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: 7/31/2013

Item 1. Schedule of Investments.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Shares			Value
Common Stocks—78.7%
Consumer Discretionary—11.5%
Auto Components—2.1%
American Axle & Manufacturing Holdings, Inc.1,2		825,000	$		16,046,250
Lear Corp.		1,225,000			84,855,750
					100,902,000
Automobiles—2.3%
Ford Motor Co.1		6,750,000			113,940,000
Household Durables—0.5%
MDC Holdings, Inc.1		527,500			16,690,100
Standard Pacific Corp.2		1,065,000			8,711,700
					25,401,800
Media—2.7%
Cablevision Systems Corp. New York Group, Cl. A1		1,190,200			22,244,838
Cinemark Holdings, Inc.1		497,500			14,487,200
Comcast Corp., Cl. A Special, Non-Vtg.		1,025,000			44,187,750
Time Warner Cable, Inc.1		435,000			49,620,450
					130,540,238
Multiline Retail—2.6%
Kohl’s Corp.1		1,000,000			52,980,000
Target Corp.		1,035,000			73,743,750
					126,723,750
Specialty Retail—1.3%
Best Buy Co., Inc.1		650,000			19,558,500
Foot Locker, Inc.1		1,250,000			45,162,500
					64,721,000
Consumer Staples—3.7%
Beverages—0.3%
PepsiCo, Inc.		205,000			17,125,700
Food & Staples Retailing—2.1%
CVS Caremark Corp.		182,000			11,191,180
Kroger Co. (The)		1,000,000			39,270,000
Rite Aid Corp.2		1,850,000			5,550,000
Safeway, Inc.1		207,500			5,351,425
Walgreen Co.		780,000			39,195,000
					100,557,605
Food Products—1.1%
Archer-Daniels-Midland Co.		662,500			24,161,375
General Mills, Inc.1		225,000			11,700,000
Pinnacle Foods, Inc.		715,000			18,211,050
					54,072,425
Household Products—0.1%
Procter & Gamble Co. (The)1		37,650			3,023,295
Tobacco—0.1%
Philip Morris International, Inc., Cl. A1		65,000			5,796,700

1   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Shares			Value
Energy—9.9%
Energy Equipment & Services—1.8%
Baker Hughes, Inc.		263,750	$		12,509,663
Ensco plc, Cl. A1		645,000			36,984,300
Halliburton Co.		882,500			39,880,175
					89,374,138
Oil, Gas & Consumable Fuels—8.1%
Apache Corp.		500,000			40,125,000
BP plc, ADR		1,650,000			68,376,000
Chevron Corp.1		1,075,000			135,331,750
CONSOL Energy, Inc.		187,500			5,818,125
HollyFrontier Corp.		82,500			3,757,875
Kinder Morgan Management LLC2		165,052			13,365,874
Kinder Morgan, Inc.		1,385,000			52,297,600
Royal Dutch Shell plc, ADR		710,000			48,528,500
Williams Cos., Inc. (The)1		707,500			24,175,275
					391,775,999
Financials—23.0%
Capital Markets—2.6%
Goldman Sachs Group, Inc. (The)		425,000			69,712,750
Morgan Stanley		2,125,000			57,821,250
					127,534,000
Commercial Banks—2.6%
CIT Group, Inc.1,2		742,500			37,206,675
Wells Fargo & Co.1		2,100,000			91,350,000
					128,556,675
Diversified Financial Services—8.8%
Bank of America Corp.		560,000			8,176,000
Citigroup, Inc.		3,637,500			189,659,250
JPMorgan Chase & Co.1		3,400,000			189,482,000
KKR Financial Holdings LLC		3,725,000			39,373,250
					426,690,500
Insurance—5.4%
ACE Ltd.		190,000			17,362,200
Assured Guaranty Ltd.1		2,175,000			47,067,000
Everest Re Group Ltd.1		350,000			46,735,500
MetLife, Inc.		2,300,000			111,366,000
XL Group plc		1,350,000			42,322,500
					264,853,200
Real Estate Investment Trusts (REITs)—3.2%
Apollo Commercial Real Estate Finance, Inc.1		1,774,400			28,443,632
Ashford Hospitality Trust		1,605,000			18,730,350
Colony Financial, Inc.		975,000			19,773,000
CYS Investments, Inc.		3,800,000			31,540,000
Digital Realty Trust, Inc.		142,500			7,878,825
Rayonier, Inc.		185,000			10,811,400
Starwood Property Trust, Inc.		1,238,810			31,465,774

2   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Shares			Value
Real Estate Investment Trusts (REITs) Continued
Two Harbors Investment Corp.		625,000	$		6,268,750
					154,911,731
Real Estate Management & Development—0.3%
American Homes 4 Rent2,3		850,000			13,600,000
Thrifts & Mortgage Finance—0.1%
MGIC Investment Corp.2		650,000			4,966,000
Health Care—7.3%
Health Care Equipment & Supplies—0.5%
Baxter International, Inc.		14,500			1,059,080
Medtronic, Inc.		369,400			20,405,656
					21,464,736
Health Care Providers & Services—0.7%
UnitedHealth Group, Inc.		475,000			34,603,750
Pharmaceuticals—6.1%
GlaxoSmithKline plc, ADR		545,000			27,773,200
Johnson & Johnson		125,000			11,687,500
Merck & Co., Inc.		2,030,000			97,785,100
Novartis AG, ADR		11,000			787,710
Pfizer, Inc.		3,225,000			94,266,750
Roche Holding Ltd., Sponsored ADR		4,000			245,240
Teva Pharmaceutical Industries Ltd., Sponsored ADR1		1,650,000			65,505,000
					298,050,500
Industrials—3.7%
Aerospace & Defense—1.4%
General Dynamics Corp.1		653,700			55,786,758
Textron, Inc.		445,000			12,184,100
					67,970,858
Commercial Services & Supplies—1.3%
ADT Corp. (The)1		175,000			7,014,000
Pitney Bowes, Inc.1		995,000			16,427,450
R.R. Donnelley & Sons Co.		2,000,000			37,980,000
					61,421,450
Industrial Conglomerates—0.3%
General Electric Co.		625,500			15,243,435
Marine—0.5%
Box Ships, Inc.4		1,029,000			4,167,450
Costamare, Inc.		1,000,000			17,600,000
Diana Containerships, Inc.4		1,300,000			5,317,000
					27,084,450
Road & Rail—0.2%
CSX Corp.1		390,000			9,675,900
Information Technology—6.9%
Communications Equipment—1.4%
Cisco Systems, Inc.		600,000			15,330,000
QUALCOMM, Inc.1		800,000			51,640,000
					66,970,000

