MUTUAL OF AMERICA
INSTITUTIONAL FUNDS, INC.
SEMI-ANNUAL REPORT
ALL AMERICA FUND
EQUITY INDEX FUND
BOND FUND
MONEY MARKET FUND
JUNE 30, 2000
This report is not to be construed as an offering for sale. No offering is
made except in conjunction with a prospectus which must
precede or accompany this report.
<PAGE>
CONTENTS
Page
----
President's Message ....................................................... 1
Performance Graphs ........................................................ 2
Portfolio of Investments in Securities:
All America Fund ....................................................... 5
Equity Index Fund ...................................................... 13
Bond Fund .............................................................. 18
Money Market Fund ...................................................... 20
Statement of Assets and Liabilities ....................................... 21
Statement of Operations ................................................... 22
Statements of Changes in Net Assets ....................................... 23
Financial Highlights ...................................................... 25
Notes to Financial Statements ............................................. 27
<PAGE>
--------------------------------------------------------------------------------
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
320 PARK AVENUE, NEW YORK, NEW YORK 10022
--------------------------------------------------------------------------------
Dear Shareholder:
We are pleased to present the Mutual of America Institutional Funds'
results for the six-month period ending June 30, 2000. These funds are designed
primarily as investment vehicles for endowments, foundations and other
institutional investors.
The U.S. economy remains fundamentally strong at mid year, although
indications that it may be slowing have appeared. The Federal Reserve has raised
rates by a total of 1.75% in a little over a year, but should the economy indeed
lose steam, the central bankers may defer further rate increases for the near
term as the risk of inflation wanes. The combination of a more relaxed economy
and slowing job growth has produced Treasury yields that are lower than at any
time since December.
There was substantial volatility in the stock market during the first half
of this year. In the second quarter the S&P 500 Index, the NASDAQ and the
Russell 2000 declined. Second quarter earnings, however, should reflect the
underlying strength in the U.S. and global economies.
Total Returns-Six Months to June 30, 2000
The total return performance of each Fund for the six months ended June
30, 2000 was as follows:
All America Fund .......................................... +4.7%
Equity Index Fund ......................................... -0.5%
Bond Fund ................................................. +2.4%
MoneyMarket Fund .......................................... +2.9%
All performance is historical, assumes reinvestment of all dividends and
capital gains, and is not indicative of future results. Investment return and
principal value will fluctuate, so shares, when redeemed, may be worth more or
less than when purchased.
On the pages which immediately follow are brief presentations and graphs
for each Fund (except the Money Market Fund) which illustrate each Fund's
respective:
o Historical total return achieved over specified periods, expressed as an
annual average rate and as a cumulative rate;
o Equivalent in dollars of a $10,000 hypothetical investment at the
beginning of each specified period; and
o Historical performance compared with an appropriate index.
The portfolios of each Fund and financial statements are presented in the
pages which then follow.
Thank you for your continued investment in our Funds.
Sincerely,
/s/ Dolores Morrissey
-----------------------
Dolores Morrissey
Chairman of the Board and President,
Mutual of America Institutional Funds, Inc.
1
<PAGE>
ALL AMERICA FUND
The All America Fund's investment objective is to outperform the Standard
& Poor's 500 Index. The Fund is approximately 60% invested in the 500 stocks
that comprise the S&P 500, while the remaining 40% of the Fund is actively
managed. The actively managed portion of the Fund utilizes four different
investment approaches -- large cap growth, small cap growth, large cap value and
small cap value -- with each approach managing approximately equal portions of
the actively managed portion. Beginning in early 2000, approximately half of the
actively managed assets were managed by two subadvisors, with Mutual of America
Capital Management Corporation managing the remainder. Previously, three
subadvisors were retained to manage approximately three quarters of these active
assets. The Fund's return for the twelve month period ended June 30, 2000 was
17.3%, well in excess of the 7.2% return of its benchmark index, the S&P 500.
The Fund's twelve month performance reflected investors' continued quest for
growth opportunities -- both the large and small cap growth portions
significantly outperformed the value segments. Nevertheless, the small cap value
segment performed strongly. Only the large cap value portion turned in negative
performance.
[The following table depicts a line graph that appears in the document.]
ALL AMERICA
FUND S&P 500
---------------------------------------------------------
SEMI SINCE SINCE
ANNUAL INCEPTION INCEPTION
---------------------------------------------------------
05/96 10,000 10,000
06/96 10,103 10,301
06/97 12,883 13,875
06/98 15,882 18,060
06/99 18,940 22,168
06/00 22,225 23,773
----------------------------------------------------
All America Fund
----------------
Total Return
------------
Period Growth
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
---------------------------------------------------
1 Year $11,734 17.3% 17.3%
Since 5/1/96
(Inception) $22,225 122.2% 21.2%
----------------------------------------------------
----------------------------------------------------
S&P 500 Index
------------
Total Return
------------
Period Growth
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------
1 Year $10,724 7.2% 7.2%
Since 5/1/96
(Inception) $23,773 137.7% 23.1%
----------------------------------------------------
The line representing the performance return of the All America Fund includes
expenses, such as transaction costs, management fees and expenses, that reduce
returns, while the performance return line of the index does not.
2
<PAGE>
EQUITY INDEX FUND
The Equity Index Fund invests in the 500 stocks which comprise the S&P 500
Index. The S&P Index is a market-value weighted index of 500 domestic stocks
that are traded on the New York Stock Exchange, American Stock Exchange and
NASDAQ National Market System. The weightings make each company's influence on
the Index's performance directly proportional to that company's market value.
The companies included in the Index tend to be industry leaders. The Fund's
performance for the twelve months ended June 30, 2000 was 6.8%, substantially in
line with the benchmark's return of 7.2%. Technology has continued to be the
dominant theme, with defensive sectors such as utilities doing much better in
the past few months. Price-earnings and price-to-book multiples have come under
some pressure, reflecting the Federal Reserve's attempts to slow the economy
through higher interest rates.
[The following table depicts a line graph that appears in the document.]
EQUITY INDEX
FUND S&P 500
---------------------------------------------------------
SEMI SINCE SINCE
ANNUAL INCEPTION INCEPTION
---------------------------------------------------------
05/99 10,000 10,000
06/99 10,145 10,306
06/00 10,839 11,052
----------------------------------------------------
Equity Index Fund
-----------------
Total Return
------------
Period Growth
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
---------------------------------------------------
1 Year $10,684 6.8% 6.8%
Since 5/3/99
(Inception) $10,839 8.4% 7.2%
----------------------------------------------------
----------------------------------------------------
S&P 500 Index
-------------
Total Return
------------
Period Growth
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------
1 Year $10,724 7.2% 7.2%
Since 5/3/99
(Inception) $11,052 10.5% 9.0%
----------------------------------------------------
The line representing the performance return of the Equity Index Fund includes
expenses, such as transaction costs, management fees and expenses, that reduce
returns, while the performance return line of the index does not.
3
<PAGE>
MONEY MARKET FUND
The Money Market Fund's investment objective is the realization of high
current income to the extent consistent with the maintenance of liquidity,
investment quality and stability of capital. Through investing in high quality
commercial paper and other short-term instruments, the Fund returned 5.5% for
the year ended 6/30/00. Short-term rates rose substantially during this period,
as the Federal Reserve Board raised the Federal Funds rate in an attempt to
quell prospective inflation. The seven-day effective yield as of August 1, 2000
is 6.5%. As with all performance reporting, this yield is not necessarily
indicative of future annual yields.
BOND FUND
The Bond Fund seeks a high level of return consistent with the
preservation of capital through investments in publicly traded debt securities.
The Fund primarily invests in corporate and U.S. Government agency securities,
which yield more than U.S. Treasury issues. The Fund's benchmark, the Lehman
Brothers Government/Corporate Index, which was invested over 50% in U.S.
Government issues, returned 4.3% over the past year. The Fund's overemphasis on
high yielding, lower quality, but primarily investment grade, longer corporate
bonds caused it to underperform this Index over the past twelve months.
[The following table depicts a line graph that appears in the document.]
