VANGUARD/WELLESLEY INCOME FUND INC
NSAR-B, 1999-02-11
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<PAGE>      PAGE  1
000 B000000 12/31/98
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012 B000001 84-772
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013 A000001 PRICE WATERHOUSE LLP
013 B010001 PHILADELPHIA
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013 B030001 19103
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015 A000001 THE CHASE MANHATTAN BANK, N.A.
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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>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          7387335
<INVESTMENTS-AT-VALUE>                         8656723
<RECEIVABLES>                                   170244
<ASSETS-OTHER>                                    1519
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 8828486
<PAYABLE-FOR-SECURITIES>                        119946
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       210760
<TOTAL-LIABILITIES>                             330706
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       7164130
<SHARES-COMMON-STOCK>                           384141
<SHARES-COMMON-PRIOR>                           349691
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                            2469
<ACCUMULATED-NET-GAINS>                          66731
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       1269388
<NET-ASSETS>                                   8497780
<DIVIDEND-INCOME>                                98236
<INTEREST-INCOME>                               329890
<OTHER-INCOME>                                     230
<EXPENSES-NET>                                   24378
<NET-INVESTMENT-INCOME>                         403978
<REALIZED-GAINS-CURRENT>                        397100
<APPREC-INCREASE-CURRENT>                        96210
<NET-CHANGE-FROM-OPS>                           897288
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       402480
<DISTRIBUTIONS-OF-GAINS>                        413626
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          55868
<NUMBER-OF-SHARES-REDEEMED>                      53098
<SHARES-REINVESTED>                              31680
<NET-CHANGE-IN-ASSETS>                          851880
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        83257
<OVERDISTRIB-NII-PRIOR>                           3967
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             4674
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  24773
<AVERAGE-NET-ASSETS>                           7993806
<PER-SHARE-NAV-BEGIN>                            21.86
<PER-SHARE-NII>                                   1.13
<PER-SHARE-GAIN-APPREC>                           1.40
<PER-SHARE-DIVIDEND>                              1.13
<PER-SHARE-DISTRIBUTIONS>                         1.14
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              22.12
<EXPENSE-RATIO>                                   0.31
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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