder Morgan, Inc. Wts., Strike Price $40, Exp. 2/15/172 (Cost $2,577,600)		1,440,000		4,248,000
	Principal Amount
Mortgage-Backed Obligations–0.3%
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.53%, 5/1/364	$	190,000		171,918
Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-E, Cl. 2A6, 3.105%, 6/1/344		313,142		308,628
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		157,782		141,325
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		273,833		253,710
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		132,127		99,051
Countrywide Alternative Loan Trust 2005-29CB, Mtg. Pass-Through Certificates, Series 2005-29CB, Cl. A4, 5%, 7/1/35		1,533,072		1,133,797
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A34, 6%, 8/1/37		429,487		325,896
Countrywide Home Loans, Asset-Backed Certificates, Series 2002-4, Cl. A1, 0.986%, 2/25/334		4,798		4,714
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		435,966		263,910
Federal Home Loan Mortgage Corp.:
8%, 4/1/16		10,395		11,202
9%, 8/1/22-5/1/25		4,444		5,148
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 151, Cl. F, 9%, 5/15/21		14,128		16,289
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 14.858%, 4/1/275		195,185		43,770
Series 192, Cl. IO, 13.226%, 2/1/285		57,522		11,475
Series 2130, Cl. SC, 50.425%, 3/15/295		168,454		37,418
Series 243, Cl. 6, 0.527%, 12/15/325		231,829		48,313
Series 2531, Cl. ST, 99.999%, 2/15/305		20,119		132
Series 2639, Cl. SA, 99.999%, 7/15/225		313,541		19,848
Series 2796, Cl. SD, 96.086%, 7/15/265		250,043		53,314
Series 2802, Cl. AS, 83.611%, 4/15/335		157,950		8,793
Series 3110, Cl. SL, 99.999%, 2/15/265		212,617		32,999
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.895%, 6/1/266		54,507		47,360

5 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Principal Amount		Value
Federal National Mortgage Assn.:
7.50%, 1/1/33	$	189,651	$	231,723
8.50%, 7/1/32		7,249		9,051
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-63, Cl. SD, 34.148%, 12/18/315		6,505		1,274
Trust 2001-65, Cl. S, 33.023%, 11/25/315		461,914		90,876
Trust 2001-68, Cl. SC, 34.343%, 11/25/315		4,202		834
Trust 2001-81, Cl. S, 27.072%, 1/25/325		110,178		24,295
Trust 2002-47, Cl. NS, 34.659%, 4/25/325		248,078		52,340
Trust 2002-51, Cl. S, 34.91%, 8/25/325		227,791		48,062
Trust 2002-52, Cl. SD, 41.427%, 9/25/325		294,767		66,425
Trust 2002-7, Cl. SK, 31.957%, 1/25/325		7,921		1,394
Trust 2002-77, Cl. BS, 25.935%, 12/18/325		15,053		2,817
Trust 2002-77, Cl. SH, 41.364%, 12/18/325		165,306		35,678
Trust 2002-9, Cl. MS, 31.447%, 3/25/325		162,917		35,063
Trust 2002-90, Cl. SN, 33.775%, 8/25/325		12,947		1,863
Trust 2002-90, Cl. SY, 39.796%, 9/25/325		6,585		978
Trust 2003-4, Cl. S, 32.951%, 2/25/335		273,510		50,901
Trust 2003-46, Cl. IH, 0%, 6/1/235,7		1,668,244		211,002
Trust 2003-89, Cl. XS, 99.999%, 11/25/325		98,203		2,103
Trust 2004-54, Cl. DS, 49.602%, 11/25/305		265,275		58,841
Trust 2005-14, Cl. SE, 45.95%, 3/25/355		340,755		54,424
Trust 2005-93, Cl. SI, 21.431%, 10/25/355		225,912		33,749
Trust 2008-67, Cl. KS, 58.142%, 8/25/345		636,338		46,758
Trust 214, Cl. 2, 38.777%, 3/1/235		336,172		72,110
Trust 222, Cl. 2, 24.40%, 6/1/235		432,479		83,395
Trust 247, Cl. 2, 46.712%, 10/1/235		105,712		23,814
Trust 252, Cl. 2, 37.445%, 11/1/235		360,767		80,308
Trust 319, Cl. 2, 4.423%, 2/1/325		116,783		22,026
Trust 320, Cl. 2, 10.525%, 4/1/325		576,242		129,444
Trust 331, Cl. 9, 13.003%, 2/1/335		46,426		8,371
Trust 334, Cl. 17, 20.538%, 2/1/335		229,363		42,091
Trust 339, Cl. 12, 4.637%, 7/1/335		473,962		92,949
Trust 343, Cl. 13, 6.708%, 9/1/335		442,060		64,010
Trust 343, Cl. 18, 1.873%, 5/1/345		68,992		9,513
Trust 345, Cl. 9, 76.981%, 1/1/345		466,516		56,984
Trust 351, Cl. 10, 4.415%, 4/1/345		113,965		16,425
Trust 351, Cl. 8, 2.079%, 4/1/345		235,869		33,335
Trust 356, Cl. 10, 18.516%, 6/1/355		189,156		25,395
Trust 356, Cl. 12, 24.618%, 2/1/355		93,514		12,585
Trust 362, Cl. 13, 5.999%, 8/1/355		1,078,447		172,950
Trust 364, Cl. 16, 15.999%, 9/1/355		439,697		65,826
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.343%, 9/25/236		168,311		155,177

