<PAGE> PAGE 1
000 A000000 04/30/99
000 C000000 0000803191
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 PRUDENTIAL EQUITY INCOME FUND
001 B000000 811-4864
001 C000000 9733677525
002 A000000 GATEWAY CENTER THREE
002 B000000 NEWARK
002 C000000 NJ
002 D010000 07102
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
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
071 A000000 163463
071 B000000 460552
071 C000000 2042799
071 D000000 8
072 A000000 6
074 N000000 2270564
074 T000000 2176199
075 A000000 0
075 B000000 2065694
077 A000000 N
078 000000 N
<PAGE> PAGE 2
SIGNATURE GRACE TORRES
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803191
<NAME> PRUDENTIAL EQUITY INCOME FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> EQUITY INCOME FUND (CLASS A)
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 1,725,194,342
<INVESTMENTS-AT-VALUE> 2,232,655,261
<RECEIVABLES> 37,635,164
<ASSETS-OTHER> 274,063
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 8,926,968
<SENIOR-LONG-TERM-DEBT> 81,837,000
<OTHER-ITEMS-LIABILITIES> 3,601,514
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,545,735,284
<SHARES-COMMON-STOCK> 104,323,636
<SHARES-COMMON-PRIOR> 109,701,738
<ACCUMULATED-NII-CURRENT> (2,517,956)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 125,515,409
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 507,466,269
<NET-ASSETS> (214,025,374)
<DIVIDEND-INCOME> 27,178,333
<INTEREST-INCOME> 1,232,090
<OTHER-INCOME> 203,957
<EXPENSES-NET> 15,136,574
<NET-INVESTMENT-INCOME> 13,477,806
<REALIZED-GAINS-CURRENT> 130,867,796
<APPREC-INCREASE-CURRENT> 225,384,660
<NET-CHANGE-FROM-OPS> 369,730,262
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,404,369)
<DISTRIBUTIONS-OF-GAINS> (120,263,747)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 253,613,790
<NUMBER-OF-SHARES-REDEEMED> (556,191,733)
<SHARES-REINVESTED> 126,300,133
<NET-CHANGE-IN-ASSETS> 56,784,336
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,167,486
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,136,574
<AVERAGE-NET-ASSETS> 646,384,000
<PER-SHARE-NAV-BEGIN> 18.63
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 3.36
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.25)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.90
<EXPENSE-RATIO> 0.78
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803191
<NAME> PRUDENTIAL EQUITY INCOME FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> EQUITY INCOME FUND (CLASS B)
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 1,725,194,342
<INVESTMENTS-AT-VALUE> 2,232,655,261
<RECEIVABLES> 37,635,164
<ASSETS-OTHER> 274,063
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 8,926,968
<SENIOR-LONG-TERM-DEBT> 81,837,000
<OTHER-ITEMS-LIABILITIES> 3,601,514
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,545,735,284
<SHARES-COMMON-STOCK> 104,323,636
<SHARES-COMMON-PRIOR> 109,701,738
<ACCUMULATED-NII-CURRENT> (2,517,956)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 125,515,409
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 507,466,269
<NET-ASSETS> (214,025,374)
<DIVIDEND-INCOME> 27,178,333
<INTEREST-INCOME> 1,232,090
<OTHER-INCOME> 203,957
<EXPENSES-NET> 15,136,574
<NET-INVESTMENT-INCOME> 13,477,806
<REALIZED-GAINS-CURRENT> 130,867,796
<APPREC-INCREASE-CURRENT> 225,384,660
<NET-CHANGE-FROM-OPS> 369,730,262
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,404,369)
<DISTRIBUTIONS-OF-GAINS> (120,263,747)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 253,613,790
<NUMBER-OF-SHARES-REDEEMED> (556,191,733)
<SHARES-REINVESTED> 126,300,133
<NET-CHANGE-IN-ASSETS> 56,784,336
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,167,486
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,136,574
<AVERAGE-NET-ASSETS> 1,242,801,000
<PER-SHARE-NAV-BEGIN> 18.57
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 3.35
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (1.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.83
<EXPENSE-RATIO> 1.78
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803191
<NAME> PRUDENTIAL EQUITY INCOME FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> EQUITY INCOME FUND (CLASS C)
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 1,725,194,342
<INVESTMENTS-AT-VALUE> 2,232,655,261
<RECEIVABLES> 37,635,164
<ASSETS-OTHER> 274,063
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 8,926,968
<SENIOR-LONG-TERM-DEBT> 81,837,000
<OTHER-ITEMS-LIABILITIES> 3,601,514
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,545,735,284
<SHARES-COMMON-STOCK> 104,323,636
<SHARES-COMMON-PRIOR> 109,701,738
<ACCUMULATED-NII-CURRENT> (2,517,956)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 125,515,409
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 507,466,269
<NET-ASSETS> (214,025,374)
<DIVIDEND-INCOME> 27,178,333
<INTEREST-INCOME> 1,232,090
<OTHER-INCOME> 203,957
<EXPENSES-NET> 15,136,574
<NET-INVESTMENT-INCOME> 13,477,806
<REALIZED-GAINS-CURRENT> 130,867,796
<APPREC-INCREASE-CURRENT> 225,384,660
<NET-CHANGE-FROM-OPS> 369,730,262
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,404,369)
<DISTRIBUTIONS-OF-GAINS> (120,263,747)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 253,613,790
<NUMBER-OF-SHARES-REDEEMED> (556,191,733)
<SHARES-REINVESTED> 126,300,133
<NET-CHANGE-IN-ASSETS> 56,784,336
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,167,486
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,136,574
<AVERAGE-NET-ASSETS> 37,174,000
<PER-SHARE-NAV-BEGIN> 18.57
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 3.35
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (1.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.83
<EXPENSE-RATIO> 1.78
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
Name of Fund : PRUDENTIAL EQUITY INCOME FUND, INC.
