VANGUARD/WELLESLEY INCOME FUND INC
NSAR-A, 1998-08-26
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<PAGE>      PAGE  1
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020 A000003 DONALDSON LUFKIN & JERNETTE SECURITIES CORP.
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020 A000004 PRUDENTIAL SECURITIES INCORPORATED
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020 A000005 MERRILL LYNCH
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020 A000006 J.P. MORGAN SECURITIES INC.
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<PAGE>      PAGE  9
SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000105544
<NAME> VANGUARD/WELLESLEY INCOME FUND
<MULTIPLIER> 1000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          6761316
<INVESTMENTS-AT-VALUE>                         8025954
<RECEIVABLES>                                   108573
<ASSETS-OTHER>                                    4208
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 8138735
<PAYABLE-FOR-SECURITIES>                         43663
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        86219
<TOTAL-LIABILITIES>                             129882
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       6534291
<SHARES-COMMON-STOCK>                           356022
<SHARES-COMMON-PRIOR>                           349691
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<OTHER-INCOME>                                       0
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       196696
<DISTRIBUTIONS-OF-GAINS>                         83774
<DISTRIBUTIONS-OTHER>                                0
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<PER-SHARE-NII>                                   0.58
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</TABLE>


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