<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000080832
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.
000 J000000 U
001 A000000 VKAC EQUITY INCOME FUND
001 B000000 811-00919
001 C000000 6306846000
002 A000000 ONE PARKVIEW PLAZA
002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 VAN KAMPEN AMERICAN CAPITAL ASSET MGT., INC.
008 B000001 A
008 C000001 801-8286
008 D010001 OAKBROOK TERRACE
008 D020001 IL
008 D030001 60181
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
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 114
019 C000000 VANKAMPENA
020 A000001 SALOMON BROTHERS
020 B000001 13-3082694
020 C000001 273
020 A000002 FIRST BOSTON
020 B000002 13-5659485
020 C000002 155
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 143
020 A000004 PAINE WEBBER
020 B000004 13-2638166
020 C000004 143
020 A000005 GOLDMAN SACHS
020 B000005 13-5108880
020 C000005 139
020 A000006 MORGAN STANLEY
020 B000006 13-2655998
020 C000006 123
020 A000007 LEHMAN BROTHERS
020 B000007 13-2518466
020 C000007 111
020 A000008 MONTGOMERY SECURITIES
020 B000008 94-1701676
020 C000008 95
020 A000009 SMITH BARNEY
020 B000009 13-1912900
020 C000009 66
020 A000010 NATWEST SECURITIES
020 B000010 14-9980001
020 C000010 64
021 000000 2046
022 A000001 GENERAL ELECTRIC CAPITAL CORP
022 B000001 06-1076552
022 C000001 5648885
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 1752375
<PAGE> PAGE 3
022 A000003 SBC CAPITAL MARKETS INC
022 B000003 13-2639550
022 C000003 1724707
022 A000004 ASSOCIATES CORP NORTH AMERICA
022 B000004 74-1494554
022 C000004 1616873
022 A000005 BANKAMERICA CORP
022 B000005 ----------
022 C000005 850942
022 A000006 STATE STREET BANK & TRUST
022 B000006 04-1867445
022 C000006 438840
022 A000007 PRUDENTIAL SECURITIES
022 B000007 22-2347336
022 C000007 406537
022 D000007 16868
022 A000008 DONALDSON LUFKIN JENNRETTE
022 B000008 13-2741729
022 C000008 311462
022 D000008 41469
022 A000009 MERRILL LYNCH
022 B000009 13-5674085
022 C000009 52531
022 D000009 20457
022 A000010 FIRST CHICAGO CAPITAL MARKETS
022 B000010 36-3595942
022 C000010 70412
023 C000000 13111996
023 D000000 191918
024 000000 Y
025 A000001 GENERAL ELECTRIC CAPITAL CORP
025 B000001 06-1076552
025 C000001 D
025 D000001 45897
025 A000002 BANK AMERICA CORP
025 B000002 ----------
025 C000002 E
025 D000002 24140
025 A000003 SBC CAPITAL MARKETS
025 B000003 13-2639550
025 C000003 D
025 D000003 32660
025 A000004 J.P. MORGAN & CO., INC.
025 B000004 ----------
025 C000004 E
025 D000004 7810
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
<PAGE> PAGE 4
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 27468
028 A020000 0
028 A030000 0
028 A040000 12721
028 B010000 28595
028 B020000 0
028 B030000 0
028 B040000 10299
028 C010000 26568
028 C020000 4027
028 C030000 0
028 C040000 10455
028 D010000 37596
028 D020000 0
028 D030000 0
028 D040000 20646
028 E010000 27221
028 E020000 0
028 E030000 0
028 E040000 14871
028 F010000 37664
028 F020000 51753
028 F030000 0
028 F040000 21589
028 G010000 185112
028 G020000 55780
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028 H000000 99360
029 000000 Y
030 A000000 4007
030 B000000 5.75
030 C000000 0.00
031 A000000 584
031 B000000 0
032 000000 3423
033 000000 0
034 000000 Y
035 000000 1053
036 A000000 Y
036 B000000 0
037 000000 N
<PAGE> PAGE 5
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
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042 C000000 75
042 D000000 25
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043 000000 6630
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 150000
048 A020000 0.500
048 B010000 100000
048 B020000 0.450
048 C010000 100000
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048 F010000 0
