Oppenheimer Equity Income Fund

N-CSRS 1 d600714dncsrs.htm OPPENHEIMER EQUITY INCOME FUND Oppenheimer Equity Income Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

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)

Cynthia Lo Bessette

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: 4/30/2018

Item 1. Reports to Stockholders.

LOGO

Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			6

Fund Expenses			9

Statement of Investments			11

Statement of Assets and Liabilities			16

Statement of Operations			18

Statements of Changes in Net Assets			20

Financial Highlights			21

Notes to Financial Statements			33

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			49

Distribution Sources			50

Trustees and Officers			51

Privacy Notice			52

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/18


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Russell 1000 Value Index
6-Month	0.20%	-5.57%	1.94%
1-Year	6.33	0.21	7.50
5-Year	7.45	6.19	10.52
10-Year	7.99	7.35	7.30

2 OPPENHEIMER EQUITY INCOME FUND

Fund Performance Discussion

FUND UPDATE

At the end of January 2018, Laton Spahr became the portfolio manager on the Fund. As a result, during the month of February, the portfolio was repositioned.

Our goal in positioning the Fund was to create a “sleep at night” portfolio that may exhibit the following characteristics that we believe are consistent with the goals of dividend-income investors:

1. Attractive yield – Our goal is to deliver a distribution yield after fees and expenses that is greater than the S&P 500 yield, currently about 2%. We believe this will be achieved by holding a combination of high-yielding stocks, stocks with better than average yield and dividend growth, and stocks with relatively low yield but expected rapid growth in dividends over time.

2. Distribution growth – Over time, a potential benefit of equity income versus fixed income is the fact that dividends, unlike fixed income coupons, can grow over time, helping to offset the impact of inflation. Roughly 60%-70% of the Fund will be invested in companies that we believe have both attractive yield and dividend growth potential. We believe this focus on dividend growth will help us meet our goal of distribution growth that is greater than the rate of inflation.

3. Low volatility – In order to “smooth the ride,” we will seek to construct the portfolio to exhibit lower expected volatility than the Index. This focus on lower volatility may help us deliver attractive risk-adjusted returns through both up and down markets.

4. Growth in capital – Our research will be focused on finding companies with unanticipated acceleration in return on invested capital (ROIC). Our research has shown that companies that can accelerate underlying profitability tend to outperform over the long term.

3 OPPENHEIMER EQUITY INCOME FUND

FUND PERFORMANCE

Equity markets continued to rally to close 2017 and got off to a very strong start to 2018 in January. However, volatility re-emerged and the markets reversed course during February and March, before recovering slightly in April. The most commonly cited measure of volatility is the Chicago Board Options Exchange Volatility Index, more commonly known as the VIX. The VIX uses index options to calculate implied volatility at the index level and during most of 2017 hovered near the 10% level, which is a historically low level of expected volatility. This reversed somewhat in February and March, as a number of factors, most importantly fears of a trade war, caused significant selling of equities in early February. The VIX ended the period around the 15% level.

Against this backdrop, the Fund and the Index produced muted positive returns, with the Fund’s Class A shares (without sales charge) returning 0.20% during the reporting period. The Russell 1000 Value Index (the “Index”) returned 1.94%. The Fund’s underperformance versus the Index stemmed primarily from stock selection in the Financials, Consumer Discretionary, and Real Estate sectors. The Fund outperformed the Utilities and Information Technology sectors due stock selection and an underweight and overweight position, respectively, while stock selection and an underweight position in the Industrials sector also contributed to outperformance. During the reporting

period, top contributing stocks to absolute performance included Cisco Systems, Inc., Intel Corporation, and Uniti Group, Inc. Detractors from performance during the reporting period included Citigroup Inc., Philip Morris International Inc. and AT&T Inc.

STRATEGY & OUTLOOK

The Fund seeks to provide shareholders with long-term growth of capital, an attractive level of income, and lower volatility than the Index. While many investors focus on a short-term view when considering potential investments, the Fund utilizes in-depth fundamental research to identify companies that we believe are poised for an unanticipated acceleration in return on invested capital over a multi-year time horizon. We believe this longer-term approach provides a more comprehensive outlook of potential investments by focusing on all three financial statements – income statement, balance sheet and statement of cash flows – and helps us uncover companies whose generation and use of free cash flow we deem as yet to be fully reflected in the current stock price.

Now is not the time for complacency. The return of volatility has created a new set of challenges for equity investors. In a regime of higher uncertainty, the value of bottom up, fundamental research will become much more important than in recent years. While we remain relatively optimistic that the

4 OPPENHEIMER EQUITY INCOME FUND

current positive economic trends should continue, recent macro events have introduced a level of uncertainty that cannot be discounted.



		Laton Spahr, CFA
		Portfolio Manager

5 OPPENHEIMER EQUITY INCOME FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS


Citigroup, Inc.		4.6%
Cisco Systems, Inc.		3.8
JPMorgan Chase & Co.		3.3
Chevron Corp.		3.1
Intel Corp.		3.1
Lockheed Martin Corp.		2.9
Bank of America Corp.		2.7
Coca-Cola Co. (The)		2.6
Microsoft Corp.		2.5
BP plc, Sponsored ADR		2.3

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

TOP TEN COMMON STOCK INDUSTRIES


Commercial Banks		13.1%
Oil, Gas & Consumable Fuels		10.6
Electric Utilities		7.0
Capital Markets		6.9
Hotels, Restaurants & Leisure		5.6
Pharmaceuticals		5.1
Real Estate Investment Trusts (REITs)		4.3
Semiconductors & Semiconductor Equipment		4.1
Diversified Telecommunication Services		4.0
Communications Equipment		3.8

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on net assets.

