<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000105544
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
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
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
015 A000001 THE CHASE MANHATTAN BANK, N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 94
019 C000000 VANGUARDGR
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604935
020 C000001 354
020 A000002 BEAR STEARNS & CO.
020 B000002 13-3299429
020 C000002 207
020 A000003 PRUDENTIAL SECURITIES INCORPORATED
020 B000003 22-2347336
020 C000003 185
020 A000004 SALOMON BROTHERS INC.
020 B000004 13-3082694
020 C000004 180
020 A000005 LEHMAN BROTHERS INC.
020 B000005 13-2518466
020 C000005 154
020 A000006 CS FIRST BOSTON CORPORATION
020 B000006 13-5659485
020 C000006 149
020 A000007 PAINEWEBBER INCORPORATED
<PAGE> PAGE 2
020 B000007 13-2638166
020 C000007 131
020 A000008 MORGAN STANLEY & CO., INC.
020 B000008 13-2655998
020 C000008 88
020 A000009 UBS SECURITIES LLC
020 B000009 13-3873456
020 C000009 71
020 A000010 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000010 13-5674085
020 C000010 58
021 000000 2064
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001 22965708
022 D000001 0
022 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000002 13-5674085
022 C000002 305748
022 D000002 203635
022 A000003 SALOMON BROTHERS INC.
022 B000003 13-3082694
022 C000003 253207
022 D000003 116207
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 234603
022 D000004 98706
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005 105386
022 D000005 138831
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006 193731
022 D000006 30464
022 A000007 BEAR STEARNS & CO.
022 B000007 13-3299429
022 C000007 63747
022 D000007 105426
022 A000008 J.P. MORGAN SECURITIES INC.
022 B000008 13-3224016
022 C000008 50497
022 D000008 98942
022 A000009 DEUTSCHE MORGAN GRENFELL/C.J. LAWRENCE INC.
022 B000009 13-2730828
022 C000009 1149
022 D000009 73447
022 A000010 UBS SECURITIES LLC
022 B000010 13-3873456
022 C000010 17555
<PAGE> PAGE 3
022 D000010 49874
023 C000000 24402049
023 D000000 1197732
028 A010000 56160
028 A020000 0
028 A030000 0
028 A040000 147771
028 B010000 44600
028 B020000 0
028 B030000 0
028 B040000 119326
028 C010000 77043
028 C020000 79398
028 C030000 0
028 C040000 120378
028 D010000 45996
028 D020000 0
028 D030000 0
028 D040000 149711
028 E010000 49996
028 E020000 0
028 E030000 0
028 E040000 90775
028 F010000 64816
028 F020000 245955
028 F030000 0
028 F040000 195951
028 G010000 338611
028 G020000 325353
028 G030000 0
028 G040000 823912
028 H000000 0
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
071 A000000 1785382
<PAGE> PAGE 4
071 B000000 2088693
071 C000000 6875349
071 D000000 26
072 A000000 12
072 B000000 307821
072 C000000 116424
072 D000000 0
072 E000000 0
072 F000000 3606
072 G000000 8638
072 H000000 0
072 I000000 6730
072 J000000 209
072 K000000 0
072 L000000 315
072 M000000 22
072 N000000 0
072 O000000 486
072 P000000 0
072 Q000000 0
072 R000000 15
072 S000000 0
072 T000000 1383
072 U000000 0
072 V000000 94
072 W000000 0
072 X000000 21498
072 Y000000 344
072 Z000000 403091
072AA000000 290642
072BB000000 32600
072CC010000 0
072CC020000 41888
072DD010000 398277
072DD020000 0
072EE000000 202715
073 A010000 1.1600
073 A020000 0.0000
073 B000000 0.6000
073 C000000 0.0000
074 A000000 262
074 B000000 179088
074 C000000 0
074 D000000 4175262
074 E000000 38937
074 F000000 2628810
074 G000000 0
074 H000000 0
074 I000000 641
074 J000000 17742
074 K000000 0
<PAGE> PAGE 5
074 L000000 144402
074 M000000 0
074 N000000 7185144
074 O000000 11600
074 P000000 3008
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 157814
074 S000000 0
074 T000000 7012722
074 U010000 341976
074 U020000 0
074 V010000 20.51
074 V020000 0.00
074 W000000 0.0000
074 X000000 287612
074 Y000000 0
075 A000000 0
075 B000000 7016408
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 C000000 200000
081 A000000 Y
081 B000000 114
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
<PAGE> PAGE 6
084 B000000 0
085 A000000 Y
085 B000000 N
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> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 6274401
<INVESTMENTS-AT-VALUE> 7022097
<RECEIVABLES> 162144
<ASSETS-OTHER> 903
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7185144
<PAYABLE-FOR-SECURITIES> 11600
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 160822
<TOTAL-LIABILITIES> 172422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6166680
<SHARES-COMMON-STOCK> 341976
<SHARES-COMMON-PRIOR> 351262
<ACCUMULATED-NII-CURRENT> 12026
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 86320
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 747696
<NET-ASSETS> 7012722
<DIVIDEND-INCOME> 116424
<INTEREST-INCOME> 307821
<OTHER-INCOME> 0
<EXPENSES-NET> 21154
<NET-INVESTMENT-INCOME> 403091
<REALIZED-GAINS-CURRENT> 258042
<APPREC-INCREASE-CURRENT> (41888)
<NET-CHANGE-FROM-OPS> 619245
<EQUALIZATION> (4740)
<DISTRIBUTIONS-OF-INCOME> 398277
<DISTRIBUTIONS-OF-GAINS> 202715
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45503
<NUMBER-OF-SHARES-REDEEMED> 80687
<SHARES-REINVESTED> 25898
<NET-CHANGE-IN-ASSETS> (168014)
<ACCUMULATED-NII-PRIOR> 11952
<ACCUMULATED-GAINS-PRIOR> 30993
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3606
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21498
<AVERAGE-NET-ASSETS> 7016408
<PER-SHARE-NAV-BEGIN> 20.44
<PER-SHARE-NII> 1.17
<PER-SHARE-GAIN-APPREC> 0.66
<PER-SHARE-DIVIDEND> 1.16
<PER-SHARE-DISTRIBUTIONS> 0.60
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.51
<EXPENSE-RATIO> 0.31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