3   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Shares			Value
Computers & Peripherals—3.0%
Apple, Inc.1		322,500	$		145,931,250
EMC Corp.		110,000			2,876,500
					148,807,750
Electronic Equipment, Instruments & Components—0.5%
Corning, Inc.		1,500,000			22,785,000
Semiconductors & Semiconductor Equipment—0.2%
Intel Corp.1		362,500			8,446,250
Software—1.8%
Microsoft Corp.1		2,825,000			89,919,750
Materials—4.5%
Chemicals—1.6%
Celanese Corp., Series A		324,750			15,607,485
Lyondellbasell Industries NV, Cl. A1		365,000			25,079,150
Mosaic Co. (The)1		950,000			39,035,500
					79,722,135
Metals & Mining—1.2%
Allegheny Technologies, Inc.		1,272,500			35,082,825
Freeport-McMoRan Copper & Gold, Inc., Cl. B		827,500			23,401,700
					58,484,525
Paper & Forest Products—1.7%
Domtar Corp.1		232,500			16,161,075
International Paper Co.1		1,350,000			65,218,500
					81,379,575
Telecommunication Services—5.4%
Diversified Telecommunication Services—5.4%
AT&T, Inc.1		1,650,000			58,195,500
CenturyLink, Inc.1		2,275,000			81,558,750
Consolidated Communications Holdings, Inc.1		1,675,000			29,295,750
Frontier Communications Corp.		14,600,000			63,656,000
Windstream Corp.1		3,825,000			31,938,750
					264,644,750
Wireless Telecommunication Services—0.0%
Telephone & Data Systems, Inc.		50,000			1,325,500
Utilities—2.8%
Electric Utilities—2.2%
American Electric Power Co., Inc.		560,000			25,956,000
Edison International		700,000			34,895,000
Exelon Corp.		412,500			12,618,375
FirstEnergy Corp.		625,000			23,793,750
PPL Corp.		380,000			12,072,600
					109,335,725
Energy Traders—0.3%
NRG Energy, Inc.		500,000			13,410,000
Multi-Utilities—0.3%
CenterPoint Energy, Inc.2		77,500			3,787,813

4   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Shares			Value
Multi-Utilities Continued
National Grid plc, Sponsored ADR		150,000	$		8,938,500
					12,726,313
Total Common Stocks (Cost $3,124,179,103)					3,838,539,108
Preferred Stocks—3.4%
Beazer Homes USA, Inc., 7.50% Cv.		255,000			7,229,250
Continental Airlines Finance Trust II, 6% Cum. Cv. Term Income Deferrable Equity Securities		275,250			12,902,344
General Motors Co., 4.75% Cv., Series B, Non-Vtg.		1,989,750			99,368,115
iStar Financial, Inc., 4.50% Cum. Cv., Series J, Non-Vtg.		84,825			4,474,519
MetLife, Inc., 5% Cv., Non-Vtg.		462,500			26,390,250
PPL Corp., 8.75% Cv.		265,000			14,437,200
Weyerhaeuser Co., 6.375% Cum. Cv., Series A2		29,750			1,561,578
Total Preferred Stocks (Cost $149,529,210)					166,363,256
		Units
Rights, Warrants and Certificates—0.2%
Kinder Morgan, Inc. Wts., Strike Price $40, Exp. 5/25/172 (Cost $2,577,600)		1,440,000			7,891,200
		Principal Amount
Mortgage-Backed Obligations—0.2%
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.395%, 5/1/365	$	154,446			147,084
Banc of America Mortgage 2001-E Trust, Mtg. Pass-Through Certificates, Series 2004-E, Cl. 2A6, 2.829%, 6/1/345		238,977			234,983
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		130,496			119,670
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		215,407			197,918
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		90,379			74,026
Countrywide Alternative Loan Trust 2005-29CB, Mtg. Pass-Through Certificates, Series 2005-29CB, Cl. A4, 5%, 7/1/35		1,276,396			991,680
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		377,913			280,640
Federal Home Loan Mortgage Corp.: 8%, 4/1/16		6,214			6,526
9%, 8/1/22-5/1/25		3,238			3,621
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 151, Cl. F, 9%, 5/15/21		9,422			10,521
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 183, Cl. IO, 16.565%, 4/1/276		147,842			19,737
Series 192, Cl. IO, 11.774%, 2/1/286		41,074			6,818
Series 2130, Cl. SC, 53.209%, 3/15/296		135,939			29,591
Series 243, Cl. 6, 18.74%, 12/15/326		168,482			29,064
Series 2639, Cl. SA, 29.167%, 7/15/226		114,657			4,671

