0001133228-16-006902.txt : 20160114 0001133228-16-006902.hdr.sgml : 20160114 20160114114011 ACCESSION NUMBER: 0001133228-16-006902 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 15 FILED AS OF DATE: 20160114 DATE AS OF CHANGE: 20160114 EFFECTIVENESS DATE: 20160114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER EQUITY INCOME FUND CENTRAL INDEX KEY: 0000799029 IRS NUMBER: 132527171 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-16881 FILM NUMBER: 161342267 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER EQUITY INCOME FUND INC DATE OF NAME CHANGE: 20070801 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER QUEST CAPITAL VALUE FUND INC DATE OF NAME CHANGE: 19970303 FORMER COMPANY: FORMER CONFORMED NAME: QUEST FOR VALUE DUAL PURPOSE FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER EQUITY INCOME FUND CENTRAL INDEX KEY: 0000799029 IRS NUMBER: 132527171 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04797 FILM NUMBER: 161342268 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER EQUITY INCOME FUND INC DATE OF NAME CHANGE: 20070801 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER QUEST CAPITAL VALUE FUND INC DATE OF NAME CHANGE: 19970303 FORMER COMPANY: FORMER CONFORMED NAME: QUEST FOR VALUE DUAL PURPOSE FUND INC DATE OF NAME CHANGE: 19920703 0000799029 S000008498 OPPENHEIMER EQUITY INCOME FUND C000023330 A C000023331 B C000031353 C C000031354 R C000098424 Y C000110903 I 485BPOS 1 e485bpos-ofieqtyinc.htm OPPENHEIMER EQUITY INCOME FUND - 485BPOS XBRL e485bpos-ofieqtyinc.htm - Generated by SEC Publisher for SEC Filing  

 

Registration No. 333-16881

File No. 811-04797

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

 

 

Pre-Effective Amendment No.

¨

 

 

Post-Effective Amendment No. 35

x

 

 

and/or

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANYACT OF 1940

x

 

 

Amendment No. 46

x

 

OPPENHEIMER EQUITY iNCOME Fund

(Exact Name of Registrant as Specified in Charter)

 

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of Principal Executive Offices)                 (Zip Code)

 

(303) 768-3200

(Registrant’s Telephone Number, including Area Code)

 

Arthur S. Gabinet, Esq.

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and Address of Agent for Service)

 

It is proposed that this filing will become effective (check appropriate box):

 

x

Immediately upon filing pursuant to paragraph (b)

¨

On ____________, pursuant to paragraph (b)

¨

60 days after filing, pursuant to paragraph (a)(1)

¨

On _____________, pursuant to paragraph (a)(1)

¨

75 days after filing, pursuant to paragraph (a)(2)

¨

On ______________, pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

¨

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 


 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 14th day of January, 2016.

 

 

 

OPPENHEIMER EQUITY INCOME FUND

 

 

 

 

By:

Arthur P. Steinmetz*


 

 

Arthur P. Steinmetz

 

 

Trustee, President and

 

 

Principal Executive Officer

 

 

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities on the dates indicated:

 

Signatures

Title

Date

 

 

 

 

 

 

Brian F. Wruble*


Chairman of the

January 14, 2016

Brian F. Wruble

Board of Trustees

 

 

 

 

 

 

 

Arthur P. Steinmetz*


Trustee, President and

January 14, 2016

Arthur P. Steinmetz

Principal Executive Officer

 

 

 

 

 

 

 

Brian W. Wixted*


Treasurer, Principal

January 14, 2016

Brian W. Wixted

Financial & Accounting Officer

 

 

 

 

 

 

 

Matthew P. Fink*


Trustee

January 14, 2016

Matthew P. Fink

 

 

 

 

 

 

 

 

Edmund P. Giambastiani, Jr.*


Trustee

January 14, 2016

Edmund P. Giambastiani, Jr.