6 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Principal Amount			Value
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37	$	472,118		$	306,128
Government National Mortgage Assn.:
1.625%, 4/8/264		12,430			12,915
7%, 1/29/24-4/29/26		86,288			102,580
7.50%, 5/29/27		356,736			430,340
8%, 5/30/17		11,752			13,061
8.50%, 8/1/17-12/15/17		6,021			6,463
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2001-21, Cl. SB, 88.025%, 1/16/275		376,102			78,463
Series 2002-15, Cl. SM, 79.529%, 2/16/325		304,715			68,688
Series 2004-11, Cl. SM, 70.635%, 1/17/305		277,326			67,051
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.988%, 11/1/354		665,210			499,752
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 5.086%, 5/1/374		99,075			86,554
JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 8/1/37		686,645			608,395
Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2A2, 2.634%, 4/1/344		357,823			362,849
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		166,675			173,223
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		41,930			28,239
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		110,915			93,689
WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.447%, 12/1/354		373,121			322,561
Wells Fargo Alternative Loan 2007-PA5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-PA5, Cl. 1A1, 6.25%, 11/1/37		370,747			342,438
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		480,690			498,209
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.661%, 10/1/364		411,876			379,766
Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 6.011%, 11/1/374		434,358			357,696
Total Mortgage-Backed Obligations (Cost $10,130,765)					10,105,229
U.S. Government Obligations–0.0%
Federal Home Loan Mortgage Corp. Nts., 5.25%, 4/18/16 (Cost $455,864)		425,000			498,582
Foreign Government Obligations–0.0%
Germany (Federal Republic of) Bonds, Series 94, 6.25%, 1/4/24 (Cost $1)		1	EUR		2