5   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Principal Amount		Value
Series 2796, Cl. SD, 53.488%, 7/15/266	$	195,993	$	36,335
Series 2802, Cl. AS, 29.167%, 4/15/336		56,091		1,867
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.669%, 6/1/267		42,662		39,072
Federal National Mortgage Assn.: 7.50%, 1/1/33		154,729		183,769
8.50%, 7/1/32		6,862		8,008
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-63, Cl. SD, 29.215%, 12/18/316		4,506		968
Trust 2001-65, Cl. S, 23.955%, 11/25/316		297,947		61,133
Trust 2001-68, Cl. SC, 28.42%, 11/25/316		2,867		681
Trust 2001-81, Cl. S, 25.276%, 1/25/326		73,490		15,377
Trust 2002-47, Cl. NS, 32.568%, 4/25/326		183,622		36,544
Trust 2002-51, Cl. S, 32.766%, 8/25/326		168,606		33,555
Trust 2002-52, Cl. SD, 35.324%, 9/25/326		225,233		48,897
Trust 2002-7, Cl. SK, 22.555%, 1/25/326		4,997		920
Trust 2002-77, Cl. BS, 22.325%, 12/18/326		9,951		2,221
Trust 2002-77, Cl. SH, 35.92%, 12/18/326		114,896		27,242
Trust 2002-9, Cl. MS, 27.41%, 3/25/326		111,294		27,597
Trust 2002-90, Cl. SN, 26.651%, 8/25/326		8,278		1,413
Trust 2002-90, Cl. SY, 33.462%, 9/25/326		4,549		816
Trust 2003-4, Cl. S, 27.937%, 2/25/336		185,893		36,668
Trust 2003-46, Cl. IH, 31.59%, 6/1/236		1,117,064		140,514
Trust 2004-54, Cl. DS, 40.081%, 11/25/306		198,755		34,347
Trust 2005-14, Cl. SE, 39.227%, 3/25/356		251,364		37,182
Trust 2005-93, Cl. SI, 13.842%, 10/25/356		149,469		26,380
Trust 214, Cl. 2, 45.101%, 3/1/236		258,352		43,278
Trust 222, Cl. 2, 25.725%, 6/1/236		324,611		50,003
Trust 247, Cl. 2, 48.314%, 10/1/236		83,757		15,008
Trust 252, Cl. 2, 44.631%, 11/1/236		288,274		50,118
Trust 319, Cl. 2, 4.089%, 2/1/326		79,779		14,443
Trust 320, Cl. 2, 9.713%, 4/1/326		440,310		63,897
Trust 331, Cl. 9, 6.762%, 2/1/336		35,917		6,363
Trust 334, Cl. 17, 13.501%, 2/1/336		177,381		31,858
Trust 339, Cl. 12, 30.757%, 6/1/336		342,333		59,617
Trust 343, Cl. 13, 28.52%, 9/1/336		315,383		48,414
Trust 343, Cl. 18, 32.255%, 5/1/346		48,888		7,836
Trust 345, Cl. 9, 99.999%, 1/1/346		261,029		41,966
Trust 351, Cl. 10, 36.137%, 4/1/346		79,862		12,215
Trust 351, Cl. 8, 34.097%, 4/1/346		167,987		25,703
Trust 356, Cl. 10, 54.088%, 6/1/356		127,250		19,483
Trust 356, Cl. 12, 56.107%, 2/1/356		62,768		9,610
Trust 362, Cl. 13, 32.863%, 8/1/356		754,887		121,880
Trust 364, Cl. 16, 70.434%, 9/1/356		282,627		42,005

6   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Principal Amount			Value
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.221%, 9/25/237	$	127,359		$	120,357
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/1/37		391,046			299,935
Government National Mortgage Assn.: 1.625%, 4/8/265		9,701			10,104
7%, 1/29/24-4/29/26		62,268			72,264
7.50%, 5/29/27		239,486			274,704
8%, 5/1/17		5,987			6,436
8.50%, 8/1/17-12/15/17		4,259			4,533
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 77.228%, 1/16/276		313,101			53,083
Series 2002-15, Cl. SM, 69.208%, 2/16/326		247,671			44,321
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.821%, 11/1/355		556,905			457,644
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 4.911%, 5/1/375		81,067			76,359
JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 8/1/37		570,279			522,128
Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2A2, 2.673%, 4/1/345		250,684			255,175
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/1/33		93,761			96,036
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/1/36		36,157			27,971
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		92,630			83,105
WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.509%, 12/1/355		325,537			295,267
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		397,928			409,155
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.626%, 10/1/365		327,357			307,492
Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 5.967%, 11/1/375		346,837			304,592
Total Mortgage-Backed Obligations (Cost $7,584,427)					7,342,414
U.S. Government Obligations—0.0%
Federal Home Loan Mortgage Corp. Nts., 5.25%, 4/18/16 (Cost $447,902)		425,000			478,264
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.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes—2.1%
Agrium, Inc., 6.125% Sr. Unsec. Unsub. Nts., 1/15/41	$	240,000	$	255,515
Airgas, Inc., 3.25% Sr. Nts., 10/1/15		481,000		500,996
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		415,000		641,326
American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17		370,000		425,908
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		343,000		393,852
Arrow Electronics, Inc., 3.375% Sr. Unsec. Unsub. Nts., 11/1/15		990,000		1,024,537
AT&T, Inc., 6.30% Sr. Unsec. Unsub. Nts., 1/15/38		761,000		860,278
Bank of America Corp., 5.875% Sr. Unsec. Unsub. Nts., 1/5/21		210,000		239,135
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/198		940,000		1,115,980
BNP Paribas SA, 5.186% Jr. Sub. Perpetual Nts.8,9		170,000		171,020
British Telecommunications plc, 9.625% Bonds, 12/15/30		325,000		495,126
Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14		63,000		64,954
8.50% Sr. Unsec. Nts., 6/15/19		365,000		454,863
Burlington Northern Santa Fe LLC, 5.75% Sr. Unsec. Bonds, 5/1/40		143,000		163,612
Canadian Oil Sands Ltd., 5.80% Sr. Unsec. Nts., 8/15/138		486,000		486,621
Capital One Financial Corp., 4.75% Sr. Nts., 7/15/21		262,000		279,723
Celgene Corp., 5.70% Sr. Unsec. Nts., 10/15/40		344,000		360,714
CenturyLink, Inc., 7.60% Sr. Unsec. Unsub. Nts., Series P, 9/15/39		193,000		184,315
Citigroup, Inc., 6.125% Sr. Unsec. Unsub. Nts., 11/21/17		968,000		1,109,725
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.25% Sr. Unsec. Unsub. Nts., 12/15/17		495,000		524,700
CNA Financial Corp.: 5.75% Sr. Unsec. Unsub. Nts., 8/15/21		462,000		525,986
5.875% Sr. Unsec. Unsub. Bonds, 8/15/20		540,000		618,672
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		317,000		450,905
CSX Corp., 5.50% Sr. Unsec. Nts., 4/15/41		148,000		158,833
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 6.375% Sr. Unsec. Nts., 3/1/41		431,000		446,229
El Paso Pipeline Partners LP, 6.50% Sr. Unsec. Nts., 4/1/20		782,000		914,898
Energizer Holdings, Inc., 4.70% Sr. Unsec. Unsub. Nts., 5/19/21		552,000		569,885
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		461,000		495,215
Family Dollar Stores, Inc., 5% Sr. Unsec. Nts., 2/1/21		301,000		307,655
Fifth Third Cap Trust IV, 6.50% Jr. Unsec. Sub. Nts., 4/15/37		1,017,000		1,020,814
FirstEnergy Solutions Corp., 6.80% Sr. Unsec. Nts., 8/15/39		317,000		326,508
Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17		465,000		530,100
General Electric Capital Corp., 6.375% Unsec. Sub. Bonds, 11/15/67		1,005,000		1,074,094
Glen Meadow Pass-Through Trust, 6.505% Bonds, 2/12/673,5		631,000		602,605
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34		523,000		520,435
Goldman Sachs Group, Inc. (The), 5.25% Sr. Unsec. Nts., 7/27/21		169,000		182,743