 

 

 

 

 

 

 

 

Elizabeth Krentzman*


Trustee

January 14, 2016

Elizabeth Krentzman

 

 

 

 

 

 

 

 

Mary F. Miller*


Trustee

January 14, 2016

Mary F. Miller

 

 

 

 

 

 

 

 

Joel W. Motley*


Trustee

January 14, 2016

Joel W. Motley

 

 

 

 

 

 

 

 

Joanne Pace*


Trustee

January 14, 2016

Joanne Pace

 

 

 

 

 

 

 

 

Daniel Vandivort*


Trustee

January 14, 2016

Daniel Vandivort

 

 

 

*By:

/s/ Mitchell J. Lindauer


 

Mitchell J. Lindauer, Attorney-in-Fact

 


 
 

 

EXHIBIT INDEX

 

Exhibit No.

Description

 

 

Ex-101.INS

XBRL Instance Document

Ex-101.SCH

XBRL Taxonomy Extension Schema Document

Ex-101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

Ex-101.DEF

XBRL Taxonomy Extension Definition Linkbase

Ex-101.LAB

XBRL Taxonomy Extension Labels Linkbase

Ex-101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

 

 

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You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $25,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section "About Your Account" beginning on page 14 of the prospectus and in the sections "How to Buy Shares" beginning on page 49 and "Appendix A" in the Fund's Statement of Additional Information.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example.</b> The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period during which such fee waivers and/or expense reimbursements are in effect. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b>If shares are redeemed<b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Principal Investment Strategies.</b> The Fund mainly invests in common stocks of U.S. companies that the portfolio manager believes are undervalued. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Fund may invest in other equity securities, such as preferred stocks, warrants and securities convertible into common stocks. The Fund may invest in equity securities issued by companies of different capitalization ranges, but will typically focus on larger capitalization stocks. The Fund may invest in equity securities both for current income from dividends as well as for growth opportunities.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund can buy securities of companies in developed and emerging market countries. The Fund has no limits on the amounts it can invest in foreign securities. However, currently it does not intend to invest more than 25% of its net assets in securities of issuers in any single foreign country or more than 5% of its net assets in companies or government issuers in emerging market countries.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">In selecting investments for the Fund, the portfolio manager mainly relies on a value-oriented investing style. A security may be undervalued because the market is not aware of the issuer's intrinsic value, does not yet recognize its future potential, or the issuer may be temporarily out of favor. The Fund seeks to realize gains in the prices of those securities when other investors recognize their real or prospective worth. The Fund also looks for securities that offer higher than average dividends. The portfolio manager generally uses a fundamental approach to analyzing issuers, for example, by looking at price/earnings ratios and current balance sheet information. Currently, the portfolio manager focuses on securities that have high current income and are believed to have substantial earnings possibilities, have low price/earnings ratios relative to other securities, and that have a low price relative to the underlying value of the issuer's assets, earnings, cash flow or other factors. These criteria may vary in particular cases and may change over time. The Fund may sell securities that the portfolio manager believes no longer meet these criteria, but is not required to do so.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Principal Risks.</b> The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth less than what you paid for them. <i>These risks mean that you can lose money by investing in the Fund.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Risks of Investing in Stocks.</b> The value of the Fund's portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The prices of individual stocks generally do not all move in the same direction at the same time. For example, "growth" stocks may perform well under circumstances in which "value" stocks in general have fallen. A variety of factors can affect the price of a particular company's stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company's sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized, (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <i> <b>Industry and Sector Focus.</b> </i> At times the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of stocks of issuers in a particular industry or sector may go up and down in response to changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than others. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its share values may fluctuate in response to events affecting that industry or sector. To some extent that risk may be limited by the Fund's policy of not concentrating its investments in any one industry. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Risks of Other Equity Securities.</b> Most convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy. The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Risks of Small- and Mid-Cap Companies.</b> The prices of securities issued by small- and mid-cap companies may be more volatile and such securities may be more difficult to sell than those of larger companies. They may not have established markets, may have fewer customers and product lines, may have unseasoned management or less management depth and may have more limited access to financial resources. Smaller companies may not pay dividends or their securities may not provide capital gains for some time, if at all.