<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0001041917
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 COHEN & STEERS EQUITY INCOME FUND
001 B000000 811-8287
001 C000000 6175578742
002 A000000 73 TREMONT STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02108
002 D020000 3913
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 COHEN & STEERS CAPITAL MANAGEMENT, INC.
008 B000001 A
008 C000001 801-27721
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10017
010 A000001 CHASE GLOBAL FUNDS SERVICES COMPANY
010 B000001 84-1719
010 C010001 BOSTON
010 C020001 MA
010 C030001 02108
010 C040001 3913
012 A000001 CHASE GLOBAL FUNDS SERVICES COMPANY
012 B000001 84-1719
012 C010001 BOSTON
012 C020001 MA
012 C030001 02108
012 C040001 3913
<PAGE> PAGE 2
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
015 A000001 THE CHASE MANHATTAN BANK, N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 4
019 C000000 COHENSTEER
020 A000001 REYNDERS, GRAY & CO., INC.
020 B000001 13-2942212
020 C000001 60343
020 A000002 JEFFERIES & CO., INC.URITIES CORP.
020 B000002 95-2622920
020 C000002 10427
020 A000003 GREEN STREET FINANCIAL CORP.
020 B000003 33-0110026
020 C000003 6976
020 A000004 LIPPER ANALYTICAL SECURTIES CORP.
020 B000004 13-2792478
020 C000004 5550
020 A000005 MERRILL LYNCH AND CO., INC.
020 B000005 13-5674085
020 C000005 4914
020 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000006 13-2747129
020 C000006 4606
020 A000007 PAINE WEBBER, INC.
020 B000007 13-2638166
020 C000007 4194
020 A000008 MORGAN (J.P.) SECURITIES CORP.
020 B000008 13-3224016
020 C000008 2449
020 A000009 DIRECT ACCESS
020 C000009 2507
020 A000010 LEGG MASON WOOD WALKER, INC.
020 C000010 2919
021 000000 119106
022 A000001 CHEMICAL BANK
022 B000001 13-4994650
022 C000001 530008
022 D000001 0
022 A000002 FRIEDMAN B. RAMSEY
022 C000002 1413
022 D000002 626
022 A000003 DONALDSON, LUFKIN, & JENRETTE SECURITIES CORP
<PAGE> PAGE 3
022 B000003 13-2747129
022 C000003 1730
022 D000003 0
022 A000004 LEHMAN BROTHERS, INC.
022 B000004 94-2537674
022 C000004 1353
022 D000004 0
022 A000005 MORGAN (J.P.) SECURITIES, INC.
022 B000005 13-3224016
022 C000005 1164
022 D000005 0
022 A000006 MERRILL LYNCH & CO., INC.
022 B000006 13-5674085
022 C000006 1075
022 D000006 62
022 A000007 PRUDENTIAL-BACHE SECURITIES, INC.
022 B000007 22-2347336
022 C000007 1071
022 D000007 0
022 A000008 SALOMON BROTHERS, INC.
022 B000008 13-3082694
022 C000008 879
022 D000008 0
022 A000009 LEGG MASON WOOD WALKER, INC.
022 C000009 837
022 D000009 0
022 A000010 SHERWOOD SECURITIES CORP.
022 B000010 13-2616318
022 C000010 0
022 D000010 345
023 C000000 539950
023 D000000 1342
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
<PAGE> PAGE 4
028 A010000 4177
028 A020000 0
028 A030000 0
028 A040000 3158
028 B010000 2018
028 B020000 0
028 B030000 0
028 B040000 2133
028 C010000 1642
028 C020000 123
028 C030000 0
028 C040000 2745
028 D010000 2777
028 D020000 0
028 D030000 0
028 D040000 1205
028 E010000 3652
028 E020000 0
028 E030000 0
028 E040000 849
028 F010000 4143
028 F020000 203
028 F030000 0
028 F040000 3974
028 G010000 18409
028 G020000 326
028 G030000 0
028 G040000 14064
028 H000000 822
029 000000 Y
030 A000000 37
030 B000000 4.50
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 37
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
<PAGE> PAGE 5
042 G000000 100
042 H000000 0
043 000000 205
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
<PAGE> PAGE 6
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 10000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 Y
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
<PAGE> PAGE 7
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 81398
071 B000000 49157
071 C000000 50958
071 D000000 96
072 A000000 12
072 B000000 114
072 C000000 4267
072 D000000 0
072 E000000 0
072 F000000 408
072 G000000 117
072 H000000 0
072 I000000 77
