VANGUARD ASSET ALLOCATION FUND INC
NSAR-A, 1997-05-16
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 0000836906
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 VANGUARD ASSET ALLOCATION FUND, INC.
001 B000000 811-5628
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
018  000000 Y
019 A000000 Y
019 B000000   94
019 C000000 VANGUARDGR
020 A000001 SALOMON BROTHERS INC.
020 B000001 13-3082694
020 C000001     62
020 A000002 BEAR, STEARNS & CO. INC.
020 B000002 13-3299429
020 C000002      4
020 A000003 SBC WARBURG INC.
020 B000003 13-3340045
020 C000003      3
020 A000004 GUZMAN & COMPANY
020 B000004 59-2764363
020 C000004      2
020 A000005 CANTOR FITZGERALD & CO.
020 B000005 13-3680184
020 C000005      1
020 A000006 MORGAN STANLEY & CO., INC.
020 B000006 13-2655998
020 C000006      1
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       73
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
<PAGE>      PAGE  2
022 C000001   1513162
022 D000001   1211847
022 A000002 GOLDMAN SACHS & CO.
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022 C000002    731157
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022 A000003 SALOMON BROTHERS INC.
022 B000003 13-3082694
022 C000003     64659
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022 A000004 MERRILL LYNCH PIERCE FENNER & SMITH
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022 D000004        90
022 A000005 SBC WARBURG INC.
022 B000005 13-3340045
022 C000005    208799
022 D000005         0
022 A000006 CS FIRST BOSTON CORP.
022 B000006 13-5659485
022 C000006    183211
022 D000006     20452
022 A000007 FORD MOTOR CO. & SUBSIDIARIES
022 C000007     59333
022 D000007         0
022 A000008 ASSOCIATES CORP.
022 C000008     29726
022 D000008         0
022 A000009 LEHMAN BROTHERS INC.
022 B000009 13-2518466
022 C000009     28310
022 D000009         0
022 A000010 PAINEWEBBER INCORPORATED
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SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000836906
<NAME> VANGUARD ASSET ALLOCATION FUND, INC.
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          2680709
<INVESTMENTS-AT-VALUE>                         3031391
<RECEIVABLES>                                    74853
<ASSETS-OTHER>                                     235
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 3106479
<PAYABLE-FOR-SECURITIES>                        253389
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        65382
<TOTAL-LIABILITIES>                             318771
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       2364453
<SHARES-COMMON-STOCK>                           153720
<SHARES-COMMON-PRIOR>                           128162
<ACCUMULATED-NII-CURRENT>                        23385
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          67748
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        332122
<NET-ASSETS>                                   2787708
<DIVIDEND-INCOME>                                10797
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          24291
<NUMBER-OF-SHARES-REDEEMED>                       9791
<SHARES-REINVESTED>                              11058
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<OVERDISTRIB-NII-PRIOR>                              0
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<PER-SHARE-NAV-BEGIN>                            18.27
<PER-SHARE-NII>                                   0.36
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<PER-SHARE-DIVIDEND>                              0.52
<PER-SHARE-DISTRIBUTIONS>                         1.05
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<PER-SHARE-NAV-END>                              18.13
<EXPENSE-RATIO>                                   0.47
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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