PORTFOLIO ALLOCATION


Common Stocks		97.4%
Investment Company Oppenheimer Institutional Government Money Market Fund		1.7
Preferred Stocks		0.9
Non-Convertible Corporate Bonds and Notes		—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on the total market value of investments.

6 OPPENHEIMER EQUITY INCOME FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/18


	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OAEIX)		2/13/87		0.20	%		6.33	%		7.45	%		7.99	%
Class B (OBEIX)		3/3/97		-0.23			5.50			6.61			7.40
Class C (OCEIX)		3/3/97		-0.21			5.52			6.64			7.14
Class I (OIEIX)		2/28/12		0.38			6.75			7.90			9.92	*
Class R (ONEIX)		3/1/01		0.05			6.08			7.17			7.63
Class Y (OYEIX)		2/28/11		0.29			6.56			7.72			8.31	*

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/18


	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OAEIX)		2/13/87		-5.57	%		0.21	%		6.19	%		7.35	%
Class B (OBEIX)		3/3/97		-5.12			0.50			6.30			7.40
Class C (OCEIX)		3/3/97		-1.18			4.52			6.64			7.14
Class I (OIEIX)		2/28/12		0.38			6.75			7.90			9.92	*
Class R (ONEIX)		3/1/01		0.05			6.08			7.17			7.63
Class Y (OYEIX)		2/28/11		0.29			6.56			7.72			8.31	*

* Shows performance since inception.

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class Y shares. Because Class B shares automatically converted to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Effective June 1, 2018, all Class B shares converted to Class A shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

The Fund’s performance is compared to the performance of the Russell 1000 Value Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect

7 OPPENHEIMER EQUITY INCOME FUND

transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio managers and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on April 30, 2018, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

8 OPPENHEIMER EQUITY INCOME FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2018.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2018” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

9 OPPENHEIMER EQUITY INCOME FUND


Actual	Beginning Account Value November 1, 2017	Ending Account Value April 30, 2018		Expenses Paid During 6 Months Ended April 30, 2018

Class A	$ 1,000.00		$ 1,002.00	$ 5.08

Class B	1,000.00		997.70	9.06

Class C	1,000.00		997.90	8.91

Class I	1,000.00		1,003.80	3.09

Class R	1,000.00		1,000.50	6.37

Class Y	1,000.00		1,002.90	3.93

Hypothetical (5% return before expenses)

Class A	1,000.00		1,019.74	5.12

Class B	1,000.00		1,015.77	9.14

Class C	1,000.00		1,015.92	8.99

Class I	1,000.00		1,021.72	3.11

Class R	1,000.00		1,018.45	6.43

Class Y	1,000.00		1,020.88	3.97

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2018 are as follows:


Class	Expense Ratios
Class A		1.02%
Class B		1.82
Class C		1.79
Class I		0.62
Class R		1.28
Class Y		0.79

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

10 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS April 30, 2018 Unaudited


	Shares		Value

Common Stocks—97.5%

Consumer Discretionary—9.3%

Automobiles—1.5%

General Motors Co.		1,446,100	$	53,129,714

Hotels, Restaurants & Leisure—5.6%

Carnival Corp.		627,900		39,595,374

Extended Stay America, Inc.		2,597,500		50,859,050

Las Vegas Sands Corp.		824,730		60,477,451

McDonald’s Corp.		231,350		38,737,244

				189,669,119

Media—0.7%

Sinclair Broadcast Group, Inc., Cl. A		797,500		22,609,125


Multiline Retail—0.8%

Target Corp.		375,670		27,273,642


Specialty Retail—0.7%

Home Depot, Inc. (The)		128,980		23,835,504


Consumer Staples—6.6%

Beverages—3.3%

Coca-Cola Co. (The)		2,070,690		89,474,515

PepsiCo, Inc.		221,400		22,348,116

				111,822,631

Food & Staples Retailing—1.3%

Walmart, Inc.		488,480		43,210,941


Household Products—0.6%

Procter & Gamble Co. (The)		302,290		21,867,658


Tobacco—1.4%

Philip Morris International, Inc.		574,800		47,133,600


Energy—11.2%

Energy Equipment & Services—0.6%

Schlumberger Ltd.		297,100		20,369,176


Oil, Gas & Consumable Fuels—10.6%

Andeavor		149,260		20,645,643

BP plc, Sponsored ADR		1,739,023		77,543,036

Chevron Corp.		854,780		106,941,526

Enbridge, Inc.		510,820		15,462,521

Marathon Oil Corp.		975,890		17,809,993

Royal Dutch Shell plc, Cl. A, Sponsored ADR		1,068,930		74,718,207

Ship Finance International Ltd.		650,000		9,262,500

11 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Oil, Gas & Consumable Fuels (Continued)

