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

OFI Global Asset Management, 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: 1/31/2013

Item 1. Schedule of Investments.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Shares		Value
Common Stocks–82.5%
Consumer Discretionary–11.3%
Auto Components–1.9%
American Axle & Manufacturing Holdings, Inc.1		650,000	$	7,592,000
Lear Corp.		1,275,000		62,475,000
				70,067,000
Automobiles–2.2%
Ford Motor Co.		6,350,000		82,232,500
Hotels, Restaurants & Leisure–0.4%
Darden Restaurants, Inc.		190,000		8,835,000
McDonald’s Corp.2		77,000		7,337,330
				16,172,330
Media–2.9%
Cablevision Systems Corp. New York Group, Cl. A2		1,150,000		16,836,000
Cinemark Holdings, Inc.2		500,000		14,070,000
Comcast Corp., Cl. A Special, Non-Vtg.		1,000,000		36,730,000
Regal Entertainment Group		692,500		10,339,025
Time Warner Cable, Inc.		355,000		31,715,700
				109,690,725
Multiline Retail–2.9%
Kohl’s Corp.2		965,000		44,669,850
Target Corp.		1,040,000		62,826,400
				107,496,250
Specialty Retail–1.0%
Foot Locker, Inc.		910,000		31,258,500
Staples, Inc.		425,000		5,729,000
				36,987,500
Consumer Staples–4.6%
Beverages–0.4%
PepsiCo, Inc.		205,000		14,934,250
Food & Staples Retailing–2.8%
CVS Caremark Corp.		625,000		32,000,000
Kroger Co. (The)		1,075,000		29,777,500
Rite Aid Corp.1		3,027,659		4,844,254
Safeway, Inc.2		500,000		9,625,000
Walgreen Co.		750,000		29,970,000
				106,216,754
Food Products–0.7%
Archer-Daniels-Midland Co.		625,000		17,831,250
General Mills, Inc.		220,500		9,247,770
				27,079,020
Household Products–0.6%
Energizer Holdings, Inc.2		160,000		13,921,600
Procter & Gamble Co. (The)2		86,250		6,482,550
				20,404,150
Tobacco–0.1%
Philip Morris International, Inc., Cl. A		56,250		4,959,000

1 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Shares		Value
Energy–10.8%
Energy Equipment & Services–2.1%
Baker Hughes, Inc.		180,000	$	8,049,600
Ensco plc, Cl. A		587,500		37,347,375
Halliburton Co.		790,000		32,137,200
				77,534,175
Oil, Gas & Consumable Fuels–8.7%
Apache Corp.		227,500		19,055,400
BP plc, ADR		1,080,000		48,081,600
Chevron Corp.2		815,000		93,847,250
Exxon Mobil Corp.2		537,500		48,358,875
Gaslog Ltd.		3,476		44,215
Kinder Morgan Management LLC1		124,421		10,260,962
Kinder Morgan, Inc.		1,170,000		43,828,200
Linn Co. LLC		255,000		10,174,500
Royal Dutch Shell plc, Cl. A, ADR		525,000		37,023,000
Williams Cos., Inc. (The)		480,000		16,824,000
				327,498,002
Financials–23.1%
Capital Markets–2.7%
Goldman Sachs Group, Inc. (The)		392,500		58,035,050
Morgan Stanley		1,900,000		43,415,000
				101,450,050
Commercial Banks–3.3%
CIT Group, Inc.1,2		650,000		27,527,500
PNC Financial Services Group, Inc.		120,000		7,416,000
SunTrust Banks, Inc.		525,000		14,894,250
Wells Fargo & Co.		2,100,000		73,143,000
				122,980,750
Diversified Financial Services–9.1%
Bank of America Corp.2		325,000		3,679,000
Citigroup, Inc.		3,550,000		149,668,000
JPMorgan Chase & Co.2		3,262,500		153,500,625
KKR Financial Holdings LLC		3,025,000		33,244,750
				340,092,375
Insurance–5.7%
Assured Guaranty Ltd.2		2,132,500		38,662,225
CNO Financial Group, Inc.		125,000		1,283,750
Everest Re Group Ltd.2		500,000		57,905,000
MetLife, Inc.		1,920,000		71,692,800
Prudential Financial, Inc.		150,000		8,682,000
XL Group plc		1,350,000		37,422,000
				215,647,775
Real Estate Investment Trusts (REITs)–2.2%
Apollo Commercial Real Estate Finance, Inc.2		1,225,000		21,388,500
Ashford Hospitality Trust		1,500,000		17,385,000
Colony Financial, Inc.		187,094		4,026,263
CYS Investments, Inc.		1,175,000		15,275,000

