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

(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.

225 Liberty Street, 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: 7/31/2015

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS July 31, 2015 Unaudited

	Shares		Value
Common Stocks—82.0%
Consumer Discretionary—12.3%
Auto Components—1.6%
Lear Corp.		952,500	$	99,126,675
Automobiles—4.7%
Ford Motor Co.1		10,050,000		149,041,500
General Motors Co.1		4,425,000		139,431,750
				288,473,250
Hotels, Restaurants & Leisure—0.2%
Extended Stay America, Inc.		280,000		5,320,000
Las Vegas Sands Corp.1		152,750		8,560,110
				13,880,110
Household Durables—2.6%
Beazer Homes USA, Inc.2,3		2,403,663		46,102,256
MDC Holdings, Inc.1,3		2,544,000		75,963,840
PulteGroup, Inc.1		185,000		3,833,200
Standard Pacific Corp.1,2		3,818,720		34,330,293
				160,229,589
Media—0.1%
Viacom, Inc., Cl. B		42,500		2,422,500
Multiline Retail—0.9%
Kohl’s Corp.		900,000		55,188,000
Specialty Retail—2.2%
Best Buy Co., Inc.1		3,954,800		127,700,492
Staples, Inc.		225,000		3,309,750
				131,010,242
Consumer Staples—2.5%
Beverages—0.7%
Molson Coors Brewing Co., Cl. B1		437,000		31,088,180
PepsiCo, Inc.		93,500		9,008,725
				40,096,905
Food & Staples Retailing—0.7%
Wal-Mart Stores, Inc.		580,000		41,748,400
Food Products—0.2%
Pinnacle Foods, Inc.1		298,100		13,399,595
Household Products—0.1%
Procter & Gamble Co. (The)1		102,500		7,861,750
Tobacco—0.8%
Philip Morris International, Inc.1		583,250		49,885,372
Energy—8.3%
Energy Equipment & Services—0.1%
Ensco plc, Cl. A1		350,000		5,803,000

1 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Oil, Gas & Consumable Fuels—8.2%
BP plc, Sponsored ADR		1,500,000	$	55,455,000
Chevron Corp.1		705,000		62,378,400
Exxon Mobil Corp.		625,000		49,506,250
Kinder Morgan, Inc.		3,594,000		124,496,160
Marathon Oil Corp.		1,435,000		30,149,350
Royal Dutch Shell plc, Cl. A, Sponsored ADR		1,592,500		91,536,900
Williams Cos., Inc. (The)		1,695,000		88,953,600
				502,475,660
Financials—29.4%
Capital Markets—4.2%
Goldman Sachs Group, Inc. (The)		519,000		106,431,330
KKR & Co. LP4		2,932,500		70,086,750
Morgan Stanley1		2,040,000		79,233,600
				255,751,680
Commercial Banks—12.6%
Bank of America Corp.1		1,987,500		35,536,500
Citigroup, Inc.1		5,620,000		328,545,200
JPMorgan Chase & Co.1		4,275,000		292,965,750
Wells Fargo & Co.1		1,950,000		112,846,500
				769,893,950
Insurance—7.4%
ACE Ltd.		5,000		543,850
American International Group, Inc.		500,000		32,060,000
Assured Guaranty Ltd.1		5,800,000		141,868,000
Genworth Financial, Inc., Cl. A2		3,100,000		21,731,000
MBIA, Inc.2,3		9,290,900		55,280,855
MetLife, Inc.1		2,900,000		161,646,000
XL Group plc, Cl. A		985,000		37,449,700
				450,579,405
Real Estate Investment Trusts (REITs)—4.9%
Apollo Commercial Real Estate Finance, Inc.		2,200,000		37,136,000
Ashford Hospitality Prime, Inc.		57,250		833,560
Ashford Hospitality Trust, Inc.		1,400,000		12,236,000
Blackstone Mortgage Trust, Inc., Cl. A		1,000,000		29,170,000
Colony Capital, Inc., Cl. A		2,670,000		60,662,400
Communications Sales & Leasing, Inc.		1,400,000		29,190,000
iStar Financial, Inc.2		982,500		12,870,750
NorthStar Realty Finance Corp.		1,275,000		20,400,000
Starwood Property Trust, Inc.		3,000,000		65,280,000
Two Harbors Investment Corp.		3,100,000		31,682,000
				299,460,710
Thrifts & Mortgage Finance—0.3%
MGIC Investment Corp.2		25,000		276,750
Radian Group, Inc.1		1,040,162		19,201,391
				19,478,141

2 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Health Care—9.4%
Health Care Equipment & Supplies—1.2%
Medtronic plc		900,000	$	70,551,000
Pharmaceuticals—8.2%
AbbVie, Inc.1		535,000		37,455,350
GlaxoSmithKline plc, Sponsored ADR		1,000,000		43,440,000
Johnson & Johnson1		455,000		45,595,550
Merck & Co., Inc.		2,135,000		125,879,600
Mylan NV1,2		98,800		5,531,812
Pfizer, Inc.1		3,675,000		132,520,500
Roche Holding AG, Sponsored ADR		1,202,500		43,422,275
Teva Pharmaceutical Industries Ltd., Sponsored ADR1		985,000		67,984,700
				501,829,787
Industrials—4.5%
Aerospace & Defense—0.1%
Textron, Inc.1		60,000		2,622,000
Airlines—1.3%
United Continental Holdings, Inc.2		1,445,000		81,483,550
Commercial Services & Supplies—0.9%
R.R. Donnelley & Sons Co.		2,982,500		52,342,875
Electrical Equipment—0.4%
Eaton Corp. plc		240,000		14,539,200
General Cable Corp.1		737,500		12,036,000
				26,575,200
Industrial Conglomerates—0.9%
General Electric Co.1		2,077,500		54,222,750
Machinery—0.7%
Navistar International Corp.2		2,255,000		39,552,700
Marine—0.1%
Costamare, Inc.		499,000		8,497,970
Road & Rail—0.1%
CSX Corp.1		275,000		8,602,000
Information Technology—6.4%
Communications Equipment—1.1%
Cisco Systems, Inc.		1,251,250		35,560,525
QUALCOMM, Inc.1		490,000		31,551,100
				67,111,625
Internet Software & Services—0.6%
Google, Inc., Cl. C1,2		57,750		36,128,978
Semiconductors & Semiconductor Equipment—0.5%
Applied Materials, Inc.		8,800		152,768
Intel Corp.		130,000		3,763,500

