VANGUARD/WELLESLEY INCOME FUND INC
NSAR-B, 1998-02-23
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<PAGE>      PAGE  1
000 B000000 12/31/97
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001 A000000 VANGUARD/WELLESLEY INCOME FUND, INC.
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014 B000001 8-21570
018  000000 Y
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020 A000001 FRANK RUSSELL SECURITIES, INC.
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020 A000002 SMITH BARNEY/SALOMON
020 B000002 13-1912900
020 C000002    333
020 A000003 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000003 13-5659485
020 C000003    202
020 A000004 LEHMAN BROTHERS INC.
020 B000004 13-2518466
020 C000004    177
020 A000005 BEAR, STEARNS & CO. INC.
020 B000005 13-3299429
020 C000005    156
020 A000006 PAINEWEBBER INCORPORATED
020 B000006 13-2638166
020 C000006    144
020 A000007 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
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020 A000008 PRUDENTIAL SECURITIES INCORPORATED
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<PAGE>      PAGE  2
020 C000008    128
020 A000009 J.P. MORGAN SECURITIES INC.
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020 A000010 NATWEST SECURITIES CORPORATION
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020 C000010     65
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<PAGE>      PAGE  3
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<PAGE>      PAGE  6
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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>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<EXCHANGE-RATE>                                      1
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</TABLE>


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