Suncor Energy, Inc.		994,680	$	38,026,616

				360,410,042

Financials—26.5%

Capital Markets—6.9%

Ameriprise Financial, Inc.		115,300		16,166,213

Apollo Global Management LLC, Cl. A¹		817,095		23,565,020

BlackRock, Inc., Cl. A		73,110		38,126,865

Blackstone Group LP (The)¹		1,083,800		33,543,610

Goldman Sachs Group, Inc. (The)		261,250		62,263,712

Morgan Stanley		1,172,500		60,524,450

				234,189,870

Commercial Banks—13.1%

Bank of America Corp.		3,075,620		92,022,551

BB&T Corp.		1,040,720		54,950,016

Citigroup, Inc.		2,275,000		155,314,250

JPMorgan Chase & Co.		1,040,000		113,131,200

KeyCorp		1,525,050		30,378,996

				445,797,013

Consumer Finance—1.0%

Navient Corp.		2,592,250		34,373,235


Insurance—1.2%

Prudential Financial, Inc.		372,190		39,571,241


Real Estate Investment Trusts (REITs)—4.3%

Crown Castle International Corp.		171,930		17,342,579

Park Hotels & Resorts, Inc.		1,203,120		34,625,794

Prologis, Inc.		329,030		21,357,337

Starwood Property Trust, Inc.		1,446,700		30,322,832

Uniti Group, Inc.		2,437,000		43,914,740

				147,563,282

Health Care—10.5%

Biotechnology—1.8%

AbbVie, Inc.		365,000		35,240,750

Gilead Sciences, Inc.		359,910		25,996,299

				61,237,049

Health Care Equipment & Supplies—1.4%

Abbott Laboratories		806,590		46,887,077


Health Care Providers & Services—2.2%

Anthem, Inc.		236,830		55,889,512

UnitedHealth Group, Inc.		72,180		17,063,352

				72,952,864

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	Shares		Value

Pharmaceuticals—5.1%

Johnson & Johnson		402,850	$	50,956,496

Merck & Co., Inc.		1,125,000		66,228,750

Pfizer, Inc.		1,575,000		57,660,750

				174,845,996

Industrials—7.8%

Aerospace & Defense—3.6%

Lockheed Martin Corp.		312,080		100,127,747

United Technologies Corp.		207,500		24,931,125

				125,058,872

Construction & Engineering—1.3%

Fluor Corp.		745,330		43,937,203


Electrical Equipment—1.9%

Eaton Corp. plc		852,650		63,974,330


Machinery—1.0%

Caterpillar, Inc.		237,730		34,318,703


Information Technology—11.7%

Communications Equipment—3.8%

Cisco Systems, Inc.		2,929,100		129,729,839


Semiconductors & Semiconductor Equipment—4.1%

Intel Corp.		2,022,040		104,377,705

QUALCOMM, Inc.		92,310		4,708,733

Texas Instruments, Inc.		287,500		29,161,125

				138,247,563

Software—2.5%

Microsoft Corp.		905,430		84,675,814


Technology Hardware, Storage & Peripherals—1.3%

Apple, Inc.		105,200		17,385,352

HP, Inc.		1,282,590		27,562,859

				44,948,211

Materials—2.9%

Chemicals—1.1%

Eastman Chemical Co.		374,920		38,271,834


Containers & Packaging—1.4%

International Paper Co.		932,290		48,068,872


Metals & Mining—0.4%

Freeport-McMoRan, Inc.		816,230		12,414,858

13 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Telecommunication Services—4.0%

Diversified Telecommunication Services—4.0%

AT&T, Inc.		2,010,630	$	65,747,601

CenturyLink, Inc.		715,150		13,287,487

Verizon Communications, Inc.		1,160,000		57,246,000

				136,281,088

Utilities—7.0%

Electric Utilities—7.0%

American Electric Power Co., Inc.		536,370		37,535,172

Avangrid, Inc.		728,770		38,413,467

Duke Energy Corp.		459,530		36,835,925

Entergy Corp.		479,230		39,100,376

Exelon Corp.		1,264,470		50,174,169

NextEra Energy, Inc.		232,600		38,125,466

				240,184,575

Total Common Stocks (Cost $2,794,829,013)				3,318,860,541


Preferred Stock—0.9%

Becton Dickinson & Co., 6.125% Cv., Series A, Non-Vtg. (Cost $30,422,307)		513,900		31,013,865

	Principal Amount

Non-Convertible Corporate Bond and Note—0.0%

Reynolds American, Inc., 7.00% Sr. Unsec. Nts., 8/4/41² (Cost $358,888)	$	354,000		445,393

		Shares

Investment Company—1.7%

Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.67%^3,4 (Cost $57,971,859)		57,971,859		57,971,859

Total Investments, at Value (Cost $2,883,582,067)		100.1%		3,408,291,658

Net Other Assets (Liabilities)		(0.1)		(4,393,933)

Net Assets		100.0%	$	3,403,897,725

Footnotes to Statement of Investments

1. Security is a Master Limited Partnership.

2. 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 $445,393 or 0.01% of the Fund’s net assets at period end.

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

4. 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 reporting period in which the issuer was an affiliate are as follows:


	Shares October 31, 2017		Gross Additions		Gross Reductions		Shares April 30, 2018

Oppenheimer Institutional Government Money Market Fund, Cl. E		15,538,728		610,669,300		568,236,169		57,971,859

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Footnotes to Statement of Investments (Continued)


	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)

Oppenheimer Institutional Government Money Market Fund, Cl. E		$ 57,971,859	$	279,089	$	—	$	—

See accompanying Notes to Financial Statements.