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048 K010000 350000
048 K020000 0.350
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050 000000 N
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054 D000000 N
<PAGE> PAGE 6
054 E000000 N
054 F000000 N
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068 B000000 N
<PAGE> PAGE 7
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1081557
071 B000000 882146
071 C000000 888475
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072 C000000 17039
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072 J000000 40
<PAGE> PAGE 8
072 K000000 0
072 L000000 96
072 M000000 50
072 N000000 157
072 O000000 13
072 P000000 0
072 Q000000 204
072 R000000 39
072 S000000 62
072 T000000 6630
072 U000000 0
072 V000000 0
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072 X000000 13778
072 Y000000 17
072 Z000000 19968
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072DD020000 9411
072EE000000 23862
073 A010000 0.1560
073 A020000 0.1160
073 B000000 0.36800
073 C000000 0.0000
074 A000000 18
074 B000000 32660
074 C000000 74872
074 D000000 228628
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074 F000000 790523
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074 J000000 6760
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074 L000000 6981
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074 N000000 1176604
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074 T000000 1160170
074 U010000 69989
<PAGE> PAGE 9
074 U020000 94333
074 V010000 6.74
074 V020000 6.71
074 W000000 0.000
074 X000000 77263
074 Y000000 74872
075 A000000 0
075 B000000 971333
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 N/A
080 C000000 65000
081 A000000 Y
081 B000000 96
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
<TABLE>
Equity Income Fund
10f-3 Transactions
<CAPTION>
Underwriting Purchased From Amount Purchased % of Underwriting Date of Purchase
<S> <C> <C> <C> <C>
GeoTel Alex Brown 4,700 0.214% 11/20/96
BA Merchant Services Goldman Sachs 3,200 0.023% 12/18/96
Microsoft Corp. Goldman Sachs 66,000 0.602% 12/17/96
Microsoft Corp. Furman Selz 3,000 0.027% 12/17/96
Microsoft Corp. Salomon Brothers 4,000 0.037% 12/17/96
Microsoft Corp. Dillon Reed 10,000 0.091% 12/17/96
Microsoft Corp. DLJ 2,000 0.018% 12/17/96
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> VKAC Equity Income Fund - Class A Shares
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1003878<F1>
<INVESTMENTS-AT-VALUE> 1162843497<F1>
<RECEIVABLES> 13740894<F1>
<ASSETS-OTHER> 1466<F1>
<OTHER-ITEMS-ASSETS> 17598<F1>
<TOTAL-ASSETS> 1176603455<F1>
<PAYABLE-FOR-SECURITIES> 10098628<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6335012<F1>
<TOTAL-LIABILITIES> 16433640<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 378580283
<SHARES-COMMON-STOCK> 69989006
<SHARES-COMMON-PRIOR> 55458931
<ACCUMULATED-NII-CURRENT> 969617<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 18003144<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 159606826<F1>
<NET-ASSETS> 471755869
<DIVIDEND-INCOME> 17039077<F1>
<INTEREST-INCOME> 16690301<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (13761347)<F1>
<NET-INVESTMENT-INCOME> 19968031<F1>
<REALIZED-GAINS-CURRENT> 68950601<F1>
<APPREC-INCREASE-CURRENT> 52838493<F1>
<NET-CHANGE-FROM-OPS> 141757125<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (9713457)
<DISTRIBUTIONS-OF-GAINS> (23861990)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23837337
<NUMBER-OF-SHARES-REDEEMED> (13879242)
<SHARES-REINVESTED> 4571980
<NET-CHANGE-IN-ASSETS> 121821804
<ACCUMULATED-NII-PRIOR> 822355<F1>
<ACCUMULATED-GAINS-PRIOR> 7516630<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3774666<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 13778347<F1>