3 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Micron Technology, Inc.1,2		1,448,000	$	26,802,480
				30,718,748
Software—1.3%
Microsoft Corp.1		1,725,000		80,557,500
Technology Hardware, Storage & Peripherals—2.9%
Apple, Inc.		1,050,000		127,365,000
EMC Corp.1		765,000		20,570,850
Hewlett-Packard Co.		377,500		11,521,300
Seagate Technology plc		310,000		15,686,000
				175,143,150
Materials—2.8%
Chemicals—0.5%
LyondellBasell Industries NV, Cl. A1		300,000		28,149,000
Containers & Packaging—0.2%
Packaging Corp. of America		150,000		10,618,500
Metals & Mining—0.5%
Allegheny Technologies, Inc.		810,000		17,269,200
Freeport-McMoRan, Inc.		1,175,000		13,806,250
				31,075,450
Paper & Forest Products—1.6%
Domtar Corp.		1,405,000		57,127,300
International Paper Co.		702,500		33,628,675
Louisiana-Pacific Corp.2		650,000		9,581,000
				100,336,975
Telecommunication Services—3.7%
Diversified Telecommunication Services—3.7%
AT&T, Inc.		1,461,570		50,774,942
CenturyLink, Inc.1		2,350,000		67,210,000
Frontier Communications Corp.1		9,350,000		44,132,000
Verizon Communications, Inc.		1,225,000		57,317,750
Windstream Holdings, Inc.		1,125,000		5,456,250
				224,890,942
Utilities—2.7%
Electric Utilities—2.2%
American Electric Power Co., Inc.		690,000		39,033,300
Edison International		640,000		38,406,400
FirstEnergy Corp.1		275,000		9,339,000
PPL Corp.		1,502,500		47,794,525
				134,573,225
Independent Power and Renewable Electricity Producers—0.5%
NRG Energy, Inc.		1,260,000		28,287,000
Talen Energy Corp.2		205,000		3,224,650
				31,511,650
Total Common Stocks (Cost $4,304,252,408)				5,003,860,509

4 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Preferred Stocks—4.9%
American Homes 4 Rent, 5% Cum., Series A, Non-Vtg.		498,900	$	12,637,137
American Homes 4 Rent, 5% Cum., Series B, Non-Vtg.		675,800		17,428,882
Dominion Resources, Inc., 6.375% Cv.		219,990		11,105,095
Exelon Corp., 6.50% Cv.		525,000		24,538,500
Frontier Communications Corp., Series A, 11.125% Cv., Non-Vtg.2		489,750		47,873,062
iStar Financial, Inc., 4.50% Cv., Non-Vtg.		1,088,505		60,727,694
Post Holdings, Inc., 2.50% Cv.5		267,410		27,910,919
Post Holdings, Inc., 5.25% Cv.		562,390		59,894,535
Southwestern Energy Co., 6.25% Cv., Non-Vtg.		540,175		23,227,525
WPX Energy, Inc., 6.25% Cv.2		285,300		12,909,825
Total Preferred Stocks (Cost $297,497,795)				298,253,174
	Units
Rights, Warrants and Certificates—0.1%
Kinder Morgan, Inc. Wts., Strike Price $40, Exp. 5/25/172 (Cost $7,439,723)		2,825,000		4,830,750
	Principal Amount
Mortgage-Backed Obligations—0.1%
Alternative Loan Trust, Series 2005-29CB, Cl. A4, 5%, 7/25/35	$	836,117		764,731
Banc of America Funding Trust, Series 2007-C, Cl. 1A4, 5.263%, 5/20/366		95,937		89,829
Banc of America Mortgage Trust, Series 2004-E, Cl. 2A6, 2.863%, 6/25/346		158,405		158,277
Federal Home Loan Mortgage Corp. Gold Pool:
8.00%, 4/1/16		155		156
9.00%, 8/1/22		629		672
9.00%, 8/1/22		16		17
9.00%, 3/1/24		321		352
9.00%, 3/1/24		99		100
9.00%, 1/1/25		352		420
9.00%, 5/1/25		70		80
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 11.173%, 4/1/277		90,453		21,671
Series 192, Cl. IO, 5.356%, 2/1/287		27,425		5,488
Series 243, Cl. 6, 0.00%, 12/15/327,8		96,839		17,800
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.266%, 6/1/269		27,862		26,002
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 151, Cl. F, 9%, 5/15/21		4,824		5,350
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2130, Cl. SC, 48.69%, 3/15/297		93,596		18,469
Series 2796, Cl. SD, 47.636%, 7/15/267		127,916		26,577
Federal National Mortgage Assn. Pool:
7.50%, 1/1/33		102,505		125,370
8.50%, 7/1/32		4,768		5,175
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 214, Cl. 2, 36.849%, 3/25/237		156,417		21,314
Series 222, Cl. 2, 18.157%, 6/25/237		199,220		38,391
Series 247, Cl. 2, 40.435%, 10/25/237		56,947		13,224
Series 252, Cl. 2, 37.071%, 11/25/237		185,201		39,061

