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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
[ARTICLE] 6
[CIK] 0000771587
[NAME] MITCHELL HUTCHINS/KIDDER PEABODY EQUITY INCOME FUND INC.
[SERIES]
[NUMBER] 101
[NAME] CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1995
[PERIOD-START] FEB-01-1994
[PERIOD-END] JAN-31-1995
[INVESTMENTS-AT-COST] 54563505
[INVESTMENTS-AT-VALUE] 55959607
[RECEIVABLES] 414202
[ASSETS-OTHER] 2318006
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 58691814
[PAYABLE-FOR-SECURITIES] 363004
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 378785
[TOTAL-LIABILITIES] 741789
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 57061525
[SHARES-COMMON-STOCK] 3095513
[SHARES-COMMON-PRIOR] 4123650
[ACCUMULATED-NII-CURRENT] 80667
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (588262)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1396104
[NET-ASSETS] 57950034
[DIVIDEND-INCOME] 1269094
[INTEREST-INCOME] 1295069
[OTHER-INCOME] 0
[EXPENSES-NET] (1249941)
[NET-INVESTMENT-INCOME] 1314222
[REALIZED-GAINS-CURRENT] 5970988
[APPREC-INCREASE-CURRENT] (11763111)
[NET-CHANGE-FROM-OPS] (4477901)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (1273686)
[DISTRIBUTIONS-OF-GAINS] (12643629)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 67314
[NUMBER-OF-SHARES-REDEEMED] (1820254)
[SHARES-REINVESTED] 724803
[NET-CHANGE-IN-ASSETS] (44604208)
[ACCUMULATED-NII-PRIOR] 33628
[ACCUMULATED-GAINS-PRIOR] 6208490
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 537622
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1249941
[AVERAGE-NET-ASSETS] 77260285
[PER-SHARE-NAV-BEGIN] 24.89
[PER-SHARE-NII] .40
[PER-SHARE-GAIN-APPREC] (1.57)
[PER-SHARE-DIVIDEND] (.38)
[PER-SHARE-DISTRIBUTIONS] (4.62)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 18.72
[EXPENSE-RATIO] 1.63
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000771587
[NAME] MITCHELL HUTCHINS/KIDDER PEABODY EQUITY INCOME FUND INC.
[SERIES]
[NUMBER] 102
[NAME] CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1995
[PERIOD-START] FEB-01-1994
[PERIOD-END] JAN-31-1995
[INVESTMENTS-AT-COST] 1,527,068
[INVESTMENTS-AT-VALUE] 1,566,141
[RECEIVABLES] 11,592
[ASSETS-OTHER] 64,874
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,642,607
[PAYABLE-FOR-SECURITIES] 10,159
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 10,601
[TOTAL-LIABILITIES] 20,760
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,596,980
[SHARES-COMMON-STOCK] 87,135
[SHARES-COMMON-PRIOR] 60,970
[ACCUMULATED-NII-CURRENT] 2,258
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (16,465)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 39,071
[NET-ASSETS] 1,621,844
[DIVIDEND-INCOME] 35,518
[INTEREST-INCOME] 36,245
[OTHER-INCOME] 0
[EXPENSES-NET] (42,068)
[NET-INVESTMENT-INCOME] 29,695
[REALIZED-GAINS-CURRENT] 167,110
[APPREC-INCREASE-CURRENT] (329,214)
[NET-CHANGE-FROM-OPS] (132,409)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (23,235)
[DISTRIBUTIONS-OF-GAINS] (355,362)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 39,094
[NUMBER-OF-SHARES-REDEEMED] (33,430)
[SHARES-REINVESTED] 20,501
[NET-CHANGE-IN-ASSETS] 53,035
[ACCUMULATED-NII-PRIOR] 495
[ACCUMULATED-GAINS-PRIOR] 91,419
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 15,046
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 42,068
[AVERAGE-NET-ASSETS] 1,793,568
[PER-SHARE-NAV-BEGIN] 24.79
[PER-SHARE-NII] .29
[PER-SHARE-GAIN-APPREC] (1.57)
[PER-SHARE-DIVIDEND] (.28)
[PER-SHARE-DISTRIBUTIONS] (4.62)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 18.61
[EXPENSE-RATIO] 2.13
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000771587
[NAME] MITCHELL HUTCHINS/KIDDER PEABODY EQUITY INCOME FUND INC.