8   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Principal Amount		Value
Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13	$	553,000	$	553,287
Harris Corp., 6.15% Sr. Unsec. Nts., 12/15/40		168,000		183,140
HSBC Finance Capital Trust IX, 5.911% Unsec. Sub. Nts., 11/30/355		1,330,000		1,363,250
Huntington Bancshares, Inc., 7% Sub. Nts., 12/15/20		493,000		580,043
International Lease Finance Corp., 5.75% Sr. Unsec. Unsub. Nts., 5/15/16		539,000		570,706
Interpublic Group of Cos., Inc. (The), 6.25% Sr. Unsec. Nts., 11/15/14		200,000		211,750
JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 19		900,000		1,002,247
Juniper Networks, Inc., 5.95% Sr. Unsec. Unsub. Nts., 3/15/41		219,000		218,748
Kinross Gold Corp., 3.625% Sr. Unsec. Unsub. Nts., 9/1/16		419,000		419,077
KLA-Tencor Corp., 6.90% Sr. Unsec. Nts., 5/1/18		373,000		438,839
Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14		487,000		512,568
Liberty Mutual Group, Inc., 5% Sr. Nts., 6/1/218		808,000		855,814
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67		1,102,000		1,107,510
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/208		598,000		649,792
Lorillard Tobacco Co., 7% Sr. Unsec. Nts., 8/4/41		354,000		371,597
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/218		735,000		802,593
Marriott International, Inc., 6.20% Sr. Unsec. Unsub. Nts., 6/15/16		580,000		653,998
MBIA Insurance Corp.: 11.564% Unsec. Sub. Nts., 1/15/3310		100,000		82,750
14% Bonds, 1/15/338,10		22,150,000		18,329,125
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		288,000		340,123
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Nts., 5/14/38		369,000		442,044
MGIC Investment Corp., 5.375% Sr. Unsec. Unsub. Nts., 11/1/15		22,930,000		23,732,550
Morgan Stanley: 5.50% Sr. Unsec. Unsub. Nts., 7/24/208		218,000		239,729
5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17		1,275,000		1,405,535
Mylan, Inc., 6% Sr. Nts., 11/15/188		565,000		611,341
Nabors Industries, Inc., 6.15% Sr. Unsec. Unsub. Nts., 2/15/18		680,000		762,811
Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37		573,000		636,171
NII Capital Corp., 7.625% Sr. Unsec. Unsub. Nts., 4/1/21		9,000,000		7,312,500
Nomura Holdings, Inc., 4.125% Sr. Unsec. Unsub. Nts., 1/19/16		520,000		546,756
Oncor Electric Delivery Co. LLC, 7% Debs., 9/1/22		470,000		588,304
Potash Corp. of Saskatchewan, Inc., 5.625% Sr. Unsec. Unsub. Nts., 12/1/40		323,000		347,426
PPL WEM Holdings plc, 5.375% Sr. Unsec. Unsub. Nts., 5/1/218		763,000		829,175
Quest Diagnostics, Inc., 5.75% Sr. Unsec. Nts., 1/30/40		345,000		340,014
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		503,000		545,755
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/148		305,000		320,326
Rent-A-Center, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		569,000		611,675