2 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Shares		Value
Real Estate Investment Trusts (REITs) Continued
Starwood Property Trust, Inc.		1,025,000	$	26,281,000
				84,355,763
Real Estate Management & Development–0.1%
American Homes 4 Rent1,3		165,000		2,475,000
Health Care–8.9%
Health Care Equipment & Supplies–0.8%
Medtronic, Inc.2		650,000		30,290,000
Health Care Providers & Services–0.7%
Cardinal Health, Inc.2		51,250		2,245,263
UnitedHealth Group, Inc.		250,000		13,802,500
WellPoint, Inc.		167,500		10,857,350
				26,905,113
Pharmaceuticals–7.4%
GlaxoSmithKline plc, ADR		595,000		27,137,950
Johnson & Johnson		350,000		25,872,000
Merck & Co., Inc.		2,017,250		87,246,063
Pfizer, Inc.		3,225,000		87,978,000
Teva Pharmaceutical Industries Ltd., Sponsored ADR2		1,300,000		49,387,000
				277,621,013
Industrials–3.8%
Aerospace & Defense–1.4%
Boeing Co. (The)		52,500		3,878,175
General Dynamics Corp.		580,000		38,454,000
Honeywell International, Inc.2		115,000		7,847,600
Textron, Inc.		75,000		2,157,000
				52,336,775
Commercial Services & Supplies–1.2%
Pitney Bowes, Inc.		800,000		11,528,000
R.R. Donnelley & Sons Co.		1,975,000		18,170,000
Tyco International Ltd.		485,000		14,661,550
				44,359,550
Industrial Conglomerates–0.3%
General Electric Co.		500,000		11,140,000
Marine–0.9%
Box Ships, Inc.4		1,216,045		7,369,233
Costamare, Inc.		1,000,000		15,750,000
Diana Containerships, Inc.4		1,394,470		9,705,511
				32,824,744
Road & Rail–0.0%
Norfolk Southern Corp.2		300		20,661
Information Technology–5.6%
Communications Equipment–1.4%
Cisco Systems, Inc.		600,000		12,342,000
QUALCOMM, Inc.2		600,000		39,618,000
				51,960,000

3 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Shares		Value
Computers & Peripherals–1.6%
Apple, Inc.		31,750	$	14,456,093
Hewlett-Packard Co.2		600,000		9,906,000
Seagate Technology2		1,035,000		35,169,300
				59,531,393
Electronic Equipment, Instruments & Components–0.4%
Corning, Inc.		1,400,000		16,800,000
Semiconductors & Semiconductor Equipment–0.2%
Intel Corp.2		285,000		5,996,400
Software–2.0%
Microsoft Corp.		2,675,000		73,482,250
Materials–3.9%
Chemicals–1.7%
Lyondellbasell Industries NV, Cl. A2		342,500		21,721,350
Mosaic Co. (The)		615,000		37,668,750
Potash Corp. of Saskatchewan, Inc.		104,000		4,420,000
				63,810,100
Metals & Mining–0.7%
Allegheny Technologies, Inc.		535,000		16,932,750
Freeport-McMoRan Copper & Gold, Inc., Cl. B		305,750		10,777,688
				27,710,438
Paper & Forest Products–1.5%
International Paper Co.2		1,350,000		55,917,000
Telecommunication Services–6.5%
Diversified Telecommunication Services–6.5%
AT&T, Inc.2		1,775,000		61,752,250
CenturyLink, Inc.2		2,100,000		84,945,000
Consolidated Communications Holdings, Inc.2		1,600,000		27,536,000
Frontier Communications Corp.		12,825,000		58,610,250
Windstream Corp.		1,100,000		10,714,000
				243,557,500
Utilities–4.0%
Electric Utilities–3.1%
American Electric Power Co., Inc.		555,000		25,135,950
Edison International		837,500		40,359,125
Exelon Corp.2		727,500		22,872,600
FirstEnergy Corp.2		340,000		13,766,600
PPL Corp.		485,000		14,690,650
				116,824,925
Energy Traders–0.5%
NRG Energy, Inc.2		746,260		17,910,240
Multi-Utilities–0.4%
National Grid plc, Sponsored ADR		130,000		7,139,600
PG&E Corp.		160,000		6,822,400
				13,962,000
Total Common Stocks (Cost $2,609,928,135)				3,091,233,471

4 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Shares		Value
Preferred Stocks–3.6%
Continental Airlines Finance Trust II, 6% Cum. Cv. Term Income Deferrable Equity Securities1		155,000	$	6,127,336
General Motors Co., 4.75% Cv., Series B, Non-Vtg.		1,852,500		80,250,300
MetLife, Inc., 5% Cv., Non-Vtg.		442,500		21,589,575
PPL Corp., 8.75% Cv.		190,000		10,391,100
Synovus Financial Corp., 8.25% Cv.		685,000		15,789,250
Total Preferred Stocks (Cost $130,784,791)				134,147,561
	Units
Rights, Warrants and Certificates–0.2%
Kinder Morgan, Inc. Wts., Strike Price $40, Exp. 2/15/171 (Cost $2,577,600)		1,440,000		6,422,400
	Principal Amount
Mortgage-Backed Obligations–0.2%
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.478%, 5/1/365	$	175,309		175,187
Banc of America Mortgage 2001-E Trust, Mtg. Pass-Through Certificates, Series 2004-E, Cl. 2A6, 3.105%, 6/1/345		270,049		267,287
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		143,162		135,301
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		243,568		230,782
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		109,950		91,859
Countrywide Alternative Loan Trust 2005-29CB, Mtg. Pass-Through Certificates, Series 2005-29CB, Cl. A4, 5%, 7/1/35		1,407,238		1,122,564
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		403,762		314,838
Federal Home Loan Mortgage Corp.:
8%, 4/1/16		8,211		8,766
9%, 8/1/22-5/1/25		3,819		4,391
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 151, Cl. F, 9%, 5/15/21		11,985		13,751
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 16.649%, 4/1/276		173,118		28,340
Series 192, Cl. IO, 11.926%, 2/1/286		48,592		11,242
Series 2130, Cl. SC, 53.93%, 3/15/296		154,474		39,571
Series 243, Cl. 6, 0%, 12/15/326,7		199,952		41,747
Series 2639, Cl. SA, 10.83%, 7/15/226		205,805		11,160
Series 2796, Cl. SD, 63.592%, 7/15/266		225,978		49,537
Series 2802, Cl. AS, 53.264%, 4/15/336		103,291		4,401
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.742%, 6/1/268		48,327		42,807
Federal National Mortgage Assn.:
7.50%, 1/1/33		173,818		210,332
8.50%, 7/1/32		7,065		8,736

