<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000080832
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
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 PRICEWATERHOUSECOOPERS LLP
013 B010001 HOUSTON
<PAGE> PAGE 2
013 B020001 TX
013 B030001 77002
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-00733537
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-00728181
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 118
019 C000000 VANKAMPENA
020 A000001 LEHMAN BROTHERS
020 B000001 13-2518466
020 C000001 82
020 A000002 SALOMON SMITH BARNEY INC.
020 C000002 80
020 A000003 SALOMON BROTHERS
020 B000003 13-3082694
020 C000003 77
020 A000004 FIRST BOSTON
020 B000004 13-5659485
020 C000004 76
020 A000005 DONALDSON LUFKIN JENNRETTE
020 B000005 13-2741729
020 C000005 75
020 A000006 BERNSTEIN SANFORD C & CO INC
020 B000006 13-2625874
020 C000006 70
020 A000007 MERRILL LYNCH
020 B000007 13-5674085
020 C000007 65
020 A000008 MONTGOMERY SECURITIES
020 B000008 94-1701676
020 C000008 53
020 A000009 PAINE WEBBER
020 B000009 13-2638166
020 C000009 45
020 A000010 MAGILO (FRANCIS P.) & CO., INC.
020 C000010 38
021 000000 993
022 A000001 GENERAL ELECTRIC CAP CORP
022 B000001 06-1076552
022 C000001 4680811
022 D000001 0
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
<PAGE> PAGE 3
022 C000002 1132988
022 D000002 2047
022 A000003 DONALDSON LUFKIN JENNRETTE
022 B000003 13-2741729
022 C000003 649113
022 D000003 0
022 A000004 SBC WARBURG DILLON READ
022 B000004 13-1339216
022 C000004 587809
022 D000004 0
022 A000005 BA SECURITIES
022 B000005 95-4035346
022 C000005 453729
022 D000005 0
022 A000006 PRUDENTIAL SECURITIES
022 B000006 22-2347336
022 C000006 227134
022 D000006 5113
022 A000007 GOLDMAN SACHS
022 B000007 13-5108880
022 C000007 138456
022 D000007 17839
022 A000008 FIRST BOSTON
022 B000008 13-5659485
022 C000008 91515
022 D000008 19444
022 A000009 STATE STREET BANK & TRUST
022 B000009 04-1867445
022 C000009 87732
022 D000009 0
022 A000010 PAINE WEBBER
022 B000010 13-2638166
022 C000010 75249
022 D000010 0
023 C000000 8383861
023 D000000 112550
024 000000 Y
025 A000001 CHASE MANHATTAN CORP
025 B000001 13-2633612
025 C000001 E
025 D000001 39849
025 A000002 BANK AMERICA CORP
025 B000002 95-4035346
025 C000002 D
025 D000002 31810
025 A000003 DONALDSON LUFKIN & JENNRETTE
025 B000003 13-2741729
025 C000003 D
025 D000003 7173
025 A000004 SWISS BANK CORP
025 B000004 31-2639550
<PAGE> PAGE 4
025 C000004 D
025 D000004 17105
025 A000005 MERRILL LYNCH & CO.
025 B000005 13-5674085
025 C000005 D
025 D000005 3792
025 A000006 DRESDNER BANK
025 C000006 E
025 D000006 8359
025 A000007 GENERAL ELECTRIC CAPITAL CORP
025 B000007 06-1076552
025 C000007 D
025 D000007 2287
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
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028 A020000 0
028 A030000 0
028 A040000 24308
028 B010000 56964
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028 C040000 92485
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028 E040000 50625
028 F010000 116356
028 F020000 5812
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028 F040000 83304
028 G010000 459283
028 G020000 11430
028 G030000 0
<PAGE> PAGE 5
028 G040000 335039
028 H000000 301006
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030 A000000 2854
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<PAGE> PAGE 6
048 J010000 0
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<PAGE> PAGE 7
063 A000000 0
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<PAGE> PAGE 8
071 C000000 1636815
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<PAGE> PAGE 9
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<PAGE> PAGE 10
086 C020000 0
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SIGNATURE NICK DALMASO
TITLE ATTORNEY
NSAR ITEM 77O
VKAC Equity Income Fund
10f-3 Transactions
<TABLE>
<CAPTION>
Amount of shares Date of
Underwriting # Underwriting Purchased From Purchased % of Underwriting Purchase
<S> <C> <C> <C> <C> <C>
1 Capstar Broadcasting Salomon Smith Barney 351,800 1.135% 05/26/98
2 Rhodia ADS Bear Stearns 110,100 1.001% 06/25/98
</TABLE>
Other Firms participating in Underwriting:
Underwriting for #1
- -------------------
Credit Suisse First Boston Corporation
BT Alex.Brown Incorporated
Morgan Stanley & Co. Incorporated
Bear, Stearns & Co. Inc.