<AVERAGE-NET-ASSETS> 405507458
<PER-SHARE-NAV-BEGIN> 6.31
<PER-SHARE-NII> 0.158
<PER-SHARE-GAIN-APPREC> 0.796
<PER-SHARE-DIVIDEND> (0.156)
<PER-SHARE-DISTRIBUTIONS> (0.368)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.740
<EXPENSE-RATIO> 0.97
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> VKAC Equity Income Fund - Class B Shares
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1003878<F1>
<INVESTMENTS-AT-VALUE> 1162843497<F1>
<RECEIVABLES> 13740894<F1>
<ASSETS-OTHER> 1466<F1>
<OTHER-ITEMS-ASSETS> 17598<F1>
<TOTAL-ASSETS> 1176603455<F1>
<PAYABLE-FOR-SECURITIES> 10098628<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6335012<F1>
<TOTAL-LIABILITIES> 16433640<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 555009052
<SHARES-COMMON-STOCK> 94332981
<SHARES-COMMON-PRIOR> 64941985
<ACCUMULATED-NII-CURRENT> 969617<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 18003144<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 159606826<F1>
<NET-ASSETS> 633250457
<DIVIDEND-INCOME> 17039077<F1>
<INTEREST-INCOME> 16690301<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (13761347)<F1>
<NET-INVESTMENT-INCOME> 19968031<F1>
<REALIZED-GAINS-CURRENT> 68950601<F1>
<APPREC-INCREASE-CURRENT> 52838493<F1>
<NET-CHANGE-FROM-OPS> 141757125<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (9411080)
<DISTRIBUTIONS-OF-GAINS> (31798200)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34033201
<NUMBER-OF-SHARES-REDEEMED> (10471038)
<SHARES-REINVESTED> 5828833
<NET-CHANGE-IN-ASSETS> 224364110
<ACCUMULATED-NII-PRIOR> 822355<F1>
<ACCUMULATED-GAINS-PRIOR> 7516630<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3774666<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 13778347<F1>
<AVERAGE-NET-ASSETS> 519184736
<PER-SHARE-NAV-BEGIN> 6.30
<PER-SHARE-NII> 0.113
<PER-SHARE-GAIN-APPREC> 0.784
<PER-SHARE-DIVIDEND> (0.116)
<PER-SHARE-DISTRIBUTIONS> (0.368)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.713
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> VKAC Equity Income Fund - Class C Shares
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1003878<F1>
<INVESTMENTS-AT-VALUE> 1162843497<F1>
<RECEIVABLES> 13740894<F1>
<ASSETS-OTHER> 1466<F1>
<OTHER-ITEMS-ASSETS> 17598<F1>
<TOTAL-ASSETS> 1176603455<F1>
<PAYABLE-FOR-SECURITIES> 10098628<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6335012<F1>
<TOTAL-LIABILITIES> 16433640<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 48000893
<SHARES-COMMON-STOCK> 8217499
<SHARES-COMMON-PRIOR> 6074199
<ACCUMULATED-NII-CURRENT> 969617<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 18003144<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 159606826<F1>
<NET-ASSETS> 55163489
<DIVIDEND-INCOME> 17039077<F1>
<INTEREST-INCOME> 16690301<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (13761347)<F1>
<NET-INVESTMENT-INCOME> 19968031<F1>
<REALIZED-GAINS-CURRENT> 68950601<F1>
<APPREC-INCREASE-CURRENT> 52838493<F1>
<NET-CHANGE-FROM-OPS> 141757125<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (840514)
<DISTRIBUTIONS-OF-GAINS> (2794580)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3157673
<NUMBER-OF-SHARES-REDEEMED> (1465191)
<SHARES-REINVESTED> 450818
<NET-CHANGE-IN-ASSETS> 16919325
<ACCUMULATED-NII-PRIOR> 822355<F1>
<ACCUMULATED-GAINS-PRIOR> 7516630<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3774666<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 13778347<F1>
<AVERAGE-NET-ASSETS> 46641003
<PER-SHARE-NAV-BEGIN> 6.30
<PER-SHARE-NII> 0.113
<PER-SHARE-GAIN-APPREC> 0.784
<PER-SHARE-DIVIDEND> (0.116)
<PER-SHARE-DISTRIBUTIONS> (0.368)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.713
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
