VANGUARD/WELLESLEY INCOME FUND INC
NSAR-A, 1997-08-15
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<PAGE>      PAGE  1
000 A000000 06/30/97
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001 A000000 VANGUARD/WELLESLEY INCOME FUND, INC.
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002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
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019 C000000 VANGUARDGR
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604935
020 C000001    346
020 A000002 SALOMON BROTHERS INC.
020 B000002 13-3082694
020 C000002    230
020 A000003 LEHMAN BROTHERS INC.
020 B000003 13-2518466
020 C000003    145
020 A000004 CS FIRST BOSTON CORPORATION
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020 C000004    139
020 A000005 PAINEWEBBER INCORPORATED
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020 C000005    115
020 A000006 PRUDENTIAL SECURITIES INCORPORATED
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020 C000006    106
020 A000007 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
020 B000007 13-2741729
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020 A000008 BEAR, STEARNS & CO. INC.
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020 A000009 NATWEST SECURITIES CORPORATION
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020 B000009 13-3312778
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020 A000010 J.P. MORGAN SECURITIES INC.
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022 A000007 DILLON, READ & CO. INC.
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SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000105544
<NAME> VANGUARD/WELLESLEY INCOME FUND, INC.
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          6296756
<INVESTMENTS-AT-VALUE>                         6945383
<RECEIVABLES>                                   118533
<ASSETS-OTHER>                                    1212
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 7065128
<PAYABLE-FOR-SECURITIES>                          8060
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        37349
<TOTAL-LIABILITIES>                              45409
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       6026589
<SHARES-COMMON-STOCK>                           332760
<SHARES-COMMON-PRIOR>                           341976
<ACCUMULATED-NII-CURRENT>                         2674
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<EQUALIZATION>                                       0
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<EXPENSE-RATIO>                                   0.33
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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