5 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Mortgage-Backed Obligations (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 319, Cl. 2, 0.00%, 2/25/327,8	$	47,572	$	10,585
Series 320, Cl. 2, 7.673%, 4/25/327		274,745		72,422
Series 331, Cl. 9, 10.796%, 2/25/337		23,173		5,285
Series 334, Cl. 17, 11.375%, 2/25/337		106,992		22,782
Series 339, Cl. 12, 0.00%, 6/25/337,8		194,188		45,688
Series 343, Cl. 13, 0.00%, 9/25/337,8		189,355		36,250
Series 343, Cl. 18, 0.00%, 5/25/347,8		27,782		5,304
Series 345, Cl. 9, 0.00%, 1/25/347,8		161,870		33,057
Series 351, Cl. 10, 0.00%, 4/25/347,8		44,644		8,459
Series 351, Cl. 8, 0.00%, 4/25/347,8		96,778		18,774
Series 356, Cl. 10, 0.00%, 6/25/357,8		71,144		15,049
Series 356, Cl. 12, 0.00%, 2/25/357,8		34,761		7,400
Series 362, Cl. 13, 0.00%, 8/25/357,8		424,058		84,023
Series 364, Cl. 16, 0.00%, 9/25/357,8		161,768		35,410
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-63, Cl. SD, 27.913%, 12/18/317		2,767		631
Series 2001-65, Cl. S, 23.613%, 11/25/317		178,035		41,197
Series 2001-68, Cl. SC, 28.017%, 11/25/317		1,747		405
Series 2001-81, Cl. S, 20.147%, 1/25/327		44,980		10,597
Series 2002-47, Cl. NS, 27.461%, 4/25/327		108,989		26,214
Series 2002-51, Cl. S, 27.656%, 8/25/327		100,076		24,070
Series 2002-52, Cl. SD, 33.998%, 9/25/327		140,541		34,207
Series 2002-7, Cl. SK, 22.422%, 1/25/327		2,976		620
Series 2002-77, Cl. BS, 21.876%, 12/18/327		5,877		1,392
Series 2002-77, Cl. SH, 29.653%, 12/18/327		70,745		15,786
Series 2002-9, Cl. MS, 22.401%, 3/25/327		66,364		15,336
Series 2002-90, Cl. SN, 26.525%, 8/25/327		4,927		1,000
Series 2002-90, Cl. SY, 33.378%, 9/25/327		2,648		530
Series 2003-4, Cl. S, 27.844%, 2/25/337		104,576		25,893
Series 2003-46, Cl. IH, 0.00%, 6/25/237,8		621,442		84,651
Series 2004-54, Cl. DS, 38.291%, 11/25/307		131,046		25,900
Series 2005-14, Cl. SE, 34.057%, 3/25/357		161,196		26,957
Series 2005-93, Cl. SI, 17.729%, 10/25/357		88,801		15,715
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 4.944%, 9/25/239		78,246		74,622
Government National Mortgage Assn. I Pool:
7.00%, 1/15/24		14,512		15,049
7.00%, 4/15/26		28,520		31,800
7.50%, 5/15/27		184,076		209,379
8.00%, 5/15/17		2,089		2,109
8.50%, 8/15/17		194		202
8.50%, 11/15/17		199		206
8.50%, 12/15/17		216		225
8.50%, 12/15/17		782		814
Government National Mortgage Assn. II Pool, 1.75%, 3/20/266		7,251		7,536
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series 2002-15, Cl. SM, 57.44%, 2/16/327		172,837		32,953
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Cl. 2A2, 2.667%, 4/21/346		163,176		167,200