072 J000000 18
072 K000000 0
072 L000000 86
072 M000000 32
072 N000000 66
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 49
072 S000000 51
072 T000000 205
072 U000000 24
072 V000000 0
<PAGE> PAGE 8
072 W000000 13
072 X000000 1146
072 Y000000 234
072 Z000000 3469
072AA000000 0
072BB000000 3215
072CC010000 0
072CC020000 7042
072DD010000 2113
072DD020000 408
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.2300
074 A000000 0
074 B000000 0
074 C000000 164
074 D000000 0
074 E000000 9875
074 F000000 43957
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1266
074 K000000 0
074 L000000 961
074 M000000 89
074 N000000 56312
074 O000000 420
074 P000000 11
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 743
074 S000000 0
074 T000000 55138
074 U010000 0
074 U020000 0
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 303
074 Y000000 0
075 A000000 0
075 B000000 54431
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
<PAGE> PAGE 9
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
078 000000 N
080 A000000 VIGILANT INSURANCE CO.
080 C000000 3875
081 A000000 Y
081 B000000 5
082 A000000 Y
082 B000000 10
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE ELIZABETH REGAN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001041917
<NAME> COHEN & STEERS EQUITY INCOME FUND, INC., CLASS A SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 60,003,035
<INVESTMENTS-AT-VALUE> 53,995,917
<RECEIVABLES> 2,226,727
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 89,179
<TOTAL-ASSETS> 56,311,823
<PAYABLE-FOR-SECURITIES> 420,227
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,504
<TOTAL-LIABILITIES> 1,173,731
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,476,644
<SHARES-COMMON-STOCK> 3,063,888
<SHARES-COMMON-PRIOR> 2,810,443
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (192,557)
<ACCUMULATED-NET-GAINS> (3,138,877)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,007,118)
<NET-ASSETS> 55,138,092
<DIVIDEND-INCOME> 4,267,096
<INTEREST-INCOME> 114,225
<OTHER-INCOME> 0
<EXPENSES-NET> (912,137)
<NET-INVESTMENT-INCOME> 3,469,184
<REALIZED-GAINS-CURRENT> (3,215,018)
<APPREC-INCREASE-CURRENT> (7,042,185)
<NET-CHANGE-FROM-OPS> (6,788,019)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,727,901)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (779,461)
<NUMBER-OF-SHARES-SOLD> 2,253,885
<NUMBER-OF-SHARES-REDEEMED> (2,085,114)
<SHARES-REINVESTED> 84,674
<NET-CHANGE-IN-ASSETS> 20,516,547
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76,141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 641,597
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,146,080
<AVERAGE-NET-ASSETS> 54,431,462
<PER-SHARE-NAV-BEGIN> 12.32
<PER-SHARE-NII> 0.73
<PER-SHARE-GAIN-APPREC> (2.00)
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (0.23)
<PER-SHARE-NAV-END> 10.31
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001041917
<NAME> COHEN & STEERS EQUITY INCOME FUND, INC., CLASS B SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 60,003,035
<INVESTMENTS-AT-VALUE> 53,995,917
<RECEIVABLES> 2,226,727
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 89,179
<TOTAL-ASSETS> 56,311,823
<PAYABLE-FOR-SECURITIES> 420,227
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,504
<TOTAL-LIABILITIES> 1,173,731
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,476,644
<SHARES-COMMON-STOCK> 984,511
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (192,557)
<ACCUMULATED-NET-GAINS> (3,138,877)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,007,118)
<NET-ASSETS> 55,138,092
<DIVIDEND-INCOME> 4,267,096
<INTEREST-INCOME> 114,225
<OTHER-INCOME> 0
<EXPENSES-NET> (912,137)
<NET-INVESTMENT-INCOME> 3,469,184
<REALIZED-GAINS-CURRENT> (3,215,018)
<APPREC-INCREASE-CURRENT> (7,042,185)
<NET-CHANGE-FROM-OPS> (6,788,019)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (384,680)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (172,568)