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Risks of Value Investing.</b> Value investing entails the risk that if the market does not recognize that a fund's securities are undervalued, the prices of those securities might not appreciate as anticipated. A value approach could also result in fewer investments that increase rapidly during times of market gains and could cause a fund to underperform funds that use a growth or non-value approach to investing. Value investing has gone in and out of favor during past market cycles and when value investing is out of favor or when markets are unstable, the securities of "value" companies may underperform the securities of "growth" companies.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Dividend Risk.</b> There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund's performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Risks of Foreign Investing.</b> Foreign securities are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company's operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company's assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. As a result, the value of the Fund's net assets may change on days when you will not be able to purchase or redeem the Fund's shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to only limited or no regulatory oversight.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Who Is the Fund Designed For? </b> The Fund is designed primarily for investors seeking total return from capital appreciation and income over the long term. Those investors should be willing to assume the risks of short-term share price fluctuations and losses that are typical for a fund emphasizing investments in equity securities. Since the Fund's income level will fluctuate, it is not designed for investors needing an assured level of current income. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</b> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's Past Performance.</b> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A shares) from calendar year to calendar year and by showing how the Fund's average annual returns for the periods of time shown in the table compare with those of a broad measure of market performance. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website: https://www.oppenheimerfunds.com/fund/EquityIncomeFund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 25.27% (2nd Qtr 09) and the lowest return for a calendar quarter was -19.61% (3rd Qtr 11). For the period from January 1, 2015 to September 30, 2015 the cumulative return before sales charges and taxes was -10.89%. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended December 31, 2014</b></p> <div style="display:none">~http://ofieqtyinc-20151229/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact ofieqtyinc-20151229_S000008498Member ~</div> 0.0575 0 0 0.05 0 0.01 0 0 0 0 0 0 <div style="display:none">~ http://ofieqtyinc-20151229/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact ofieqtyinc-20151229_S000008498Member ~</div> 0.0053 0.0025 0.0024 0.0102 0.0053 0.01 0.0023 0.0176 0.0053 0.01 0.0023 0.0176 0.0053 0.005 0.0023 0.0126 0.0053 0 0.0023 0.0076 0.0053 0 0.0005 0.0058 <div style="display:none">~ http://ofieqtyinc-20151229/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact ofieqtyinc-20151229_S000008498Member ~</div> 674 680 280 129 78 59 883 859 559 402 244 186 1109 1162 962 696 424 325 1757 1711 2091 1532 946 728 <div style="display:none">~ http://ofieqtyinc-20151229/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact ofieqtyinc-20151229_S000008498Member ~</div> 674 180 180 129 78 59 883 559 559 402 244 186 1109 962 962 696 424 325 1757 1711 2091 1532 946 728 <div style="display:none">~ http://ofieqtyinc-20151229/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact ofieqtyinc-20151229_S000008498Member ~</div> 0.0925 0.1356 0.0255 -0.3556 0.4222 0.2086 -0.0643 0.1915 0.3163 0.1005 <div style="display:none">~ http://ofieqtyinc-20151229/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact ofieqtyinc-20151229_S000008498Member ~</div> 0.0372 0.0126 0.0296 0.0423 0.0824 0.0876 0.1035 0.1057 0.1345 0.1296 0.1166 0.101 0.1304 0.1342 0.1389 0.1217 0.1702 0.1542 0.1436 0.1900 0.0793 0.0653 0.0614 0.08 0.0768 0.0816 0.073 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b>If shares are not redeemed<b></p> 1987-02-13 1997-03-03 1997-03-03 2001-03-01 2011-02-28 2012-02-28 You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $25,000 in certain funds in the Oppenheimer family of funds. 0.43 25000 Expenses have been restated to reflect current fees. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth less than what you paid for them. These risks mean that you can lose money by investing in the Fund. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Sales charges and taxes are not included and the returns would be lower if they were. For the period from January 1, 2015 to September 30, 2015 the cumulative return before sales charges and taxes was -10.89%. -0.1089 2015-09-30 the highest return for a calendar quarter was 25.27% (2nd Qtr 09) 0.2527 2009-06-30 the lowest return for a calendar quarter was -19.61% (3rd Qtr 11) -0.1961 2011-09-30 https://www.oppenheimerfunds.com/fund/EquityIncomeFund After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary. As of 02/28/11 As of 02/29/12 Expenses have been restated to reflect current fees. 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Prospectus: rr_ProspectusTable  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Oct. 31, 2015
Registrant Name dei_EntityRegistrantName OPPENHEIMER EQUITY INCOME FUND
Central Index Key dei_EntityCentralIndexKey 0000799029
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Dec. 23, 2015
Document Effective Date dei_DocumentEffectiveDate Dec. 29, 2015
Prospectus Date rr_ProspectusDate Dec. 29, 2015
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(Oppenheimer Equity Income Fund)

Investment Objective. The Fund seeks total return.

