<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 787628
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 SCUDDER INSTITUTIONAL FUND, INC.
001 B000000 811-4555
001 C000000 2123266656
002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10154
002 D020000 0010
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007 C030200 N
007 C010300 3
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007 C030300 N
007 C010400 4
007 C020400 INSTITUTIONAL CASH PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 INSTITUTIONAL INTERMEDIATE CASH PORTFOLIO
007 C030500 N
007 C010600 6
007 C020600 INSTITUTIONAL BOND INDEX PORTFOLIO
007 C030600 N
007 C010700 7
007 C020700 INSTITUTIONAL TAX-FREE PORTFOLIO
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007 C010800 8
007 C020800 INSTITUTIONAL MUNICIPAL INCOME PORTFOLIO
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<PAGE> PAGE 2
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 17
019 C00AA00 SCUDINSTFD
020 A000001 UBS SECURITIES
020 C000001 18
020 A000002 BARCLAYS DE ZOETE WEDD, INC.
020 C000002 10
020 A000003 GOLDMAN SACHS
020 C000003 8
020 A000004 SBC WARBURG
020 C000004 4
020 A000005 NATWEST SECURITIES CORP.
020 C000005 4
020 A000006 TOKYO SECURITIES CO., LTD.
020 C000006 4
020 A000007 ING BARINGS SECURITIES, INC.
020 C000007 3
020 A000008 MORGAN STANLEY
020 C000008 3
020 A000009 ROBERT FLEMING, INC.
020 C000009 2
020 A000010 CAZENOVE, INC.
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021 000000 70
022 A000001 STATE STREET BANK
022 C000001 3452475
022 D000001 0
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<PAGE> PAGE 3
022 D000009 43875
022 A000010 JP MORGAN SECURITIES
022 C000010 43268
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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070 A010900 Y
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070 B020900 N
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<PAGE> PAGE 18
070 E020900 N
070 F010900 Y
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070 G020900 N
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070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
070 N010900 Y
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 16434
071 B000900 1078
071 C000900 16119
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<PAGE> PAGE 19
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<PAGE> PAGE 20
SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Institutional Federal Portfolio Annual Report for the period ended December 31,
1996 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>1
<NAME> Institutional Federal Portfolio
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-27-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-27-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 539,307
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 539,307
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,670
<TOTAL-LIABILITIES> 501,638
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 501,638
<SHARES-COMMON-STOCK> 501,638
<SHARES-COMMON-PRIOR> 16,420,283
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 501,638
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 560,831
<OTHER-INCOME> 0
<EXPENSES-NET> 59,328
<NET-INVESTMENT-INCOME> 501,503
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 501,503
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 501,503
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,851,479
<NUMBER-OF-SHARES-REDEEMED> (66,325,425)
<SHARES-REINVESTED> 555,301
<NET-CHANGE-IN-ASSETS> (18,918,645)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,629
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 59,328
<AVERAGE-NET-ASSETS> 14,806,530
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .53
<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
Institutional International Equity Portfolio Annual Report for the fiscal year
ended December 31, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> Institutional International Equity Portfolio
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 16,952,780
<INVESTMENTS-AT-VALUE> 17,824,250
<RECEIVABLES> 54,759
<ASSETS-OTHER> 116,527
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,995,536
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,028
<TOTAL-LIABILITIES> 98,028
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,189,696
<SHARES-COMMON-STOCK> 1,433,768
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (853)
<ACCUMULATED-NET-GAINS> (162,805)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 871,470
<NET-ASSETS> 17,897,508
<DIVIDEND-INCOME> 147,755
<INTEREST-INCOME> 106,448
<OTHER-INCOME> 0
<EXPENSES-NET> 110,446
<NET-INVESTMENT-INCOME> 143,757
<REALIZED-GAINS-CURRENT> (174,257)
<APPREC-INCREASE-CURRENT> 871,470
<NET-CHANGE-FROM-OPS> 840,970
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (156,525)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,451,638
<NUMBER-OF-SHARES-REDEEMED> (25,169)
<SHARES-REINVESTED> 7,199
<NET-CHANGE-IN-ASSETS> 17,896,308
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 104,861
