VANGUARD EQUITY INCOME FUND INC
NSAR-A, 1999-05-11
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<PAGE>      PAGE  1
000 A000000 03/31/1999
000 C000000 0000826473
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001 A000000 VANGUARD EQUITY INCOME FUND
001 B000000 811-5445
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
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008 A000002 SPARE, KAPLAN, BISCHEL & ASSOCIATES
008 B000002 A
008 C000002 801-35258
008 D010002 SAN FRANCISCO
008 D020002 CA
008 D030002 94104
008 A000003 JOHN A. LEVIN & CO., INC.
008 B000003 A
008 C000003 801-18010
008 D010003 NEW YORK
008 D020003 NY
008 D030003 10020
010 A000001 THE VANGUARD GROUP, INC.
<PAGE>      PAGE  2
010 B000001 801-11953
010 C010001 MALVERN
010 C020001 PA
010 C030001 19355
012 A000001 THE VANGUARD GROUP, INC.
012 B000001 84-772
012 C010001 MALVERN
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012 C030001 19355
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 PHILADELPHIA
013 B020001 PA
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014 B000001 8-21570
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022 B000004 13-5674085
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022 A000005 PRUDENTIAL SECURITIES INC.
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022 C000005      2018
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022 A000006 CANTOR FITZGERALD & CO.
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022 A000008 BETZDEARBORN INC.
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022 A000009 CREDIT SUISSE FRIST BOSTON CORP.
022 B000009 13-5659485
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SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000826473
<NAME> VANGUARD EQUITY INCOME FUND
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-START>                             OCT-01-1998
<PERIOD-END>                               MAR-31-1999
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          2076554
<INVESTMENTS-AT-VALUE>                         2956525
<RECEIVABLES>                                    16286
<ASSETS-OTHER>                                     483
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 2973294
<PAYABLE-FOR-SECURITIES>                         15126
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        13790
<TOTAL-LIABILITIES>                              28916
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       2023906
<SHARES-COMMON-STOCK>                           121266
<SHARES-COMMON-PRIOR>                           104283
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                              35
<ACCUMULATED-NET-GAINS>                          41591
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        878916
<NET-ASSETS>                                   2944378
<DIVIDEND-INCOME>                                36299
<INTEREST-INCOME>                                 5018
<OTHER-INCOME>                                      26
<EXPENSES-NET>                                    5268
<NET-INVESTMENT-INCOME>                          36075
<REALIZED-GAINS-CURRENT>                         53036
<APPREC-INCREASE-CURRENT>                       190833
<NET-CHANGE-FROM-OPS>                           279944
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        41425
<DISTRIBUTIONS-OF-GAINS>                         87949
<DISTRIBUTIONS-OTHER>                                0
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<NUMBER-OF-SHARES-REDEEMED>                      12017
<SHARES-REINVESTED>                               4873
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<AVERAGE-NET-ASSETS>                           2750840
<PER-SHARE-NAV-BEGIN>                            22.80
<PER-SHARE-NII>                                   0.32
<PER-SHARE-GAIN-APPREC>                           2.36
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<PER-SHARE-DISTRIBUTIONS>                         0.83
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              24.28
<EXPENSE-RATIO>                                   0.40
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</TABLE>


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