VANGUARD/WELLESLEY INCOME FUND INC
NSAR-B, 1995-02-22
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<PAGE>      PAGE  1
000 B000000 12/31/94
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001 A000000 VANGUARD/WELLESLEY INCOME FUND, INC.
001 B000000 811-1766
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003  000000 N
004  000000 N
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010 A000001 THE VANGUARD GROUP, INC.
010 B000001 801-11953
010 C010001 MALVERN
010 C020001 PA
010 C030001 19355
012 A000001 THE VANGUARD GROUP, INC.
012 B000001 84-772
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013 A000001 PRICE WATERHOUSE LLP
013 B010001 PHILADELPHIA
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020 A000001 FRANK RUSSELL SECURITIES, INC.
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020 A000002 SALOMON BROTHERS
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020 C000002    239
020 A000003 BEAR STEARNS & CO.
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020 C000003    224
020 A000004 PAINEWEBBER INCORPORATED
020 B000004 13-2638166
<PAGE>      PAGE  2
020 C000004    164
020 A000005 LEHMAN BROTHERS INC.
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020 C000005    157
020 A000006 PRUDENTIAL BACHE SECURITIES
020 B000006 13-1954348
020 C000006    152
020 A000007 GOLDMAN SACHS & CO.
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020 C000007     72
020 A000008 UBS SECURITIES INC.
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020 C000008     68
020 A000009 MORGAN STANLEY & CO., INC.
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020 C000009     45
020 A000010 FIRST BOSTON CORP.
020 B000010 13-5659485
020 C000010     42
021  000000     2062
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001  23205137
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022 C000008    122571
<PAGE>      PAGE  3
022 D000008     79095
022 A000009 MORGAN STANLEY & CO., INC.
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022 C000009    122579
022 D000009     46489
022 A000010 DILLON READ & CO. INC.
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SIGNATURE   GARY P. SOURA                                
TITLE       ASST. VICE PRESIDENT
 


<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000105544
<NAME> VANGUARD/WELLESLEY INCOME FUND, INC.
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               DEC-31-1994
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          5884306
<INVESTMENTS-AT-VALUE>                         5577118
<RECEIVABLES>                                   152271
<ASSETS-OTHER>                                   22905
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 5752294
<PAYABLE-FOR-SECURITIES>                          2118
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        69549
<TOTAL-LIABILITIES>                              71667
<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                           333157
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<ACCUMULATED-NII-CURRENT>                        13070
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (15194)
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<NET-ASSETS>                                   5680627
<DIVIDEND-INCOME>                               116710
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<APPREC-INCREASE-CURRENT>                     (696906)
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<EQUALIZATION>                                     617
<DISTRIBUTIONS-OF-INCOME>                       368591
<DISTRIBUTIONS-OF-GAINS>                         78686
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          85297
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<SHARES-REINVESTED>                              21438
<NET-CHANGE-IN-ASSETS>                        (330851)
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<PER-SHARE-GAIN-APPREC>                         (1.95)
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<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                  0.003
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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