5 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Principal Amount		Value
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-63, Cl. SD, 31.294%, 12/18/316	$	5,461	$	1,092
Trust 2001-65, Cl. S, 29.32%, 11/25/316		383,362		85,637
Trust 2001-68, Cl. SC, 30.43%, 11/25/316		3,484		731
Trust 2001-81, Cl. S, 23.392%, 1/25/326		90,554		21,477
Trust 2002-47, Cl. NS, 34.398%, 4/25/326		215,398		49,360
Trust 2002-51, Cl. S, 34.618%, 8/25/326		197,783		45,366
Trust 2002-52, Cl. SD, 40.085%, 9/25/326		259,283		58,939
Trust 2002-7, Cl. SK, 26.216%, 1/25/326		6,348		1,106
Trust 2002-77, Cl. BS, 20.772%, 12/18/326		12,170		2,427
Trust 2002-77, Cl. SH, 38.126%, 12/18/326		139,257		30,663
Trust 2002-9, Cl. MS, 27.089%, 3/25/326		134,069		30,364
Trust 2002-90, Cl. SN, 28.369%, 8/25/326		10,548		1,810
Trust 2002-90, Cl. SY, 36.623%, 9/25/326		5,587		1,072
Trust 2003-4, Cl. S, 28.644%, 2/25/336		226,965		42,109
Trust 2003-46, Cl. IH, 0%, 6/1/236,7		1,384,297		181,003
Trust 2003-89, Cl. XS, 39.593%, 11/25/326		41,459		538
Trust 2004-54, Cl. DS, 48.168%, 11/25/306		228,889		43,116
Trust 2005-14, Cl. SE, 44.856%, 3/25/356		297,660		46,138
Trust 2005-93, Cl. SI, 20.116%, 10/25/356		189,897		31,288
Trust 214, Cl. 2, 43.422%, 3/1/236		293,777		57,848
Trust 222, Cl. 2, 25.441%, 6/1/236		375,453		71,735
Trust 247, Cl. 2, 47.05%, 10/1/236		93,615		19,458
Trust 252, Cl. 2, 43.161%, 11/1/236		326,094		66,678
Trust 319, Cl. 2, 2.80%, 2/1/326		96,104		21,675
Trust 320, Cl. 2, 10.68%, 4/1/326		506,875		88,384
Trust 331, Cl. 9, 6.85%, 2/1/336		41,290		9,127
Trust 334, Cl. 17, 13.842%, 2/1/336		202,706		43,924
Trust 339, Cl. 12, 4.52%, 7/1/336		409,968		70,873
Trust 343, Cl. 13, 7.473%, 9/1/336		377,195		59,130
Trust 343, Cl. 18, 19.392%, 5/1/346		59,019		9,256
Trust 345, Cl. 9, 99.999%, 1/1/346		355,219		49,365
Trust 351, Cl. 10, 2.026%, 4/1/346		97,921		15,653
Trust 351, Cl. 8, 6.246%, 4/1/346		204,228		32,859
Trust 356, Cl. 10, 15.515%, 6/1/356		157,248		23,671
Trust 356, Cl. 12, 57.235%, 2/1/356		76,663		11,342
Trust 362, Cl. 13, 23.235%, 8/1/356		911,929		138,749
Trust 364, Cl. 16, 44.155%, 9/1/356		360,393		51,580
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.242%, 9/25/238		146,907		135,871
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		421,147		308,653
Government National Mortgage Assn.:
1.625%, 4/8/265		11,246		11,665
7%, 1/29/24-4/29/26		75,864		89,286

6 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Principal Amount			Value
7.50%, 5/29/27	$	309,440		$	371,019
8%, 5/30/17		6,811			7,482
8.50%, 8/1/17-12/15/17		5,180			5,539
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2001-21, Cl. SB, 82.175%, 1/16/276		346,818			70,780
Series 2002-15, Cl. SM, 71.303%, 2/16/326		272,384			64,370
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.917%, 11/1/355		623,797			518,839
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 5%, 5/1/375		90,080			88,326
JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 8/1/37		624,010			586,757
Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2A2, 2.666%, 4/1/345		302,596			316,877
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		126,874			130,872
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		39,006			29,781
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		102,177			93,833
WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.531%, 12/1/355		352,459			333,009
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		444,495			471,655
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.631%, 10/1/365		371,256			364,697
Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 5.977%, 11/1/375		383,590			350,853
Total Mortgage-Backed Obligations (Cost $8,487,077)					8,678,306
U.S. Government Obligations–0.0%
Federal Home Loan Mortgage Corp. Nts., 5.25%, 4/18/16 (Cost $451,880)		425,000			489,823
Foreign Government Obligations–0.0%
Germany (Federal Republic of) Bonds, Series 94, 6.25%, 1/4/24 (Cost $1)		1	EUR		2
Non-Convertible Corporate Bonds and Notes–2.3%
Agrium, Inc., 6.125% Sr. Unsec. Nts., 1/15/41		240,000			279,001
Airgas, Inc., 3.25% Sr. Nts., 10/1/15		481,000			508,858
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		415,000			695,457
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13		528,000			533,324
American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17		370,000			441,562
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		343,000			404,575
Arrow Electronics, Inc., 3.375% Sr. Unsec. Unsub. Nts., 11/1/15		990,000			1,026,461
AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38		761,000			932,943