Goldman, Sachs & Co.
NationsBanc Montgomery Securities LLC
Underwriting for #2
- -------------------
Swiss Bank Corporation, acting through its division, SBC Warburg Dillon Read
Morgan Stanley & Co. Incorporated
Donaldson, Lufkin & Jenrette International
BT Alex.Brown International
Credit Suisse First Boston (Europe) Limited
Goldman Sachs International
Paribas
Credit Agricole Indosuez
Banque Nationale de Paris
Credit Lyonnais
Credit Commercial de France
ABN AMRO Rothschild
Dresdner Kleinwort Benson
Nomura International plc
Societe Generale
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> EQUITY INCOME CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,582,875,288 <F1>
<INVESTMENTS-AT-VALUE> 1,942,155,450 <F1>
<RECEIVABLES> 22,561,372 <F1>
<ASSETS-OTHER> 164,368 <F1>
<OTHER-ITEMS-ASSETS> 3,855 <F1>
<TOTAL-ASSETS> 1,964,885,045 <F1>
<PAYABLE-FOR-SECURITIES> 908,544 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 7,928,045 <F1>
<TOTAL-LIABILITIES> 8,836,589 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 574,055,362
<SHARES-COMMON-STOCK> 96,424,358
<SHARES-COMMON-PRIOR> 88,104,227
<ACCUMULATED-NII-CURRENT> 5,709,789 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 79,155,504 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 360,244,794 <F1>
<NET-ASSETS> 774,473,973
<DIVIDEND-INCOME> 11,076,508 <F1>
<INTEREST-INCOME> 16,942,823 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (11,543,919)<F1>
<NET-INVESTMENT-INCOME> 16,475,412 <F1>
<REALIZED-GAINS-CURRENT> 80,757,990 <F1>
<APPREC-INCREASE-CURRENT> 114,812,149 <F1>
<NET-CHANGE-FROM-OPS> 212,045,551 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (6,499,567)
<DISTRIBUTIONS-OF-GAINS> (7,022,502)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,475,778
<NUMBER-OF-SHARES-REDEEMED> (31,721,093)
<SHARES-REINVESTED> 1,565,446
<NET-CHANGE-IN-ASSETS> 136,381,860
<ACCUMULATED-NII-PRIOR> 2,065,924 <F1>
<ACCUMULATED-GAINS-PRIOR> 16,191,940 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 3,315,179 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 11,543,919 <F1>
<AVERAGE-NET-ASSETS> 711,510,351
<PER-SHARE-NAV-BEGIN> 7.242
<PER-SHARE-NII> 0.085
<PER-SHARE-GAIN-APPREC> 0.852
<PER-SHARE-DIVIDEND> (0.070)
<PER-SHARE-DISTRIBUTIONS> (0.077)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.032
<EXPENSE-RATIO> 0.83
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> EQUITY INCOME CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,582,875,288 <F1>
<INVESTMENTS-AT-VALUE> 1,942,155,450 <F1>
<RECEIVABLES> 22,561,372 <F1>
<ASSETS-OTHER> 164,368 <F1>
<OTHER-ITEMS-ASSETS> 3,855 <F1>
<TOTAL-ASSETS> 1,964,885,045 <F1>
<PAYABLE-FOR-SECURITIES> 908,544 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 7,928,045 <F1>
<TOTAL-LIABILITIES> 8,836,589 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 867,693,107
<SHARES-COMMON-STOCK> 136,892,279
<SHARES-COMMON-PRIOR> 126,154,388
