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<PAGE> PAGE 2
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
February 21, 1995
To the Board of Directors of
Scudder Institutional Fund, Inc.
In planning and performing our audit of the financial statements of
Institutional Government Portfolio, Institutional Federal Portfolio,
Institutional Cash Portfolio and Institutional Tax-Free Portfolio (each a
separate portfolio of Scudder Institutional Fund, Inc., hereafter referred
to as the "Fund") for the year ended December 31, 1994, we considered its
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purposes
of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are appropriately safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection of
any evaluation of the structure to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of December 31,
1994.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Institutional Fund, Inc. Annual Report for the fiscal year ended
December 31, 1994 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER>1
<NAME> Institutional Federal Portfolio
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-1-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 11,166,763
<INVESTMENTS-AT-VALUE> 11,166,763
<RECEIVABLES> 0
<ASSETS-OTHER> 7,033
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,173,796
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,827
<TOTAL-LIABILITIES> 118,827
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 11,054,969
<SHARES-COMMON-PRIOR> 7,617,181
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11,054,969
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 419,829
<OTHER-INCOME> 0
<EXPENSES-NET> 57,450
<NET-INVESTMENT-INCOME> 362,379
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 362,379
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 362,379
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,187,822
<NUMBER-OF-SHARES-REDEEMED> 46,094,573
<SHARES-REINVESTED> 344,539
<NET-CHANGE-IN-ASSETS> 3,437,788
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3068
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 58,152
<AVERAGE-NET-ASSETS> 10,687,569
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .034
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .034
<PER-SHARE-DISTRIBUTIONS> .034
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Institutional Fund, Inc. Annual Report for the fiscal year ended
December 31, 1994 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER>2
<NAME> Institutional Government Portfolio
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-1-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 118,313,582
<INVESTMENTS-AT-VALUE> 118,313,582
<RECEIVABLES> 0
<ASSETS-OTHER> 348,463
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,662,045
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 797,925
<TOTAL-LIABILITIES> 797,925
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 117,864,120
<SHARES-COMMON-PRIOR> 195,932,081
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 117,864,120
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,589,243
<OTHER-INCOME> 0
<EXPENSES-NET> 515,409
<NET-INVESTMENT-INCOME> 7,073,834
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,073,834
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,073,834
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 803,305,494
<NUMBER-OF-SHARES-REDEEMED> 882,511,092
<SHARES-REINVESTED> 1,137,637
<NET-CHANGE-IN-ASSETS> (78,067,961)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 272,538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 515,409
<AVERAGE-NET-ASSETS> 181,664,232
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .040
<PER-SHARE-DISTRIBUTIONS> .040
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Institutional Fund, Inc. Annual Report for the fiscal year ended
December 31, 1994 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER>4
<NAME> Institutional Cash Portfolio
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-1-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 271,811,092
<INVESTMENTS-AT-VALUE> 271,811,092
<RECEIVABLES> 515,283
<ASSETS-OTHER> 1,466
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 272,327,841
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 1,323,041
<OTHER-ITEMS-LIABILITIES> 1,323,041
<TOTAL-LIABILITIES> 1,155,695
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 271,004,800
<SHARES-COMMON-PRIOR> 467,705,718
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 271,004,800
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,170,864
<OTHER-INCOME> 0
<EXPENSES-NET> 927,891
<NET-INVESTMENT-INCOME> 15,242,973
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 15,242,973
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,242,973
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,756,715,344
<NUMBER-OF-SHARES-REDEEMED> 1,956,022,378
<SHARES-REINVESTED> 2,606,116
<NET-CHANGE-IN-ASSETS> (196,700,918)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 580,110
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 927,891
<AVERAGE-NET-ASSETS> 386,743,646
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .041
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .041
<PER-SHARE-DISTRIBUTIONS> .041
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Institutional Fund, Inc. Annual Report for the fiscal year ended
December 31, 1994 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER>7
<NAME> Institutional Tax Free Portfolio
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-1-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 167,176,462
<INVESTMENTS-AT-VALUE> 167,176,462
<RECEIVABLES> 1,291,343
<ASSETS-OTHER> 55,189
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 168,522,994
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 665,598
<TOTAL-LIABILITIES> 665,598
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 167,857,396
<SHARES-COMMON-PRIOR> 125,047,746
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 167,857,396
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,262,670
<OTHER-INCOME> 0
<EXPENSES-NET> 382,830
<NET-INVESTMENT-INCOME> 3,879,840
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,879,840
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,879,840
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 908,058,572
<NUMBER-OF-SHARES-REDEEMED> 909,466,533
<SHARES-REINVESTED> 1,407,961
<NET-CHANGE-IN-ASSETS> 42,809,650
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 212,854
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 415,430
<AVERAGE-NET-ASSETS> 141,886,642
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .027
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .027
<PER-SHARE-DISTRIBUTIONS> .027
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