7 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes–2.4%
Agrium, Inc., 6.125% Sr. Unsec. Nts., 1/15/41	$	240,000	$	311,538
Airgas, Inc., 3.25% Sr. Nts., 10/1/15		481,000		506,505
Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16		526,000		541,780
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		415,000		722,712
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13		528,000		546,328
American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17		370,000		433,049
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		343,000		428,368
ANZ National International Ltd., 2.375% Sr. Unsec. Nts., 12/21/128		603,000		607,125
Arrow Electronics, Inc., 3.375% Sr. Unsec. Unsub. Nts., 11/1/15		990,000		1,027,314
Ashland, Inc., 9.125% Sr. Unsec. Nts., 6/1/17		485,000		541,381
AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38		761,000		1,016,772
Bank of America Corp., 5.875% Sr. Unsec. Unsub. Nts., 1/5/21		210,000		238,700
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/198		940,000		1,047,230
BNP Paribas SA, 5.186% Sub. Perpetual Nts.8,9		170,000		147,900
British Telecommunications plc, 9.875% Bonds, 12/15/30		325,000		521,597
Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14		63,000		66,515
8.50% Sr. Unsec. Nts., 6/15/19		365,000		459,916
Burlington Northern Santa Fe LLC, 5.75% Sr. Unsec. Bonds, 5/1/40		143,000		182,463
Canadian Oil Sands Ltd., 5.80% Sr. Unsec. Nts., 8/15/138		486,000		506,808
Capital One Financial Corp., 4.75% Sr. Nts., 7/15/21		262,000		292,713
Celgene Corp., 5.70% Sr. Unsec. Nts., 10/15/40		344,000		401,665
CenturyLink, Inc., 7.60% Sr. Unsec. Unsub. Nts., Series P, 9/15/39		193,000		199,099
Citigroup, Inc., 6.125% Sr. Unsec. Unsub. Nts., 11/21/17		968,000		1,107,201
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.25% Sr. Unsec. Unsub. Nts., 12/15/17		495,000		522,225
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21		462,000		524,621
5.875% Sr. Unsec. Unsub. Bonds, 8/15/20		540,000		618,911
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		317,000		477,379
Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17		525,000		571,266
CSX Corp., 5.50% Sr. Unsec. Nts., 4/15/41		148,000		181,638
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 6.375% Sr. Unsec. Nts., 3/1/41		431,000		529,034
Duke Realty LP, 6.25% Sr. Unsec. Unsub. Nts., 5/15/13		503,000		520,155
El Paso Pipeline Partners LP, 6.50% Sr. Unsec. Nts., 4/1/20		782,000		923,583
Energizer Holdings, Inc., 4.70% Sr. Unsec. Unsub. Nts., 5/19/21		552,000		592,617
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		461,000		518,577
Family Dollar Stores, Inc., 5% Sr. Unsec. Nts., 2/1/21		301,000		329,047
Fifth Third Cap Trust IV, 6.50% Jr. Unsec. Sub. Nts., 4/15/37		1,017,000		1,019,543
FirstEnergy Solutions Corp., 6.80% Sr. Unsec. Nts., 8/15/39		317,000		345,798
Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14		128,000		140,705

8 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Principal Amount		Value
Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17	$	527,000	$	579,700
General Electric Capital Corp.:
5.25% Sr. Unsec. Nts., 10/19/12		85,000		85,884
6.375% Unsec. Sub. Bonds, 11/15/67		1,005,000		1,061,883
Glen Meadow Pass-Through Trust, 6.505% Bonds, 2/12/674,8		631,000		468,518
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34		523,000		510,759
Goldman Sachs Group, Inc. (The), 5.25% Sr. Unsec. Nts., 7/27/21		169,000		178,395
Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13		553,000		561,237
Gulf South Pipeline Co. LP, 5.75% Sr. Unsec. Nts., 8/15/128		490,000		490,673
Harris Corp., 6.15% Sr. Unsec. Nts., 12/15/40		168,000		206,582
Historic TW, Inc., 9.125% Debs., 1/15/13		183,000		189,833
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/354		1,330,000		1,283,450
Huntington Bancshares, Inc., 7% Sub. Nts., 12/15/20		493,000		588,698
Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/158		780,000		858,041
International Lease Finance Corp., 5.75% Sr. Unsec. Unsub. Nts., 5/15/16		539,000		564,171
Interpublic Group of Cos., Inc. (The):
6.25% Sr. Unsec. Nts., 11/15/14		200,000		217,750
10% Sr. Unsec. Nts., 7/15/17		620,000		700,600
Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/138		420,000		419,392
JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 19		900,000		996,675
Juniper Networks, Inc., 5.95% Sr. Unsec. Unsub. Nts., 3/15/41		219,000		252,718
Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13		909,000		938,554
Kinross Gold Corp., 3.625% Sr. Unsec. Nts., 9/1/168		419,000		423,094
KLA-Tencor Corp., 6.90% Sr. Unsec. Nts., 5/1/18		373,000		449,083
Kraft Foods, Inc., 6% Sr. Unsec. Nts., 2/11/13		492,000		505,794
Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14		487,000		548,484
Liberty Mutual Group, Inc., 5% Sr. Nts., 6/1/218		808,000		834,083
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67		1,102,000		1,068,940
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/208		598,000		603,529
Lorillard Tobacco Co., 7% Sr. Unsec. Nts., 8/4/41		354,000		407,831
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/218		735,000		759,570
Marriott International, Inc., 6.20% Sr. Unsec. Unsub. Nts., 6/15/16		580,000		669,817
Mattel, Inc., 5.625% Sr. Unsec. Nts., 3/15/13		490,000		505,024
MBIA Insurance Co., 14% Bonds, 1/15/334,8		22,150,000		10,798,125
MBIA Insurance Corp., 14% Unsec. Sub. Nts., 1/15/334		100,000		48,750
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		288,000		406,875
Mercantile Bankshares Corp., 4.625% Unsec. Sub. Nts., Series B, 4/15/13		348,000		356,664
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		369,000		454,314
Morgan Stanley:
5.50% Sr. Unsec. Unsub. Nts., 7/24/208		218,000		219,380
5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17		1,275,000		1,316,810