6 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Mortgage-Backed Obligations (Continued)
RALI Trust:
Series 2003-QS1, Cl. A2, 5.75%, 1/25/33	$	18,962	$	19,055
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		27,703		22,477
WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR14, Cl. 1A4, 2.346%, 12/25/356		234,205		227,125
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Cl. 1A2, 5.821%, 10/25/366		196,076		191,354
Total Mortgage-Backed Obligations (Cost $3,096,518)				3,132,221
U.S. Government Obligation—0.0%
Federal Home Loan Mortgage Corp. Nts., 5.25%, 4/18/16 (Cost $431,153)		425,000		439,888
Non-Convertible Corporate Bonds and Notes—1.2%
Agrium, Inc., 6.125% Sr. Unsec. Unsub. Nts., 1/15/41		240,000		276,198
Airgas, Inc., 3.25% Sr. Unsec. Nts., 10/1/15		481,000		482,161
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		415,000		698,417
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		343,000		378,891
Bank of America Corp.:
5.875% Sr. Unsec. Nts., 1/5/21		210,000		239,858
7.75% Jr. Sub. Nts., 5/14/38		369,000		504,003
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/195		940,000		1,096,044
British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30		325,000		486,149
Bunge Ltd. Finance Corp., 8.50% Sr. Unsec. Nts., 6/15/19		365,000		441,904
Burlington Northern Santa Fe LLC, 5.75% Sr. Unsec. Nts., 5/1/40		143,000		170,119
Capital One Financial Corp., 4.75% Sr. Unsec. Nts., 7/15/21		262,000		282,832
Celgene Corp., 5.70% Sr. Unsec. Nts., 10/15/40		344,000		383,324
CenturyLink, Inc., 7.60% Sr. Unsec. Nts., 9/15/39		193,000		172,735
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21		462,000		525,653
5.875% Sr. Unsec. Unsub. Nts., 8/15/20		540,000		614,907
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		317,000		439,944
CSX Corp., 5.50% Sr. Unsec. Nts., 4/15/41		148,000		170,415
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 6.375% Sr. Unsec. Nts., 3/1/41		431,000		474,555
Edgewell Personal Care Co., 4.70% Sr. Unsec. Nts., 5/19/21		552,000		566,106
El Paso Pipeline Partners Operating Co. LLC, 6.50% Sr. Unsec. Nts., 4/1/20		782,000		885,509
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		461,000		453,589
Family Dollar Stores, Inc., 5% Sr. Unsec. Nts., 2/1/21		301,000		314,238
FirstEnergy Solutions Corp., 6.80% Sr. Unsec. Nts., 8/15/39		317,000		329,098
Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17		465,000		501,619
General Electric Capital Corp., 6.375% Unsec. Sub. Nts., 11/15/676		1,005,000		1,079,119
Glen Meadow Pass-Through Trust, 6.505% Jr. Sub. Nts., 2/12/676,10		631,000		586,830
Glencore Canada Corp., 6% Sr. Unsec. Unsub. Nts., 10/15/15		411,000		414,517
Glencore Finance Canada Ltd., 5.80% Sr. Unsec. Unsub. Nts., 11/15/165		78,000		81,468
Goldman Sachs Group, Inc. (The), 5.25% Sr. Unsec. Nts., 7/27/21		169,000		188,260
Harris Corp., 6.15% Sr. Unsec. Nts., 12/15/40		168,000		192,821
HSBC Finance Capital Trust IX, 5.911% Unsec. Sub. Nts., 11/30/356		1,330,000		1,335,320

7 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes (Continued)
Huntington Bancshares, Inc., 7% Sub. Nts., 12/15/20	$	493,000	$	589,142
International Lease Finance Corp., 5.75% Sr. Unsec. Nts., 5/15/16		539,000		553,149
J.C. Penney Corp., Inc.:
5.65% Sr. Unsec. Nts., 6/1/20		21,353,000		19,324,465
5.75% Sr. Unsec. Nts., 2/15/18		1,497,000		1,463,317
JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 16,11		900,000		950,625
Juniper Networks, Inc., 5.95% Sr. Unsec. Nts., 3/15/41		219,000		224,396
Kinross Gold Corp., 3.625% Sr. Unsec. Nts., 9/1/16		419,000		417,849
Liberty Mutual Group, Inc., 5% Sr. Unsec. Nts., 6/1/215		808,000		879,399
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Nts., 4/20/676		1,102,000		994,555
Lloyds Bank plc, 6.50% Sub. Nts., 9/14/205		598,000		695,286
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/215		735,000		837,254
Marriott International, Inc., 6.20% Sr. Unsec. Nts., 6/15/16		580,000		605,330
MBIA Insurance Corp., 11.549% Sub. Nts., 1/15/335,12		31,689,000		15,844,500
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		288,000		336,262
Morgan Stanley:
5.50% Sr. Unsec. Nts., 7/24/20		218,000		245,588
5.55% Sr. Unsec. Nts., 4/27/17		1,275,000		1,360,211
Nabors Industries, Inc., 6.15% Sr. Unsec. Nts., 2/15/18		680,000		728,495
Nexen Energy ULC, 6.40% Sr. Unsec. Unsub. Nts., 5/15/37		573,000		691,521
Nomura Holdings, Inc., 4.125% Sr. Unsec. Nts., 1/19/16		520,000		527,996
Oncor Electric Delivery Co. LLC, 7% Sr. Sec. Nts., 9/1/22		470,000		578,468
Potash Corp. of Saskatchewan, Inc., 5.625% Sr. Unsec. Nts., 12/1/40		323,000		364,135
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/215		763,000		851,793
Quest Diagnostics, Inc., 5.75% Sr. Unsec. Nts., 1/30/40		201,000		215,506
Rent-A-Center, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		569,000		565,444
Reynolds American, Inc., 7% Sr. Unsec. Nts., 8/4/415		354,000		412,632
Rowan Cos, Inc., 5% Sr. Unsec. Nts., 9/1/17		579,000		596,885
Standard Chartered plc, 6.409% Jr. Sub. Perpetual Bonds5,6,11		400,000		412,500
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds6,10,11		1,077,000		1,109,041
Symantec Corp., 4.20% Sr. Unsec. Nts., 9/15/20		625,000		652,076
Texas-New Mexico Power Co., 6.95% Sec. Nts., 4/1/435		540,000		699,174
Time Warner Entertainment Co. LP, 8.375% Sr. Unsec. Nts., 7/15/33		279,000		342,604
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Bonds, Series 16,11		243,000		248,310
Verizon Communications, Inc., 4.522% Sr. Unsec. Nts., 9/15/485		411,000		367,723
Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/21		307,000		325,420
Wal-Mart Stores, Inc., 5.625% Sr. Unsec. Nts., 4/15/41		338,000		415,930
Weatherford International Ltd. (Bermuda), 5.125% Sr. Unsec. Unsub. Nts., 9/15/20		576,000		558,002
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K6,11		382,000		414,470
Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16		563,000		572,309
Woodside Finance Ltd., 4.60% Sr. Unsec. Unsub. Nts., 5/10/215		390,000		414,484
ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/376,10		598,000		615,940
Total Non-Convertible Corporate Bonds and Notes (Cost $71,726,772)				72,768,789
Convertible Corporate Bonds and Notes—8.5%
General Cable Corp., 4.50% Cv. Unsec. Sub. Nts., 11/15/296		72,480,000		54,495,900