9   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Principal Amount		Value
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/158	$	930,000	$	936,975
Rowan Cos., Inc., 5% Sr. Unsec. Nts., 9/1/17		579,000		627,540
Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15		530,000		571,075
SLM Corp., 6.25% Sr. Nts., 1/25/16		739,000		789,806
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds8,9		1,077,000		1,133,543
Symantec Corp., 4.20% Sr. Unsec. Unsub. Nts., 9/15/20		625,000		644,089
Texas-New Mexico Power Co., 6.95% Sec. Nts., 4/1/438		540,000		655,433
Time Warner Entertainment Co. LP, 8.375% Sr. Unsec. Nts., 7/15/33		279,000		311,559
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13		251,000		255,375
TreeHouse Foods, Inc., 7.75% Sr. Unsec. Nts., 3/1/18		550,000		587,125
UBS AG (Stamford CT), 2.25% Sr. Unsec. Nts., 8/12/13		223,000		223,141
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Bonds, Series 19		243,000		257,884
Vale Inco Ltd., 5.70% Sr. Unsec. Unsub. Nts., 10/15/15		31,000		33,119
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		318,000		367,239
Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30		296,000		378,020
Virgin Media Secured Finance plc: 5.25% Sr. Sec. Nts., 1/15/21		307,000		313,493
6.50% Sr. Sec. Nts., 1/15/18		658,000		689,255
Wal-Mart Stores, Inc., 5.625% Sr. Unsec. Nts., 4/15/41		338,000		396,166
Weatherford International Ltd. (Bermuda), 5.125% Sr. Unsec. Unsub. Nts., 9/15/20		576,000		607,461
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K9		382,000		430,705
Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16		563,000		591,547
Woodside Finance Ltd., 4.60% Sr. Unsec. Unsub. Nts., 5/10/218		390,000		413,292
Xstrata Canada Corp.: 5.375% Sr. Unsec. Unsub. Nts., 6/1/15		170,000		179,629
6% Sr. Unsec. Unsub. Nts., 10/15/15		411,000		444,428
Xstrata Finance Canada Ltd., 5.80% Sr. Unsec. Unsub. Bonds, 11/15/168		78,000		85,487
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/373,5		598,000		641,355
Total Non-Convertible Corporate Bonds and Notes (Cost $84,987,443)				99,582,287
Convertible Corporate Bonds and Notes—7.2%
Colony Financial, Inc., 5% Cv. Sr. Unsec. Unsub. Nts., 4/15/23		250,000		258,438
Continental Airlines, Inc., 4.50% Cv. Sr. Unsec. Unsub. Nts., 1/15/15		26,750,000		51,259,688
General Cable Corp., 4.50% Cv. Unsec. Sub. Nts., 11/15/295		31,000,000		34,894,375
Liberty Interactive LLC, 0.75% Cv. Sr. Unsec. Unsub. Nts., 3/30/438		3,975,000		4,481,813
MGIC Investment Corp.: 5% Cv. Sr. Nts., 5/1/17		13,000,000		14,291,875
9% Cv. Jr. Unsec. Sub. Bonds, 4/1/638		91,875,000		105,943,359
Micron Technology, Inc., 2.125% Cv. Sr. Unsec. Nts., 2/15/338		5,250,000		7,162,969

10   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Principal Amount		Value
Molycorp, Inc., 3.25% Cv. Sr. Unsec. Nts., 6/15/16	$	15,500,000	$	11,353,750
Navistar International Corp., 3% Cv. Sr. Sub. Nts., 10/15/14		24,945,000		25,178,859
Peabody Energy Corp., 4.75% Cv. Jr. Unsec. Sub. Debs., 12/15/41		54,800,000		41,476,750
Radian Group, Inc., 2.25% Cv. Sr. Unsec. Nts., 3/1/19		7,681,000		11,358,279
Standard Chartered plc, 6.409% Cv. Jr. Sub. Perpetual Bonds8,9		400,000		407,950
Starwood Property Trust, Inc., 4% Cv. Sr. Unsec. Unsub. Nts., 1/15/19		11,465,000		12,167,231
Take-Two Interactive Software, Inc., 4.375% Cv. Sr. Nts., 6/1/14		19,400,000		30,712,625
Total Convertible Corporate Bonds and Notes (Cost $278,422,366)				350,947,961
Structured Securities—4.1%
Bank of America: American International Group, Inc. Equity Linked Nts., 4/4/143		393,000		17,060,130
Best Buy Co., Inc. Equity Linked Nts., 1/23/148		342,349		10,210,009
Barclays Bank plc, General Motors Co. Equity Linked Nts., 1/29/14		271,893		9,778,164
Citigroup, Inc., Micron Technology Inc. Equity Linked Nts., 11/1/13		1,063,954		11,841,463
Credit Suisse AG: Apple, Inc. Equity Linked Nts., 8/15/13		21,735		9,872,143
CVS Caremark Corp. Equity Linked Nts., 9/24/13		272,250		16,182,523
Micron Technology, Inc. Equity Linked Nts., 10/30/13		1,081,100		11,877,064
Credit Suisse AG, New York Branch: Citigroup, Inc. Equity Linked Nts., 1/24/14		190,155		9,940,541
Safeway, Inc. Equity Linked Nts., 12/31/13		411,865		10,715,398
Deutsche Bank AG, Celanese Corp. Equity Linked Nts., 10/24/138		207,300		10,032,040
Goldman Sachs Group, Inc. (The), Mosaic Co. (The) Equity Linked Nts., 1/30/148		185,600		7,906,936
JPMorgan Chase & Co.: Navistar International Corp. Equity Linked Nts., 11/19/138		259,943		9,183,028
Navistar International Corp. Equity Linked Nts., 12/24/138		289,771		10,172,296
Merrill Lynch, Medtronic, Inc. Equity Linked Nts., 11/21/138		238,750		13,131,551
Morgan Stanley: Ford Motor Co., Equity Linked Nts., 2/3/148		571,756		9,756,960
General Motors Co. Equity Linked Nts., 2/3/148		274,726		9,862,452
Rite Aid Corp. Equity Linked Nts., 10/31/138		4,000,000		11,548,252
UBS AG (London), Micron Technology, Inc. Equity Linked Nts., 11/8/138		1,075,300		11,794,530
Total Structured Securities (Cost $192,783,320)				200,865,480

	Expiration Date		Strike Price		Contracts
Exchange-Traded Options Purchased—0.0%
Apache Corp. Put2		8/19/13	$	77.500		2,750	214,500
Apache Corp. Put2		8/19/13		75.000		3,500	119,000

11   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	Expiration Date		Strike Price		Contracts		Value
Apple, Inc. Put2		8/19/13	$	425.000		1,000	$	129,000
Apple, Inc. Put2		8/19/13		400.000		750		15,750
Apple, Inc. Put2		9/23/13		385.000		750		52,500
Baxter International, Inc. Put2		8/19/13		62.500		1,000		4,000
Best Buy Co., Inc. Put2		8/19/13		22.000		1,500		4,500
Best Buy Co., Inc. Put2		8/19/13		25.000		3,000		12,000
Citigroup, Inc. Put2		8/19/13		45.000		3,000		12,000
Citigroup, Inc. Put2		9/23/13		45.000		1,500		30,000
Ensco plc, Cl. A Put2		8/19/13		52.500		3,000		22,500
Ensco plc, Cl. A Put2		9/23/13		50.000		2,000		40,000
MDC Holdings, Inc. Put2		8/19/13		28.000		1,250		18,750
Micron Technology, Inc. Put2		8/19/13		10.000		2,000		6,000
Mosaic Co. (The) Put2		9/23/13		45.000		2,000		1,010,000
Oracle Corp. Put2		8/19/13		30.000		2,000		8,000
Philip Morris International, Inc.2		8/19/13		82.500		1,000		7,500
QUALCOMM, Inc. Put2		8/19/13		55.000		3,500		3,500
Williams Cos., Inc. (The) Put2		8/19/13		30.000		4,250		85,000
Total Exchange-Traded Options Purchased (Cost $2,018,116)								1,794,500

Investment Company—4.6%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.10%4,11 (Cost $224,639,208)	224,639,208			224,639,208
Total Investments, at Value (Cost $4,067,168,696)	100.5	%		4,898,443,680
Liabilities in Excess of Other Assets	(0.5	)		(23,177,156)
Net Assets	100.0	%	$	4,875,266,524

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 $343,840,945. See accompanying Notes.