15 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES April 30, 2018 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $2,825,610,208)	$	3,350,319,799
Affiliated companies (cost $57,971,859)		57,971,859

		3,408,291,658

Cash		2,164,879

Receivables and other assets:
Investments sold		24,225,852
Interest and dividends		4,490,419
Shares of beneficial interest sold		1,519,206
Other		331,935

Total assets		3,441,023,949

Liabilities
Payables and other liabilities:
Investments purchased		31,719,721
Shares of beneficial interest redeemed		4,271,598
Distribution and service plan fees		633,061
Trustees’ compensation		337,456
Shareholder communications		16,898
Other		147,490

Total liabilities		37,126,224

Net Assets	$	3,403,897,725



Composition of Net Assets
Par value of shares of beneficial interest	$	11,354

Additional paid-in capital		2,796,131,949

Accumulated net investment loss		(7,490,750)

Accumulated net realized gain on investments		90,537,833

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		524,707,339

Net Assets	$	3,403,897,725

16 OPPENHEIMER EQUITY INCOME FUND



Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $2,362,862,831 and 75,428,013 shares of beneficial interest outstanding)	$	31.33

Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	33.24


Class B Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $3,774,980 and 151,540 shares of beneficial interest outstanding)	$	24.91


Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $559,694,169 and 22,528,981 shares of beneficial interest outstanding)	$	24.84


Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $79,293,679 and 2,535,488 shares of beneficial interest outstanding)	$	31.27


Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $116,072,324 and 3,877,418 shares of beneficial interest outstanding)	$	29.94


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $282,199,742 and 9,018,560 shares of beneficial interest outstanding)	$	31.29

See accompanying Notes to Financial Statements.

17 OPPENHEIMER EQUITY INCOME FUND

STATEMENT OF OPERATIONS For the Six Months Ended April 30, 2018 Unaudited



Investment Income

Dividends:
Unaffiliated companies (net of foreign withholding taxes of $407,591)	$	55,394,845
Affiliated companies		279,089

Premium amortization		(2,982,007)
Interest		236,215

Total investment income		52,928,142

Expenses
Management fees		10,489,343

Distribution and service plan fees:
Class A		2,978,313
Class B		55,993
Class C		2,971,406
Class R		301,703

Transfer and shareholder servicing agent fees:
Class A		2,561,645
Class B		11,635
Class C		607,161
Class I		14,374
Class R		124,235
Class Y		321,142

Shareholder communications:
Class A		22,035
Class B		881
Class C		5,488
Class I		579
Class R		798
Class Y		2,426

Custodian fees and expenses		76,977

Borrowing fees		69,352

Trustees’ compensation		27,257

Other		158,412

Total expenses		20,801,155
Less waivers and reimbursements of expenses		(112,650)

Net expenses		20,688,505

Net Investment Income		32,239,637

18 OPPENHEIMER EQUITY INCOME FUND



Realized and Unrealized Gain (Loss)
Net realized gain on:
Investment transactions in unaffiliated companies	$	216,122,511
Option contracts written		6,932,867

Net realized gain		223,055,378

Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies		(241,898,599)
Translation of assets and liabilities denominated in foreign currencies		163
Option contracts written		(1,015,835)

Net change in unrealized appreciation/depreciation		(242,914,271)

Net Increase in Net Assets Resulting from Operations	$	12,380,744

See accompanying Notes to Financial Statements.

19 OPPENHEIMER EQUITY INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017

Operations
Net investment income	$	32,239,637	$	91,499,770

Net realized gain		223,055,378		338,002,272

Net change in unrealized appreciation/depreciation		(242,914,271)		242,508,426

Net increase in net assets resulting from operations		12,380,744		672,010,468

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(30,477,656)		(62,819,701)
Class B		(135,919)		(885,773)
Class C		(7,161,115)		(14,404,284)
Class I		(1,381,626)		(2,606,014)
Class R		(1,406,260)		(2,965,583)
Class Y		(4,456,749)		(8,843,459)

		(45,019,325)		(92,524,814)

Distributions from net realized gain:
Class A		(18,727,950)		—
Class B		(139,329)		—
Class C		(5,595,210)		—
Class I		(726,753)		—
Class R		(950,347)		—
Class Y		(2,549,559)		—

		(28,689,148)		—

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(230,200,786)		(524,598,352)
Class B		(16,803,567)		(51,826,261)
Class C		(45,280,438)		(126,521,758)
Class I		(17,070,287)		(40,334,980)
Class R		(5,912,131)		(38,036,817)
Class Y		(70,637,104)		8,760,713

		(385,904,313)		(772,557,455)

Net Assets
Total decrease		(447,232,042)		(193,071,801)

Beginning of period		3,851,129,767		4,044,201,568

End of period (including accumulated net investment income (loss) of $(7,490,750) and $5,288,938, respectively)	$	3,403,897,725	$	3,851,129,767

See accompanying Notes to Financial Statements.

20 OPPENHEIMER EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS


Class A	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 2015¹		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$31.88		$27.60		$29.99		$33.60		$31.35		$25.80
Income (loss) from investment operations:
Net investment income²		0.30		0.72		0.66		0.87		0.78		0.75
Net realized and unrealized gain (loss)		(0.22)		4.26		(0.62)		(1.92)		3.50		5.89
Total from investment operations		0.08		4.98		0.04		(1.05)		4.28		6.64
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.39)		(0.70)		(0.96)		(0.81)		(0.92)		(0.82)
Distributions from net realized gain		(0.24)		0.00		(1.47)		(1.75)		(1.11)		(0.27)
Total dividends and/or distributions to shareholders		(0.63)		(0.70)		(2.43)		(2.56)		(2.03)		(1.09)
Net asset value, end of period		$31.33		$31.88		$27.60		$29.99		$33.60		$31.35


Total Return, at Net Asset Value³		0.20%		18.19%		0.46%		(3.45)%		14.19%		26.57%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,362,863		$2,633,816		$2,759,383		$3,641,622		$4,121,447		$3,748,273
Average net assets (in thousands)		$2,535,108		$2,746,868		$3,045,384		$4,016,231		$4,041,525		$3,048,993
Ratios to average net assets:⁴
Net investment income		1.86%		2.39%		2.49%		2.73%		2.42%		2.62%
Expenses excluding specific expenses listed below		1.03%		1.04%		1.04%		1.01%		1.00%		1.01%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%
Total expenses⁶		1.03%		1.04%		1.04%		1.01%		1.00%		1.01%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.02%		1.03%		1.04%⁷		1.01%⁷		1.00%⁷		1.01%⁷
Portfolio turnover rate		66%		46%		41%		43%		40%		31%