8 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Convertible Corporate Bonds and Notes (Continued)
iStar Financial, Inc., 3% Cv. Sr. Unsec. Nts., 11/15/16	$	28,028,850	$	33,231,705
MGIC Investment Corp.:
5.00% Cv. Sr. Unsec. Nts., 5/1/17		34,225,000		38,845,375
9.00% Cv. Jr. Sub. Nts., 4/1/635		111,401,000		143,985,793
Micron Technology, Inc., 3% Cv. Sr. Unsec. Nts., 11/15/43		75,110,000		70,321,737
Molycorp, Inc., 6% Cv. Sr. Unsec. Nts., 9/1/17		3,000,000		45,000
Navistar International Corp.:
4.50% Cv. Sr. Sub. Nts., 10/15/18		57,603,000		47,162,456
4.75% Cv. Sr. Sub. Nts., 4/15/19		77,392,000		61,526,640
Peabody Energy Corp., 4.75% Cv. Jr. Sub. Nts., 12/15/41		54,230,000		6,270,344
Radian Group, Inc., 2.25% Cv. Sr. Unsec. Nts., 3/1/19		36,228,250		63,308,867
Total Convertible Corporate Bonds and Notes (Cost $532,056,520)				519,193,817
	Shares
Structured Securities—3.3%
Bank of America Corp., Standard Pacific Corp. Equity Linked Nts., 10/28/155		1,853,342		16,184,481
Bank of America Merrill Lynch, American Axle & Manufacturing Holdings, Inc. Equity Linked Nts., 10/26/155		613,497		12,408,264
Bank of America Merrill Lynch, Louisiana-Pacific Corp. Equity Linked Nts., 8/12/155		585,823		8,760,912
Bank of America Merrill Lynch, Standard Pacific Corp. Equity Linked Nts., 8/31/155		1,149,426		10,379,593
Barclays Bank plc, Alcoa, Inc. Equity Linked Nts., 10/4/17		248,452		8,437,211
Barclays Bank plc, J.C. Penney Co., Inc. Yield Enhanced Equity Linked Debt Securities, 9/11/15		1,948,104		15,921,030
Citigroup, Inc., Apple, Inc. Equity Linked Nts., 8/31/155		189,682		23,787,434
Citigroup, Inc., J.C. Penney Co., Inc. Equity Linked Nts., 12/7/155		1,164,145		9,796,682
Citigroup, Inc., J.C. Penney Co., Inc. Equity Linked Nts., 8/12/155		1,270,649		10,777,270
Credit Suisse AG (New York Branch), MGIC Investment Corp. Equity Linked Nts., 9/4/15		1,612,903		17,237,149
Credit Suisse AG (New York Branch), Radian Group, Inc. Equity Linked Nts., 8/20/15		637,349		11,461,563
Credit Suisse AG (New York Branch), Standard Pacific Corp. Equity Linked Nts., 1/15/16		1,092,896		9,876,025
Deutsche Bank AG (London), Standard Pacific Corp. Equity Linked Nts., 12/18/155		1,127,617		10,103,833
Goldman Sachs Group, Inc. (The), Louisiana-Pacific Corp. Equity Linked Nts., 8/20/155		880,288		13,050,437
Morgan Stanley, Louisiana-Pacific Corp. Equity Linked Nts., 8/3/155		619,963		9,105,171
Morgan Stanley, Standard Pacific Corp. Equity Linked Nts., 9/29/155		1,752,336		15,738,480
Total Structured Securities (Cost $204,342,886)				203,025,535

		Exercise		Expiration
		Price		Date			Contracts
Exchange-Traded Options Purchased—0.0%
Allstate Corp. (The) Put2	USD		60.000		8/21/15	USD		1,500	10,500
Delta Air Lines Put2	USD		40.000		8/21/15	USD		2,000	46,000
EMC Corp. Put2	USD		25.000		8/21/15	USD		1,000	4,000
Johnson & Johnson Put2	USD		92.500		9/18/15	USD		1,500	42,000
Johnson & Johnson Put2	USD		95.000		8/21/15	USD		1,250	18,750
Johnson & Johnson Put2	USD		92.500		8/21/15	USD		2,500	20,000

9 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

		Exercise		Expiration
		Price		Date			Contracts		Value
Exchange-Traded Options Purchased (Continued)
Medtronic plc Put2	USD		72.500		8/21/15	USD		2,100	$	21,000
Medtronic plc Put2	USD		72.000		8/21/15	USD		550		4,400
Merck & Co., Inc. Put2	USD		52.500		9/18/15	USD		2,000		26,000
Merck & Co., Inc. Put2	USD		55.000		8/21/15	USD		4,000		28,000
Merck & Co., Inc. Put2	USD		50.000		9/18/15	USD		1,000		6,500
MGIC Investment Corp. Put2	USD		10.000		8/21/15	USD		2,300		9,200
Mylan NV Put2	USD		50.000		8/21/15	USD		2,100		67,200
Procter & Gamble Co. (The) Put2	USD		75.000		8/21/15	USD		300		11,700
UnitedHealth Group, Inc. Put2	USD		110.000		8/21/15	USD		300		4,500
Whirlpool Corp. Put2	USD		155.000		8/21/15	USD		750		11,250
Total Exchange-Traded Options Purchased (Cost $1,142,664)										331,000
							Shares
Investment Company—0.0%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.16%3,13 (Cost $2,105,180)								2,105,180		2,105,180
Total Investments, at Value (Cost $5,424,091,619)								100.1%		6,107,940,863
Net Other Assets (Liabilities)								(0 .1)		(3,724,058)
Net Assets								100.0%		$  6,104,216,805

Footnotes to Statement of Investments

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 $237,982,157. See Note 5 of the accompanying Notes.