7 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Principal Amount		Value
Bank of America Corp., 5.875% Sr. Unsec. Unsub. Nts., 1/5/21	$	210,000	$	247,270
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/199		940,000		1,115,757
BNP Paribas SA, 5.186% Sub. Perpetual Nts.9,10		170,000		163,200
British Telecommunications plc, 9.625% Bonds, 12/15/30		325,000		507,140
Bunge Ltd. Finance Corp.:
5.35% Sr. Unsec. Unsub. Nts., 4/15/14		63,000		66,181
8.50% Sr. Unsec. Nts., 6/15/19		365,000		472,447
Burlington Northern Santa Fe LLC, 5.75% Sr. Unsec. Bonds, 5/1/40		143,000		171,528
Canadian Oil Sands Ltd., 5.80% Sr. Unsec. Nts., 8/15/139		486,000		499,453
Capital One Financial Corp., 4.75% Sr. Nts., 7/15/21		262,000		298,954
Celgene Corp., 5.70% Sr. Unsec. Nts., 10/15/40		344,000		389,126
CenturyLink, Inc., 7.60% Sr. Unsec. Unsub. Nts., Series P, 9/15/39		193,000		197,780
Citigroup, Inc., 6.125% Sr. Unsec. Unsub. Nts., 11/21/17		968,000		1,144,010
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.25% Sr. Unsec. Unsub. Nts., 12/15/17		495,000		528,413
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21		462,000		537,029
5.875% Sr. Unsec. Unsub. Bonds, 8/15/20		540,000		627,792
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		317,000		471,874
Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17		525,000		555,844
CSX Corp., 5.50% Sr. Unsec. Nts., 4/15/41		148,000		168,530
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 6.375% Sr. Unsec. Nts., 3/1/41		431,000		487,622
Duke Realty LP, 6.25% Sr. Unsec. Unsub. Nts., 5/15/13		503,000		510,679
El Paso Pipeline Partners LP, 6.50% Sr. Unsec. Nts., 4/1/20		782,000		947,910
Energizer Holdings, Inc., 4.70% Sr. Unsec. Unsub. Nts., 5/19/21		552,000		587,902
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		461,000		518,523
Family Dollar Stores, Inc., 5% Sr. Unsec. Nts., 2/1/21		301,000		320,181
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		348,875
Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14		128,000		137,507
Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17		527,000		612,638
General Electric Capital Corp., 6.375% Unsec. Sub. Bonds, 11/15/67		1,005,000		1,057,763
Glen Meadow Pass-Through Trust, 6.505% Bonds, 2/12/673,5		631,000		588,408
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34		523,000		543,697
Goldman Sachs Group, Inc. (The), 5.25% Sr. Unsec. Nts., 7/27/21		169,000		191,221
Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13		553,000		557,963
Harris Corp., 6.15% Sr. Unsec. Nts., 12/15/40		168,000		197,858
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/355		1,330,000		1,356,600
Huntington Bancshares, Inc., 7% Sub. Nts., 12/15/20		493,000		599,012
Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/159		780,000		854,052

8 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Principal Amount		Value
International Lease Finance Corp., 5.75% Sr. Unsec. Unsub. Nts., 5/15/16	$	539,000	$	582,557
Interpublic Group of Cos., Inc. (The):
6.25% Sr. Unsec. Nts., 11/15/14		200,000		215,250
10% Sr. Unsec. Nts., 7/15/17		620,000		674,250
JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 110		900,000		1,039,127
Juniper Networks, Inc., 5.95% Sr. Unsec. Unsub. Nts., 3/15/41		219,000		247,159
Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13		909,000		919,697
Kinross Gold Corp., 3.625% Sr. Unsec. Unsub. Nts., 9/1/16		419,000		425,682
KLA-Tencor Corp., 6.90% Sr. Unsec. Nts., 5/1/18		373,000		445,291
Kraft Foods, Inc., 6% Sr. Unsec. Nts., 2/11/13		492,000		492,430
Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14		487,000		533,265
Liberty Mutual Group, Inc., 5% Sr. Nts., 6/1/219		808,000		879,107
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67		1,102,000		1,110,265
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/209		598,000		665,020
Lorillard Tobacco Co., 7% Sr. Unsec. Nts., 8/4/41		354,000		423,297
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/219		735,000		816,750
Marriott International, Inc., 6.20% Sr. Unsec. Unsub. Nts., 6/15/16		580,000		668,003
Mattel, Inc., 5.625% Sr. Unsec. Nts., 3/15/13		490,000		492,686
MBIA Insurance Corp.:
11.564% Unsec. Sub. Nts., 1/15/3311		100,000		26,500
14% Bonds, 1/15/339,11		23,150,000		6,134,750
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		288,000		371,004
Mercantile Bankshares Corp., 4.625% Unsec. Sub. Nts., Series B, 4/15/13		348,000		350,770
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		369,000		495,650
MGIC Investment Corp., 5.375% Sr. Unsec. Unsub. Nts., 11/1/15		22,930,000		18,745,275
Morgan Stanley:
5.50% Sr. Unsec. Unsub. Nts., 7/24/209		218,000		244,036
5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17		1,275,000		1,422,664
Mylan, Inc., 6% Sr. Nts., 11/15/189		565,000		617,085
Nabors Industries, Inc., 6.15% Sr. Unsec. Unsub. Nts., 2/15/18		680,000		777,019
Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37		573,000		733,257
NII Capital Corp., 7.625% Sr. Unsec. Unsub. Nts., 4/1/21		3,000,000		2,370,000
Nomura Holdings, Inc., 4.125% Sr. Unsec. Unsub. Nts., 1/19/16		520,000		554,349
Oncor Electric Delivery Co. LLC, 7% Debs., 9/1/22		470,000		598,058
Potash Corp. of Saskatchewan, Inc., 5.625% Sr. Unsec. Unsub. Nts., 12/1/40		323,000		384,069
PPL WEM Holdings plc, 5.375% Sr. Unsec. Nts., 5/1/219		763,000		855,420
Quest Diagnostics, Inc., 5.75% Sr. Unsec. Nts., 1/30/40		345,000		377,402
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		503,000		560,845
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/149		305,000		325,969
Rent-A-Center, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		569,000		622,344
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/153		930,000		934,650