2. Non-income producing security.

3. Restricted security. The aggregate value of restricted securities as of July 31, 2013 was $31,904,090, which represents 0.65% of the Fund’s net assets.

See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized   Appreciation
American Homes 4 Rent		12/6/12-6/4/13	$	13,527,400	$	13,600,000	$	72,600
Bank of America, American International Group, Inc., Equity Linked Nts., 4/4/14		3/28/13		15,032,250		17,060,130		2,027,880
Glen Meadow Pass-Through Trust, 6.505% Bonds, 2/12/67		1/5/11		539,799		602,605		62,806
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37		2/24/11-7/26/11		601,611		641,355		39,744
			$	29,701,060	$	31,904,090	$	2,203,030

12   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended July 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   July 31, 2013
Box Ships, Inc.a		1,377,500		-			348,500		1,029,000
Diana Containerships, Inc.a		1,481,078		85,000			266,078		1,300,000
Oppenheimer Institutional Money Market  Fund, Cl. E		37,325,668		692,509,362			505,195,822		224,639,208
				Value			Income		Realized   Loss
Box Ships, Inc.a			$	-	b	$	693,918	$	2,348,854
Diana Containerships, Inc.a				-	b		1,222,500		349,773
Oppenheimer Institutional Money Market Fund, Cl. E				224,639,208			100,503		-
			$	224,639,208		$	2,016,921	$	2,698,627

a. No longer an affiliate as of July 31, 2013.

b. The security is no longer an affiliate, therefore, the value has been excluded from this table.

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 $1,421,639 or 0.03% of the Fund’s net assets as of July 31, 2013.

7. 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 $159,429 or less than 0.005% of the Fund’s net assets as of July 31, 2013.

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 $249,230,391 or 5.11% of the Fund’s net assets as of July 31, 2013.

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. 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.

11. Rate shown is the 7-day yield as of July 31, 2013.

Exchange-Traded Options Written as of July 31, 2013 are as follows:
Description	Type	Number of Contracts		Exercise Price		Expiration Date		Premiums Received		Value		Unrealized   Appreciation/   (Depreciation)
ADT Corp. (The)	Call		750	$	44.000		8/19/13	$	66,676	$	(11,250)	$	55,426
American Axle & Manufacturing Holdings, Inc.	Call		3,000		19.000		8/19/13		303,841		(315,000)		(11,159)
American Axle & Manufacturing Holdings, Inc.	Call		1,250		18.000		8/19/13		159,950		(231,250)		(71,300)
Apache Corp.	Put		3,500		82.500		8/19/13		477,580		(1,046,500)		(568,920)
Apache Corp.	Put		1,000		80.000		8/19/13		106,610		(162,000)		(55,390)
Apple, Inc.	Call		25		460.000		8/19/13		12,424		(10,000)		2,424
Apple, Inc.	Call		25		465.000		8/19/13		10,676		(6,675)		4,001
Apple, Inc.	Put		500		430.000		8/19/13		553,971		(94,500)		459,471
Apple, Inc.	Put		500		435.000		8/19/13		958,464		(141,000)		817,464
Apple, Inc.	Put		500		445.000		8/19/13		259,887		(287,500)		(27,613)
Apple, Inc.	Put		500		420.000		9/23/13		838,507		(217,500)		621,007
Assured Guaranty Ltd.	Call		250		22.000		8/19/13		20,490		(15,000)		5,490
Assured Guaranty Ltd.	Put		1,000		21.000		8/19/13		47,061		(47,500)		(439)