2. Non-income producing security.

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, 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, 2014		Gross  Additions		Gross     Reductions		Shares July 31, 2015
Beazer Homes USA, Inc.		—		2,481,063a		77,400		2,403,663
MBIA, Inc.		1,713,675		10,826,173 a		3,248,948		9,290,900
MDC Holdings, Inc.		2,225,000		380,000		61,000		2,544,000
Oppenheimer Institutional Money Market Fund, Cl. E		47,505,748		869,009,019		914,409,587		2,105,180

	Value		Income		Realized Loss
Beazer Homes USA, Inc.	$	46,102,256	$	—	$	92,644
MBIA, Inc.		55,280,855		—		353,501
MDC Holdings, Inc.		75,963,840		1,834,375		379,096
Oppenheimer Institutional Money Market Fund, Cl. E		2,105,180		40,321		—
Total	$	179,452,131	$	1,874,696	$	825,241

    a. All or a portion are the result of a corporate action.

4. Security is a Master Limited Partnership.

10 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)

5. 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 Trustees. These securities amount to $334,581,526 or 5.48% of the Fund’s net assets at period end.

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

7. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. 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-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 $986,537 or 0.02% of the Fund’s net assets at period end.

8. Interest rate is less than 0.0005%.

9. 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 $100,624 or less than 0.005% of the Fund’s net assets at period end.

10. Restricted security. The aggregate value of restricted securities at period end was $2,311,811, which represents 0.04% of the Fund’s net assets. See Note 4 of the accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition     Dates		Cost		Value		Unrealized    Appreciation
Glen Meadow Pass-Through Trust, 6.505% Jr. Sub. Nts., 2/12/67		1/5/11	$	540,073	$	586,830	$	46,757
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds		3/10/10-5/6/11		996,032		1,109,041		113,009
ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/37		2/24/11-7/26/11		599,793		615,940		16,147
			$	2,135,898	$	2,311,811	$	175,913

11. 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.

12. 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 contractual interest rate. See Note 4 of the accompanying Notes.

13. Rate shown is the 7-day yield at period end.

Exchange-Traded Options Written at July 31, 2015
		Exercise		Expiration		Number of		Premiums
Description		Price		Date		Contracts		Received		Value
AbbVie, Inc. Put	USD		67 .500		8/21/15 USD		(250)	$	13,740	$	(15,000)
Allstate Corp. (The) Put	USD		65 .000		8/21/15 USD		(1,000)		150,007		(25,500)
Applied Materials, Inc. Put	USD		20 .000		10/16/15 USD		(1,412)		328,142		(398,184)
Applied Materials, Inc. Put	USD		20 .000		8/21/15 USD		(850)		128,313		(229,500)
Assured Guaranty Ltd. Call	USD		32 .000		8/21/15 USD		(125)		3,870		(2,188)
Assured Guaranty Ltd. Put	USD		27 .000		8/21/15 USD		(250)		61,489		(65,000)
Bank of America Corp. Call	USD		18 .000		8/21/15 USD		(1,995)		68,604		(49,875)
Bank of America Corp. Call	USD		18 .500		8/21/15 USD		(250)		3,990		(2,000)
Baxter International Put	USD		70 .000		8/21/15 USD		(350)		79,540		(19,250)
Beazer Homes USA, Inc. Put	USD		18 .000		8/21/15 USD		(1,500)		74,938		(45,000)
Beazer Homes USA, Inc. Put	USD		20 .000		8/21/15 USD		(2,426)		696,153		(291,120)
Best Buy Co., Inc. Put	USD		35 .000		8/21/15 USD		(1,000)		176,957		(272,000)
Best Buy Co., Inc. Put	USD		38 .490		9/18/15 USD		(900)		368,507		(582,750)