BOND FUND S&P 500
---------------------------------------------------------
SEMI SINCE SINCE
ANNUAL INCEPTION INCEPTION
---------------------------------------------------------
05/96 10,000 10,000
06/96 10,074 10,116
06/97 10,748 10,900
06/98 11,884 12,129
06/99 12,116 12,457
06/00 12,234 12,991
----------------------------------------------------
Bond Fund
-----------
Total Return
------------
Period Growth
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
---------------------------------------------------
1 Year $10,097 1.0% 1.0%
Since 5/1/96
(Inception) $12,234 22.3% 5.0%
----------------------------------------------------
----------------------------------------------------
Lehman Brothers Gov't./Corp. Bond Index
------------------------------------------
Total Return
------------
Period Growth
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
---------------------------------------------------
1 Year $10,429 4.3% 4.3%
Since 5/1/96
(Inception) $12,991 29.9% 6.5%
----------------------------------------------------
The line representing the performance return of the Bond Fund includes expenses,
such as transaction costs, management fees and expenses, that reduce returns,
while the performance return line of the index does not.
4
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
Shares Value
------- ---------
INDEXED ASSETS:
COMMON STOCKS
3Com Corp. ........................................ 1,099 $ 63,330
Abbott Laboratories ............................... 4,879 217,420
Adaptec, Inc. ..................................... 322 7,326
ADC Telecommunications, Inc. ...................... 1,067 89,495
Adobe Systems, Inc. ............................... 383 49,790
Advanced Micro Devices, Inc. ...................... 484 37,389
AES Corp. ......................................... 1,348 61,503
Aetna, Inc. ....................................... 446 28,628
Aflac, Inc. ....................................... 844 38,771
Agilent Technologies, Inc. ........................ 1,432 105,610
Air Products & Chemicals, Inc. .................... 729 22,462
Alberto-Culver Co. ................................ 178 5,440
Albertson's, Inc. ................................. 1,345 44,721
Alcan Aluminum Ltd. ............................... 696 21,576
ALCOA, Inc. ....................................... 2,746 79,634
Allegheny Technologies, Inc. ...................... 298 5,364
Allergan, Inc. .................................... 417 31,067
Allied Waste Industries, Inc. ..................... 599 5,990
Allstate Corp. .................................... 2,355 52,399
Alltel Corp. ...................................... 997 61,752
Altera Corp. ...................................... 630 64,221
Alza Corp. ........................................ 325 19,216
Amerada Hess Corp. ................................ 289 17,846
Ameren Corp. ...................................... 435 14,681
America Online, Inc. .............................. 7,266 383,282
American Electric Power, Inc. ..................... 1,022 30,277
American Express Co. .............................. 4,225 220,228
American General Corp. ............................ 784 47,824
American Greetings Corp. Cl A ..................... 206 3,914
American Home Products Corp. ...................... 4,125 242,344
American Int'l. Group, Inc. ....................... 4,875 572,813
American Power Conversion ......................... 600 24,488
Amgen, Inc. ....................................... 3,242 227,751
AMR Corp. ......................................... 471 12,452
Amsouth Bancorporation ............................ 1,242 19,562
Anadarko Petroleum Corp. .......................... 406 20,021
Analog Devices, Inc. .............................. 1,119 85,044
Andrew Corp. ...................................... 263 8,827
Anheuser-Busch Cos., Inc. ......................... 1,429 106,728
Aon Corp. ......................................... 815 25,316
Apache Corp. ...................................... 362 21,290
Apple Computer, Inc. .............................. 1,020 53,423
Applied Materials, Inc. ........................... 2,554 231,456
Archer-Daniels-Midland Co. ........................ 1,932 18,958
Armstrong Holdings, Inc. .......................... 127 1,945
Ashland, Inc. ..................................... 231 8,099
Associates First Capital Corp. .................... 2,311 51,564
AT&T Corp. ........................................ 11,875 375,545
Autodesk, Inc. .................................... 193 6,695
Automatic Data Processing, Inc. ................... 1,976 105,840
AutoZone, Inc. .................................... 423 9,306
Avery Dennison Corp. .............................. 357 23,964
Avon Products, Inc. ............................... 770 34,265
Baker Hughes, Inc. ................................ 1,046 33,472
Ball Corp. ........................................ 97 3,122
Bank of America Corp. ............................. 5,241 225,363
Bank of New York Co., Inc. ........................ 2,337 108,671
Bank One Corp. .................................... 3,640 96,688
Bard (C.R.), Inc. ................................. 162 7,796
Barrick Gold Corp. ................................ 1,251 22,753
Bausch & Lomb, Inc. ............................... 168 12,999
Baxter International, Inc. ........................ 924 64,969
BB & T Corp. ...................................... 1,103 26,334
Bear Stearns Cos., Inc. ........................... 350 14,569
Becton Dickinson & Co. ............................ 793 22,749
Bed Bath & Beyond, Inc. ........................... 444 16,095
BellSouth Corp. ................................... 5,950 253,619
Bemis Co. ......................................... 166 5,582
Best Buy Co., Inc. ................................ 653 41,302
Bestfoods ......................................... 868 60,109
Bethlehem Steel Corp. ............................. 417 1,486
Biogen, Inc. ...................................... 477 30,767
Biomet, Inc. ...................................... 359 13,799
Black & Decker Corp. .............................. 276 10,850
Block (H. & R.), Inc. ............................. 310 10,036
BMC Software, Inc. ................................ 767 27,984
Boeing Co. ........................................ 2,869 119,960
Boise Cascade Corp. ............................... 182 4,709
Boston Scientific Corp. ........................... 1,316 28,870
Briggs & Stratton Corp. ........................... 74 2,535
Bristol-Myers Squibb Co. .......................... 6,238 363,364
Broadcom Corp. Cl A ............................... 650 142,309
Brown-Forman Corp. Cl B ........................... 217 11,664
Brunswick Corp. ................................... 292 4,836
Burlington Northern Santa Fe ...................... 1,354 31,057
Burlington Resources, Inc. ........................ 690 26,393
Cabletron Systems, Inc. ........................... 570 14,393
Campbell Soup Co. ................................. 1,360 39,610
Capital One Financial Corp. ....................... 627 27,980
Cardinal Health, Inc. ............................. 871 64,454
Carnival Corp. .................................... 1,912 37,284
Caterpillar, Inc. ................................. 1,129 38,245
Cendant Corp. ..................................... 2,263 31,682
Centex Corp. ...................................... 188 4,418
CenturyTel, Inc. .................................. 443 12,736
Ceridian Corp. .................................... 460 11,069
Charles Schwab Corp. .............................. 4,306 144,789
Charter One Financial, Inc. ....................... 663 15,249
Chase Manhattan Corp. ............................. 3,926 180,818
Chevron Corp. ..................................... 2,062 174,883
Chubb Corp. ....................................... 559 34,379
CIGNA Corp. ....................................... 515 48,153
Cincinnati Financial Corp. ........................ 521 16,379
CINergy Corp. ..................................... 505 12,846
Circuit City Group, Inc. .......................... 645 21,406
Cisco Systems, Inc. ............................... 21,999 1,398,311
Citigroup, Inc. ................................... 10,673 643,048
Citrix Systems, Inc. .............................. 570 10,794
Clear Channel Communications ...................... 1,074 80,550
Clorox Co. ........................................ 750 33,609
CMS Energy Corp. .................................. 368 8,142
Coastal Corp. ..................................... 679 41,334
Coca-Cola Co. ..................................... 7,838 450,195
Coca-Cola Enterprises, Inc. ....................... 1,350 22,022
Colgate-Palmolive Co. ............................. 1,824 109,212
Columbia Energy Group ............................. 259 16,997
Comcast Corp. Cl A ................................ 2,839 114,980
Comerica, Inc. .................................... 497 22,303
Compaq Computer Corp. ............................. 5,402 138,089
Computer Associates Intl., Inc. ................... 1,862 95,311
Computer Sciences Corp. ........................... 528 39,435
Compuware Corp. ................................... 1,132 11,745
Comverse Technology Inc. .......................... 484 45,012
Conagra, Inc. ..................................... 1,563 29,795
Conexant Systems, Inc. ............................ 687 33,405
Conoco, Inc. ...................................... 1,988 48,830
Conseco, Inc. ..................................... 1,039 10,130
Consolidated Edison, Inc. ......................... 670 19,849
Consolidated Stores Corp. ......................... 352 4,224
Constellation Energy Group ........................ 474 15,435
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- ---------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Convergys Corp. ......................................... 500 $ 25,938