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $25,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section "About Your Account" beginning on page 14 of the prospectus and in the sections "How to Buy Shares" beginning on page 49 and "Appendix A" in the Fund's Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - (Oppenheimer Equity Income Fund)
Class A
Class B
Class C
Class R
Class Y
Class I
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) 5.75% none none none none none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) none 5.00% 1.00% none none none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

[1]
Annual Fund Operating Expenses - (Oppenheimer Equity Income Fund)
Class A
Class B
Class C
Class R
Class Y
Class I
Management Fees 0.53% 0.53% 0.53% 0.53% 0.53% 0.53%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% 0.50% none none
Other Expenses 0.24% 0.23% 0.23% 0.23% 0.23% 0.05%
Total Annual Fund Operating Expenses 1.02% 1.76% 1.76% 1.26% 0.76% 0.58%

Example. The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period during which such fee waivers and/or expense reimbursements are in effect. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:

If shares are redeemed

Expense Example - (Oppenheimer Equity Income Fund) - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A 674 883 1,109 1,757
Class B 680 859 1,162 1,711
Class C 280 559 962 2,091
Class R 129 402 696 1,532
Class Y 78 244 424 946
Class I 59 186 325 728

If shares are not redeemed

Expense Example, No Redemption - (Oppenheimer Equity Income Fund) - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A 674 883 1,109 1,757
Class B 180 559 962 1,711
Class C 180 559 962 2,091
Class R 129 402 696 1,532
Class Y 78 244 424 946
Class I 59 186 325 728

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

Principal Investment Strategies. The Fund mainly invests in common stocks of U.S. companies that the portfolio manager believes are undervalued. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Fund may invest in other equity securities, such as preferred stocks, warrants and securities convertible into common stocks. The Fund may invest in equity securities issued by companies of different capitalization ranges, but will typically focus on larger capitalization stocks. The Fund may invest in equity securities both for current income from dividends as well as for growth opportunities.

The Fund can buy securities of companies in developed and emerging market countries. The Fund has no limits on the amounts it can invest in foreign securities. However, currently it does not intend to invest more than 25% of its net assets in securities of issuers in any single foreign country or more than 5% of its net assets in companies or government issuers in emerging market countries.

In selecting investments for the Fund, the portfolio manager mainly relies on a value-oriented investing style. A security may be undervalued because the market is not aware of the issuer's intrinsic value, does not yet recognize its future potential, or the issuer may be temporarily out of favor. The Fund seeks to realize gains in the prices of those securities when other investors recognize their real or prospective worth. The Fund also looks for securities that offer higher than average dividends. The portfolio manager generally uses a fundamental approach to analyzing issuers, for example, by looking at price/earnings ratios and current balance sheet information. Currently, the portfolio manager focuses on securities that have high current income and are believed to have substantial earnings possibilities, have low price/earnings ratios relative to other securities, and that have a low price relative to the underlying value of the issuer's assets, earnings, cash flow or other factors. These criteria may vary in particular cases and may change over time. The Fund may sell securities that the portfolio manager believes no longer meet these criteria, but is not required to do so.

Principal Risks. The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth less than what you paid for them. These risks mean that you can lose money by investing in the Fund.

Risks of Investing in Stocks. The value of the Fund's portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.

The prices of individual stocks generally do not all move in the same direction at the same time. For example, "growth" stocks may perform well under circumstances in which "value" stocks in general have fallen. A variety of factors can affect the price of a particular company's stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company's sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized, (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities.

Industry and Sector Focus. At times the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of stocks of issuers in a particular industry or sector may go up and down in response to changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than others. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its share values may fluctuate in response to events affecting that industry or sector. To some extent that risk may be limited by the Fund's policy of not concentrating its investments in any one industry.

Risks of Other Equity Securities. Most convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy. The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.