11 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Exchange-Traded Options Written (Continued)
		Exercise		Expiration		Number of		Premiums
Description		Price		Date		Contracts		Received		Value
Citigroup, Inc. Call	USD		63 .000		8/21/15 USD		(325)	$	8,762	$	(1,625)
CSX Corp. Call	USD		34 .000		8/21/15 USD		(90)		4,375		(1,350)
Delta Air Lines Put	USD		43 .000		8/21/15 USD		(1,500)		173,437		(111,000)
Edison International Put	USD		60 .000		8/21/15 USD		(250)		64,934		(22,500)
EMC Corp. Put	USD		26 .000		8/21/15 USD		(1,000)		73,234		(19,000)
EMC Corp. Call	USD		27 .000		8/21/15 USD		(225)		5,868		(10,575)
Ensco plc Call	USD		23 .000		8/21/15 USD		(250)		12,240		(1,250)
Exxon Mobil Corp. Put	USD		97 .500		10/16/15 USD		(1,200)		1,739,322		(2,248,800)
Exxon Mobil Corp. Put	USD		92 .500		10/16/15 USD		(1,250)		908,684		(1,605,000)
FirstEnergy Corp. Call	USD		34 .000		8/21/15 USD		(50)		2,198		(2,000)
Frontier Communications Corp. Call	USD		5 .000		8/21/15 USD		(1,925)		29,223		(19,250)
Frontier Communications Corp. Put	USD		4 .500		8/21/15 USD		(250)		2,740		(2,500)
Frontier Communications Corp. Put	USD		5 .000		8/21/15 USD		(8,750)		210,771		(306,250)
General Cable Corp. Call	USD		21 .000		8/21/15 USD		(375)		24,610		(9,375)
General Electric Co. Put	USD		26 .500		8/21/15 USD		(250)		8,490		(14,000)
General Electric Co. Call	USD		27 .000		8/21/15 USD		(400)		20,333		(3,200)
General Motors Co. Put	USD		36 .000		9/18/15 USD		(500)		139,478		(237,500)
Genworth Financial, Inc. Put	USD		8 .000		8/21/15 USD		(2,750)		170,612		(283,250)
Genworth Financial, Inc. Put	USD		9 .000		9/18/15 USD		(1,000)		131,958		(199,000)
Google, Inc. Call	USD		555 .000		8/21/15 USD		(10)		16,463		(77,490)
Google, Inc. Call	USD		680 .000		8/21/15 USD		(200)		71,891		(12,400)
J.C. Penney, Inc. Put	USD		9 .000		8/21/15 USD		(3,650)		370,123		(346,750)
J.C. Penney, Inc. Put	USD		8 .000		8/21/15 USD		(4,000)		204,836		(132,000)
Johnson & Johnson Call	USD		100 .000		8/21/15 USD		(125)		21,510		(13,250)
Johnson & Johnson Call	USD		101 .000		8/21/15 USD		(25)		1,099		(1,525)
Johnson & Johnson Put	USD		97 .500		8/21/15 USD		(4,000)		372,043		(168,000)
JPMorgan Chase & Co. Call	USD		71 .500		8/21/15 USD		(500)		17,730		(7,500)
JPMorgan Chase & Co. Call	USD		71 .000		8/21/15 USD		(500)		35,544		(11,500)
JPMorgan Chase & Co. Call	USD		70 .000		8/21/15 USD		(750)		62,079		(31,500)
JPMorgan Chase & Co. Call	USD		70 .500		8/21/15 USD		(500)		17,730		(14,500)
Kohl’s Corp. Put	USD		65 .000		8/21/15 USD		(250)		62,989		(92,750)
Las Vegas Sands Corp. Call	USD		57 .500		8/21/15 USD		(500)		123,478		(44,000)
Las Vegas Sands Corp. Call	USD		59 .000		8/21/15 USD		(500)		24,629		(27,500)
Las Vegas Sands Corp. Call	USD		58 .000		8/21/15 USD		(250)		12,240		(18,750)
LyondellBasell Industries NV Call	USD		105 .000		8/21/15 USD		(500)		51,479		(5,000)
MBIA, Inc. Put	USD		10 .000		8/21/15 USD		(857)		100,233		(340,657)
MDC Holdings, Inc. Call	USD		31 .000		8/21/15 USD		(125)		4,557		(3,125)
MDC Holdings, Inc. Call	USD		32 .000		8/21/15 USD		(250)		12,646		(2,500)
Medtronic plc Put	USD		75 .000		8/21/15 USD		(2,500)		296,865		(55,000)
Merck & Co., Inc. Put	USD		57 .500		9/18/15 USD		(1,000)		113,958		(79,000)
Merck & Co., Inc. Put	USD		55 .000		9/18/15 USD		(1,000)		98,958		(27,500)
Merck & Co., Inc. Put	USD		57 .500		8/21/15 USD		(2,500)		319,234		(57,500)
MetLife, Inc. Call	USD		60 .000		8/21/15 USD		(250)		11,240		(1,500)
MGIC Investment Corp. Call	USD		11 .000		8/21/15 USD		(250)		5,740		(7,250)
MGIC Investment Corp. Put	USD		11 .000		8/21/15 USD		(4,000)		87,408		(60,000)
Micron Technology, Inc. Put	USD		28 .000		10/16/15 USD		(245)		92,353		(229,075)
Micron Technology, Inc. Call	USD		19 .000		8/21/15 USD		(250)		7,740		(16,250)
Micron Technology, Inc. Put	USD		27 .000		10/16/15 USD		(950)		360,006		(731,500)
Molson Coors Brewing Co. Call	USD		72 .500		8/21/15 USD		(50)		11,723		(8,375)
Molson Coors Brewing Co. Put	USD		75 .000		8/21/15 USD		(1,000)		486,951		(480,000)
Morgan Stanley Call	USD		42 .000		8/21/15 USD		(500)		10,980		(1,500)
Mylan NV Call	USD		72 .500		8/21/15 USD		(115)		31,250		(345)
Mylan NV Put	USD		70 .000		8/21/15 USD		(737)		291,765		(1,028,115)

