<PAGE> PAGE 1
000 B000000 09/30/1999
000 C000000 0000826473
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
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
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 NEWELL ASSOCIATES
008 B000001 A
008 C000001 801-26949
008 D010001 PALO ALTO
008 D020001 CA
008 D030001 94301
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
012 C020001 PA
012 C030001 19355
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
014 A000001 VANGUARD MARKETING CORP.
014 B000001 8-21570
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 103
019 C000000 VANGUARDGR
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604934
020 C000001 297
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5674085
020 C000002 228
020 A000003 PAINEWEBBER INCORPORATED
020 B000003 13-2638166
020 C000003 133
020 A000004 MORGAN STANLEY & CO. INC.
020 B000004 13-2655998
020 C000004 128
020 A000005 STANDARD & POORS SECURITIES INC.
020 B000005 13-2671951
020 C000005 76
020 A000006 BNY ESI & CO., INC.
020 B000006 13-3747159
020 C000006 58
020 A000007 LEHMAN BROTHERS INC.
020 B000007 13-2518466
020 C000007 55
020 A000008 SCHRODER & CO. INC.
020 B000008 13-2697272
020 C000008 53
020 A000009 SMITH BARNEY INC.
020 B000009 13-1912900
<PAGE> PAGE 3
020 C000009 52
020 A000010 BEAR STEARNS & CO. INC.
020 B000010 13-3299429
020 C000010 52
021 000000 1624
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001 636517
022 D000001 597253
022 A000002 MORGAN STANLEY & CO., INC.
022 B000002 13-2655998
022 C000002 32151
022 D000002 12684
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000003 13-5674085
022 C000003 16913
022 D000003 700
022 A000004 LEHMAN BROTHERS INC.
022 B000004 13-2518466
022 C000004 14103
022 D000004 274
022 A000005 PRUDENTIAL SECURITIES INC.
022 B000005 22-2347336
022 C000005 2018
022 D000005 2801
022 A000006 FRANK RUSSELL SECURITIES, INC.
022 B000006 91-0604934
022 C000006 1058
022 D000006 3066
022 A000007 BEAR STEARNS & CO. INC.
022 B000007 13-3299429
022 C000007 3345
022 D000007 419
022 A000008 BRIDGE TRADING COMPANY
022 B000008 43-1450530
022 C000008 1687
022 D000008 1324
022 A000009 SMITH BARNEY INC.
022 B000009 13-1912900
022 C000009 228
022 D000009 2085
022 A000010 BROADCORT CAPITAL CORP.
022 B000010 13-3144415
022 C000010 2292
022 D000010 0
023 C000000 722343
023 D000000 659201
024 000000 Y
025 A000001 MERRILL LYNCH & CO., INC.
025 B000001 13-5674085
025 C000001 E
<PAGE> PAGE 4
025 D000001 7177
025 A000002 DELETE
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 Y
026 H000000 N
027 000000 Y
028 A010000 64382
028 A020000 0
028 A030000 0
028 A040000 75931
028 B010000 55318
028 B020000 0
028 B030000 0
028 B040000 35841
028 C010000 50045
028 C020000 16038
028 C030000 0
028 C040000 37962
028 D010000 86475
028 D020000 0
028 D030000 0
028 D040000 41176
028 E010000 41767
028 E020000 0
028 E030000 0
028 E040000 40286
028 F010000 42894
028 F020000 16315
028 F030000 0
028 F040000 54423
028 G010000 340881
028 G020000 32353
028 G030000 0
028 G040000 285619
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
<PAGE> PAGE 5
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 Y
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
050 000000 N
051 000000 Y
<PAGE> PAGE 6
052 000000 N
053 A000000 N
054 A000000 N
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 3000
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
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
<PAGE> PAGE 7
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 861757
071 B000000 487529
071 C000000 2721192
071 D000000 18
072 A000000 12
072 B000000 11196
072 C000000 76462
072 D000000 0
072 E000000 86
<PAGE> PAGE 8
072 F000000 4051
072 G000000 3794
072 H000000 0
072 I000000 3611
072 J000000 54
072 K000000 0
072 L000000 81
072 M000000 4
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 17
072 S000000 0
072 T000000 492
072 U000000 0
072 V000000 0
072 W000000 0
072 X000000 12104
072 Y000000 265
072 Z000000 75905
072AA000000 139703
072BB000000 30452
072CC010000 108420
072CC020000 0
072DD010000 78305
072DD020000 0
072EE000000 87951
073 A010000 0.6700
073 A020000 0.0000
073 B000000 0.8300
073 C000000 0.0000
074 A000000 0
074 B000000 196328
074 C000000 10968
074 D000000 25920
074 E000000 29073
074 F000000 2749940
074 G000000 0
074 H000000 0
074 I000000 670
074 J000000 4302
074 K000000 0
074 L000000 16624
074 M000000 0
074 N000000 3033825
074 O000000 8177
074 P000000 1080
074 Q000000 0
074 R010000 0
074 R020000 0
<PAGE> PAGE 9
074 R030000 0
074 R040000 15825
074 S000000 0
074 T000000 3008743
074 U010000 124625
074 U020000 0
074 V010000 24.14
074 V020000 0.00
074 W000000 0.0000
074 X000000 115514
074 Y000000 10968
075 A000000 0
075 B000000 2935618
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 N/A
080 C000000 350000
081 A000000 Y
081 B000000 184
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
<PAGE> PAGE 10
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE SUSAN TRONEL
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000826473
<NAME> VANGUARD EQUITY INCOME FUND
<MULTIPLIER> 1000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2209104
<INVESTMENTS-AT-VALUE> 3012229
<RECEIVABLES> 20926
<ASSETS-OTHER> 670
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3033825
<PAYABLE-FOR-SECURITIES> 8177
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16905
<TOTAL-LIABILITIES> 25082
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2111521
<SHARES-COMMON-STOCK> 124625
<SHARES-COMMON-PRIOR> 104283
<ACCUMULATED-NII-CURRENT> 2915
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 97804
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 796503
<NET-ASSETS> 3008743
<DIVIDEND-INCOME> 76462
<INTEREST-INCOME> 11196
<OTHER-INCOME> 86
<EXPENSES-NET> 11839
<NET-INVESTMENT-INCOME> 75905
<REALIZED-GAINS-CURRENT> 109251
<APPREC-INCREASE-CURRENT> 108420
<NET-CHANGE-FROM-OPS> 293576
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 78305
<DISTRIBUTIONS-OF-GAINS> 87951
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37304
<NUMBER-OF-SHARES-REDEEMED> 23137
<SHARES-REINVESTED> 6175
<NET-CHANGE-IN-ASSETS> 631212
<ACCUMULATED-NII-PRIOR> 5315
<ACCUMULATED-GAINS-PRIOR> 76504
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12104
<AVERAGE-NET-ASSETS> 2935618
<PER-SHARE-NAV-BEGIN> 22.80
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> 0.67
<PER-SHARE-DISTRIBUTIONS> 0.83
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.14
<EXPENSE-RATIO> 0.41
</TABLE>
To the Shareholders and
Trustees of Vanguard Equity Income Fund
In planning and performing our audit of the financial statements of
Vanguard Equity Income Fund (the "Fund") for the year ended
September 30, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal
control and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of
September 30, 1999.
This report is intended solely for the information and use of management
and the Board of Trustees of the Fund and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.
October 29, 1999
C:/My Documents/Vanguard/N-Sar/Equity Income