VANGUARD INSTITUTIONAL INDEX FUND
NSAR-B, 1997-02-07
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<PAGE>      PAGE  1
000 B000000 12/31/96
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020 A000001 PAINEWEBBER INCORPORATED
020 B000001 13-2638166
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020 A000002 BEAR STEARNS & CO.
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020 C000002    188
020 A000003 SALOMON BROTHERS INC.
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020 A000004 MORGAN STANLEY & CO., INC.
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020 A000005 INSTINET CORPORATION
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020 A000006 FAHNESTOCK & CO. INC.
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020 A000007 LEHMAN BROTHERS INC.
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020 A000008 SMITH BARNEY INC.
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020 A000009 CANTOR FITZGERALD & CO.
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020 B000009 13-3680184
020 C000009      6
020 A000010 NOMURA SECURITIES INTERNATIONAL, INC.
020 B000010 13-2642206
020 C000010      5
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022 A000001 SEI LIQUID ASSET TRUST PRIME OBLIGATION PORT.
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SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000862084
<NAME> VANGUARD INSTITUTIONAL INDEX FUND
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          8387920
<INVESTMENTS-AT-VALUE>                        11461352
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<EXPENSE-RATIO>                                   0.06
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</TABLE>


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