VANGUARD EQUITY INCOME FUND INC
NSAR-A, 1996-05-30
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001 A000000 VANGUARD EQUITY INCOME FUND, INC.
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002 A000000 100 VANGUARD BOULEVARD
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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.
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020 A000005 MORGAN STANLEY & CO., INC.
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020 A000006 ELKINS/MCSHERRY CO. INC.
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020 A000007 PAINEWEBBER INCORPORATED
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020 C000007     19
020 A000008 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000008 13-5674085
020 C000008     17
020 A000009 CAPITAL INSTITUTIONAL SERVICES, INC.
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020 B000009 75-1565705
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020 A000010 AUTRANET INC.
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022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
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022 A000008 SMITH BARNEY SHEARSON
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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
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<ACCUMULATED-NII-PRIOR>                           9313
<ACCUMULATED-GAINS-PRIOR>                         9378
<OVERDISTRIB-NII-PRIOR>                              0
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<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>


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