13   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

AT&T, Inc.	Call	1,000	37.000	8/19/13	24,962	(2,000)	22,962
Best Buy Co., Inc.	Call	1,825	29.000	8/19/13	211,905	(277,400)	(65,495)
Best Buy Co., Inc.	Call	350	30.000	8/19/13	27,086	(35,700)	(8,614)
Best Buy Co., Inc.	Put	3,750	25.000	9/23/13	892,726	(161,250)	731,476
Best Buy Co., Inc.	Put	3,000	26.000	8/19/13	153,894	(15,000)	138,894
Best Buy Co., Inc.	Put	2,000	28.000	8/19/13	129,222	(48,000)	81,222
Best Buy Co., Inc.	Put	1,000	29.000	8/19/13	127,960	(47,000)	80,960
BP plc, ADR	Put	4,000	43.000	8/19/13	559,164	(848,000)	(288,836)
BP plc, ADR	Put	1,300	44.000	8/19/13	386,044	(396,500)	(10,456)
BP plc, ADR	Put	1,250	42.000	8/19/13	104,951	(148,750)	(43,799)
Cablevision Systems Corp. New York Group, Cl. A	Call	4,000	20.000	8/19/13	237,065	(160,000)	77,065
Cablevision Systems Corp. New York Group, Cl. A	Call	1,500	19.000	8/19/13	125,421	(105,000)	20,421
Cablevision Systems Corp. New York Group, Cl. A	Call	1,000	18.000	8/19/13	119,990	(115,000)	4,990
Cisco Systems, Inc.	Put	1,500	24.000	8/19/13	79,942	(45,000)	34,942
CIT Group, Inc.	Call	175	50.000	8/19/13	9,623	(24,150)	(14,527)
Citigroup, Inc.	Put	2,500	49.000	8/19/13	186,267	(45,000)	141,267
Citigroup, Inc.	Put	1,000	49.000	9/23/13	73,441	(71,000)	2,441
CSX Corp.	Call	225	25.000	8/19/13	7,303	(7,650)	(347)
Devon Energy Corp.	Put	1,000	52.500	8/19/13	190,649	(35,000)	155,649
Domtar Corp.	Call	175	70.000	8/19/13	32,818	(17,500)	15,318
Domtar Corp.	Put	750	70.000	8/19/13	143,204	(116,250)	26,954
Domtar Corp.	Put	500	65.000	8/19/13	36,981	(7,500)	29,481
Ensco plc, Cl. A	Call	75	60.000	8/19/13	6,672	(1,500)	5,172
Ensco plc, Cl. A	Put	2,000	57.500	8/19/13	275,030	(180,000)	95,030
Ensco plc, Cl. A	Put	1,000	57.500	9/23/13	206,959	(225,000)	(18,041)
Ensco plc, Cl. A	Put	1,000	55.000	8/19/13	156,960	(29,000)	127,960
Foot Locker, Inc.	Call	1,000	36.000	8/19/13	109,460	(75,000)	34,460
Foot Locker, Inc.	Call	1,000	37.000	8/19/13	68,961	(40,000)	28,961
Ford Motor Co.	Call	250	17.000	8/19/13	7,490	(7,500)	(10)
Ford Motor Co.	Put	1,000	17.000	8/19/13	25,182	(39,000)	(13,818)
General Dynamics Corp.	Call	425	82.500	8/19/13	86,682	(142,375)	(55,693)
General Dynamics Corp.	Call	325	85.000	8/19/13	27,287	(58,500)	(31,213)
General Mills, Inc.	Call	250	50.000	8/19/13	43,740	(53,000)	(9,260)
General Motors Co.	Put	7,500	33.000	8/19/13	590,557	(45,000)	545,557
General Motors Co.	Put	1,000	34.000	9/23/13	42,592	(68,000)	(25,408)
Hartford Financial Services Group, Inc. (The)	Put	1,000	30.000	8/19/13	38,932	(28,000)	10,932
HollyFrontier Corp.	Put	1,750	39.000	8/19/13	165,546	(15,750)	149,796
Intel Corp.	Call	450	23.000	8/19/13	15,433	(18,900)	(3,467)
Intel Corp.	Put	325	22.000	8/19/13	7,463	(2,275)	5,188
International Paper Co.	Call	500	55.000	9/23/13	12,481	(3,500)	8,981
Kinder Morgan, Inc.	Put	1,000	37.500	8/19/13	33,332	(39,000)	(5,668)
Lyondellbasell Industries NV, Cl. A	Call	1,100	67.500	8/19/13	314,618	(286,000)	28,618
Lyondellbasell Industries NV, Cl. A	Call	1,000	70.000	8/19/13	169,959	(90,000)	79,959
MDC Holdings, Inc.	Call	500	34.000	8/19/13	75,980	(17,500)	58,480
MDC Holdings, Inc.	Call	250	33.000	8/19/13	17,240	(15,500)	1,740
MDC Holdings, Inc.	Call	70	35.000	8/19/13	5,877	(1,050)	4,827
MDC Holdings, Inc.	Put	1,500	32.000	8/19/13	136,001	(172,500)	(36,499)
MDC Holdings, Inc.	Put	1,500	33.000	8/19/13	184,835	(270,000)	(85,165)
MDC Holdings, Inc.	Put	1,250	35.000	8/19/13	221,199	(375,000)	(153,801)
MDC Holdings, Inc.	Put	750	30.000	8/19/13	53,721	(30,000)	23,721
MDC Holdings, Inc.	Put	250	34.000	8/19/13	36,740	(62,500)	(25,760)
Micron Technology, Inc.	Put	11,000	12.000	8/19/13	426,318	(209,000)	217,318
Micron Technology, Inc.	Put	1,500	11.000	8/19/13	40,443	(12,000)	28,443