9 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Principal Amount		Value
Rowan Cos., Inc., 5% Sr. Unsec. Nts., 9/1/17	$	579,000	$	645,511
Sealed Air Corp., 7.875% Sr. Nts., 6/15/17		417,000		444,105
Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15		530,000		584,325
SLM Corp., 6.25% Sr. Nts., 1/25/16		739,000		816,822
Swiss Re Capital I LP, 6.854% Perpetual Bonds9,10		1,077,000		1,149,698
Symantec Corp., 4.20% Sr. Unsec. Unsub. Nts., 9/15/20		625,000		655,355
Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/199		540,000		736,418
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33		279,000		394,835
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13		251,000		260,708
TreeHouse Foods, Inc., 7.75% Sr. Unsec. Nts., 3/1/18		550,000		596,750
UBS AG (Stamford CT), 2.25% Sr. Unsec. Nts., 8/12/13		223,000		225,105
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Nts.10		243,000		249,075
Vale Inco Ltd., 5.70% Sr. Unsec. Unsub. Nts., 10/15/15		31,000		33,792
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		318,000		405,637
Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30		296,000		400,537
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/21		307,000		349,727
6.50% Sr. Sec. Nts., 1/15/18		658,000		707,350
Wal-Mart Stores, Inc., 5.625% Sr. Unsec. Nts., 4/15/41		338,000		425,981
Weatherford International Ltd. Bermuda, 5.125% Sr. Unsec. Unsub. Nts., 9/15/20		576,000		617,432
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K10		382,000		439,778
Whirlpool Corp., 5.50% Sr. Unsec. Unsub. Nts., 3/1/13		213,000		213,770
Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16		563,000		600,150
Woodside Finance Ltd., 4.60% Sr. Unsec. Nts., 5/10/219		390,000		430,608
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13		528,000		534,883
Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15		170,000		185,208
6% Sr. Unsec. Unsub. Nts., 10/15/15		411,000		456,960
Xstrata Finance Canada Ltd., 5.80% Sr. Unsec. Unsub. Bonds, 11/15/169		78,000		88,694
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/373,5		598,000		636,870
Zions Bancorp, 7.75% Sr. Unsec. Nts., 9/23/14		723,000		792,244
Total Non-Convertible Corporate Bonds and Notes (Cost $87,377,377)				86,631,743
Convertible Corporate Bonds and Notes–7.3%
CNO Financial Group, Inc.:
7% Cv. Sr. Unsec. Unsub. Nts., 12/30/16		6,157,000		11,929,188
7% Cv. Sr. Unsec. Unsub. Nts., 12/30/16		16,566,000		32,096,625
7% Cv. Sr. Unsec. Unsub. Nts., 12/30/16		608,000		1,178,000
Continental Airlines, Inc., 4.50% Cv. Sr. Unsec. Unsub. Nts., 1/15/15		26,750,000		39,088,438
General Cable Corp., 4.50% Cv. Unsec. Sub. Nts., 11/15/295		31,000,000		36,599,375
MGIC Investment Corp.:
5% Cv. Sr. Nts., 5/1/17		11,500,000		8,869,375
9% Cv. Jr. Unsec. Sub. Bonds, 4/1/639,11		80,000,000		35,500,000
Molycorp, Inc., 3.25% Cv. Sr. Unsec. Nts., 6/15/16		9,000,000		6,705,000
Navistar International Corp., 3% Cv. Sr. Sub. Nts., 10/15/14		37,500,000		35,671,875

10 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Principal Amount		Value
Peabody Energy Corp., 4.75% Cv. Jr. Unsec. Sub. Debs., 12/15/41	$	29,700,000	$	28,456,313
Radian Group, Inc., 3% Cv. Sr. Unsec. Unsub. Nts., 11/15/17		7,000,000		6,413,750
Standard Chartered plc, 6.409% Cv. Jr. Unsec. Sub. Bonds, 1/29/499		400,000		405,395
Take-Two Interactive Software, Inc., 4.375% Cv. Sr. Nts., 6/1/14		22,250,000		28,994,522
Total Convertible Corporate Bonds and Notes (Cost $258,141,328)				271,907,856

	Shares
Structured Securities–3.2%
Bank of America, American International Group, Inc. Equity Linked Nts., 4/4/133		298,241	11,179,564
Credit Suisse AG, Mosaic Co. Equity Linked Nts., 4/5/13		183,000	11,153,850
Credit Suisse AG, Apple, Inc., Equity Linked Nts., 2/15/13		21,735	9,814,765
Credit Suisse AG, Micron Technology, Inc., Equity Linked Nts., 7/26/13		1,944,000	14,881,320
Deutsche Bank AG:
Celanese Corp. Equity Linked Nts., 3/8/133		268,000	11,993,000
Celanese Corp. Equity Linked Nts., 6/28/133		222,500	10,476,635
Goldman Sachs Group, Inc. (The):
Aetna, Inc./Humana, Inc./UnitedHealth Group, Inc. Equity Linked Nts., 3/28/133		100,000	10,476,122
CONSOL Energy, Inc. Equity Linked Nts., 6/18/133		294,118	9,493,035
OfficeMax, Inc. Equity Linked Nts., 3/14/133		1,530,222	12,124,347
Morgan Stanley, Rite Aid Corp. Equity Linked Nts., 7/12/133		7,246,400	11,123,224
UBS AG (London), Apple, Inc. Equity Linked Nts., 2/6/133		20,260	9,194,636
Total Structured Securities (Cost $121,297,693)			121,910,498