9 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Principal Amount		Value
Mylan, Inc., 6% Sr. Nts., 11/15/188	$	565,000	$	611,613
Nabors Industries, Inc., 6.15% Sr. Unsec. Unsub. Nts., 2/15/18		680,000		787,852
Newell Rubbermaid, Inc., 5.50% Sr. Unsec. Nts., 4/15/13		527,000		543,704
Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37		573,000		731,647
Nomura Holdings, Inc., 4.125% Sr. Unsec. Unsub. Nts., 1/19/16		520,000		537,428
Oncor Electric Delivery Co., 7% Debs., 9/1/22		470,000		588,162
Potash Corp. of Saskatchewan, Inc., 5.625% Sr. Unsec. Unsub. Nts., 12/1/40		323,000		428,858
PPL WEM Holdings plc, 5.375% Sr. Unsec. Nts., 5/1/218		763,000		845,603
Prudential Financial, Inc., 3.625% Sr. Unsec. Unsub. Nts., 9/17/12		593,000		595,083
Quest Diagnostics, Inc., 5.75% Sr. Unsec. Nts., 1/30/40		345,000		420,181
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		503,000		559,588
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/1410		305,000		329,812
Rent-A-Center, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		569,000		616,654
Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13		491,000		516,672
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/158		930,000		911,400
Rowan Cos., Inc., 5% Sr. Unsec. Nts., 9/1/17		579,000		628,434
Sealed Air Corp., 7.875% Sr. Nts., 6/15/17		417,000		452,445
Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15		530,000		581,675
SLM Corp., 6.25% Sr. Nts., 1/25/16		739,000		787,035
Swiss Re Capital I LP, 6.854% Perpetual Bonds8,9		1,077,000		1,054,397
Symantec Corp., 4.20% Sr. Unsec. Unsub. Nts., 9/15/20		625,000		655,623
TD Ameritrade Holding Corp., 2.95% Sr. Unsec. Unsub. Nts., 12/1/12		525,000		528,553
Teck Resources Ltd., 7% Sr. Unsec. Unsub. Nts., 9/15/12		502,000		505,448
Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/198		540,000		746,474
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33		279,000		399,970
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13		251,000		263,293
TreeHouse Foods, Inc., 7.75% Sr. Unsec. Nts., 3/1/18		550,000		595,375
UBS AG Stamford CT, 2.25% Sr. Unsec. Nts., 8/12/13		223,000		225,684
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Nts.9		243,000		240,570
Vale Inco Ltd., 5.70% Sr. Unsec. Unsub. Nts., 10/15/15		31,000		34,369
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		318,000		441,364
Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30		296,000		407,982
Virgin Media Secured Finance plc: 5.25% Sr. Sec. Nts., 1/15/21		307,000		350,802
6.50% Sr. Sec. Nts., 1/15/18		658,000		727,090
Wal-Mart Stores, Inc., 5.625% Sr. Unsec. Nts., 4/15/41		338,000		475,199
WCI Finance LLC/WEA Finance LLC, 5.40% Sr. Unsec. Unsub. Nts., 10/1/128		534,000		537,992
Weatherford International Ltd. Bermuda, 5.125% Sr. Unsec. Unsub. Nts., 9/15/20		576,000		630,494
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K9		382,000		429,750
Whirlpool Corp., 5.50% Sr. Unsec. Unsub. Nts., 3/1/13		213,000		218,175