14   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

Micron Technology, Inc.	Put	1,000	13.000	8/19/13	45,961	(51,000)		(5,039)
Microsoft Corp.	Call	750	32.000	8/19/13	25,471	(25,500)		(29)
Microsoft Corp.	Put	1,000	31.000	8/19/13	74,961	(26,000)		48,961
Microsoft Corp.	Put	250	30.000	8/19/13	6,740	(2,000)		4,740
Mosaic Co. (The)	Call	750	50.000	8/19/13	31,106	(9,000)		22,106
Mosaic Co. (The)	Call	200	52.500	8/19/13	21,058	(2,000)		19,058
Mosaic Co. (The)	Put	1,000	50.000	9/23/13	177,959	(930,000)		(752,041)
Oracle Corp.	Put	1,250	32.000	8/19/13	98,201	(40,000)		58,201
Philip Morris International, Inc., Cl. A	Put	1,000	87.500	8/19/13	95,146	(43,000)		52,146
Philip Morris International, Inc., Cl. A	Put	250	90.000	8/19/13	54,240	(31,750)		22,490
Philip Morris International, Inc., Cl. A	Call	100	87.500	8/19/13	24,108	(26,400)		(2,292)
Pitney Bowes, Inc.	Call	1,280	15.000	8/19/13	48,471	(172,800)		(124,329)
Pitney Bowes, Inc.	Call	500	14.000	8/19/13	35,731	(117,500)		(81,769)
Pitney Bowes, Inc.	Put	1,500	14.000	8/19/13	83,742	(15,000)		68,742
Procter & Gamble Co. (The)	Call	14	80.000	8/19/13	2,743	(2,660)		83
QUALCOMM, Inc.	Call	200	62.500	8/19/13	24,592	(47,800)		(23,208)
QUALCOMM, Inc.	Call	100	65.000	8/19/13	2,896	(6,800)		(3,904)
QUALCOMM, Inc.	Put	3,500	60.000	8/19/13	566,103	(24,500)		541,603
QUALCOMM, Inc.	Put	250	62.500	8/19/13	59,062	(8,000)		51,062
R.R. Donnelley & Sons Co.	Call	250	19.000	8/19/13	9,740	(10,000)		(260)
Radian Group, Inc.	Put	2,500	11.000	8/19/13	94,934	(6,250)		88,684
Safeway, Inc.	Call	800	25.000	8/19/13	129,568	(84,000)		45,568
Standard Pacific Corp.	Put	12,500	8.000	8/19/13	336,913	(187,500)		149,413
Standard Pacific Corp.	Put	8,500	8.000	9/23/13	343,678	(425,000)		(81,322)
Standard Pacific Corp.	Put	5,000	9.000	9/23/13	537,619	(500,000)		37,619
Standard Pacific Corp.	Put	1,000	9.000	8/19/13	60,001	(85,000)		(24,999)
Take-Two Interactive Software, Inc.	Put	2,000	16.000	8/19/13	63,933	(20,000)		43,933
Take-Two Interactive Software, Inc.	Put	1,500	15.000	8/19/13	53,443	(3,750)		49,693
Take-Two Interactive Software, Inc.	Put	1,000	14.000	8/19/13	42,422	(4,000)		38,422
Take-Two Interactive Software, Inc.	Put	1,000	16.000	9/23/13	33,962	(35,000)		(1,038)
Time Warner Cable, Inc.	Call	2,950	105.000	8/19/13	2,963,446	(2,950,000)		13,446
Time Warner Cable, Inc.	Call	1,050	115.000	8/19/13	465,652	(315,000)		150,652
Time Warner Cable, Inc.	Call	750	120.000	8/19/13	205,218	(90,000)		115,218
Time Warner Cable, Inc.	Put	500	105.000	8/19/13	49,950	(27,500)		22,450
Wells Fargo & Co.	Call	750	43.000	8/19/13	128,632	(63,750)		64,882
Wells Fargo & Co.	Call	500	45.000	8/19/13	26,776	(6,000)		20,776
Williams Cos., Inc. (The)	Call	500	34.000	8/19/13	40,680	(58,500)		(17,820)
Williams Cos., Inc. (The)	Call	425	35.000	8/19/13	27,821	(33,150)		(5,329)
Williams Cos., Inc. (The)	Put	3,000	33.000	8/19/13	301,882	(171,000)		130,882
Williams Cos., Inc. (The)	Put	1,500	34.000	8/19/13	176,060	(135,000)		41,060
Windstream Corp.	Call	2,250	8.000	8/19/13	66,164	(112,500)		(46,336)
					$18,917,230	(14,831,285)	$	4,085,945

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.

15   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

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 July 31, 2013 is as follows:

Cost	$	13,285,430
Market Value	$	18,411,875
Market Value as a % of Net Assets		0.38	%

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 New York Stock Exchange (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.

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

16   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

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.

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.

17   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

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 July 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	$	562,228,788	$	—	$	—	$	562,228,788
Consumer Staples		180,575,725		—		—		180,575,725
Energy		481,150,137		—		—		481,150,137
Financials		1,107,512,106		13,600,000		—		1,121,112,106
Health Care		354,118,986		—		—		354,118,986
Industrials		181,396,093		—		—		181,396,093
Information Technology		336,928,750		—		—		336,928,750
Materials		219,586,235		—		—		219,586,235
Telecommunication Services		265,970,250		—		—		265,970,250
Utilities		131,684,225		3,787,813		—		135,472,038
Preferred Stocks		35,181,078		131,182,178		—		166,363,256
Rights, Warrants and Certificates		7,891,200		—		—		7,891,200
Mortgage-Backed Obligations		—		7,342,414		—		7,342,414
U.S. Government Obligations		—		478,264		—		478,264
Foreign Government Obligations		—		2		—		2
Non-Convertible Corporate Bonds and Notes		—		99,582,287		—		99,582,287
Convertible Corporate Bonds and Notes		—		350,947,961		—		350,947,961
Structured Securities		—		200,865,480		—		200,865,480
Exchange-Traded Options Purchased		1,794,500		—		—		1,794,500
Investment Company		224,639,208		—		—		224,639,208
Total Assets	$	4,090,657,281	$	807,786,399	$	—	$	4,898,443,680
Liabilities Table
Other Financial Instruments:
Exchange-Traded options written	$	(14,831,285)	$	—	$	—	$	(14,831,285)
Total Liabilities	$	(14,831,285)	$	—	$	—	$	(14,831,285)

18   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

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.

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 currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance 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. These instruments 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. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

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.

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 due to unanticipated changes in the market risk factors and the overall market. 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. 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. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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.

19   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

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

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, currency or other underlying financial instrument at a fixed price, upon exercise of the option.

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction . Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). 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.

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, 2013, the Fund had an ending monthly average market value of $851,671 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 collateral 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 market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. 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, 2013, the Fund had an ending monthly average market value of $3,817,038 and $17,190,920 on written call options and written put options, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Written option activity for the period ended July 31, 2013 was as follows:

20   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

	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		339,229		33,005,786		546,426		95,710,284
Options closed or expired		(263,496)		(21,372,129)		(474,767)		(72,609,621)
Options exercised		(59,709)		(6,810,407)		(13,476)		(23,163,695)
Options outstanding as of July 31, 2013		36,864	$	6,611,983		117,375	$	12,305,247

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities in the annual and semiannual reports. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for cleared swaps.

With respect to cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities in the annual and semiannual reports as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

21   Oppenheimer Equity Income Fund, Inc.

        STATEMENT OF INVESTMENTS    July 31, 2013 (Unaudited)

Restricted Securities

As of July 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.

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, 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	$	4,073,455,457
Federal tax cost of other investments		(18,917,230)
Total federal tax cost	$	4,054,538,227
Gross unrealized appreciation	$	958,093,952
Gross unrealized depreciation		(129,019,784)
Net unrealized appreciation	$	829,074,168

22   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 7/31/2013, 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:	9/11/2013

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:	9/11/2013
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	9/11/2013

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: 9/11/2013

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: 9/11/2013