<PAGE> PAGE 1
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000 C000000 0000080832
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 J000000 U
001 A000000 AMERICAN CAPITAL EQUITY INCOME FUND, INC
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001 C000000 7139930500
002 A000000 2800 POST OAK BLVD
002 B000000 HOUSTON
002 C000000 TX
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007 C011000 10
008 A000001 VAN KAMPEN AMERICAN CAPITAL ASSET MGT., INC.
008 B000001 A
008 C000001 801-8286
008 D010001 HOUSTON
008 D020001 TX
008 D030001 77056
011 A000001 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS, INC
011 B000001 8-19903
011 C010001 OAKBROOK TERRACE
011 C020001 IL
011 C030001 60181
012 A000001 ACCESS INVESTOR SERVICES, INC.
012 B000001 84-01621
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
012 C040001 9256
013 A000001 PRICE WATERHOUSE LLP
013 B010001 HOUSTON
<PAGE> PAGE 2
013 B020001 TX
013 B030001 77002
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
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019 C000000 ACFHOUSTON
020 A000001 FIRST BOSTON CORP.
020 B000001 13-5659485
020 C000001 59
020 A000002 MORGAN STANLEY CO., INC.
020 B000002 13-2655998
020 C000002 55
020 A000003 MERRILL LYNCH, INC.
020 B000003 13-5674085
020 C000003 50
020 A000004 LEHMAN BROTHERS, INC.
020 B000004 13-2518466
020 C000004 49
020 A000005 SALOMON BROTHERS, INC.
020 B000005 13-3082694
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020 A000006 SMITH BARNEY, INC.
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020 C000006 43
020 A000007 GOLDMAN SACHS & CO.
020 B000007 13-5108880
020 C000007 39
020 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000008 13-2741729
020 C000008 30
020 A000009 PAINEWEBBER, INC.
020 B000009 13-2638166
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020 A000010 MORGAN (J.P.) SECURITIES, INC.
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020 C000010 28
021 000000 630
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022 A000002 GENERAL ELECTRIC CAPITAL CORP.
022 B000002 06-1076552
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<PAGE> PAGE 3
022 A000003 SALOMON BROTHERS, INC.
022 B000003 13-3082694
022 C000003 315285
022 D000003 4880
022 A000004 LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 246260
022 D000004 2996
022 A000005 STATE STREET BANK & TRUST CO.
022 B000005 04-1867445
022 C000005 154729
022 D000005 0
022 A000006 PRUDENTIAL FUNDING SECURITIES CORP.
022 B000006 22-2347336
022 C000006 115889
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022 A000007 SBC CAPITAL MARKETS, INC.
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022 C000007 92625
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022 B000008 13-5674085
022 C000008 49874
022 D000008 14927
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022 B000009 94-1687665
022 C000009 52254
022 D000009 9754
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022 B000010 36-2942713
022 C000010 38983
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025 A000002 SALOMON BROTHERS, INC.
025 B000002 13-3082694
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025 A000003 MORGAN (J.P.) & CO., INC.
025 B000003 13-3224016
025 C000003 E
025 D000003 7714
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE TANYA LODEN
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080832
<NAME> AC EQUITY INCOME FUND
<SERIES>
<NUMBER> 1
<NAME> CLASS A SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 567,876,360
<INVESTMENTS-AT-VALUE> 630,669,661
<RECEIVABLES> 10,246,062
<ASSETS-OTHER> 54,132
<OTHER-ITEMS-ASSETS> 6,189
<TOTAL-ASSETS> 640,976,044
<PAYABLE-FOR-SECURITIES> 7,987,035
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,693,177
<TOTAL-LIABILITIES> 14,680,212
<SENIOR-EQUITY> 1,050,677
<PAID-IN-CAPITAL-COMMON> 546,587,566
<SHARES-COMMON-STOCK> 48,218,156
<SHARES-COMMON-PRIOR> 46,604,828
<ACCUMULATED-NII-CURRENT> 2,034,385
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,413,453
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,209,751
<NET-ASSETS> 626,295,832
<DIVIDEND-INCOME> 5,740,021
<INTEREST-INCOME> 7,852,957
<OTHER-INCOME> 0
<EXPENSES-NET> 4,018,270
<NET-INVESTMENT-INCOME> 9,574,708
<REALIZED-GAINS-CURRENT> 15,500,866
<APPREC-INCREASE-CURRENT> 64,286,262
<NET-CHANGE-FROM-OPS> 89,361,836
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,024,620
<DISTRIBUTIONS-OF-GAINS> 119,595
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,737,035
<NUMBER-OF-SHARES-REDEEMED> 4,733,316
<SHARES-REINVESTED> 609,609
<NET-CHANGE-IN-ASSETS> 89,361,836
<ACCUMULATED-NII-PRIOR> (8,642)
<ACCUMULATED-GAINS-PRIOR> (1,834,071)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,182,587
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,018,270
<AVERAGE-NET-ASSETS> 266,097,697
<PER-SHARE-NAV-BEGIN> 5.16
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .777
<PER-SHARE-DIVIDEND> .084
<PER-SHARE-DISTRIBUTIONS> .003
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.96
<EXPENSE-RATIO> .98<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>expense ratio is annualized
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080832
<NAME> AC EQUITY INCOME FUND
<SERIES>
<NUMBER> 2
<NAME> CLASS B SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 51,580,866
<SHARES-COMMON-PRIOR> 46,930,223
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,173,011
<DISTRIBUTIONS-OF-GAINS> 120,690
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,998,655
<NUMBER-OF-SHARES-REDEEMED> 3,872,439
<SHARES-REINVESTED> 524,427
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 203,788
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 273,239,112
<PER-SHARE-NAV-BEGIN> 5.16
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .787
<PER-SHARE-DIVIDEND> .064
<PER-SHARE-DISTRIBUTIONS> .003
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.96
<EXPENSE-RATIO> 1.79<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>expense ratio is annualized
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080832
<NAME> AC EQUITY INCOME FUND
<SERIES>
<NUMBER> 3
<NAME> CLASS C SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 5,268,632
<SHARES-COMMON-PRIOR> 5,224,037
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 334,050
<DISTRIBUTIONS-OF-GAINS> 13,057
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 909,590
<NUMBER-OF-SHARES-REDEEMED> 912,408
<SHARES-REINVESTED> 47,413
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 26,526
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 29,284,284
<PER-SHARE-NAV-BEGIN> 5.16
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .787
<PER-SHARE-DIVIDEND> .064
<PER-SHARE-DISTRIBUTIONS> .003
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.96
<EXPENSE-RATIO> 1.79<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>expense ratio is annualized
</FN>
</TABLE>