Cooper Industries, Inc. ................................. 300 9,769
Cooper Tire & Rubber Co. ................................ 242 2,692
Coors (Adolph) Co. Cl B ................................. 118 7,139
Corning, Inc. ........................................... 872 235,331
Costco Wholesale Corp. .................................. 1,407 46,431
Countrywide Credit Industries ........................... 359 10,882
CP&L Energy, Inc. (Holding Co) .......................... 508 16,224
Crane Co. ............................................... 209 5,081
Crown Cork & Seal, Inc. ................................. 411 6,165
CSX Corp. ............................................... 693 14,683
Cummins Engine Co., Inc. ................................ 132 3,597
CVS Corp. ............................................... 1,244 49,760
Dana Corp. .............................................. 523 11,081
Danaher Corp. ........................................... 452 22,346
Darden Restaurants, Inc. ................................ 422 6,858
Deere & Co. ............................................. 741 27,417
Dell Computer Corp. ..................................... 8,129 400,861
Delphi Automotive Systems Corp. ......................... 1,793 26,111
Delta Air Lines, Inc. ................................... 387 19,568
Deluxe Corp. ............................................ 232 5,467
Dillard's Inc. Cl A ..................................... 345 4,226
Disney (Walt) Co. ....................................... 6,571 255,037
Dollar General Corp. .................................... 1,057 20,612
Dominion Resources, Inc. ................................ 753 32,285
Donnelley (R.R.) & Sons Co. ............................. 401 9,048
Dover Corp. ............................................. 646 26,203
Dow Chemical Co. ........................................ 2,139 64,571
Dow Jones & Co., Inc. ................................... 284 20,803
DTE Energy Co. .......................................... 461 14,089
Du Pont (E.I.) de Nemours & Co .......................... 3,315 145,031
Duke Energy Corp. ....................................... 1,161 65,451
Dun & Bradstreet Corp. .................................. 511 14,627
Eastern Enterprises ..................................... 86 5,418
Eastman Chemical Co. .................................... 250 11,938
Eastman Kodak Co. ....................................... 980 58,310
Eaton Corp. ............................................. 234 15,678
Ecolab, Inc. ............................................ 412 16,094
Edison International .................................... 1,051 21,546
El Paso Energy Corp. .................................... 724 36,879
Electronic Data Systems Corp. ........................... 1,494 61,628
EMC Corp. ............................................... 6,862 527,945
Emerson Electric Co. .................................... 1,349 81,446
Engelhard Corp. ......................................... 399 6,808
Enron Corp. ............................................. 2,315 149,318
Entergy Corp. ........................................... 727 19,765
Equifax, Inc. ........................................... 449 11,786
Exxon Mobil Corp. ....................................... 11,009 864,207
Fannie Mae .............................................. 3,186 166,269
Federated Department Stores ............................. 666 22,478
FedEx Corp. ............................................. 917 34,846
Fifth Third Bancorp ..................................... 979 61,922
First Data Corp. ........................................ 1,304 64,711
First Union Corp. ....................................... 3,135 77,787
Firstar Corp. ........................................... 3,068 64,620
FirstEnergy Corp. ....................................... 739 17,274
FleetBoston Financial Corp. ............................. 2,850 96,900
Florida Progress Corp. .................................. 312 14,625
Fluor Corp. ............................................. 242 7,653
FMC Corp. ............................................... 97 5,626
Ford Motor Co. .......................................... 3,833 164,819
Fort James Corp. ........................................ 687 15,887
Fortune Brands, Inc. .................................... 520 11,993
FPL Group, Inc. ......................................... 570 28,215
Franklin Resources, Inc. ................................ 770 23,389
Freddie Mac ............................................. 2,207 89,384
Freeport-McMoran Copper Cl B ............................ 518 4,792
Gannett Co., Inc. ....................................... 843 50,422
Gap, Inc. ............................................... 2,691 84,094
Gateway, Inc. ........................................... 1,004 56,977
General Dynamics Corp. .................................. 638 33,336
General Electric Co. .................................... 31,288 1,658,264
General Mills, Inc. ..................................... 922 35,267
General Motors Corp. .................................... 1,692 98,242
Genuine Parts Co. ....................................... 565 11,300
Georgia-Pacific Group ................................... 544 14,280
Gillette Co. ............................................ 3,301 115,329
Global Crossing Ltd. .................................... 2,786 73,307
Golden West Financial Corp. ............................. 513 20,937
Goodrich (B.F.) Co. ..................................... 350 11,922
Goodyear Tire & Rubber Co. .............................. 497 9,940
GPU, Inc. ............................................... 392 10,609
Grainger (W.W.), Inc. ................................... 297 9,151
Great Atlantic & Pac. Tea, Inc. ......................... 123 2,045
Great Lakes Chemical Corp. .............................. 183 5,765
GTE Corp. ............................................... 3,045 189,551
Guidant Corp. ........................................... 976 48,312
Halliburton Co. ......................................... 1,402 66,157
Harcourt General, Inc. .................................. 226 12,289
Harley-Davidson, Inc. ................................... 962 37,037
Harrah's Entertainment, Inc. ............................ 408 8,543
Hartford Financial Svs Gp, Inc. ......................... 680 38,038
Hasbro, Inc. ............................................ 544 8,194
HCA - The Healthcare Company ............................ 1,788 54,311
HealthSouth Corp. ....................................... 1,226 8,812
Heinz (H.J.) Co. ........................................ 1,114 48,738
Hercules, Inc. .......................................... 338 4,753
Hershey Food Corp. ...................................... 440 21,340
Hewlett-Packard Co. ..................................... 3,163 394,980
Hilton Hotels Corp. ..................................... 1,170 10,969
Home Depot, Inc. ........................................ 7,306 364,843
Homestake Mining Co. .................................... 826 5,679
Honeywell International, Inc. ........................... 2,513 84,657
Household International, Inc. ........................... 1,492 62,011
Humana, Inc. ............................................ 532 2,594
Huntington Bancshares, Inc. ............................. 730 11,543
Illinois Tool Works, Inc. ............................... 955 54,435
IMS Health, Inc. ........................................ 978 17,604
Inco Ltd. ............................................... 609 9,363
Ingersoll Rand Co. ...................................... 520 20,930
Intel Corp. ............................................. 10,591 1,415,884
International Paper Co. ................................. 1,529 45,583
Interpublic Group of Cos., Inc. ......................... 954 41,022
Intl. Business Machines Corp. ........................... 5,607 614,317
Intl. Flavors & Fragrances .............................. 334 10,083
ITT Industries, Inc. .................................... 279 8,475
Jefferson-Pilot Corp. ................................... 333 18,794
Johnson & Johnson ....................................... 4,399 448,148
Johnson Controls, Inc. .................................. 271 13,906
Kansas City Southern Inds ............................... 351 31,129
Kaufman & Broad Home Corp. .............................. 152 3,012
Kellogg Co. ............................................. 1,286 38,259
Kerr-McGee Corp. ........................................ 297 17,504
KeyCorp ................................................. 1,420 25,028
Kimberly Clark Corp. .................................... 1,757 100,808
KLA Tencor Corp. ........................................ 588 34,435
Kmart Corp. ............................................. 1,576 10,737
Knight-Ridder, Inc. ..................................... 246 13,084
The accompanying notes are an integral part of these financial statements
6
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- ---------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Kohl's Corp. ............................................ 1,035 $ 57,572
Kroger Co. .............................................. 2,637 58,179
Legget & Platt .......................................... 623 10,280
Lehman Brothers Holdings, Inc. .......................... 381 36,028
Lexmark Int'l Inc. ...................................... 406 27,304
Lilly (Eli) & Co. ....................................... 3,572 356,754
Limited, Inc. ........................................... 1,364 29,497
Lincoln National Corp. .................................. 620 22,398
Linear Technology Corp. ................................. 982 62,787
Liz Claiborne, Inc. ..................................... 188 6,627
Lockheed Martin Corp. ................................... 1,257 31,189