10 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Principal Amount		Value
Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16	$	563,000	$	593,118
Woodside Finance Ltd., 4.60% Sr. Unsec. Nts., 5/10/218		390,000		426,730
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13		528,000		546,068
Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15		170,000		184,178
6% Sr. Unsec. Unsub. Nts., 10/15/15		411,000		457,438
Xstrata Finance Canada Ltd., 5.80% Sr. Unsec. Unsub. Bonds, 11/15/168		78,000		88,676
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/374,10		598,000		603,980
Zions Bancorp, 7.75% Sr. Unsec. Nts., 9/23/14		723,000		788,184
Total Non-Convertible Corporate Bonds and Notes (Cost $72,683,745)				75,830,280
Convertible Corporate Bonds and Notes–7.5%
CNO Financial Group, Inc.:
7% Cv. Sr. Unsec. Unsub. Nts., 12/30/16		16,566,000		26,857,628
7% Cv. Sr. Unsec. Unsub. Nts., 12/30/16		6,157,000		9,982,036
7% Cv. Sr. Unsec. Unsub. Nts., 12/30/16		608,000		985,720
Continental Airlines, Inc., 4.50% Cv. Sr. Unsec. Unsub. Nts., 1/15/15		26,000,000		32,272,500
General Cable Corp., 4.50% Cv. Unsec. Sub. Nts., 11/15/294		30,000,000		30,262,500
MGIC Investment Corp., 9% Cv. Jr. Unsec. Sub. Bonds, 4/1/638		72,500,000		29,000,000
Navistar International Corp., 3% Cv. Sr. Sub. Nts., 10/15/14		29,000,000		25,773,750
Peabody Energy Corp., 4.75% Cv. Jr. Unsec. Sub. Debs., 12/15/66		17,500,000		13,803,125
Radian Group, Inc., 3% Cv. Sr. Unsec. Unsub. Nts., 11/15/17		20,000,000		11,600,000
Rite Aid Corp., 8.50% Cv. Sr. Unsec. Unsub. Nts., 5/15/15		23,774,000		24,992,418
Standard Chartered plc, 6.409% Cv. Jr. Unsec. Sub. Bonds, 1/29/498		400,000		386,458
Take-Two Interactive Software, Inc.:
1.75% Cv. Sr. Unsec. Nts., 12/1/168		4,250,000		3,793,125
4.375% Cv. Sr. Nts., 6/1/14		21,000,000		23,992,501
Total Convertible Corporate Bonds and Notes (Cost $258,212,385)				233,701,761

11 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

	Shares		Value
Structured Securities–2.3%
Bank of America, CIT Group, Inc. Equity Linked Nts.		258,198	$	8,995,618
Citigroup Funding, Inc.:
Mosaic Co. Equity Linked Nts.		199,009		11,663,977
Rite Aid Corp. Equity Linked Nts.		7,564,300		9,152,047
Credit Suisse AG, Apple, Inc. Equity Linked Nts.		25,355		13,709,829
Deutsche Bank AG London, Allegheny Technologies, Inc. Equity Linked Nts.10		231,100		7,109,329
Goldman Sachs Group, Inc. (The), OfficeMax, Inc. Equity Linked Nts.10		1,568,628		7,263,814
UBS AG London, Apple, Inc. Equity Linked Nts.10		27,205		13,728,922
Total Structured Securities (Cost $74,194,770)				71,623,536

	Expiration Date		Strike Price		Contracts
Options Purchased–0.0%
Apple, Inc. Put2		8/20/12	$	470.000		5,500			55,000
Ford Motor Co. Put2		9/24/12		9.000		1,250			36,250
General Mills, Inc. Put2		8/20/12		37.000		1,500			6,000
MBIA, Inc. Put2		8/20/12		9.000		1,250			55,000
MBIA, Inc. Put2		8/20/12		8.000		6,000			78,000
Mosaic Co. (The) Put2		8/20/12		50.000		7,000			77,000
Mosaic Co. (The) Put2		9/24/12		47.500		1,500			55,500
NRG Energy, Inc. Put2		8/20/12		17.000		2,000			10,000
Safeway, Inc. Put2		8/20/12		14.000		3,500			17,500
UnitedHealth Group, Inc. Put2		8/20/12		50.000		4,500			337,500
Total Options Purchased (Cost $2,559,419)									727,750
Total Investments, at Value (Cost $3,036,843,859)						100.6	%		3,158,732,616
Liabilities in Excess of Other Assets						(0.6	)		(17,529,892	)
Net Assets						100.0	%	$	3,141,202,724

Footnotes to Statement of Investments

Principal amount is reported in U.S. Dollars, except for those denoted in the following currency:

EUR                     Euro

1. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to outstanding written options. The aggregate market value of such securities is $381,771,298. See accompanying Notes.