	Expiration Date		Strike Price		Contracts
Options Purchased–0.0%
Apple, Inc. Put1		2/19/13	$	430.000		750	161,250
Bank of America Corp. Put1		2/19/13		10.000		5,500	11,000
BP plc, ADR Put1		2/19/13		40.000		5,000	55,000
BP plc, ADR Put1		2/19/13		41.000		2,000	36,000
BP plc, ADR Put1		3/18/13		41.000		4,000	192,000
CONSOL Energy, Inc. Put1		4/22/13		28.000		2,000	167,000
Devon Energy Corp. Put1		3/18/13		47.500		1,500	27,000
General Motors Co. Put1		3/18/13		24.000		3,500	66,500
Hewlett-Packard Co. Put1		2/19/13		13.000		1,000	1,000
Humana, Inc. Put1		2/19/13		55.000		2,500	12,500
Humana, Inc. Put1		2/19/13		60.000		4,150	31,125
Humana, Inc. Put1		2/19/13		62.500		2,000	10,000
Kohl’s Corp. Put1		2/19/13		40.000		1,250	6,250
Target Corp. Put1		2/19/13		55.000		2,000	18,000

11 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

	Expiration Date		Strike Price		Contracts		Value
Target Corp. Put1		3/18/13	$	55.000		2,000	$	76,000
Teva Pharmaceutical Industries Ltd., Sponsored ADR Put1		2/19/13		35.000		1,000		11,000
Teva Pharmaceutical Industries Ltd., Sponsored ADR Put1		3/18/13		35.000		1,000		23,000
Time Warner Cable, Inc. Put1		4/22/13		82.500		1,000		105,000
UnitedHealth Group, Inc. Put1		2/19/13		45.000		2,000		5,000
UnitedHealth Group, Inc. Put1		3/18/13		45.000		3,250		26,000
Total Options Purchased (Cost $1,942,722)								1,040,625

	Shares
Investment Company–1.5%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%4,12 (Cost $54,625,661)		54,625,661			54,625,661
Total Investments, at Value (Cost $3,275,614,265)		100.8	%		3,777,087,946
Liabilities in Excess of Other Assets		(0.8	)		(30,052,148	)
Net Assets		100.0	%	$	3,747,035,798

Footnotes to Statement of Investments

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

EUR             Euro

1. Non-income producing security.

2. 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 $368,314,895. See accompanying Notes.

3. Restricted security. The aggregate value of restricted securities as of January 31, 2013 was $90,695,491, which represents 2.42% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
American Homes 4 Rent		12/6/12	$	2,475,000	$	2,475,000	$	—
Bank of America, American International Group, Inc. Equity Linked Nts., 4/4/13		10/1/12		10,000,021		11,179,564		1,179,543
Deutsche Bank AG, Celanese Corp. Equity Linked Nts., 3/8/13		9/4/12		10,001,760		11,993,000		1,991,240
Deutsche Bank AG, Celanese Corp. Equity Linked Nts., 6/28/13		12/19/12		10,003,600		10,476,635		473,035
Glen Meadow Pass-Through Trust, 6.505% Bonds, 2/12/67		1/5/11		539,737		588,408		48,671
Goldman Sachs Group, Inc. (The), Aetna, Inc./Humana, Inc./UnitedHealth Group, Inc. Equity Linked Nts., 3/28/13		9/14/12		10,000,000		10,476,122		476,122
Goldman Sachs Group, Inc. (The), CONSOL Energy, Inc. Equity Linked Nts., 6/18/13		12/11/12		10,000,012		9,493,035		(506,977	)
Goldman Sachs Group, Inc. (The), OfficeMax, Inc. Equity Linked Nts., 3/14/13		9/7/12		10,030,605		12,124,347		2,093,742
Morgan Stanley, Rite Aid Corp. Equity Linked Nts., 7/12/13		1/4/13		10,000,032		11,123,224		1,123,192
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/15		11/10/10-5/20/11		939,820		934,650		(5,170	)
UBS AG (London), Apple, Inc. Equity Linked Nts., 2/6/13		8/3/12		12,499,812		9,194,636		(3,305,176	)
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37		2/24/11-7/26/11		602,027		636,870		34,843
			$	87,092,426	$	90,695,491	$	3,603,065

12 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended January 31, 2013, 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, 2012		Gross Additions		Gross Reductions		Shares January  31, 2013
Box Ships, Inc.		1,377,500		—		161,455		1,216,045
Diana Containerships, Inc.		1,481,078		—		86,608		1,394,470
Oppenheimer Institutional Money Market Fund, Cl. E		37,325,668		130,139,665		112,839,672		54,625,661
			Value		Income		Realized Loss
Box Ships, Inc.			$	7,369,233	$	300,850	$	1,000,935
Diana Containerships, Inc.				9,705,511		435,000		74,032
Oppenheimer Institutional Money Market Fund, Cl. E				54,625,661		12,733		—
			$	71,700,405	$	748,583	$	1,074,967

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

6. 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 $1,836,691 or 0.05% of the Fund’s net assets as of January 31, 2013.

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. 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 $178,678 or less than 0.005% of the Fund’s net assets as of January 31, 2013.

9. 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 $51,481,412 or 1.37% of the Fund’s net assets as of January 31, 2013.

10. 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.

11. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes.