Loews Corp. ............................................. 312 18,720
Longs Drug Stores Corp. ................................. 125 2,719
Louisiana-Pacific Corp. ................................. 339 3,687
Lowe's Companies, Inc. .................................. 1,213 49,809
LSI Logic Corp. ......................................... 971 52,555
Lucent Technologies ..................................... 10,298 610,157
Mallinckrodt, Inc. ...................................... 223 9,687
Manor Care, Inc. ........................................ 328 2,296
Marriott International, Inc. ............................ 758 27,335
Marsh & McLennan Cos., Inc. ............................. 848 88,563
Masco Corp. ............................................. 1,419 25,631
Mattel, Inc. ............................................ 1,336 17,619
Maxim Integrated Products, Inc. ......................... 898 61,008
May Department Stores Co. ............................... 1,063 25,512
Maytag Corp. ............................................ 268 9,883
MBIA, Inc. .............................................. 317 15,275
MBNA Corp. .............................................. 2,545 69,033
McDermott International, Inc. ........................... 189 1,666
McDonald's Corp. ........................................ 4,226 139,194
McGraw-Hill Cos., Inc. .................................. 622 33,588
McKesson HBOC, Inc. ..................................... 893 18,697
Mead Corp. .............................................. 326 8,232
Medimmune, Inc. ......................................... 660 48,840
Medtronic, Inc. ......................................... 3,794 188,989
Mellon Financial Corp. .................................. 1,553 56,587
Merck & Co., Inc. ....................................... 7,272 557,217
Mercury Interactive Corp. ............................... 240 23,220
Meredith Corp. .......................................... 165 5,569
Merrill Lynch & Co., Inc. ............................... 1,227 141,105
MGIC Investment Corp. ................................... 336 15,288
Micron Technology, Inc. ................................. 1,755 154,550
Microsoft Corp. ......................................... 16,642 1,331,319
Millipore Corp. ......................................... 144 10,854
Minnesota Mining & Mfg. Co. ............................. 1,252 103,290
Molex Inc., Cl A ........................................ 622 29,934
Morgan (J.P.) & Co., Inc. ............................... 513 56,494
Morgan Stanley Dean Witter .............................. 3,579 297,952
Motorola, Inc. .......................................... 6,806 197,799
Nabisco Group Holdings .................................. 1,035 26,845
National City Corp. ..................................... 1,957 33,391
National Semiconductor Corp. ............................ 544 30,872
National Service Industries ............................. 130 2,535
Navistar International Corp. ............................ 203 6,306
NCR Corp. ............................................... 307 11,954
Network Appliance, Inc. ................................. 963 77,522
New Century Energies, Inc. .............................. 367 11,010
New York Times Co. Cl A ................................. 544 21,488
Newell Rubbermaid, Inc. ................................. 843 21,707
Newmont Mining Corp. .................................... 532 11,505
Nextel Communications, Inc. ............................. 2,398 146,728
Niagara Mohawk Holdings, Inc. ........................... 608 8,474
Nicor, Inc. ............................................. 150 4,894
Nike, Inc. Cl B ......................................... 865 34,438
Nordstrom, Inc. ......................................... 445 10,736
Norfolk Southern Corp. .................................. 1,206 17,939
Nortel Networks Corp. Holding ........................... 9,368 639,366
Northern States Power Co. ............................... 492 9,932
Northern Trust Corp. .................................... 706 45,934
Northrop Grumman Corp. .................................. 221 14,641
Novell, Inc. ............................................ 1,066 9,861
Novellus Systems, Inc. .................................. 413 23,360
Nucor Corp. ............................................. 276 9,160
Occidental Petroleum Corp. .............................. 1,166 24,559
Office Depot, Inc. ...................................... 1,044 6,525
Old Kent Financial Corp. ................................ 435 11,628
Omnicom Group, Inc. ..................................... 563 50,142
Oneok, Inc. ............................................. 101 2,620
Oracle Corp. ............................................ 8,977 754,629
Owens Corning ........................................... 175 1,619
Owens-Illinois, Inc. .................................... 477 5,575
Paccar, Inc. ............................................ 250 9,922
Pactiv Corp. ............................................ 544 4,284
Paine Webber Group, Inc. ................................ 453 20,612
Pall Corp. .............................................. 396 7,326
Parametric Technology Corp. ............................. 847 9,317
Parker Hannifin Corp. ................................... 356 12,193
Paychex, Inc. ........................................... 1,173 49,266
PE Corp-PE Biosystems Group ............................. 656 43,214
Peco Energy Co. ......................................... 536 21,608
Penney (J.C.) Co., Inc. ................................. 826 15,229
Peoples Energy Corp. .................................... 113 3,658
Peoplesoft, Inc. ........................................ 852 14,271
PepsiCo, Inc. ........................................... 4,557 202,502
Perkin Elmer, Inc. ...................................... 145 9,588
Pfizer, Inc. ............................................ 19,907 955,536
PG & E Corp. ............................................ 1,219 30,018
Pharmacia Corp. ......................................... 4,014 207,474
Phelps Dodge Corp. ...................................... 258 9,595
Phillip Morris Cos., Inc. ............................... 7,232 192,100
Phillips Petroleum Co. .................................. 805 40,803
Pinnacle West Capital Corp. ............................. 269 9,112
Pitney Bowes, Inc. ...................................... 815 32,600
Placer Dome, Inc. ....................................... 1,034 9,888
PNC Financial Services Group ............................ 932 43,688
Polaroid Corp. .......................................... 141 2,547
Potlatch Corp. .......................................... 92 3,048
PPG Industries, Inc. .................................... 552 24,461
PPL Corporation ......................................... 457 10,025
Praxair, Inc. ........................................... 505 18,906
Price (T. Rowe) Associates .............................. 380 16,150
Proctor & Gamble Co. .................................... 4,136 236,786
Progressive Corp. of Ohio ............................... 233 17,242
Providian Financial Corp. ............................... 451 40,590
Public Svc. Enterprise Group ............................ 694 24,030
Pulte Corp. ............................................. 138 2,984
Quaker Oats Co. ......................................... 425 31,928
Qualcomm, Inc. .......................................... 2,332 139,920
Quintiles Transnational Corp. ........................... 365 5,156
Radioshack Corp. ........................................ 590 27,951
Ralston Purina Co. ...................................... 973 19,399
Raytheon Co. ............................................ 1,074 20,675
Reebok International Ltd. ............................... 178 2,837
Regions Financial Corp. ................................. 694 13,793
Reliant Energy, Inc. .................................... 939 27,759
Rite-Aid Corp. .......................................... 822 5,394
Rockwell Intl., Corp. ................................... 605 19,058
Rohm Haas Co. ........................................... 695 23,978
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- ---------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Rowan Cos., Inc. ....................................... 292 $ 8,870
Royal Dutch Petroleum Co. N.Y .......................... 6,781 417,455
Russell Corp. .......................................... 105 2,100
Ryder System, Inc. ..................................... 211 3,996
Sabre Group Holdings, Inc. ............................. 410 11,685
Safeco Corp. ........................................... 413 8,208
Safeway, Inc. .......................................... 1,570 70,846
Sanmina Corp. .......................................... 470 40,185
Sapient Corp. .......................................... 180 19,249
Sara Lee Corp. ......................................... 2,750 53,109
SBC Communications, Inc. ............................... 10,758 465,284
Schering-Plough Corp. .................................. 4,630 233,815
Schlumberger, Ltd. ..................................... 1,800 134,325
Scientific-Atlanta, Inc. ............................... 499 37,176
Seagate Technology ..................................... 719 39,545
Seagram Co. Ltd. (The) ................................. 1,376 79,808
Sealed Air Corp. New ................................... 265 13,879
Sears Roebuck & Co. .................................... 1,115 36,377
Sempra Energy .......................................... 649 11,033
Sherwin-Williams Co. ................................... 526 11,145
Siebel Systems, Inc. ................................... 631 103,208
Sigma-Aldrich Corp. .................................... 270 7,898
SLM Holding Corp. ...................................... 505 18,906