Risks of Small- and Mid-Cap Companies. The prices of securities issued by small- and mid-cap companies may be more volatile and such securities may be more difficult to sell than those of larger companies. They may not have established markets, may have fewer customers and product lines, may have unseasoned management or less management depth and may have more limited access to financial resources. Smaller companies may not pay dividends or their securities may not provide capital gains for some time, if at all.

Risks of Value Investing. Value investing entails the risk that if the market does not recognize that a fund's securities are undervalued, the prices of those securities might not appreciate as anticipated. A value approach could also result in fewer investments that increase rapidly during times of market gains and could cause a fund to underperform funds that use a growth or non-value approach to investing. Value investing has gone in and out of favor during past market cycles and when value investing is out of favor or when markets are unstable, the securities of "value" companies may underperform the securities of "growth" companies.

Dividend Risk. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund's performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.

Risks of Foreign Investing. Foreign securities are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company's operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company's assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. As a result, the value of the Fund's net assets may change on days when you will not be able to purchase or redeem the Fund's shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to only limited or no regulatory oversight.

Who Is the Fund Designed For? The Fund is designed primarily for investors seeking total return from capital appreciation and income over the long term. Those investors should be willing to assume the risks of short-term share price fluctuations and losses that are typical for a fund emphasizing investments in equity securities. Since the Fund's income level will fluctuate, it is not designed for investors needing an assured level of current income. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Fund's Past Performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A shares) from calendar year to calendar year and by showing how the Fund's average annual returns for the periods of time shown in the table compare with those of a broad measure of market performance. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website: https://www.oppenheimerfunds.com/fund/EquityIncomeFund

Bar Chart

Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 25.27% (2nd Qtr 09) and the lowest return for a calendar quarter was -19.61% (3rd Qtr 11). For the period from January 1, 2015 to September 30, 2015 the cumulative return before sales charges and taxes was -10.89%.

The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.

Average Annual Total Returns for the periods ended December 31, 2014

Average Annual Total Returns - (Oppenheimer Equity Income Fund)
Inception Date
1 Year
5 Years (or life of class, if less)
10 Years (or life of class, if less)
Class A Feb. 13, 1987 3.72% 12.96% 7.93%
Class A | Return After Taxes on Distributions   1.26% 11.66% 6.53%
Class A | Return After Taxes on Distributions and Sale of Fund Shares   2.96% 10.10% 6.14%
Class B Mar. 03, 1997 4.23% 13.04% 8.00%
Class C Mar. 03, 1997 8.24% 13.42% 7.68%
Class R Mar. 01, 2001 8.76% 13.89% 8.16%
Class Y Feb. 28, 2011 10.35% 12.17%
Class I Feb. 28, 2012 10.57% 17.02%
Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)   13.45% 15.42% 7.30%
Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)     14.36% [1]
Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)     19.00% [2]
[1] As of 02/28/11
[2] As of 02/29/12
[1] Expenses have been restated to reflect current fees.

XML 12 R9.htm IDEA: XBRL DOCUMENT v3.3.1.900
Label Element Value
(Oppenheimer Equity Income Fund)  
Prospectus: rr_ProspectusTable  
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Investment Objective. The Fund seeks total return.

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $25,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section "About Your Account" beginning on page 14 of the prospectus and in the sections "How to Buy Shares" beginning on page 49 and "Appendix A" in the Fund's Statement of Additional Information.

Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $25,000 in certain funds in the Oppenheimer family of funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 25,000
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

[1]
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Expenses have been restated to reflect current fees.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

Example. The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period during which such fee waivers and/or expense reimbursements are in effect. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

If shares are redeemed

Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption

If shares are not redeemed

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 43.00%
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Principal Investment Strategies. The Fund mainly invests in common stocks of U.S. companies that the portfolio manager believes are undervalued. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Fund may invest in other equity securities, such as preferred stocks, warrants and securities convertible into common stocks. The Fund may invest in equity securities issued by companies of different capitalization ranges, but will typically focus on larger capitalization stocks. The Fund may invest in equity securities both for current income from dividends as well as for growth opportunities.

