VANGUARD EQUITY INCOME FUND INC
NSAR-B, 1994-11-16
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001 A000000 VANGUARD EQUITY INCOME FUND, INC.
001 B000000 811-5445
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
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010 A000001 THE VANGUARD GROUP, INC.
010 B000001 801-11953
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010 C030001 19355
012 A000001 THE VANGUARD GROUP, INC.
012 B000001 84-772
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013 A000001 PRICE WATERHOUSE LLP
013 B010001 PHILADELPHIA
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018  000000 Y
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019 C000000 VANGUARDGR
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604934
020 C000001    170
020 A000002 STANDARD & POORS SECURITIES
020 B000002 13-2671951
020 C000002     41
020 A000003 MORGAN STANLEY & CO., INC.
020 B000003 13-2655998
020 C000003     36
020 A000004 MONTGOMERY SECURITIES
020 B000004 94-1701676
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020 C000004     36
020 A000005 BEAR STEARNS & CO.
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020 C000005     28
020 A000006 MERRILL LYNCH PIERCE FENNER & SMITH
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020 A000007 LEHMAN BROTHERS INC.
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020 A000008 KIDDER PEABODY & CO. INCORPORATED
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020 C000008     20
020 A000009 BOSTON INSTITUTIONAL SERVICES INC.
020 B000009 04-2479358
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020 A000010 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000010 13-2741729
020 C000010     16
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022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
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SIGNATURE   GARY P. SOURA                                
TITLE       ASST. VICE PRESIDENT
 


<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000826473
<NAME> VANGUARD EQUITY INCOME FUND, INC.
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1994
<PERIOD-START>                             OCT-01-1993
<PERIOD-END>                               SEP-30-1994
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           839051
<INVESTMENTS-AT-VALUE>                          896970
<RECEIVABLES>                                    12437
<ASSETS-OTHER>                                     142
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  909549
<PAYABLE-FOR-SECURITIES>                          4281
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         4645
<TOTAL-LIABILITIES>                               8926
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        825165
<SHARES-COMMON-STOCK>                            68422
<SHARES-COMMON-PRIOR>                            75697
<ACCUMULATED-NII-CURRENT>                         8969
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           8570
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                    900623
<DIVIDEND-INCOME>                                47074
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    4262
<NET-INVESTMENT-INCOME>                          43428
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<APPREC-INCREASE-CURRENT>                      (79992)
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<EQUALIZATION>                                  (1606)
<DISTRIBUTIONS-OF-INCOME>                        43802
<DISTRIBUTIONS-OF-GAINS>                         38665
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          24186
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<SHARES-REINVESTED>                               5633
<NET-CHANGE-IN-ASSETS>                        (205743)
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<PER-SHARE-NAV-BEGIN>                            14.62
<PER-SHARE-NII>                                   0.59
<PER-SHARE-GAIN-APPREC>                         (0.92)
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<EXPENSE-RATIO>                                  0.004
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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