Snap-On, Inc. .......................................... 186 4,952
Solectron Corp. ........................................ 1,886 78,976
Southern Co. ........................................... 2,051 47,814
Southtrust Corp. ....................................... 533 12,059
Southwest Airlines Co. ................................. 1,601 30,319
Springs Industries, Inc. Cl A .......................... 58 1,867
Sprint Corp. (FON Group) ............................... 2,766 141,066
Sprint Corp. (PCS Group) ............................... 2,894 172,193
St. Jude Medical, Inc. ................................. 268 12,295
St. Paul Companies, Inc. ............................... 671 22,898
Stanley Works .......................................... 284 6,745
Staples, Inc. .......................................... 1,532 23,555
Starbucks Corp. ........................................ 580 22,149
State Street Corp. ..................................... 508 53,880
Summit Bancorp ......................................... 555 13,667
Sun Microsystems, Inc. ................................. 5,017 456,233
Sunoco, Inc. ........................................... 286 8,419
Suntrust Banks, Inc. ................................... 956 43,677
Supervalu, Inc. ........................................ 443 8,445
Synovus Financial Corp. ................................ 888 15,651
Sysco Corp. ............................................ 1,045 44,021
Target Corp. ........................................... 1,442 83,636
Tektronix, Inc. ........................................ 149 11,026
Tellabs, Inc. .......................................... 1,295 88,627
Temple-Inland, Inc. .................................... 178 7,476
Tenet Healthcare Corp. ................................. 988 26,676
Teradyne, Inc. ......................................... 544 39,984
Texaco, Inc. ........................................... 1,756 93,507
Texas Instruments, Inc. ................................ 5,175 355,458
Textron, Inc. .......................................... 472 25,636
Thermo Electron Corp. .................................. 503 10,594
Thomas & Betts Corp. ................................... 185 3,538
Tiffany & Co. .......................................... 230 15,525
Time Warner, Inc. ...................................... 4,161 316,236
Timken Co. ............................................. 196 3,651
TJX Companies, Inc. .................................... 984 18,450
Torchmark Corp. ........................................ 417 10,295
Tosco Corp. ............................................ 456 12,911
Toys R Us, Inc. ........................................ 684 9,961
Transocean Sedco Forex, Inc. ........................... 656 35,055
Tribune Co. ............................................ 976 34,143
Tricon Global Restaurants Inc. ......................... 490 13,843
TRW, Inc. .............................................. 386 16,743
Tupperware Corp. ....................................... 183 4,026
TXU Corp. .............................................. 834 24,603
Tyco International Ltd. ................................ 5,356 253,741
U.S. Bancorp ........................................... 2,378 45,777
U.S. West, Inc. ........................................ 1,603 137,457
Unicom Corp. ........................................... 562 21,742
Unilever N.V ........................................... 1,814 78,002
Union Carbide Corp. .................................... 425 21,038
Union Pacific Corp. .................................... 789 29,341
Union Pacific Resources Group .......................... 801 17,622
Union Planters Corp. ................................... 448 12,516
Unisys Corp. ........................................... 983 14,315
United Technologies Corp. .............................. 1,488 87,606
UnitedHealth Group Inc. ................................ 514 44,076
Unocal Corp. ........................................... 770 25,506
UNUMProvident Corp. .................................... 762 15,288
US Airways Group Inc. .................................. 227 8,853
UST, Inc. .............................................. 544 7,990
USX-Marathon Group ..................................... 986 24,712
USX-U.S. Steel Group ................................... 281 5,216
V F Corp. .............................................. 375 8,930
Veritas Software Corp. ................................. 1,236 139,687
Verizon Communications ................................. 4,888 248,371
Viacom, Inc. Cl B ...................................... 4,836 329,755
Visteon Corp. .......................................... 412 4,994
Vulcan Materials Co. ................................... 318 13,575
W.R. Grace & Co. ....................................... 229 2,777
Wachovia Corp. ......................................... 643 34,883
Walgreen Co. ........................................... 3,180 102,356
Wal-Mart Stores, Inc. .................................. 14,095 812,224
Washington Mutual, Inc. ................................ 1,732 50,012
Waste Management, Inc. ................................. 1,967 37,373
Watson Pharmaceuticals, Inc. ........................... 305 16,394
Wellpoint Health Networks Inc. ......................... 203 14,705
Wells Fargo & Company .................................. 5,095 197,431
Wendy's International, Inc. ............................ 380 6,769
Westvaco Corp. ......................................... 318 7,890
Weyerhaeuser Co. ....................................... 745 32,035
Whirlpool Corp. ........................................ 237 11,050
Willamette Industries, Inc. ............................ 355 9,674
Williams Cos., Inc. .................................... 1,380 57,529
Winn-Dixie Stores, Inc. ................................ 475 6,798
WorldCom Inc. .......................................... 9,054 415,352
Worthington Industries, Inc. ........................... 284 2,982
Wrigley (Wm.) Jr. Co. .................................. 368 29,509
Xerox Corp. ............................................ 2,108 43,741
Xilinx, Inc. ........................................... 1,009 83,306
Yahoo!, Inc. ........................................... 1,718 212,817
Young & Rubicam, Inc. .................................. 222 12,696
----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $29,104,973) 57.5% .................................. 39,695,411
==========
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited) Face
Rate Maturity Amount Value
-------- --------- -------- ---------
INDEXED ASSETS (CONTINUED):
U. S. GOVERNMENT (0.1%)
U.S. Treasury Bill (a) ........... 5.54% 07/27/00 $ 50,000 $ 49,798
-----------
COMMERCIAL PAPER (1.2%)
SBC Communications, Inc. ......... 6.83 07/03/00 815,000 814,691
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $864,489) 1.3% .......................................... 864,489
-----------
TOTAL INDEXED ASSETS
(Cost: $29,969,462) 58.8% ...................................... $40,559,900
===========
---------------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 2000:
<TABLE>
<CAPTION>
Expiration Underlying Face Unrealized
Date Amount at Value Gain
----------- --------------- ----------
PURCHASED
<S> <C> <C> <C>
2 S&P 500 Stock Index Futures Contracts .......... September 2000 $734,050 $1,200
========= ======
</TABLE>
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 1.1%.
--------------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- ---------
ACTIVE ASSETS:
COMMON STOCKS
BASIC MATERIALS (0.4%)
Alcan Aluminum Ltd. ............................. 1,840 $ 57,040
Millenium Chemical, Inc. ........................ 4,240 72,080
Eastman Chemical Co. ............................ 1,620 77,355
Newmont Mining Corp. ............................ 2,850 61,631
----------
268,106
----------
CONSUMER, CYCLICAL (3.1%)
AT&T Corp - Liberty Media-`A'* .................. 4,190 101,608
Bed Bath & Beyond, Inc.* ........................ 1,300 47,125
BJ Services Co.* ................................ 1,500 93,750
BJ's Wholesale Club, Inc.* ...................... 2,950 97,350
CNET Networks, Inc.* ............................ 4,000 98,250
Cox Radio, Inc.* ................................ 3,300 92,400
CVS Corp. ....................................... 5,330 213,200
Disney (Walt) Co. ............................... 5,450 211,528
Harrah's Entertainment, Inc.* ................... 4,060 85,006
Gallagher (Arthur J.) & Co. ..................... 4,420 185,640
Marriott International, Inc. .................... 2,340 84,386
Michaels Stores, Inc.* .......................... 1,500 68,719
New York Times Co. Cl A ......................... 1,550 61,225
Outback Steakhouse, Inc.* ....................... 2,500 73,125
Radio One, Inc. Cl D* ........................... 2,160 47,655
Reebok International Ltd.* ...................... 5,930 94,509
Trex, Inc.* ..................................... 3,700 185,000
Viacom, Inc. Cl B* .............................. 3,070 209,336
Young & Rubicam, Inc. ........................... 1,800 102,938
----------
2,152,750
----------
CONSUMER, NON-CYCLICAL (0.9%)
Alberto-Culver Co. .............................. 2,890 88,326
Anheuser-Busch Cos., Inc. ....................... 1,090 81,409
Hershey Food Corp. .............................. 1,710 82,935
Kroger Co.* ..................................... 7,840 172,970
Safeway, Inc.* .................................. 4,210 189,976
----------
615,616
----------
ENERGY (3.9%)
Anadarko Petroleum Corp. ........................ 230 11,342
Core Laboratories N.V.* ......................... 4,950 143,550
Devon Energy Corp. .............................. 230 12,923
Enron Corp. ..................................... 200 12,900
Grey Wolf Inc.* ................................. 15,650 78,250