21 OPPENHEIMER EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended April 30, 2018	1.03	%
Year Ended October 31, 2017	1.04	%
Year Ended October 31, 2016	1.04	%
Year Ended October 30, 2015	1.01	%
Year Ended October 31, 2014	1.00	%
Year Ended October 31, 2013	1.01	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

22 OPPENHEIMER EQUITY INCOME FUND


Class B	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 2015¹		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$25.44		$22.14		$24.57		$27.99		$26.45		$21.95
Income (loss) from investment operations:
Net investment income²		0.27		0.39		0.38		0.53		0.44		0.41
Net realized and unrealized gain (loss)		(0.31)		3.41		(0.54)		(1.58)		2.93		4.98
Total from investment operations		(0.04)		3.80		(0.16)		(1.05)		3.37		5.39
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.25)		(0.50)		(0.80)		(0.62)		(0.72)		(0.62)
Distributions from net realized gain		(0.24)		0.00		(1.47)		(1.75)		(1.11)		(0.27)
Total dividends and/or distributions to shareholders		(0.49)		(0.50)		(2.27)		(2.37)		(1.83)		(0.89)
Net asset value, end of period		$24.91		$25.44		$22.14		$24.57		$27.99		$26.45


Total Return, at Net Asset Value³		(0.23)%		17.29%		(0.31)%		(4.16)%		13.28%		25.35%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,775		$20,576		$65,316		$114,330		$158,955		$168,407
Average net assets (in thousands)		$11,158		$41,795		$83,112		$140,806		$166,435		$155,005
Ratios to average net assets:⁴
Net investment income		2.10%		1.62%		1.77%		2.02%		1.64%		1.72%
Expenses excluding specific expenses listed below		1.83%		1.81%		1.80%		1.76%		1.81%		1.94%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%
Total expenses⁶		1.83%		1.81%		1.80%		1.76%		1.81%		1.94%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.82%		1.80%		1.80%⁷		1.76%⁷		1.81%⁷		1.94%⁷
Portfolio turnover rate		66%		46%		41%		43%		40%		31%

23 OPPENHEIMER EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended April 30, 2018	1.83	%
Year Ended October 31, 2017	1.81	%
Year Ended October 31, 2016	1.80	%
Year Ended October 30, 2015	1.76	%
Year Ended October 31, 2014	1.81	%
Year Ended October 31, 2013	1.94	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

24 OPPENHEIMER EQUITY INCOME FUND


Class C	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 2015¹		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$25.42		$22.16		$24.59		$28.03		$26.50		$21.99
Income (loss) from investment operations:
Net investment income²		0.14		0.40		0.37		0.51		0.44		0.45
Net realized and unrealized gain (loss)		(0.18)		3.40		(0.52)		(1.57)		2.94		5.00
Total from investment operations		(0.04)		3.80		(0.15)		(1.06)		3.38		5.45
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.30)		(0.54)		(0.81)		(0.63)		(0.74)		(0.67)
Distributions from net realized gain		(0.24)		0.00		(1.47)		(1.75)		(1.11)		(0.27)
Total dividends and/or distributions to shareholders		(0.54)		(0.54)		(2.28)		(2.38)		(1.85)		(0.94)
Net asset value, end of period		$24.84		$25.42		$22.16		$24.59		$28.03		$26.50


Total Return, at Net Asset Value³		(0.21)%		17.28%		(0.27)%		(4.20)%		13.33%		25.62%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$559,694		$617,798		$654,197		$906,696		$1,012,404		$803,867
Average net assets (in thousands)		$600,953		$651,446		$732,570		$1,005,459		$932,089		$607,483
Ratios to average net assets:⁴
Net investment income		1.10%		1.63%		1.74%		1.96%		1.64%		1.83%
Expenses excluding specific expenses listed below		1.80%		1.80%		1.80%		1.76%		1.76%		1.77%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%
Total expenses⁶		1.80%		1.80%		1.80%		1.76%		1.76%		1.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.79%		1.79%		1.80%⁷		1.76%⁷		1.76%⁷		1.77%⁷
Portfolio turnover rate		66%		46%		41%		43%		40%		31%

25 OPPENHEIMER EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended April 30, 2018	1.80	%
Year Ended October 31, 2017	1.80	%
Year Ended October 31, 2016	1.80	%
Year Ended October 30, 2015	1.76	%
Year Ended October 31, 2014	1.76	%
Year Ended October 31, 2013	1.77	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

26 OPPENHEIMER EQUITY INCOME FUND


Class I	Six Months Ended April 30, 2018 (Unaudited)	Year Ended October 31, 2017	Year Ended October 31, 2016	Year Ended October 30, 2015¹	Year Ended October 31, 2014	Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period	$31.83	$27.56	$29.95	$33.57	$31.32	$25.78
Income (loss) from investment operations:
Net investment income²	0.36	0.85	0.77	0.97	0.88	0.83
Net realized and unrealized gain (loss)	(0.23)	4.24	(0.61)	(1.89)	3.53	5.92
Total from investment operations	0.13	5.09	0.16	(0.92)	4.41	6.75
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.45)	(0.82)	(1.08)	(0.95)	(1.05)	(0.94)
Distributions from net realized gain	(0.24)	0.00	(1.47)	(1.75)	(1.11)	(0.27)
Total dividends and/or distributions to shareholders	(0.69)	(0.82)	(2.55)	(2.70)	(2.16)	(1.21)
Net asset value, end of period	$31.27	$31.83	$27.56	$29.95	$33.57	$31.32