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 296,147
<AVERAGE-NET-ASSETS> 16,118,800
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.48
<EXPENSE-RATIO> .95
<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
Institutional Tax-Free Portfolio AnnualReport for the fiscal year ended December
31, 1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 103,784,014
<INVESTMENTS-AT-VALUE> 103,784,014
<RECEIVABLES> 694,597
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,478,611
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 454,498
<TOTAL-LIABILITIES> 454,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,024,113
<SHARES-COMMON-STOCK> 104,024,113
<SHARES-COMMON-PRIOR> 79,049,313
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 104,024,113
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,518,859
<OTHER-INCOME> 0
<EXPENSES-NET> 277,323
<NET-INVESTMENT-INCOME> 3,241,536
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 24,974,800
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,241,536)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 323,081,752
<NUMBER-OF-SHARES-REDEEMED> (298,497,238)
<SHARES-REINVESTED> 390,286
<NET-CHANGE-IN-ASSETS> 24,974,800
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 149,789
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 277,323
<AVERAGE-NET-ASSETS> 99,843,655
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .032
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.032)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.28
<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
Institutional Government Portfolio Annual Report for the fiscal year ended
December 31, 1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 47,135,992
<INVESTMENTS-AT-VALUE> 47,135,992
<RECEIVABLES> 192,294
<ASSETS-OTHER> 907
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,329,193
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 299,598
<TOTAL-LIABILITIES> 299,598
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,029,595
<SHARES-COMMON-STOCK> 47,029,595
<SHARES-COMMON-PRIOR> 79,918,361
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 47,029,595
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,458,695
<OTHER-INCOME> 0
<EXPENSES-NET> 203,441
<NET-INVESTMENT-INCOME> 3,255,254
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> (32,888,766)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,255,254)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 264,453,259
<NUMBER-OF-SHARES-REDEEMED> (298,316,303)
<SHARES-REINVESTED> 974,278
<NET-CHANGE-IN-ASSETS> (32,888,766)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 96,302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 203,441
<AVERAGE-NET-ASSETS> 64,281,632
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .051
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.051)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.32
<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
Institutional Cash Portfolio AnnualReport for the fiscal year ended December 31,
1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 270,085,775
<INVESTMENTS-AT-VALUE> 270,085,775
<RECEIVABLES> 3,622,338
<ASSETS-OTHER> 146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 273,708,259
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,538,425
<TOTAL-LIABILITIES> 1,538,425
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 272,169,834
<SHARES-COMMON-STOCK> 272,169,834
<SHARES-COMMON-PRIOR> 249,428,129
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 272,169,834
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,518,054
<OTHER-INCOME> 0
<EXPENSES-NET> 607,242
<NET-INVESTMENT-INCOME> 22,741,705
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> (14,910,812)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14,910,812
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 752,470,938
<NUMBER-OF-SHARES-REDEEMED> (734,192,638)
<SHARES-REINVESTED> 4,463,405
<NET-CHANGE-IN-ASSETS> 22,741,255
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 430,252
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 607,242
<AVERAGE-NET-ASSETS> 286,382,683
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .052
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.052)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas Telephone 212.596.7000
New York, NY 10036 Facsimile 212.596.8910
Price Waterhouse LLP
February 19, 1997
To the Board of Directors and Shareholders of
Scudder Institutional Fund, Inc.
In planning and performing our audits of the financial statements of
Institutional Government Portfolio, Institutional Cash Portfolio, Institutional
Tax-Free Portfolio and Institutional International Equity Portfolio (each a
separate portfolio of Scudder Institutional Fund, Inc., hereafter referred to as
the "Fund") for the period ended December 31, 1996, we considered their 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 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 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, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/Price Waterhouse LLP