Kerr-McGee Corp. ................................ 2,590 152,648
Kinder Morgan, Inc. ............................. 7,360 254,380
Lyondell Petrochemical Co. ...................... 4,560 76,380
Midcoast Energy Res., Inc. ...................... 3,050 48,038
Murphy Oil Corp. ................................ 3,080 183,068
NewField Exploration Company* ................... 3,840 150,240
Occidental Petroleum Corp. ...................... 6,530 137,538
Ocean Energy, Inc.* ............................. 20,060 284,601
Precision Drilling Corp.* ....................... 4,330 167,246
Pride International, Inc.* ...................... 5,115 126,596
Quanta Services, Inc.* .......................... 1,675 92,125
R & B Falcon Corp.* ............................. 6,180 145,616
Rowan Cos., Inc.* ............................... 7,540 229,028
Schlumberger, Ltd. .............................. 1,380 102,983
Stone Energy Corp.* ............................. 3,410 203,748
Transocean Sedco Forex, Inc. .................... 1,550 82,828
----------
2,696,028
----------
FINANCIAL (6.0%)
Ace, Ltd. ....................................... 6,060 169,680
American Express Co. ............................ 1,900 99,038
American Int'l. Group, Inc. ..................... 2,200 258,500
Apartment Investment & Mgmt. Co. ................ 2,280 98,610
Arden Realty Group .............................. 3,250 76,375
Bank of America Corp. ........................... 2,100 90,300
Bank of New York Co., Inc. ...................... 4,390 204,135
Boston Properties ............................... 4,330 167,246
Chubb Corp. ..................................... 1,220 75,030
Citigroup, Inc. ................................. 11,900 716,975
Equity Res. Pptys. Tr. Co. ...................... 3,380 155,480
FleetBoston Financial Corp. ..................... 5,410 183,940
HCC Insurance Holdings, Inc. .................... 5,020 94,753
Hilb, Rogal & Hamilton Co. ...................... 4,790 166,153
Home Properties Inc. ............................ 3,470 104,100
Kimco Realty Corp. .............................. 3,830 157,030
Marsh & McLennan Cos., Inc. ..................... 2,040 213,053
Mellon Financial Corp. .......................... 3,480 126,803
Morgan Stanley Dean Witter ...................... 2,900 241,425
Mutual Risk Management Ltd. ..................... 9,280 160,660
SL Green Realty Corp. ........................... 5,960 159,430
Spieker Properties, Inc. ........................ 3,280 154,980
St. Paul Companies, Inc. ........................ 2,340 79,853
Vornado Realty Trust ............................ 2,210 76,798
XL Capital Limited .............................. 2,890 156,421
----------
4,186,768
----------
HEALTHCARE (4.0%)
Alza Corp.* ..................................... 2,800 165,550
Bristol-Myers Squibb Co. ........................ 1,680 97,860
Celgene Corp.* .................................. 2,300 135,413
Forest Laboratories, Inc.* ...................... 3,000 303,000
HCA - The Healthcare Company .................... 6,680 202,905
IDEC Pharmaceuticals Corp.* ..................... 700 82,119
King Pharmaceuticals Inc.* ...................... 5,100 223,763
Lifepoint Hospitals Inc.* ....................... 6,800 151,300
Lilly (Eli) & Co. ............................... 1,100 109,863
Minimed, Inc.* .................................. 2,000 236,000
Oxford Health Plans, Inc.* ...................... 16,010 381,238
Pharmacia Corp. ................................. 2,180 112,679
Province Healthcare Co.* ........................ 4,510 162,924
Sepracor, Inc.* ................................. 1,800 217,125
Triad Hospitals, Inc.* ............................. 6,060 146,576
----------
2,728,315
----------
INDUSTRIAL (4.3%)
AES Corp.* ...................................... 2,970 135,506
Aspect Communications Inc.* ..................... 2,000 78,625
Asyst Technologies, Inc.* ....................... 2,060 70,555
BISYS Group, Inc.* .............................. 2,900 178,350
Boeing Co. ...................................... 2,090 87,388
CommScope, Inc.* ................................ 1,900 77,900
Convergys Corp.* ................................ 1,870 97,006
CSG Systems Intl., Inc.* ........................ 1,755 98,390
Documentum, Inc.* ............................... 2,220 198,413
Dycom Industries, Inc.* ......................... 2,040 93,840
FactSet Research Systems, Inc. .................. 3,400 96,050
Fiserv, Inc.* ................................... 1,300 56,225
Forward Air Corporation* ........................ 6,800 272,000
Grant Prideco, Inc.* ............................ 2,230 55,750
Hooper Holmes, Inc. ............................. 8,320 66,560
HS Resources, Inc.* ............................. 4,110 123,300
Kent Electronics Corp.* ......................... 3,660 109,114
KLA Tencor Corp.* ............................... 1,050 61,491
Lam Research Corp.* ............................. 1,800 67,500
Lockheed Martin Corp. ........................... 2,610 64,761
Mettler-Toledo International* ................... 1,900 76,000
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- ---------
ACTIVE ASSETS (CONTINUED):
TECHNOLOGY (CONTINUED)
Olin Corp. ...................................... 5,090 $ 83,985
PRI Automation, Inc.* ........................... 2,700 176,555
SDL, Inc.* ...................................... 700 199,631
Spartech Corp. .................................. 3,180 85,860
Varco International, Inc.* ...................... 8,775 204,019
Wellman, Inc. ................................... 5,090 82,394
-----------
2,997,168
-----------
TECHNOLOGY (14.8%)
Analog Devices, Inc.* ........................... 1,390 105,640
ANTEC Corp.* .................................... 2,200 91,438
Applied Materials, Inc.* ........................ 7,400 670,625
Atmel Corp.* .................................... 8,800 324,500
ATMI, Inc.* ..................................... 2,300 106,950
Aware, Inc.* .................................... 1,100 56,238
Business Objects S.A.-Sp ADR* ................... 2,300 202,688
Ciena Corp.* .................................... 3,200 533,400
Cisco Systems, Inc.* ............................ 27,600 1,754,325
Compaq Computer Corp. ........................... 1,830 46,779
Comverse Technology Inc.* ....................... 1,310 121,830
Critical Path, Inc.* ............................ 2,300 134,119
Cytyc Corporation* .............................. 2,800 149,450
Dallas Semiconductor Corp. ...................... 2,000 81,500
Datastream Sys. Inc. ............................ 220 2,750
Efficient Networks, Inc.* ....................... 1,400 102,988
Entrust Technologies, Inc.* ..................... 2,600 215,150
E-Speed, Inc. Cl A* ............................. 1,800 78,188
Getty Images, Inc.* ............................. 2,800 103,775
Intel Corp. ..................................... 6,630 886,348
Intuit, Inc.* ................................... 900 37,238
ISS Group, Inc. ................................. 1,200 118,481
JDA Software Group, Inc.* ....................... 5,090 97,664
JDS Uniphase Corp.* ............................. 3,600 431,550
Kana Communications, Inc.* ...................... 1,300 80,438
Lattice Semiconductor Corp.* .................... 1,700 117,513
Liberare Technologies* .......................... 1,200 35,175
Linear Technology Corp. ......................... 8,000 511,500
Maxim Integrated Products, Inc.* ................ 7,400 502,738
Metasolv Software, Inc.* ........................ 1,200 52,800
Microchip Technology, Inc.* ..................... 3,600 209,756
Micromuse, Inc.* ................................ 600 99,291
Micron Technology, Inc.* ........................ 1,550 136,497
Microsoft Corp.* ................................ 1,300 103,986
Millipore Corp. ................................. 850 64,069
Networks Associates, Inc.* ...................... 8,870 180,726
Northrop Grumman Corp. .......................... 960 63,600
Perkin Elmer, Inc. .............................. 2,520 166,635
Phone.com, Inc.* ................................ 1,300 84,663
RealNetworks, Inc.* ............................. 1,800 91,013
Symbol Technologies, Inc. ....................... 1,200 64,800
Teletech Holdings, Inc.* ........................ 4,300 133,569
United Technologies Corp. ....................... 1,550 91,256
Varian Semiconductor Equip.* .................... 1,890 118,716
Veritas Software Corp.* ......................... 930 105,105
Vignette Corporation* ........................... 1,600 83,225
Vitria Technology, Inc.* ........................ 3,400 207,825
Waters Corp.* ................................... 850 106,091
Xilinx, Inc.* ................................... 3,900 321,994
-----------
10,186,595
-----------
TELECOMMUNICATIONS (1.6%)
AT&T Corp. ...................................... 2,710 85,704
Global Crossing Ltd.* ........................... 3,080 81,043
ITC DeltaCom, Inc.* ............................. 4,600 102,638
McLeod USA, Inc. Cl A* .......................... 4,700 97,231
NTL Incorporated* ............................... 1,910 114,361
Sprint Corp. (PCS Group) ........................ 2,510 128,010
TeleWest Communications -ADR* ................... 2,900 107,300
Time Warner Telecom, Inc Cl A* .................. 2,800 180,250
True North Communications Inc. ..................... 1,506 66,264
Western Wireless Corp. Cl A* .................... 2,500 136,250
-----------
1,099,051
-----------
UTILITIES (0.5%)
El Paso Energy Corp. ............................ 2,760 140,588
Montana Pwr. Co. ................................ 4,490 158,553
NSTAR ........................................... 1,490 60,624
-----------
359,765
-----------
TOTAL ACTIVE ASSETS--COMMON STOCKS
(Cost: $20,411,586) 39.5% ........................ 27,290,162
-----------
------------------
*Non-income producing security.
