VANGUARD EQUITY INCOME FUND INC
NSAR-A, 1997-05-19
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<PAGE>      PAGE  1
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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
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020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604934
020 C000001    134
020 A000002 PAINEWEBBER INCORPORATED
020 B000002 13-2638166
020 C000002     38
020 A000003 SALOMON BROTHERS INC.
020 B000003 13-3082694
020 C000003     32
020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
020 C000004     26
020 A000005 STANDARD & POOR'S SECURITIES, INC.
020 B000005 13-2671951
020 C000005     24
020 A000006 SCHRODER WERTHEIM & CO. INCORPORATED
020 B000006 13-2697272
020 C000006     20
020 A000007 BROADCORT CAPITAL CORP.
020 B000007 13-3144415
020 C000007     19
020 A000008 LEHMAN BROTHERS INC.
020 B000008 13-2518466
020 C000008     17
020 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000009 13-2741729
020 C000009     17
020 A000010 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000010 13-5674085
<PAGE>      PAGE  2
020 C000010     13
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022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001    145506
022 D000001    128828
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002      5986
022 D000002      2699
022 A000003 MORGAN STANLEY & CO., INC.
022 B000003 13-2655998
022 C000003      3675
022 D000003      4547
022 A000004 LEHMAN BROTHERS INC.
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022 D000004      1178
022 A000005 CS FIRST BOSTON CORP.
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022 C000005      1380
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<PAGE>      PAGE  6
SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000826473
<NAME> VANGUARD EQUITY INCOME FUND, INC.
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          1117867
<INVESTMENTS-AT-VALUE>                         1515865
<RECEIVABLES>                                    18022
<ASSETS-OTHER>                                     130
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 1534017
<PAYABLE-FOR-SECURITIES>                          4488
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        10476
<TOTAL-LIABILITIES>                              14964
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       1071503
<SHARES-COMMON-STOCK>                            81126
<SHARES-COMMON-PRIOR>                            74022
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<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          38856
<OVERDISTRIBUTION-GAINS>                             0
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<OTHER-INCOME>                                       0
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<EQUALIZATION>                                    1019
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<DISTRIBUTIONS-OF-GAINS>                         43397
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          10886
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<SHARES-REINVESTED>                               3519
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<ACCUMULATED-NII-PRIOR>                          12932
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<PER-SHARE-NAV-BEGIN>                            17.69
<PER-SHARE-NII>                                   0.31
<PER-SHARE-GAIN-APPREC>                           1.66
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<EXPENSE-RATIO>                                   0.39
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</TABLE>


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