Series Name : EQUITY INCOME FUND (CLASS A)
Series Name : EQUITY INCOME FUND (CLASS B)
Series Name : EQUITY INCOME FUND (CLASS C)
Series Name : EQUITY INCOME FUND (CLASS Z)
CIK Number : 0000803191
REPORTING PERIOD
FISCAL YEAR-END (Must have 3 blank spaces in fr Oct-31-1999
PERIOD END (Must have 3 blank spaces in front) Apr-30-1999
TYPE OF PERIOD (6-MOS or YEAR) 6 MOS
STATEMENT OF ASSETS AND LIABILITIES
Assets
Investment
At Value 2,232,655,261
At Cost 1,725,194,342
Receivable 37,635,164
Other Assets 274,063
Total Assets $2,270,564,488
Liabilities
Payable for Securities Purchased $8,926,968
Senior - Long term Debt $81,837,000
Other Liabilities 3,601,514
Total Liabilities $94,365,482
Net Assets $2,176,199,006
Capital
Par Value 1,043,236
Paid in Capital 1,544,692,048
Accumulated Net Investment Income (2,517,956)
Over Distribution 0
Accumulated Net Gains (Losses) 125,515,409
Over Distribution Gains (Losses) 0
Appreciation or (Depreciation) 507,466,269
Net Assets $2,176,199,006
Shares Outstanding - Current 104,323,636
Shares Outstanding - Prior 109,701,738
STATEMENT OF OPERATIONS
Net Investment Income
Income
Dividend 27,178,333
Interest 1,232,090
Other 203,957
Total Income 28,614,380
Expenses
Management Fees (Gross) 5,167,486
Interest Expenses 0
Other Expenses (Gross) 9,969,088
Less : Subsidy or waiver 0
Total Expense (net of waivers and subsidies) 15,136,574
Net Investment Income (Loss) 13,477,806
Realized and Unrealized Gain (Loss)
Net realized gain (loss) 130,867,796
Net change in unrealized appreciation (depreciation) 225,384,660
Total 356,252,456
Net change from Operation 369,730,262
STATEMENT OF CHANGES IN NET ASSETS
Equalization 0
Dividend Income (16,404,369)
Distribution of Capital Gains (120,263,747)
Other Distributions 0
Proceeds from shares subscribed 253,613,790
Cost of shares reacquired (556,191,733)
Shares reinvested 126,300,133
Subtotal (312,945,926)
Net Change in Net Assets 56,784,336
PRIOR FINANCIAL INFORMATION
Accumulated Net Investment Income 0
Accumulated Net Gains (Losses) 0
Overdistribution of Net Investment Income 0
Overdistribution of Net Gains 0
FINANCIAL HIGHLIGHTS
Class A Class B Class C Class Z
NAV (at the beginning of the period) 18.63 18.57 18.57 18.64
Investment Income per share 0.16 0.09 0.09 0.19
Capital Appreciation (Depreciation) per share 3.36 3.35 3.35 3.36
Dividend per share 0.000 (0.12) (0.12) (0.21)
Distribution per share (1.25) (1.06) (1.06) (1.06)
Return of Capital per share 0.00 0.00 0.00 0.00
NAV (at the end of the period) 20.90 20.83 20.83 20.92
Average net assets (000) 646,384 1,242,801 37,174 139,335
Expense Ratio 0.78 1.78 1.78 0.78
Average Debt Outstanding (000) 0 0 0 0
Average Debt Outstanding per Share 0.00 0.00 0.00 0.00
/fdh:\FDS~~
/pf{?}~rCLASS_A~agq
/pf{?}~rCLASS_B~agq
/pf{?}~rCLASS_C~agq
{app1}pg~~
</TABLE>