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------- --------- ---------- ---------
<S> <C> <C> <C> <C>
ACTIVE ASSETS (CONTINUED):
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (1.7%)
Bank Austria Comml. Paper Inc. .......... 6.58% 07/14/00 $100,000 $ 99,762
BMW US Capital Corp. .................... 6.54 07/17/00 100,000 99,709
Ford Motor Credit Puerto Rico ........... 6.60 07/03/00 184,000 183,932
SBC Communications, Inc. ................ 6.83 07/03/00 765,000 764,710
-----------
TOTAL ACTIVE ASSETS SHORT-TERM DEBT SECURITIES
(Cost: $1,148,113) 1.7% ................................................. 1,148,113
-----------
TOTAL ACTIVE ASSETS
(Cost: $21,559,699) 41.2% ............................................... 28,438,275
-----------
TOTAL INVESTMENTS
(Cost: $51,529,161) 100.0% .............................................. $68,998,175
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
Shares Value
------- --------
INDEXED ASSETS:
COMMON STOCKS
3Com Corp ....................................... 968 $ 55,781
Abbott Laboratories ............................. 4,313 192,198
Adaptec, Inc. ................................... 287 6,529
ADC Telecommunications, Inc. .................... 945 79,262
Adobe Systems, Inc. ............................. 338 43,940
Advanced Micro Devices, Inc. .................... 428 33,063
AES Corp. ....................................... 1,192 54,385
Aetna, Inc. ..................................... 394 25,290
Aflac, Inc. ..................................... 747 34,315
Agilent Technologies, Inc. ...................... 1,258 92,778
Air Products & Chemicals, Inc. .................. 644 19,843
Alberto-Culver Co. .............................. 156 4,768
Albertson's, Inc. ............................... 1,189 39,534
Alcan Aluminum Ltd. ............................. 615 19,065
ALCOA, Inc. ..................................... 2,432 70,528
Allegheny Technologies, Inc. .................... 263 4,734
Allergan, Inc. .................................. 369 27,491
Allied Waste Industries, Inc. ................... 530 5,300
Allstate Corp. .................................. 2,083 46,347
Alltel Corp. .................................... 881 54,567
Altera Corp. .................................... 557 56,779
Alza Corp. ...................................... 287 16,969
Amerada Hess Corp. .............................. 254 15,685
Ameren Corp. .................................... 385 12,994
America Online, Inc. ............................ 6,425 338,919
American Electric Power, Inc. ................... 1,143 33,867
American Express Co. ............................ 3,736 194,739
American General Corp. .......................... 694 42,334
American Greetings Corp. Cl A ................... 181 3,439
American Home Products Corp. .................... 3,664 215,260
American Int'l. Group, Inc. ..................... 4,311 506,543
American Power Conversion ....................... 530 21,631
Amgen, Inc. ..................................... 2,866 201,337
AMR Corp. ....................................... 416 10,998
Amsouth Bancorporation .......................... 1,097 17,278
Anadarko Petroleum Corp. ........................ 357 17,605
Analog Devices, Inc. ............................ 979 74,404
Andrew Corp. .................................... 231 7,753
Anheuser-Busch Cos., Inc. ....................... 1,263 94,330
Aon Corp. ....................................... 720 22,365
Apache Corp. .................................... 320 18,820
Apple Computer, Inc. ............................ 904 47,347
Applied Materials, Inc. ......................... 2,259 204,722
Archer-Daniels-Midland Co. ...................... 1,707 16,750
Armstrong Holdings, Inc. ........................ 113 1,730
Ashland, Inc. ................................... 202 7,083
Associates First Capital Corp. .................. 2,044 45,607
AT&T Corp. ...................................... 10,527 332,921
Autodesk, Inc. .................................. 171 5,932
Automatic Data Processing, Inc. ................. 1,755 94,002
AutoZone, Inc. .................................. 405 8,910
Avery Dennison Corp. ............................ 316 21,212
Avon Products, Inc. ............................. 680 30,260
Baker Hughes, Inc. .............................. 923 29,536
Ball Corp ....................................... 84 2,704
Bank of America Corp. ........................... 4,635 199,305
Bank of New York Co., Inc. ...................... 2,066 96,069
Bank One Corp. .................................. 3,219 85,505
Bard (C.R.), Inc. ............................... 144 6,930
Barrick Gold Corp. .............................. 1,107 20,134
Bausch & Lomb, Inc. ............................. 161 12,457
Baxter International, Inc. ...................... 817 57,445
BB & T Corp. .................................... 975 23,278
Bear Stearns Cos., Inc. ......................... 309 12,862
Becton Dickinson & Co. .......................... 702 20,139
Bed Bath & Beyond, Inc. ......................... 392 14,210
BellSouth Corp. ................................. 5,283 225,188
Bemis Co. ....................................... 146 4,909
Best Buy Co., Inc. .............................. 576 36,432
Bestfoods ....................................... 768 53,184
Bethlehem Steel Corp. ........................... 369 1,315
Biogen, Inc. .................................... 422 27,219
Biomet, Inc. .................................... 316 12,146
Black & Decker Corp. ............................ 243 9,553
Block (H. & R.), Inc. ........................... 274 8,871
BMC Software, Inc. .............................. 680 24,809
Boeing Co. ...................................... 2,537 106,078
Boise Cascade Corp. ............................. 160 4,140
Boston Scientific Corp. ......................... 1,164 25,535
Briggs & Stratton Corp. ......................... 65 2,226
Bristol-Myers Squibb Co. ........................ 5,517 321,365
Broadcom Corp. - Cl A ........................... 575 125,889
Brown-Forman Corp. Cl B ......................... 192 10,320
Brunswick Corp. ................................. 258 4,273
Burlington Northern Santa Fe .................... 1,198 27,479
Burlington Resources, Inc. ...................... 611 23,371
Cabletron Systems, Inc. ......................... 506 12,777
Campbell Soup Co. ............................... 1,200 34,950
Capital One Financial Corp. ..................... 553 24,678
Cardinal Health, Inc. ........................... 770 56,980
Carnival Corp. .................................. 1,731 33,755
Caterpillar, Inc. ............................... 998 33,807
Cendant Corp. ................................... 1,995 27,930
Centex Corp. .................................... 166 3,901
CenturyTel, Inc. ................................ 392 11,270
Ceridian Corp. .................................. 406 9,769
Charles Schwab Corp. ............................ 3,808 128,044
Charter One Financial, Inc. ..................... 586 13,478
Chase Manhattan Corp. ........................... 3,471 159,883
Chevron Corp. ................................... 1,823 154,613
Chubb Corp. ..................................... 494 30,381
CIGNA Corp. ..................................... 455 42,543
Cincinnati Financial Corp. ...................... 460 14,461
CINergy Corp. ................................... 445 11,320
Circuit City Group, Inc. ........................ 571 18,950
Cisco Systems, Inc. ............................. 19,455 1,236,608
Citigroup, Inc. ................................. 9,438 568,640
Citrix Systems, Inc. ............................ 503 9,526
Clear Channel Communications .................... 949 71,175
Clorox Co. ...................................... 664 29,756
CMS Energy Corp. ................................ 325 7,191
Coastal Corp. ................................... 599 36,464
Coca-Cola Co. ................................... 6,932 398,157
Coca-Cola Enterprises, Inc. ..................... 1,194 19,477
Colgate-Palmolive Co. ........................... 1,613 96,578
Columbia Energy Group ........................... 228 14,963
Comcast Corp. Cl A .............................. 2,511 101,696
Comerica, Inc. .................................. 439 19,700
Compaq Computer Corp. ........................... 4,770 121,933
Computer Associates Intl., Inc .................. 1,648 84,357
Computer Sciences Corp. ......................... 467 34,879
Compuware Corp. ................................. 1,004 10,417
Comverse Technology Inc. ........................ 430 39,990
Conagra, Inc. ................................... 1,381 26,325
Conexant Systems, Inc. .......................... 608 29,564
Conoco, Inc. .................................... 1,757 43,156
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- --------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Conseco, Inc. ................................... 918 $ 8,951
Consolidated Edison, Inc. ....................... 620 18,368
Consolidated Stores Corp. ....................... 310 3,720
Constellation Energy Group ...................... 419 13,644
Convergys Corp. ................................. 440 22,825