Total Return, at Net Asset Value³	0.38%	18.68%	0.88%	(3.01)%	14.66%	27.06%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$79,294	$97,972	$122,209	$145,585	$125,157	$59,332
Average net assets (in thousands)	$96,484	$90,018	$140,944	$145,869	$87,786	$34,913
Ratios to average net assets:⁴
Net investment income	2.25%	2.81%	2.89%	3.05%	2.73%	2.85%
Expenses excluding specific expenses listed below	0.62%	0.61%	0.61%	0.58%	0.59%	0.61%
Interest and fees from borrowings	0.00%⁵	0.00%⁵	0.00%⁵	0.00%⁵	0.00%	0.00%
Total expenses⁶	0.62%	0.61%	0.61%	0.58%	0.59%	0.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	0.62%⁷	0.61%⁷	0.61%⁷	0.58%⁷	0.59%⁷	0.61%⁷
Portfolio turnover rate	66%	46%	41%	43%	40%	31%

27 OPPENHEIMER EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended April 30, 2018	0.62	%
Year Ended October 31, 2017	0.61	%
Year Ended October 31, 2016	0.61	%
Year Ended October 30, 2015	0.58	%
Year Ended October 31, 2014	0.59	%
Year Ended October 31, 2013	0.61	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

28 OPPENHEIMER EQUITY INCOME FUND


Class R	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 2015¹		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$30.50		$26.43		$28.83		$32.41		$30.31		$24.99
Income (loss) from investment operations:
Net investment income²		0.24		0.62		0.57		0.76		0.66		0.63
Net realized and unrealized gain (loss)		(0.21)		4.08		(0.60)		(1.86)		3.38		5.70
Total from investment operations		0.03		4.70		(0.03)		(1.10)		4.04		6.33
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.35)		(0.63)		(0.90)		(0.73)		(0.83)		(0.74)
Distributions from net realized gain		(0.24)		0.00		(1.47)		(1.75)		(1.11)		(0.27)
Total dividends and/or distributions to shareholders		(0.59)		(0.63)		(2.37)		(2.48)		(1.94)		(1.01)
Net asset value, end of period		$29.94		$30.50		$26.43		$28.83		$32.41		$30.31


Total Return, at Net Asset Value³		0.05%		17.87%		0.25%		(3.72)%		13.85%		26.11%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$116,072		$124,066		$142,064		$176,646		$205,039		$182,858
Average net assets (in thousands)		$123,045		$136,747		$153,770		$195,901		$199,409		$150,952
Ratios to average net assets:⁴
Net investment income		1.59%		2.13%		2.22%		2.47%		2.11%		2.27%
Expenses excluding specific expenses listed below		1.29%		1.30%		1.29%		1.26%		1.30%		1.36%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%
Total expenses⁶		1.29%		1.30%		1.29%		1.26%		1.30%		1.36%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.28%		1.29%		1.29%⁷		1.26%⁷		1.30%⁷		1.36%⁷
Portfolio turnover rate		66%		46%		41%		43%		40%		31%

29 OPPENHEIMER EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended April 30, 2018	1.29	%
Year Ended October 31, 2017	1.30	%
Year Ended October 31, 2016	1.29	%
Year Ended October 30, 2015	1.26	%
Year Ended October 31, 2014	1.30	%
Year Ended October 31, 2013	1.36	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

30 OPPENHEIMER EQUITY INCOME FUND


Class Y	Six Months Ended April 30, 2018 (Unaudited)	Year Ended October 31, 2017	Year Ended October 31, 2016	Year Ended October 30, 2015¹	Year Ended October 31, 2014	Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period	$31.85	$27.58	$29.96	$33.58	$31.34	$25.79
Income (loss) from investment operations:
Net investment income²	0.34	0.80	0.75	0.93	0.84	0.84
Net realized and unrealized gain (loss)	(0.23)	4.24	(0.64)	(1.91)	3.52	5.89
Total from investment operations	0.11	5.04	0.11	(0.98)	4.36	6.73
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.43)	(0.77)	(1.02)	(0.89)	(1.01)	(0.91)
Distributions from net realized gain	(0.24)	0.00	(1.47)	(1.75)	(1.11)	(0.27)
Total dividends and/or distributions to shareholders	(0.67)	(0.77)	(2.49)	(2.64)	(2.12)	(1.18)
Net asset value, end of period	$31.29	$31.85	$27.58	$29.96	$33.58	$31.34


Total Return, at Net Asset Value³	0.29%	18.45%	0.74%	(3.23)%	14.46%	26.97%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$282,200	$356,902	$301,033	$603,844	$697,099	$361,819
Average net assets (in thousands)	$316,500	$349,825	$405,774	$682,611	$487,585	$258,619
Ratios to average net assets:⁴
Net investment income	2.15%	2.63%	2.81%	2.93%	2.60%	2.89%
Expenses excluding specific expenses listed below	0.80%	0.80%	0.80%	0.76%	0.75%	0.71%
Interest and fees from borrowings	0.00%⁵	0.00%⁵	0.00%⁵	0.00%⁵	0.00%	0.00%
Total expenses⁶	0.80%	0.80%	0.80%	0.76%	0.75%	0.71%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	0.79%	0.79%	0.80%⁷	0.76%⁷	0.75%⁷	0.71%⁷
Portfolio turnover rate	66%	46%	41%	43%	40%	31%

31 OPPENHEIMER EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended April 30, 2018	0.80	%
Year Ended October 31, 2017	0.80	%
Year Ended October 31, 2016	0.80	%
Year Ended October 30, 2015	0.76	%
Year Ended October 31, 2014	0.75	%
Year Ended October 31, 2013	0.71	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

32 OPPENHEIMER EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS April 30, 2018 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.

The Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. Class B shares automatically converted to Class A shares 72 months after the date of purchase. Effective June 1, 2018, all Class B shares converted to Class A shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at

33 OPPENHEIMER EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

market close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared and paid quarterly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs) and Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available

34 OPPENHEIMER EQUITY INCOME FUND

2. Significant Accounting Policies (Continued)

from each MLP, REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.

Custodian Fees. ”Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended October 31, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended October 31, 2017, the Fund utilized $336,678,403 of capital loss carryforwards to offset capital gains realized in that fiscal year. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

At period end, it is estimated that the capital loss carryforwards would be zero. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year

35 OPPENHEIMER EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The 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 in the following table. 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 or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	2,903,916,303

Gross unrealized appreciation	$	586,974,303
Gross unrealized depreciation		(82,601,200)

Net unrealized appreciation	$	504,373,103

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

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 least quarterly or more frequently, if necessary.

Valuation Methods and Inputs

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

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

Equity securities traded on a securities exchange (including exchange-traded derivatives

36 OPPENHEIMER EQUITY INCOME FUND

3. Securities Valuation (Continued)

other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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, short-term notes, 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. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are 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. Those standardized fair valuation 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.

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 may be used in determining the value of each of the Fund’s investments as of the reporting period end.

37 OPPENHEIMER EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities 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	$	316,517,104	$	—	$	—	$	316,517,104
Consumer Staples		224,034,830		—		—		224,034,830
Energy		380,779,218		—		—		380,779,218
Financials		901,494,641		—		—		901,494,641
Health Care		355,922,986		—		—		355,922,986
Industrials		267,289,108		—		—		267,289,108
Information Technology		397,601,427		—		—		397,601,427
Materials		98,755,564		—		—		98,755,564
Telecommunication Services		136,281,088		—		—		136,281,088
Utilities		240,184,575		—		—		240,184,575
Preferred Stock		31,013,865		—		—		31,013,865
Non-Convertible Corporate Bond and Note		—		445,393		—		445,393
Investment Company		57,971,859		—		—		57,971,859

Total Assets	$	3,407,846,265	$	445,393	$	—	$	3,408,291,658

For the reporting period, there were no transfers between levels.

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

38 OPPENHEIMER EQUITY INCOME FUND

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 open-end management investment companies registered 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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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

39 OPPENHEIMER EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

may experience significant short-term volatility and may fall sharply at times. 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.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various 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 of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

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.

40 OPPENHEIMER EQUITY INCOME FUND

6. Use of Derivatives

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 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.

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 changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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

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. 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.

41 OPPENHEIMER EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or 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 $55,893 and $424,393 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. 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 the market price of the underlying security increasing above the strike price and the option being exercised. The Fund must then purchase the underlying security at the higher market price and deliver it for the strike price or, if it owns the underlying security, deliver it at the strike price and forego any benefit from the increase in the price of the underlying security above the strike price. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. The Fund must then purchase the underlying security at the strike price when the market price of the underlying security is below the strike price. Alternatively, the Fund could also close out a written option position, in which case the risk is that the closing transaction will require a premium to be paid by the Fund that is greater than the premium the Fund received. When writing options, the Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contract. The risk in buying an option is that the Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.

During the reporting period, the Fund had an ending monthly average market value of $944,301 and $867,894 on written call options and written put options, respectively.

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

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. 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

42 OPPENHEIMER EQUITY INCOME FUND

6. Use of Derivatives (Continued)

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 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 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.

The effect of derivative instruments on the Statement of Operations is as follows:

43 OPPENHEIMER EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)


Amount of Realized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Option contracts written		Total

Equity contracts		$ (3,906,563)	$	6,932,867	$	3,026,304

*Includes purchased option contracts and purchased swaption contracts, if any.

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

Derivatives
Not Accounted
for as Hedging
Instruments

Investment
transactions
in unaffiliated
companies*

Option
contracts
written

Total

Equity contracts

$ 469,260

$ (1,015,835)

$ (546,575)

*Includes purchased option contracts and purchased swaption contracts, if any.

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.0001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended April 30, 2018					Year Ended October 31, 2017
	Shares			Amount		Shares			Amount
Class A
Sold		2,792,386			$ 89,942,453		8,802,877			$ 266,044,073
Dividends and/or distributions reinvested		1,483,999			47,341,502		1,982,565			60,015,598
Redeemed		(11,458,631	)		(367,484,741)		(28,143,109	)		(850,658,023	)
Net decrease		(7,182,246)			$ (230,200,786)		(17,357,667	)		$ (524,598,352)


Class B
Sold		3,958			$ 100,016		40,643			$972,229
Dividends and/or distributions reinvested		10,425			265,779		35,190			848,623
Redeemed		(671,745	)		(17,169,362)		(2,217,139	)		(53,647,113	)
Net decrease		(657,362)			$ (16,803,567)		(2,141,306	)		$ (51,826,261)


Class C
Sold		954,449			$ 24,420,708		2,306,114			$55,760,316
Dividends and/or distributions reinvested		483,210			12,265,878		561,323			13,598,019
Redeemed		(3,209,883	)		(81,967,024)		(8,087,547	)		(195,880,093	)
Net decrease		(1,772,224)			$ (45,280,438)		(5,220,110	)		$ (126,521,758)