12 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Exchange-Traded Options Written (Continued)
		Exercise		Expiration		Number of		Premiums
Description		Price		Date		Contracts		Received		Value
Mylan NV Put	USD		67 .500		8/21/15 USD		(500)	$	118,478	$	(578,000)
Mylan NV Call	USD		70 .000		8/21/15 USD		(50)		9,598		(350)
Mylan NV Put	USD		72 .500		8/21/15 USD		(750)		406,463		(1,211,250)
Mylan NV Put	USD		55 .000		8/21/15 USD		(2,000)		233,916		(270,000)
Pfizer, Inc. Call	USD		36 .000		8/21/15 USD		(250)		2,240		(10,000)
Philip Morris International, Inc. Call	USD		87 .500		8/21/15 USD		(1,250)		62,135		(43,750)
Pinnacle Foods, Inc. Call	USD		45 .000		8/21/15 USD		(250)		23,490		(20,000)
Procter & Gamble Co. (The) Call	USD		81 .500		8/21/15 USD		(900)		73,158		(3,600)
Procter & Gamble Co. (The) Put	USD		77 .500		8/21/15 USD		(250)		19,989		(33,750)
PulteGroup, Inc. Call	USD		21 .000		8/21/15 USD		(250)		7,490		(8,250)
PulteGroup, Inc. Call	USD		20 .000		8/21/15 USD		(100)		5,452		(9,400)
PulteGroup, Inc. Call	USD		20 .500		8/21/15 USD		(150)		5,694		(8,700)
QUALCOMM, Inc. Call	USD		70 .000		8/21/15 USD		(250)		9,017		(1,000)
Radian Group, Inc. Call	USD		20 .000		8/21/15 USD		(250)		7,240		(1,875)
Standard Pacific Corp. Call	USD		9 .000		8/21/15 USD		(2,250)		60,121		(45,000)
Staples, Inc. Put	USD		16 .000		8/21/15 USD		(500)		41,979		(72,500)
Teva Pharmaceutical Industries Ltd. Call	USD		65 .000		8/21/15 USD		(100)		14,096		(36,900)
Textron, Inc. Call	USD		44 .000		8/21/15 USD		(125)		11,220		(13,250)
United Continental Holdings, Inc. Put	USD		62 .500		9/18/15 USD		(1,000)		986,943		(697,500)
United Continental Holdings, Inc. Put	USD		67 .500		9/18/15 USD		(1,922)		2,675,300		(2,191,080)
UnitedHealth Group, Inc. Put	USD		120 .000		8/21/15 USD		(250)		42,489		(35,250)
Wells Fargo & Co. Call	USD		59 .500		8/21/15 USD		(250)		4,490		(2,125)
Whirlpool Corp. Put	USD		165 .000		8/21/15 USD		(500)		253,476		(28,000)
Williams Cos., Inc. (The) Put	USD		50 .000		8/21/15 USD		(250)		33,019		(22,500)
Total of Exchange-Traded Options Written								$	14,802,482	$	(16,572,429)

13 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS July 31, 2015 Unaudited

1. Organization

Oppenheimer Equity Income Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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 Trustees.

3. 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

14 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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

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

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

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

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

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

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

15 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Security Type	Standard inputs generally considered by third-party pricing vendors
Swaps	Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

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

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

Classifications

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

16 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 at period end 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	$	750,330,366		$	—	$	—	$	750,330,366
Consumer Staples		152,992,022			—		—		152,992,022
Energy		508,278,660			—		—		508,278,660
Financials		1,795,163,886			—		—		1,795,163,886
Health Care		572,380,787			—		—		572,380,787
Industrials		273,899,045			—		—		273,899,045
Information Technology		389,660,001			—		—		389,660,001
Materials		170,179,925			—		—		170,179,925
Telecommunication Services		224,890,942			—		—		224,890,942
Utilities		166,084,875			—		—		166,084,875
Preferred Stocks		209,614,561			88,638,613		—		298,253,174
Rights, Warrants and Certificates		4,830,750			—		—		4,830,750
Mortgage-Backed Obligations		—			3,132,221		—		3,132,221
U.S. Government Obligation		—			439,888		—		439,888
Non-Convertible Corporate Bonds and Notes		—			72,768,789		—		72,768,789
Convertible Corporate Bonds and Notes		—			519,193,817		—		519,193,817
Structured Securities		—			203,025,535		—		203,025,535
Exchange-Traded Options Purchased		331,000			—		—		331,000
Investment Company		2,105,180			—		—		2,105,180
Total Assets	$	5,220,742,000		$	887,198,863	$	—	$	6,107,940,863
Liabilities Table
Other Financial Instruments:
Options written, at value	$	(16,572,429	)	$	—	$	—	$	(16,572,429)
Total Liabilities	$	(16,572,429	)	$	—	$	—	$	(16,572,429)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in

17 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

4. Investments and Risks

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are registered open-end management investment companies under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s Investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their 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 the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in a money market Affiliated 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 or for defensive purposes. IMMF is regulated as a money market fund under the Investment Company Act of 1940, as amended.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times.

18 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. 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.

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.

Restricted Securities. At period end, 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 Trustees 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.

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 at period end is as follows:

Cost	$	19,769,909
Market Value	$	15,844,500
Market Value as % of Net Assets		0.26%

5. Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows 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

19 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

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

20 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

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.

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

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 reporting period, the Fund had an ending monthly average market value of $41,875 and $1,007,601 on purchased call options and purchased put options, respectively.

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

21 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

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 reporting period, the Fund had an ending monthly average market value of $5,781,753 and $15,468,120 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 reporting period was as follows:

	Options
	Number of Contracts		Amount of Premiums
Options outstanding as of October 31, 2014		209,781	$	37,690,536
Options written		811,189		111,062,830
Options closed or expired		(571,483)		(71,657,834)
Options exercised		(367,653)		(62,293,050)
Options outstanding as of July 31, 2015		81,834	$	14,802,482

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 centrally 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 centrally cleared swaps.

With respect to centrally 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

22 OPPENHEIMER EQUITY INCOME FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

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 centrally 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 centrally 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.

6. 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 at period end 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	$	5,436,357,834
Federal tax cost of other investments		(14,802,482)
Total federal tax cost	$	5,421,555,352
Gross unrealized appreciation	$	1,062,744,327
Gross unrealized depreciation		(392,931,245)
Net unrealized appreciation	$	669,813,082

23 OPPENHEIMER EQUITY INCOME FUND

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 7/31/2015, 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

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	9/9/2015

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/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	9/9/2015
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	9/9/2015

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

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

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 Trustees (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/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Date: 9/9/2015

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;

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 Trustees (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: 9/9/2015