2. Non-income producing security.

12 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended July 31, 2012, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

	Shares October 31, 2011		Gross Additions		Gross Reductions		Shares July 31, 2012
Box Ships, Inc.		1,605,000		63,300		303,300		1,365,000
Diana Containership, Inc.		1,502,500		17,500		15,000		1,505,000
Oppenheimer Institutional Money Market Fund, Cl. E		8,453,736		369,096,973		377,550,709		—
			Value		Income		Realized Loss
Box Ships, Inc.			$	8,695,050	$	1,300,950	$	772,092
Diana Containership, Inc.				9,225,650		827,250		6,647
Oppenheimer Institutional Money Market Fund, Cl. E				—		24,022		—
			$	17,920,700	$	2,152,222	$	778,739

4. Represents the current interest rate for a variable or increasing rate security.

5. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans or other receivables. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage or asset-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $2,301,472 or 0.07% of the Fund’s net assets as of July 31, 2012.

6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $202,537 or 0.01% of the Fund’s net assets as of July 31, 2012.

7. The current amortization rate of the security’s cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change.

8. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $56,585,936 or 1.80% of the Fund’s net assets as of July 31, 2012.

9. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

10. Restricted security. The aggregate value of restricted securities as of July 31, 2012 was $29,035,857, which represents 0.92% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates	Cost		Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG London, Allegheny Technologies, Inc. Equity Linked Nts.	2/29/12	$	10,124,029	$	7,109,329	$	(3,014,700	)
Goldman Sachs Group, Inc. (The), OfficeMax, Inc. Equity Linked Nts.	3/5/12		8,000,003		7,263,814		(736,189	)
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14	7/16/09		304,292		329,812		25,520
UBS AG London, Apple, Inc. Equity Linked Nts.	2/3/12		12,499,838		13,728,922		1,229,084
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37	2/24/11-7/26/11		602,435		603,980		1,545
		$	31,530,597	$	29,035,857	$	(2,494,740	)

13 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

Written Options as of July 31, 2012 are as follows:

Description	Type		Number of Contracts		Exercise Price		Expiration Date		Premiums Received		Value			Unrealized Appreciation/ (Depreciation)
Apple, Inc.		Call		15	$	610.000		9/24/12	$	33,044	$	(32,850	)	$	194
Apple, Inc.		Put		2,750		570.000		8/20/12		2,447,623		(508,750	)		1,938,873
Apple, Inc.		Put		2,000		550.000		8/20/12		1,396,071		(176,000	)		1,220,071
Assured Guaranty Ltd.		Put		4,000		14.000		8/20/12		850,888		(910,000	)		(59,112	)
AT&T, Inc.		Call		3,500		38.000		9/24/12		281,309		(318,500	)		(37,191	)
AT&T, Inc.		Call		2,500		37.000		9/24/12		316,279		(385,000	)		(68,721	)
AT&T, Inc.		Call		1,250		36.000		8/20/12		50,468		(258,750	)		(208,282	)
Cablevision Systems Corp. New York Group, Cl. A		Put		2,650		14.000		9/24/12		646,950		(106,000	)		540,950
Cisco Systems, Inc.		Put		5,545		19.000		8/20/12		1,267,635		(1,705,088	)		(437,453	)
Cisco Systems, Inc.		Put		1,000		16.000		8/20/12		54,973		(60,000	)		(5,027	)
CVS Caremark Corp.		Call		2,750		49.000		8/20/12		132,338		(24,750	)		107,588
Edison International, Inc.		Put		500		45.000		8/20/12		25,112		(15,000	)		10,112
Energizer Holdings, Inc.		Call		250		80.000		8/20/12		26,973		(41,250	)		(14,277	)
Foot Locker, Inc.		Call		8,375		35.000		8/20/12		403,174		(376,875	)		26,299
Ford Motor Co.		Put		2,500		11.000		9/24/12		435,026		(450,000	)		(14,974	)
Ford Motor Co.		Put		1,859		12.000		8/20/12		358,733		(526,097	)		(167,364	)
Frontier Communications Corp.		Put		7,500		4.000		8/20/12		424,278		(187,500	)		236,778
Frontier Communications Corp.		Put		6,000		4.000		11/19/12		261,204		(315,000	)		(53,796	)
General Electric Co.		Call		7,500		21.000		8/20/12		171,903		(180,000	)		(8,097	)
General Electric Co.		Call		1,000		20.000		8/20/12		38,473		(91,000	)		(52,527	)
General Electric Co.		Call		1,000		21.000		9/24/12		48,973		(47,000	)		1,973
General Mills, Inc.		Put		3,000		39.000		8/20/12		173,919		(150,000	)		23,919
General Mills, Inc.		Put		1,000		38.000		8/20/12		51,973		(13,000	)		38,973
Hewlett-Packard Co.		Put		2,824		23.000		11/19/12		1,253,755		(1,419,060	)		(165,305	)
Hewlett-Packard Co.		Put		2,139		25.000		8/20/12		720,774		(1,411,740	)		(690,966	)
Hewlett-Packard Co.		Put		596		24.000		8/20/12		170,312		(336,740	)		(166,428	)
Ingersoll-Rand plc		Call		3,250		44.000		8/20/12		116,359		(130,000	)		(13,641	)
Kohl’s Corp.		Call		750		52.500		8/20/12		23,490		(50,250	)		(26,760	)
Kraft Foods, Inc., Cl. A		Call		350		41.000		8/20/12		6,791		(5,950	)		841
MBIA, Inc.		Put		8,600		11.000		8/20/12		2,091,443		(1,333,000	)		758,443
MBIA, Inc.		Put		7,000		10.000		8/20/12		688,863		(651,000	)		37,863
McDonald’s Corp.		Call		275		92.500		8/20/12		5,493		(6,050	)		(557	)
MDC Holdings, Inc.		Call		1,500		35.000		8/20/12		57,520		(30,000	)		27,520
MDC Holdings, Inc.		Call		500		34.000		8/20/12		26,362		(17,500	)		8,862
MDC Holdings, Inc.		Call		325		32.000		8/20/12		35,416		(26,975	)		8,441
Merck & Co., Inc.		Call		2,500		44.000		8/20/12		111,098		(202,500	)		(91,402	)
Merck & Co., Inc.		Call		1,000		45.000		8/20/12		37,443		(33,000	)		4,443
Mosaic Co. (The)		Put		5,000		55.000		8/20/12		1,044,083		(240,000	)		804,083
Mosaic Co. (The)		Put		5,000		55.000		9/24/12		3,514,798		(690,000	)		2,824,798
Nabors Industries Ltd.		Put		2,875		18.000		9/24/12		1,098,155		(1,207,500	)		(109,345	)
NRG Energy, Inc.		Put		3,000		19.000		8/20/12		238,917		(105,000	)		133,917
NRG Energy, Inc.		Put		500		18.000		8/20/12		15,992		(7,500	)		8,492
Philip Morris International, Inc.		Call		1,550		85.000		9/24/12		781,918		(1,108,250	)		(326,332	)
Philip Morris International, Inc.		Call		150		87.500		9/24/12		60,295		(72,450	)		(12,155	)
Procter & Gamble Co. (The)		Call		500		67.500		8/20/12		11,967		(5,000	)		6,967
Safeway, Inc.		Put		3,000		16.000		8/20/12		200,918		(210,000	)		(9,082	)
Seagate Technology		Call		4,250		33.000		8/20/12		194,601		(72,250	)		122,351
Seagate Technology		Call		1,000		31.000		8/20/12		22,921		(59,000	)		(36,079	)
Seagate Technology		Call		500		32.000		8/20/12		14,487		(17,000	)		(2,513	)
Seagate Technology		Call		500		34.000		8/20/12		17,487		(3,000	)		14,487
UnitedHealth Group, Inc.		Put		3,000		55.000		8/20/12		413,533		(1,207,500	)		(793,967	)
UnitedHealth Group, Inc.		Put		2,000		52.500		8/20/12		182,214		(394,000	)		(211,786	)
									$	23,054,724	$	(17,930,625	)	$	5,124,099

14 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

Notes to Statement of Investments

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured security is sold or matures.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Directors.

Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

15 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

16 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Structured securities	Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.

17 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

18 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of July 31, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	351,549,275		$	—	$	—	$	351,549,275
Consumer Staples		155,111,900			—		—		155,111,900
Energy		346,153,291			—		—		346,153,291
Financials		548,221,825			—		—		548,221,825
Health Care		307,213,185			—		—		307,213,185
Industrials		173,832,550			—		—		173,832,550
Information Technology		185,042,004			—		—		185,042,004
Materials		123,476,821			—		—		123,476,821
Telecommunication Services		215,598,900			—		—		215,598,900
Utilities		158,391,225			—		—		158,391,225
Preferred Stocks		101,825,050			95,581,450		—		197,406,500
Rights, Warrants and Certificates		4,248,000			—		—		4,248,000
Mortgage-Backed Obligations		—			10,105,229		—		10,105,229
U.S. Government Obligations		—			498,582		—		498,582
Foreign Government Obligations		—			2		—		2
Non-Convertible Corporate Bonds and Notes		—			75,830,280		—		75,830,280
Convertible Corporate Bonds and Notes		—			233,701,761		—		233,701,761
Structured Securities		—			71,623,536		—		71,623,536
Options Purchased		727,750			—		—		727,750
Total Assets	$	2,671,391,776		$	487,340,840	$	—	$	3,158,732,616
Liabilities Table
Other Financial Instruments:
Appreciated options written, at value	$	(4,857,900	)	$	—	$	—	$	(4,857,900	)
Depreciated options written, at value		(13,072,725	)		—		—		(13,072,725	)
Total Liabilities	$	(17,930,625	)	$	—	$	—	$	(17,930,625	)

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

19 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

There have been no significant changes to the fair valuation methodologies of the Fund during the period.

Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

Market Risk Factors. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

20 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

Risks of Investing in Derivatives. The Fund’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

Credit Related Contingent Features. The Fund’s agreements with derivative counterparties have several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty.

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a financial instrument, or currency, at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts.

21 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts.

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

During the period ended July 31, 2012, the Fund had an ending monthly average market value of $10,714,703 and $637,569 on futures contracts purchased and sold, respectively.

As of July 31, 2012, the Fund had no outstanding futures contracts.

Option Activity

The Fund may buy and sell put and call options, or write put and call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option.

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports.

22 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

The Fund has purchased put options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the period ended July 31, 2012, the Fund had an ending monthly average market value of $2,351,058 on purchased put options.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateralized accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract.

The Fund has written put options on individual equity securities and/or equity indexes to increase exposure to equity risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has written call options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the period ended July 31, 2012, the Fund had an ending monthly average market value of $2,284,314 and $17,635,322 on written call options and written put options, respectively.

Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk.

23 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS July 31, 2012 (Unaudited)

Written option activity for the period ended July 31, 2012 was as follows:

	Call Options						Put Options
	Number of Contracts			Amount of Premiums			Number of Contracts			Amount of Premiums
Options outstanding as of
October 31, 2011		18,775		$	1,648,925			97,177		$	48,792,019
Options written		224,537			18,380,692			541,467			157,121,600
Options closed or expired		(163,490	)		(12,801,210	)		(541,631	)		(182,335,630	)
Options exercised		(32,782	)		(4,201,825	)		(11,175	)		(3,549,847	)
Options outstanding as of July 31, 2012		47,040		$	3,026,582			85,838		$	20,028,142

Restricted Securities

As of July 31, 2012, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Directors as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	3,046,394,735
Federal tax cost of other investments		(23,054,724	)
Total federal tax cost	$	3,023,340,011
Gross unrealized appreciation	$	359,532,115
Gross unrealized depreciation		(242,070,135	)
Net unrealized appreciation	$	117,461,980

24 Oppenheimer Equity Income Fund, Inc.

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 7/31/2012, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Equity Income Fund, Inc.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	9/11/2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	9/11/2012

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	9/11/2012

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, William F. Glavin, Jr., certify that:

1. I have reviewed this report on Form N-Q of Oppenheimer Equity Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ William F. Glavin, Jr.

William F. Glavin, Jr.

Principal Executive Officer

Date: 9/11/2012

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-Q of Oppenheimer Equity Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

Date: 9/11/2012