The Fund can buy securities of companies in developed and emerging market countries. The Fund has no limits on the amounts it can invest in foreign securities. However, currently it does not intend to invest more than 25% of its net assets in securities of issuers in any single foreign country or more than 5% of its net assets in companies or government issuers in emerging market countries.

In selecting investments for the Fund, the portfolio manager mainly relies on a value-oriented investing style. A security may be undervalued because the market is not aware of the issuer's intrinsic value, does not yet recognize its future potential, or the issuer may be temporarily out of favor. The Fund seeks to realize gains in the prices of those securities when other investors recognize their real or prospective worth. The Fund also looks for securities that offer higher than average dividends. The portfolio manager generally uses a fundamental approach to analyzing issuers, for example, by looking at price/earnings ratios and current balance sheet information. Currently, the portfolio manager focuses on securities that have high current income and are believed to have substantial earnings possibilities, have low price/earnings ratios relative to other securities, and that have a low price relative to the underlying value of the issuer's assets, earnings, cash flow or other factors. These criteria may vary in particular cases and may change over time. The Fund may sell securities that the portfolio manager believes no longer meet these criteria, but is not required to do so.

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Principal Risks. The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth less than what you paid for them. These risks mean that you can lose money by investing in the Fund.

Risks of Investing in Stocks. The value of the Fund's portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.

The prices of individual stocks generally do not all move in the same direction at the same time. For example, "growth" stocks may perform well under circumstances in which "value" stocks in general have fallen. A variety of factors can affect the price of a particular company's stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company's sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized, (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities.

Industry and Sector Focus. At times the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of stocks of issuers in a particular industry or sector may go up and down in response to changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than others. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its share values may fluctuate in response to events affecting that industry or sector. To some extent that risk may be limited by the Fund's policy of not concentrating its investments in any one industry.

Risks of Other Equity Securities. Most convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy. The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.

Risks of Small- and Mid-Cap Companies. The prices of securities issued by small- and mid-cap companies may be more volatile and such securities may be more difficult to sell than those of larger companies. They may not have established markets, may have fewer customers and product lines, may have unseasoned management or less management depth and may have more limited access to financial resources. Smaller companies may not pay dividends or their securities may not provide capital gains for some time, if at all.

Risks of Value Investing. Value investing entails the risk that if the market does not recognize that a fund's securities are undervalued, the prices of those securities might not appreciate as anticipated. A value approach could also result in fewer investments that increase rapidly during times of market gains and could cause a fund to underperform funds that use a growth or non-value approach to investing. Value investing has gone in and out of favor during past market cycles and when value investing is out of favor or when markets are unstable, the securities of "value" companies may underperform the securities of "growth" companies.

Dividend Risk. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund's performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.

Risks of Foreign Investing. Foreign securities are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company's operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company's assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. As a result, the value of the Fund's net assets may change on days when you will not be able to purchase or redeem the Fund's shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to only limited or no regulatory oversight.

Who Is the Fund Designed For? The Fund is designed primarily for investors seeking total return from capital appreciation and income over the long term. Those investors should be willing to assume the risks of short-term share price fluctuations and losses that are typical for a fund emphasizing investments in equity securities. Since the Fund's income level will fluctuate, it is not designed for investors needing an assured level of current income. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Risk Lose Money [Text] rr_RiskLoseMoney The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth less than what you paid for them. These risks mean that you can lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The Fund's Past Performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A shares) from calendar year to calendar year and by showing how the Fund's average annual returns for the periods of time shown in the table compare with those of a broad measure of market performance. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website: https://www.oppenheimerfunds.com/fund/EquityIncomeFund

Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Sales charges and taxes are not included and the returns would be lower if they were.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 25.27% (2nd Qtr 09) and the lowest return for a calendar quarter was -19.61% (3rd Qtr 11). For the period from January 1, 2015 to September 30, 2015 the cumulative return before sales charges and taxes was -10.89%.

Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns for the periods ended December 31, 2014

Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for only one class and after-tax returns for other classes will vary.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress https://www.oppenheimerfunds.com/fund/EquityIncomeFund
(Oppenheimer Equity Income Fund) | Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)  
Prospectus: rr_ProspectusTable  
1 Year rr_AverageAnnualReturnYear01 13.45%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 15.42%
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10 7.30%
(Oppenheimer Equity Income Fund) | Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)  
Prospectus: rr_ProspectusTable  
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 14.36% [2]
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10
(Oppenheimer Equity Income Fund) | Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)  
Prospectus: rr_ProspectusTable  
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 19.00% [3]
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10
(Oppenheimer Equity Income Fund) | Class A  
Prospectus: rr_ProspectusTable  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.53%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.24%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.02%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 674
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 883
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,109
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,757
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 674
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 883
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,109
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,757
Annual Return 2005 rr_AnnualReturn2005 9.25%
Annual Return 2006 rr_AnnualReturn2006 13.56%
Annual Return 2007 rr_AnnualReturn2007 2.55%
Annual Return 2008 rr_AnnualReturn2008 (35.56%)
Annual Return 2009 rr_AnnualReturn2009 42.22%
Annual Return 2010 rr_AnnualReturn2010 20.86%
Annual Return 2011 rr_AnnualReturn2011 (6.43%)
Annual Return 2012 rr_AnnualReturn2012 19.15%
Annual Return 2013 rr_AnnualReturn2013 31.63%
Annual Return 2014 rr_AnnualReturn2014 10.05%
Year to Date Return, Label rr_YearToDateReturnLabel For the period from January 1, 2015 to September 30, 2015 the cumulative return before sales charges and taxes was -10.89%.
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (10.89%)
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2015
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel the highest return for a calendar quarter was 25.27% (2nd Qtr 09)
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 25.27%
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel the lowest return for a calendar quarter was -19.61% (3rd Qtr 11)
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.61%)
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 13, 1987
1 Year rr_AverageAnnualReturnYear01 3.72%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 12.96%
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10 7.93%
(Oppenheimer Equity Income Fund) | Class A | Return After Taxes on Distributions  
Prospectus: rr_ProspectusTable  
1 Year rr_AverageAnnualReturnYear01 1.26%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 11.66%
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10 6.53%
(Oppenheimer Equity Income Fund) | Class A | Return After Taxes on Distributions and Sale of Fund Shares  
Prospectus: rr_ProspectusTable  
1 Year rr_AverageAnnualReturnYear01 2.96%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 10.10%
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10 6.14%
(Oppenheimer Equity Income Fund) | Class B  
Prospectus: rr_ProspectusTable  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 5.00%
Management Fees rr_ManagementFeesOverAssets 0.53%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.23%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.76%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 680
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 859
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,162
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,711
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 180
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 559
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 962
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,711
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 03, 1997
1 Year rr_AverageAnnualReturnYear01 4.23%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 13.04%
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10 8.00%
(Oppenheimer Equity Income Fund) | Class C  
Prospectus: rr_ProspectusTable  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Management Fees rr_ManagementFeesOverAssets 0.53%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.23%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.76%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 280
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 559
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 962
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,091
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 180
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 559
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 962
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,091
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 03, 1997
1 Year rr_AverageAnnualReturnYear01 8.24%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 13.42%
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10 7.68%
(Oppenheimer Equity Income Fund) | Class R  
Prospectus: rr_ProspectusTable  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.53%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other Expenses rr_OtherExpensesOverAssets 0.23%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.26%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 129
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 402
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 696
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,532
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 129
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 402
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 696
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,532
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2001
1 Year rr_AverageAnnualReturnYear01 8.76%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 13.89%
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10 8.16%
(Oppenheimer Equity Income Fund) | Class Y  
Prospectus: rr_ProspectusTable  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.53%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.23%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.76%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 78
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 244
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 424
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 946
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 78
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 244
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 424
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 946
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
1 Year rr_AverageAnnualReturnYear01 10.35%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 12.17%
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10
(Oppenheimer Equity Income Fund) | Class I  
Prospectus: rr_ProspectusTable  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.53%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.58%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 59
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 186
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 325
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 728
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 59
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 186
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 325
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 728
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2012
1 Year rr_AverageAnnualReturnYear01 10.57%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 17.02%
10 Years (or life of class, if less) rr_AverageAnnualReturnYear10
[1] Expenses have been restated to reflect current fees.
[2] As of 02/28/11
[3] As of 02/29/12
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