12. Rate shown is the 7-day yield as of January 31, 2013.

Written Options as of January 31, 2013 are as follows:

Description	Type		Number of Contracts		Exercise Price		Expiration Date		Premiums Received		Value			Unrealized Appreciation/ (Depreciation)
Apple, Inc.		Put		650	$	600.000		3/18/13	$	5,734,549	$	(9,444,500	)	$	(3,709,951	)
Apple, Inc.		Put		250		490.000		2/19/13		687,764		(930,250	)		(242,486	)
Apple, Inc.		Put		250		625.000		2/19/13		2,219,193		(4,276,250	)		(2,057,057	)
Apple, Inc.		Put		250		630.000		2/19/13		2,666,682		(4,424,375	)		(1,757,693	)
Apple, Inc.		Put		150		550.000		2/19/13		771,632		(1,422,750	)		(651,118	)
Apple, Inc.		Put		100		530.000		4/22/13		437,346		(790,500	)		(353,154	)
Apple, Inc.		Put		100		585.000		5/20/13		1,319,367		(1,340,000	)		(20,633	)
Apple, Inc.		Put		100		550.000		6/24/13		1,011,444		(1,038,000	)		(26,556	)
Apple, Inc.		Put		75		535.000		2/19/13		331,241		(598,875	)		(267,634	)
Apple, Inc.		Put		75		530.000		5/20/13		596,939		(617,250	)		(20,311	)
Apple, Inc.		Put		400		585.000		2/19/13		2,018,743		(5,287,200	)		(3,268,457	)
Assured Guaranty Ltd.		Call		2,500		19.000		3/18/13		139,943		(165,000	)		(25,057	)
Assured Guaranty Ltd.		Put		250		14.000		2/19/13		5,941		(1,000	)		4,941
AT&T, Inc.		Call		500		35.000		2/19/13		8,481		(17,500	)		(9,019	)
Bank of America Corp.		Call		500		12.000		2/18/13		14,982		(2,500	)		12,482
Bank of America Corp.		Put		5,000		11.000		2/19/13		117,312		(65,000	)		52,312

13 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

BP plc, ADR	Put	4,000	44.000	2/19/13	458,707	(380,000	)	78,707
BP plc, ADR	Put	2,500	44.000	3/18/13	335,968	(347,500	)	(11,532	)
Cablevision Systems Corp. New York Group, Cl. A	Call	500	15.000	2/19/13	30,731	(7,500	)	23,231
Cardinal Health, Inc.	Call	100	43.000	2/19/13	6,896	(11,700	)	(4,804	)
Cinemark Holdings, Inc.	Call	250	30.000	3/18/13	3,850	(3,750	)	100
CONSOL Energy, Inc.	Put	2,000	35.000	4/22/13	910,854	(820,000	)	90,854
Devon Energy Corp.	Put	1,000	52.500	3/18/13	107,420	(62,000	)	45,420
Energizer Holdings, Inc.	Call	875	90.000	2/19/13	63,155	(30,625	)	32,530
Energizer Holdings, Inc.	Call	250	85.000	2/19/13	66,741	(64,250	)	2,491
Exelon Corp.	Call	2,750	30.000	2/19/13	159,646	(440,000	)	(280,354	)
Exxon Mobil Corp.	Call	500	92.500	2/19/13	22,981	(10,000	)	12,981
FirstEnergy Corp.	Call	1,900	40.000	2/19/13	43,027	(95,000	)	(51,973	)
FirstEnergy Corp.	Call	600	41.000	3/18/13	14,377	(21,000	)	(6,623	)
Ford Motor Co.	Put	1,500	12.000	2/19/13	122,050	(6,000	)	116,050
Ford Motor Co.	Put	1,500	13.000	2/19/13	27,283	(43,500	)	(16,217	)
Ford Motor Co.	Put	1,000	11.000	3/18/13	4,962	(6,000	)	(1,038	)
Frontier Communications Corp.	Put	4,000	5.000	5/20/13	297,242	(280,000	)	17,242
General Motors Co.	Put	3,500	27.000	3/18/13	228,864	(248,500	)	(19,636	)
Hewlett-Packard Co.	Call	2,000	16.000	2/18/13	136,298	(158,000	)	(21,702	)
Hewlett-Packard Co.	Call	2,000	17.000	2/19/13	104,425	(54,000	)	50,425
Hewlett-Packard Co.	Put	750	15.000	2/19/13	40,474	(7,500	)	32,974
Honeywell International, Inc.	Call	115	67.500	2/18/13	11,496	(16,100	)	(4,604	)
Humana, Inc.	Put	3,000	65.000	2/19/13	684,294	(39,000	)	645,294
Humana, Inc.	Put	2,000	67.500	2/19/13	391,625	(40,000	)	351,625
Intel Corp.	Call	2,000	22.000	3/18/13	44,064	(32,000	)	12,064
Intel Corp.	Put	475	23.000	2/19/13	117,308	(101,175	)	16,133
International Paper Co.	Call	1,500	43.000	2/19/13	71,693	(22,500	)	49,193
JPMorgan Chase & Co.	Call	500	48.000	2/19/13	19,471	(15,000	)	4,471
Kohl’s Corp.	Put	2,250	43.000	2/19/13	301,665	(33,750	)	267,915
Kohl’s Corp.	Put	1,244	45.000	2/19/13	315,472	(55,980	)	259,492
Lyondellbasell Industries NV	Call	475	57.250	3/18/13	209,932	(332,500	)	(122,568	)
Lyondellbasell Industries NV	Call	250	62.500	2/19/13	24,741	(65,000	)	(40,259	)
McDonald’s Corp.	Call	770	95.000	2/19/13	34,069	(77,000	)	(42,931	)
Medtronic, Inc.	Call	825	46.000	2/19/13	29,494	(84,150	)	(54,656	)
Micron Technology, Inc.	Put	3,500	7.000	2/19/13	41,368	(21,000	)	20,368
Micron Technology, Inc.	Put	2,500	7.000	3/18/13	37,405	(40,000	)	(2,595	)
Mosaic Co. (The)	Put	3,100	55.000	3/18/13	2,206,685	(96,100	)	2,110,585
Norfolk Southern Corp.	Call	3	67.500	2/19/13	177	(630	)	(453	)
NRG Energy, Inc.	Call	1,000	24.000	2/19/13	43,962	(48,000	)	(4,038	)
Procter & Gamble Co. (The)	Call	500	75.000	3/18/13	15,511	(63,500	)	(47,989	)
Procter & Gamble Co. (The)	Call	300	75.000	2/19/13	20,184	(22,200	)	(2,016	)
QUALCOMM, Inc.	Call	500	72.500	3/18/13	10,481	(6,000	)	4,481
Safeway, Inc.	Call	1,500	21.000	2/19/13	28,443	(15,000	)	13,443
Safeway, Inc.	Call	1,000	22.000	3/18/13	33,552	(40,000	)	(6,448	)
Seagate Technology	Call	4,025	33.000	2/19/13	816,113	(668,150	)	147,963
Seagate Technology	Call	3,500	34.000	2/19/13	481,814	(322,000	)	159,814
Seagate Technology	Call	2,825	31.000	2/19/13	1,262,640	(898,350	)	364,290
Staples, Inc.	Put	7,250	12.000	3/18/13	689,633	(145,000	)	544,633
Target Corp.	Put	1,000	60.000	2/19/13	140,832	(87,000	)	53,832

