PRICE T ROWE EQUITY INCOME FUND
NSAR-A, 1996-08-28
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SIGNATURE   JAMES S. RIEPE                               
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

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<CIK> 0000775688
<NAME> T. ROWE PRICE EQUITY INCOME FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                          5210757
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<RECEIVABLES>                                    45065
<ASSETS-OTHER>                                       0
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<TOTAL-ASSETS>                                 6443412
<PAYABLE-FOR-SECURITIES>                         38030
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        73025
<TOTAL-LIABILITIES>                             111055
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       4907320
<SHARES-COMMON-STOCK>                           299104
<SHARES-COMMON-PRIOR>                           260658
<ACCUMULATED-NII-CURRENT>                         3056
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<DIVIDEND-INCOME>                                83599
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<EQUALIZATION>                                       0
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</TABLE>


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