<NUMBER-OF-SHARES-SOLD> 1,078,288
<NUMBER-OF-SHARES-REDEEMED> (102,886)
<SHARES-REINVESTED> 9,109
<NET-CHANGE-IN-ASSETS> 20,516,547
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76,141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 641,597
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,146,080
<AVERAGE-NET-ASSETS> 54,431,462
<PER-SHARE-NAV-BEGIN> 12.35
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> (2.01)
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (0.22)
<PER-SHARE-NAV-END> 10.27
<EXPENSE-RATIO> 2.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001041917
<NAME> COHEN & STEERS EQUITY INCOME FUND, INC., CLASS C SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 60,003,035
<INVESTMENTS-AT-VALUE> 53,995,917
<RECEIVABLES> 2,226,727
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 89,179
<TOTAL-ASSETS> 56,311,823
<PAYABLE-FOR-SECURITIES> 420,227
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,504
<TOTAL-LIABILITIES> 1,173,731
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,476,644
<SHARES-COMMON-STOCK> 1,282,019
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (192,557)
<ACCUMULATED-NET-GAINS> (3,138,877)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,007,118)
<NET-ASSETS> 55,138,092
<DIVIDEND-INCOME> 4,267,096
<INTEREST-INCOME> 114,225
<OTHER-INCOME> 0
<EXPENSES-NET> (912,137)
<NET-INVESTMENT-INCOME> 3,469,184
<REALIZED-GAINS-CURRENT> (3,215,018)
<APPREC-INCREASE-CURRENT> (7,042,185)
<NET-CHANGE-FROM-OPS> (6,788,019)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (407,655)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (178,553)
<NUMBER-OF-SHARES-SOLD> 1,425,149
<NUMBER-OF-SHARES-REDEEMED> (152,842)
<SHARES-REINVESTED> 9,712
<NET-CHANGE-IN-ASSETS> 20,516,547
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76,141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 641,597
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,146,080
<AVERAGE-NET-ASSETS> 54,431,462
<PER-SHARE-NAV-BEGIN> 12.31
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> (1.97)
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (0.23)
<PER-SHARE-NAV-END> 10.26
<EXPENSE-RATIO> 2.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001041917
<NAME> COHEN & STEERS EQUITY INCOME FUND, INC., CLASS I SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 60,003,035
<INVESTMENTS-AT-VALUE> 53,995,917
<RECEIVABLES> 2,226,727
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 89,179
<TOTAL-ASSETS> 56,311,823
<PAYABLE-FOR-SECURITIES> 420,227
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,504
<TOTAL-LIABILITIES> 1,173,731
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,476,644
<SHARES-COMMON-STOCK> 27,532
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (192,557)
<ACCUMULATED-NET-GAINS> (3,138,877)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,007,118)
<NET-ASSETS> 55,138,092
<DIVIDEND-INCOME> 4,267,096
<INTEREST-INCOME> 114,225
<OTHER-INCOME> 0
<EXPENSES-NET> (912,137)
<NET-INVESTMENT-INCOME> 3,469,184
<REALIZED-GAINS-CURRENT> (3,215,018)
<APPREC-INCREASE-CURRENT> (7,042,185)
<NET-CHANGE-FROM-OPS> (6,788,019)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,540)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (3,383)
<NUMBER-OF-SHARES-SOLD> 26,796
<NUMBER-OF-SHARES-REDEEMED> (223)
<SHARES-REINVESTED> 959
<NET-CHANGE-IN-ASSETS> 20,516,547
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76,141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 641,597
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,146,080
<AVERAGE-NET-ASSETS> 54,431,462
<PER-SHARE-NAV-BEGIN> 11.99
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> (1.62)
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (0.24)
<PER-SHARE-NAV-END> 10.28
<EXPENSE-RATIO> 1.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