<ACCUMULATED-NII-CURRENT> 5,709,789 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 79,155,504 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 360,244,794 <F1>
<NET-ASSETS> 1,092,958,631
<DIVIDEND-INCOME> 11,076,508 <F1>
<INTEREST-INCOME> 16,942,823 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (11,543,919)<F1>
<NET-INVESTMENT-INCOME> 16,475,412 <F1>
<REALIZED-GAINS-CURRENT> 80,757,990 <F1>
<APPREC-INCREASE-CURRENT> 114,812,149 <F1>
<NET-CHANGE-FROM-OPS> 212,045,551 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (5,854,247)
<DISTRIBUTIONS-OF-GAINS> (9,950,358)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,783,750
<NUMBER-OF-SHARES-REDEEMED> (9,888,509)
<SHARES-REINVESTED> 1,842,650
<NET-CHANGE-IN-ASSETS> 184,243,577
<ACCUMULATED-NII-PRIOR> 2,065,924 <F1>
<ACCUMULATED-GAINS-PRIOR> 16,191,940 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 3,315,179 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 11,543,919 <F1>
<AVERAGE-NET-ASSETS> 1,011,641,757
<PER-SHARE-NAV-BEGIN> 7.203
<PER-SHARE-NII> 0.058
<PER-SHARE-GAIN-APPREC> 0.844
<PER-SHARE-DIVIDEND> (0.044)
<PER-SHARE-DISTRIBUTIONS> (0.077)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.984
<EXPENSE-RATIO> 1.59
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> EQUITY INCOME CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,582,875,288 <F1>
<INVESTMENTS-AT-VALUE> 1,942,155,450 <F1>
<RECEIVABLES> 22,561,372 <F1>
<ASSETS-OTHER> 164,368 <F1>
<OTHER-ITEMS-ASSETS> 3,855 <F1>
<TOTAL-ASSETS> 1,964,885,045 <F1>
<PAYABLE-FOR-SECURITIES> 908,544 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 7,928,045 <F1>
<TOTAL-LIABILITIES> 8,836,589 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69,189,900
<SHARES-COMMON-STOCK> 11,098,364
<SHARES-COMMON-PRIOR> 10,528,677
<ACCUMULATED-NII-CURRENT> 5,709,789 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 79,155,504 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 360,244,794 <F1>
<NET-ASSETS> 88,615,852
<DIVIDEND-INCOME> 11,076,508 <F1>
<INTEREST-INCOME> 16,942,823 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (11,543,919)<F1>
<NET-INVESTMENT-INCOME> 16,475,412 <F1>
<REALIZED-GAINS-CURRENT> 80,757,990 <F1>
<APPREC-INCREASE-CURRENT> 114,812,149 <F1>
<NET-CHANGE-FROM-OPS> 212,045,551 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (477,733)
<DISTRIBUTIONS-OF-GAINS> (821,566)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,785,699
<NUMBER-OF-SHARES-REDEEMED> (1,354,901)
<SHARES-REINVESTED> 138,889
<NET-CHANGE-IN-ASSETS> 12,767,693
<ACCUMULATED-NII-PRIOR> 2,065,924 <F1>
<ACCUMULATED-GAINS-PRIOR> 16,191,940 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 3,315,179 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 11,543,919 <F1>
<AVERAGE-NET-ASSETS> 82,806,206
<PER-SHARE-NAV-BEGIN> 7.204
<PER-SHARE-NII> 0.058
<PER-SHARE-GAIN-APPREC> 0.843
<PER-SHARE-DIVIDEND> (0.044)
<PER-SHARE-DISTRIBUTIONS> (0.077)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.984
<EXPENSE-RATIO> 1.59
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