14 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

Target Corp.	Put	1,000	60.000	3/18/13		132,379		(160,000	)		(27,621	)
Teva Pharmaceutical Industries Ltd., Sponsored ADR	Put	1,000	37.500	2/19/13		59,512		(46,000	)		13,512
Teva Pharmaceutical Industries Ltd., Sponsored ADR	Put	1,000	37.500	3/18/13		101,520		(78,000	)		23,520
Time Warner Cable, Inc.	Put	500	90.000	4/22/13		183,477		(185,000	)		(1,523	)
Time Warner Cable, Inc.	Put	250	90.000	3/18/13		63,754		(85,000	)		(21,246	)
UnitedHealth Group, Inc.	Put	1,000	50.000	3/18/13		124,872		(23,000	)		101,872
					$	30,017,148	$	(37,481,860	)	$	(7,464,712	)

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.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of January 31, 2013 is as follows:

Cost	$	69,848,782
Market Value	$	41,661,250
Market Value as a % of Net Assets		1.11	%

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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.

15 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

Valuation Methods and Inputs

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

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.

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.

16 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (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).

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 January 31, 2013 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	$	422,646,305	$	—	$	—	$	422,646,305
Consumer Staples		173,593,174		—		—		173,593,174
Energy		405,032,177		—		—		405,032,177
Financials		864,526,713		2,475,000		—		867,001,713
Health Care		334,816,126		—		—		334,816,126
Industrials		140,681,730		—		—		140,681,730
Information Technology		207,770,043		—		—		207,770,043
Materials		147,437,538		—		—		147,437,538

17 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

Telecommunication Services		243,557,500			—		—		243,557,500
Utilities		148,697,165					—		148,697,165
Preferred Stocks		37,378,825			96,768,736		—		134,147,561
Rights, Warrants and Certificates		6,422,400			—		—		6,422,400
Mortgage-Backed Obligations		—			8,678,306		—		8,678,306
U.S. Government Obligations		—			489,823		—		489,823
Foreign Government Obligations		—			2		—		2
Non-Convertible Corporate Bonds and Notes		—			86,631,743		—		86,631,743
Convertible Corporate Bonds and Notes		—			271,907,856		—		271,907,856
Structured Securities		—			121,910,498		—		121,910,498
Options Purchased		1,040,625			—		—		1,040,625
Investment Company		54,625,661			—		—		54,625,661
Total Assets	$	3,188,225,982		$	588,861,964	$	—	$	3,777,087,946
Liabilities Table
Other Financial Instruments:
Appreciated options written, at value	$	(4,539,130	)	$	—	$	—	$	(4,539,130	)
Depreciated options written, at value		(32,942,730	)						(32,942,730	)
Total Liabilities	$	(37,481,860	)	$	—	$	—	$	(37,481,860	)

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.

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.

18 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

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.

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.

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

19 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

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.

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 January 31, 2013, the Fund had an ending monthly average market value of $602,897 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 January 31, 2013, the Fund had an ending monthly average market value of $1,302,968 and $20,261,344 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.

Written option activity for the period ended January 31, 2013 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, 2012		20,840		$	1,788,733			59,192		$	12,368,279
Options written		64,585			5,395,481			126,759			38,755,992
Options closed or expired		(47,100	)		(3,083,110	)		(122,177	)		(23,777,364	)
Options exercised		(1,512	)		(127,734	)		(3,305	)		(1,303,129	)
Options outstanding as of January 31, 2013		36,813		$	3,973,370			60,469		$	26,043,778

Restricted Securities

As of January 31, 2013, 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.

20 Oppenheimer Equity Income Fund, Inc.

Oppenheimer Equity Income Fund, Inc.

STATEMENT OF INVESTMENTS January 31, 2013 (Unaudited)

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 January 31, 2013 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	$	3,281,876,274
Federal tax cost of other investments		(30,017,148	)
Total federal tax cost	$	3,251,859,126
Gross unrealized appreciation	$	608,598,138
Gross unrealized depreciation		(120,851,178	)
Net unrealized appreciation	$	487,746,960

21 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 1/31/2013, 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:	3/14/2013

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:	3/14/2013

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	3/14/2013

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: 3/14/2013

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: 3/14/2013