44 OPPENHEIMER EQUITY INCOME FUND

7. Shares of Beneficial Interest (Continued)


	Six Months Ended April 30, 2018					Year Ended October 31, 2017
	Shares			Amount		Shares			Amount
Class I
Sold		451,511			$ 14,493,929		1,709,219			$ 51,946,184
Dividends and/or distributions reinvested		63,062			2,005,514		68,305			2,063,750
Redeemed		(1,056,682	)		(33,569,730)		(3,133,531	)		(94,344,914	)
Net decrease		(542,109)			$ (17,070,287)		(1,356,007	)		$ (40,334,980	)


Class R
Sold		372,149			$ 11,424,288		932,776			$ 27,048,078
Dividends and/or distributions reinvested		72,502			2,212,231		96,373			2,791,284
Redeemed		(635,363	)		(19,548,650)		(2,335,112	)		(67,876,179	)
Net decrease		(190,712)			$ (5,912,131)		(1,305,963	)		$ (38,036,817)


Class Y
Sold		1,645,397			$ 52,553,840		6,702,627			$ 202,879,630
Dividends and/or distributions reinvested		199,837			6,365,153		267,403			8,095,266
Redeemed		(4,032,454	)		(129,556,097)		(6,680,060	)		(202,214,183	)
Net increase (decrease)		(2,187,220)			$ (70,637,104)		289,970			$ 8,760,713

8. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IGMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities	$	2,384,590,894	$	2,843,914,712

9. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $400 million		0.70%
Next $400 million		0.68
Next $400 million		0.65
Next $400 million		0.60
Next $400 million		0.55
Next $3.0 billion		0.50
Next $5.0 billion		0.45
Over $10.0 billion		0.42

The Fund’s effective management fee for the reporting period was 0.57% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day

45 OPPENHEIMER EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	2,688
Payments Made to Retired Trustees		32,173
Accumulated Liability as of April 30, 2018		124,340

The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other”

46 OPPENHEIMER EQUITY INCOME FUND

9. Fees and Other Transactions with Affiliates (Continued)

within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Distribution and Service Plan for Class A Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund pays a service fee to the Distributor at an annual rate of 0.25% of the daily net assets of Class A shares. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal services and maintenance of accounts of their customers that hold Class A shares. Under the Plan, the Fund may also pay an asset-based sales charge to the Distributor. However, the Fund’s Board has currently set the rate at zero. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.


Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor

April 30, 2018		$281,481		$—		$5,219		$13,194		$—

47 OPPENHEIMER EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. Effective for the period January 1, 2017 through December 31, 2017, the Transfer Agent voluntarily waived and/or reimbursed Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, B, C, R and Y.

During the reporting period, the Transfer Agent waived fees and/or reimbursed the Fund for transfer agent and shareholder servicing agent fees as follows:


Class A	$	64,985
Class B		419
Class C		15,375
Class R		3,124
Class Y		8,763

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $19,984 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.875 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

48 OPPENHEIMER EQUITY INCOME FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

49 OPPENHEIMER EQUITY INCOME FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Master Limited Partnerships (“MLPs”) and Real Estate Investment Trusts (“REITs”), the percentages attributed to each category (net income, net profit from sale and other capital sources) are estimated using historical information because the character of the amounts received from the MLPs and REITs in which the fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the `Dividends’ table under `Analytics’. The Fund’s latest distribution information will be followed by the sources of any distribution, updated daily.

Fund Name

Pay

Date

Net Income

Net Profit
from Sale

Other
Capital
Sources

Oppenheimer Equity Income Fund

12/11/17

35.6%

46.2

18.2

50 OPPENHEIMER EQUITY INCOME FUND

OPPENHEIMER EQUITY INCOME FUND


Trustees and Officers		Brian F. Wruble, Chairman of the Board of Trustees and Trustee
		Beth Ann Brown, Trustee
		Edmund P. Giambastiani, Jr., Trustee
		Elizabeth Krentzman, Trustee
		Mary F. Miller, Trustee
		Joel W. Motley, Trustee
		Joanne Pace, Trustee
		Daniel Vandivort, Trustee
		Laton Spahr, Vice President
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Foxson, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
		Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder		OFI Global Asset Management, Inc.
Servicing Agent

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent Registered		KPMG LLP
Public Accounting Firm

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

51 OPPENHEIMER EQUITY INCOME FUND

PRIVACY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain non-public personal information about our shareholders from the following sources:

●	Applications or other forms.

●	When you create a user ID and password for online account access.

●	When you enroll in eDocs Direct,^SM our electronic document delivery service.

●	Your transactions with us, our affiliates or others.

●	Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

52 OPPENHEIMER EQUITY INCOME FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/ or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

●

All transactions conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

●

Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

●	You can exit the secure area by closing your browser or, for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www. oppenheimerfunds.com/security.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated as of November 2017. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).

53 OPPENHEIMER EQUITY INCOME FUND

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54 OPPENHEIMER EQUITY INCOME FUND

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55 OPPENHEIMER EQUITY INCOME FUND

Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available

Mon–Fri 8am-8pm ET.


Visit Us
oppenheimerfunds.com

Call Us
800 225 5677

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		Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
		225 Liberty Street, New York, NY 10281-1008
		© 2018 OppenheimerFunds Distributor, Inc. All rights reserved.
		RS0835.001.0430 June 22, 2018

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11. Controls and Procedures.

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 4/30/2018, 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 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.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)	(1) Exhibit attached hereto.

(2) 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:		6/15/2018

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:		6/15/2018

By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		6/15/2018