<PAGE> PAGE 1
000 A000000 03/31/96
000 C000000 0000826473
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 VANGUARD EQUITY INCOME FUND, INC.
001 B000000 811-5445
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
018 000000 Y
019 A000000 Y
019 B000000 90
019 C000000 VANGUARDGR
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604934
020 C000001 106
020 A000002 BROADCORT CAPITAL CORP.
020 B000002 13-3144415
020 C000002 44
020 A000003 LEHMAN BROTHERS INC.
020 B000003 13-3312778
020 C000003 30
020 A000004 BRIDGE TRADING CO.
020 B000004 43-1450530
020 C000004 24
020 A000005 MORGAN STANLEY & CO., INC.
020 B000005 13-2655998
020 C000005 22
020 A000006 ELKINS/MCSHERRY CO. INC.
020 B000006 13-3790790
020 C000006 19
020 A000007 PAINEWEBBER INCORPORATED
020 B000007 13-2638166
020 C000007 19
020 A000008 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000008 13-5674085
020 C000008 17
020 A000009 CAPITAL INSTITUTIONAL SERVICES, INC.
<PAGE> PAGE 2
020 B000009 75-1565705
020 C000009 14
020 A000010 AUTRANET INC.
020 B000010 13-2961507
020 C000010 13
021 000000 467
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001 9936345
022 D000001 0
022 A000002 FIRST BOSTON CORP.
022 B000002 13-5659485
022 C000002 7455
022 D000002 2569
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000003 13-5674085
022 C000003 5360
022 D000003 7091
022 A000004 LIN BROADCASTING
022 C000004 4026
022 D000004 0
022 A000005 MORGAN STANLEY & CO., INC.
022 B000005 13-2655998
022 C000005 3423
022 D000005 3567
022 A000006 SALOMON BROTHERS INC.
022 B000006 13-3082694
022 C000006 494
022 D000006 3353
022 A000007 GEICO CORP.
022 C000007 2590
022 D000007 0
022 A000008 SMITH BARNEY SHEARSON
022 B000008 13-1912900
022 C000008 1786
022 D000008 1789
022 A000009 J.P. MORGAN SECURITIES INC.
022 B000009 13-3224016
022 C000009 3292
022 D000009 0
022 A000010 BEAR STEARNS SECURITIES CORP.
022 B000010 13-3299429
022 C000010 2863
022 D000010 259
023 C000000 9973898
023 D000000 28862
028 A010000 27182
028 A020000 0
028 A030000 0
028 A040000 9838
028 B010000 20871
<PAGE> PAGE 3
028 B020000 0
028 B030000 0
028 B040000 8294
028 C010000 32233
028 C020000 20163
028 C030000 0
028 C040000 13264
028 D010000 66999
028 D020000 1
028 D030000 0
028 D040000 19360
028 E010000 44630
028 E020000 0
028 E030000 0
028 E040000 24651
028 F010000 32596
028 F020000 8532
028 F030000 0
028 F040000 31146
028 G010000 224511
028 G020000 28696
028 G030000 0
028 G040000 106553
028 H000000 0
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
<PAGE> PAGE 4
050 000000 N
051 000000 Y
052 000000 N
053 A000000 N
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 242167
071 B000000 136120
071 C000000 1018939
071 D000000 13
072 A000000 6
072 B000000 2670
072 C000000 20201
072 D000000 0
072 E000000 0
072 F000000 932
072 G000000 784
072 H000000 0
072 I000000 501
072 J000000 23
072 K000000 0
072 L000000 32
072 M000000 2
072 N000000 0
072 O000000 32
072 P000000 0
072 Q000000 0
072 R000000 7
072 S000000 0
072 T000000 95
072 U000000 0
072 V000000 12
072 W000000 0
072 X000000 2420
072 Y000000 80
<PAGE> PAGE 5
072 Z000000 20531
072AA000000 23537
072BB000000 3390
072CC010000 295027
072CC020000 0
072DD010000 21312
072DD020000 0
072EE000000 10869
073 A010000 0.3200
073 A020000 0.0000
073 B000000 0.1700
073 C000000 0.0000
074 A000000 701
074 B000000 87938
074 C000000 0
074 D000000 7264
074 E000000 20391
074 F000000 1093341
074 G000000 0
074 H000000 0
074 I000000 130
074 J000000 2717
074 K000000 0
074 L000000 11944
074 M000000 0
074 N000000 1224426
074 O000000 9035
074 P000000 537
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 9459
074 S000000 0
074 T000000 1205395
074 U010000 70701
074 U020000 0
074 V010000 17.05
074 V020000 0.00
074 W000000 0.0000
074 X000000 55271
074 Y000000 0
075 A000000 0
075 B000000 1096220
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE GARY P. SOURA
TITLE SR. MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000826473
<NAME> VANGUARD EQUITY INCOME FUND, INC.
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 913907
<INVESTMENTS-AT-VALUE> 1208934
<RECEIVABLES> 15362
<ASSETS-OTHER> 130
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1224426
<PAYABLE-FOR-SECURITIES> 9035
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9996
<TOTAL-LIABILITIES> 19031
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 881790
<SHARES-COMMON-STOCK> 70701
<SHARES-COMMON-PRIOR> 61798
<ACCUMULATED-NII-CURRENT> 9923
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18655
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 295027
<NET-ASSETS> 1205395
<DIVIDEND-INCOME> 20201
<INTEREST-INCOME> 2670
<OTHER-INCOME> 0
<EXPENSES-NET> 2340
<NET-INVESTMENT-INCOME> 20531
<REALIZED-GAINS-CURRENT> 20146
<APPREC-INCREASE-CURRENT> 81459
<NET-CHANGE-FROM-OPS> 122136
<EQUALIZATION> 1391
<DISTRIBUTIONS-OF-INCOME> 21312
<DISTRIBUTIONS-OF-GAINS> 10869
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13624
<NUMBER-OF-SHARES-REDEEMED> 6437
<SHARES-REINVESTED> 1717
<NET-CHANGE-IN-ASSETS> 238000
<ACCUMULATED-NII-PRIOR> 9313
<ACCUMULATED-GAINS-PRIOR> 9378
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 932
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2420
<AVERAGE-NET-ASSETS> 1096220
<PER-SHARE-NAV-BEGIN> 15.65
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> 0.32
<PER-SHARE-DISTRIBUTIONS> 0.17
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.05
<EXPENSE-RATIO> 0.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>