[SERIES]
[NUMBER] 103
[NAME] CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1995
[PERIOD-START] FEB-01-1994
[PERIOD-END] JAN-31-1995
[INVESTMENTS-AT-COST] 3,252,223
[INVESTMENTS-AT-VALUE] 3,335,436
[RECEIVABLES] 24,688
[ASSETS-OTHER] 138,163
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 3,498,288
[PAYABLE-FOR-SECURITIES] 21,637
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 22,577
[TOTAL-LIABILITIES] 44,214
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 3,401,113
[SHARES-COMMON-STOCK] 184,657
[SHARES-COMMON-PRIOR] 213,900
[ACCUMULATED-NII-CURRENT] 4,806
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (35,064)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 83,213
[NET-ASSETS] 3,454,068
[DIVIDEND-INCOME] 75,643
[INTEREST-INCOME] 77,192
[OTHER-INCOME] 0
[EXPENSES-NET] (51,439)
[NET-INVESTMENT-INCOME] 101,396
[REALIZED-GAINS-CURRENT] 355,897
[APPREC-INCREASE-CURRENT] (701,133)
[NET-CHANGE-FROM-OPS] (243,840)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (96,548)
[DISTRIBUTIONS-OF-GAINS] (756,463)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 22,907
[NUMBER-OF-SHARES-REDEEMED] (96,272)
[SHARES-REINVESTED] 44,122
[NET-CHANGE-IN-ASSETS] (1,887,615)
[ACCUMULATED-NII-PRIOR] 1,743
[ACCUMULATED-GAINS-PRIOR] 321,760
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 32,045
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 51,439
[AVERAGE-NET-ASSETS] 4,372,115
[PER-SHARE-NAV-BEGIN] 24.87
[PER-SHARE-NII] .49
[PER-SHARE-GAIN-APPREC] (1.53)
[PER-SHARE-DIVIDEND] (.50)
[PER-SHARE-DISTRIBUTIONS] (4.62)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 18.71
[EXPENSE-RATIO] 1.13
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
<PAGE>
<TABLE>
<S> <C>
SULLIVAN & CROMWELL
NEW YORK TELEPHONE: (212) 558-4000 125 Broad Street, New York 10004-2498
TELEX: 62694 (INTERNATIONAL) 127816 (DOMESTIC) __________
CABLE ADDRESS: LADYCOURT, NEW YORK
FACSIMILE: (212) 558-3588 (125 Broad Street) 250 PARK AVENUE, NEW YORK 10177-0021
(212) 558-3792 (250 Park Avenue) 1701 PENNSYLVANIA AVE, N.W. WASHINGTON, D.C. 20006-5805
444 SOUTH FLOWER STREET, LOS ANGELES 90071-2901
8, PLACE VENDOME, 75001 PARIS
ST. OLAVE'S HOUSE, 9a IRONMONGER LANE, LONDON EC2V 8EY
101 COLLINS STREET, MELBOURNE 3000
2-1, MARUNOUCHI I-CHOME, CHIYODA-KU, TOKYO 100
GLOUCESTER TOWER, 11 PEDDER STREET, HONG KONG
</TABLE>
March 28, 1995
Mitchell Hutchins/Kidder, Peabody Equity
Income Fund, Inc.,
1285 Avenue of the Americas,
New York, New York 10019.
Dear Sirs:
You have requested our opinion in connection with
the notice which you propose to file pursuant to Rule 24f-2
under the Investment Company Act of 1940 with respect to
129,315 shares of your common stock, $.001 par value (the
"Shares").
As your counsel, we are familiar with your organ-
ization and the validity of shares of common stock.
We advise you that, in our opinion, the Shares
were legally and validly issued, fully paid and nonassess-
able.
The foregoing opinion is limited to the Federal
laws of the United States and the General Corporation Laws
of the State of Maryland, and we are expressing no opinion
as to the effect of the laws of any other jurisdiction.
We have relied as to certain matters on
information obtained from public officials, your officers
and other sources believed by us to be responsible.
2
<PAGE>
We consent to the filing of this opinion with the
Securities and Exchange Commission in connection with the
notice referred to above. In giving such consent, we do not
thereby admit that we come within the category of persons
whose consent is required under Section 7 of the Securities
Act of 1933.
Very truly yours,
SULLIVAN & CROMWELL
<PAGE>
Deloitte &
Touche LLP
____________
[Logo] ________________________________________________________
Two World Financial Center Telephone: (212) 436-2000
New York, New York 10281-1414 Facsimile: (212) 436-5000
The Board of Directors,
Mitchell Hutchins / Kidder, Peabody Equity Income Fund, Inc.:
In planning and performing our audit of the financial statements of the
Mitchell Hutchins / Kidder, Peabody Equity Income Fund, Inc. for the year
ended January 31, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to
provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operations may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants.
<PAGE>
A material weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a relatively
low level the risk that errors or irregularities in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
January 31, 1995.
This report is intended solely for the information and use of management, the
Board of Directors and the Securities and Exchange Commission.
Deloitte & Touche LLP
March 13, 1995
