PRICE T ROWE EQUITY INCOME FUND
NSAR-B, 1995-02-28
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SIGNATURE   JAMES S. RIEPE                               
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000775688
<NAME> EQUITY INCOME
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                          3035779
<INVESTMENTS-AT-VALUE>                         3196858
<RECEIVABLES>                                    22176
<ASSETS-OTHER>                                       9
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 3219043
<PAYABLE-FOR-SECURITIES>                          1717
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        13475
<TOTAL-LIABILITIES>                              15192
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       3013415
<SHARES-COMMON-STOCK>                           200449
<SHARES-COMMON-PRIOR>                           171256
<ACCUMULATED-NII-CURRENT>                         1425
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          27934
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        161077
<NET-ASSETS>                                   3203851
<DIVIDEND-INCOME>                               100686
<INTEREST-INCOME>                                34839
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   26341
<NET-INVESTMENT-INCOME>                         109184
<REALIZED-GAINS-CURRENT>                        158971
<APPREC-INCREASE-CURRENT>                     (134234)
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                        152377
<DISTRIBUTIONS-OTHER>                                0
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<EXPENSE-RATIO>                                    .88
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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