Cooper Industries, Inc. ......................... 264 8,597
Cooper Tire & Rubber Co. ........................ 213 2,370
Coors (Adolph) Co. Cl B ......................... 103 6,232
Corning, Inc. ................................... 771 208,074
Costco Wholesale Corp. .......................... 1,245 41,085
Countrywide Credit Industries ................... 318 9,639
CP&L Energy, Inc. (Holding Co) .................. 448 14,308
Crane Co. ....................................... 185 4,498
Crown Cork & Seal, Inc. ......................... 364 5,460
CSX Corp. ....................................... 613 12,988
Cummins Engine Co., Inc. ........................ 117 3,188
CVS Corp. ....................................... 1,099 43,960
Dana Corp. ...................................... 462 9,789
Danaher Corp. ................................... 400 19,775
Darden Restaurants, Inc. ........................ 369 5,996
Deere & Co. ..................................... 655 24,235
Dell Computer Corp. ............................. 7,190 354,557
Delphi Automotive Systems Corp .................. 1,586 23,096
Delta Air Lines, Inc. ........................... 343 17,343
Deluxe Corp. .................................... 206 4,854
Dillard's Inc. Cl A ............................. 302 3,700
Disney (Walt) Co. ............................... 5,788 224,647
Dollar General Corp. ............................ 932 18,174
Dominion Resources, Inc. ........................ 685 29,369
Donnelley (R.R.) & Sons Co. ..................... 355 8,010
Dover Corp. ..................................... 571 23,161
Dow Chemical Co. ................................ 1,890 57,054
Dow Jones & Co., Inc. ........................... 251 18,386
DTE Energy Co. .................................. 407 12,439
Du Pont (E.I.) de Nemours & Co .................. 2,931 128,231
Duke Energy Corp. ............................... 1,026 57,841
Dun & Bradstreet Corp. .......................... 452 12,939
Eastern Enterprises ............................. 76 4,788
Eastman Chemical Co. ............................ 220 10,505
Eastman Kodak Co. ............................... 866 51,527
Eaton Corp. ..................................... 206 13,802
Ecolab, Inc. .................................... 364 14,219
Edison International ............................ 974 19,967
El Paso Energy Corp. ............................ 640 32,600
Electronic Data Systems Corp. ................... 1,322 54,533
EMC Corp. ....................................... 6,069 466,934
Emerson Electric Co. ............................ 1,193 72,027
Engelhard Corp. ................................. 354 6,040
Enron Corp. ..................................... 2,047 132,032
Entergy Corp. ................................... 643 17,482
Equifax, Inc. ................................... 397 10,421
Exxon Mobil Corp. ............................... 9,736 764,276
Fannie Mae ...................................... 2,817 147,012
Federated Department Stores ..................... 589 19,879
FedEx Corp. ..................................... 838 31,844
Fifth Third Bancorp ............................. 866 54,775
First Data Corp. ................................ 1,153 57,218
First Union Corp. ............................... 2,772 68,780
Firstar Corp. ................................... 2,751 57,943
FirstEnergy Corp. ............................... 654 15,287
FleetBoston Financial Corp. ..................... 2,520 85,680
Florida Progress Corp. .......................... 275 12,891
Fluor Corp. ..................................... 213 6,736
FMC Corp. ....................................... 86 4,988
Ford Motor Co. .................................. 3,389 145,727
Fort James Corp. ................................ 607 14,037
Fortune Brands, Inc. ............................ 460 10,609
FPL Group, Inc. ................................. 503 24,899
Franklin Resources, Inc. ........................ 707 21,475
Freddie Mac ..................................... 1,951 79,016
Freeport-McMoran Copper Cl B .................... 459 4,246
Gannett Co., Inc. ............................... 745 44,560
Gap, Inc. ....................................... 2,402 75,063
Gateway, Inc. ................................... 888 50,394
General Dynamics Corp. .......................... 563 29,417
General Electric Co. ............................ 27,670 1,466,510
General Mills, Inc. ............................. 815 31,174
General Motors Corp. ............................ 1,496 86,862
Genuine Parts Co. ............................... 499 9,980
Georgia-Pacific Group ........................... 480 12,600
Gillette Co. .................................... 2,920 102,018
Global Crossing Ltd. ............................ 2,472 65,045
Golden West Financial Corp. ..................... 453 18,488
Goodrich (B.F.) Co. ............................. 309 10,525
Goodyear Tire & Rubber Co. ...................... 439 8,780
GPU, Inc. ....................................... 346 9,364
Grainger (W.W.), Inc. ........................... 262 8,073
Great Atlantic & Pac. Tea, Inc .................. 108 1,796
Great Lakes Chemical Corp. ...................... 161 5,072
GTE Corp. ....................................... 2,693 167,639
Guidant Corp. ................................... 862 42,669
Halliburton Co. ................................. 1,240 58,513
Harcourt General, Inc. .......................... 200 10,875
Harley-Davidson, Inc. ........................... 848 32,648
Harrah's Entertainment, Inc. .................... 361 7,558
Hartford Financial Svs Gp, Inc. ................. 601 33,618
Hasbro, Inc. .................................... 481 7,245
HCA - The Healthcare Company .................... 1,581 48,023
HealthSouth Corp. ............................... 1,083 7,784
Heinz (H.J.) Co. ................................ 1,005 43,969
Hercules, Inc. .................................. 298 4,191
Hershey Food Corp. .............................. 388 18,818
Hewlett-Packard Co. ............................. 2,797 349,275
Hilton Hotels Corp. ............................. 1,035 9,703
Home Depot, Inc. ................................ 6,461 322,646
Homestake Mining Co. ............................ 731 5,026
Honeywell International, Inc. ................... 2,221 74,820
Household International, Inc. ................... 1,319 54,821
Humana, Inc. .................................... 470 2,291
Huntington Bancshares, Inc. ..................... 645 10,199
Illinois Tool Works, Inc. ....................... 843 48,051
IMS Health, Inc. ................................ 864 15,552
Inco Ltd. ....................................... 539 8,287
Ingersoll Rand Co. .............................. 459 18,475
Intel Corp. ..................................... 9,366 1,252,117
International Paper Co. ......................... 1,352 40,307
Interpublic Group of Cos., Inc. ................. 844 36,292
Intl. Business Machines Corp. ................... 4,958 543,211
Intl. Flavors & Fragrances ...................... 295 8,905
ITT Industries, Inc. ............................ 247 7,503
Jefferson-Pilot Corp. ........................... 294 16,593
Johnson & Johnson ............................... 3,890 396,294
Johnson Controls, Inc. .......................... 239 12,264
Kansas City Southern Inds ....................... 310 27,493
Kaufman & Broad Home Corp. ...................... 134 2,655
Kellogg Co. ..................................... 1,138 33,856
Kerr-McGee Corp. ................................ 263 15,501
KeyCorp ......................................... 1,256 22,137
Kimberly Clark Corp. ............................ 1,554 89,161
KLA Tencor Corp. ................................ 505 29,574
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- --------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Kmart Corp. ..................................... 1,385 $ 9,435
Knight-Ridder, Inc. ............................. 217 11,542
Kohl's Corp. .................................... 914 50,841
Kroger Co. ...................................... 2,334 51,494
Legget & Platt .................................. 551 9,092
Lehman Brothers Holdings, Inc. .................. 336 31,773
Lexmark Int'l Inc. .............................. 359 24,143
Lilly (Eli) & Co. ............................... 3,159 315,505
Limited, Inc. ................................... 1,206 26,080
Lincoln National Corp. .......................... 548 19,797
Linear Technology Corp. ......................... 865 55,306
Liz Claiborne, Inc. ............................. 166 5,852
Lockheed Martin Corp. ........................... 1,111 27,567
Loews Corp. ..................................... 276 16,560
Longs Drug Stores Corp. ......................... 110 2,393
Louisiana-Pacific Corp. ......................... 299 3,252
Lowe's Companies, Inc. .......................... 1,072 44,019
LSI Logic Corp. ................................. 859 46,493
Lucent Technologies ............................. 9,107 539,590
Mallinckrodt, Inc. .............................. 195 8,470
Manor Care, Inc. ................................ 289 2,023
Marriott International, Inc. .................... 670 24,162
Marsh & McLennan Cos., Inc. ..................... 748 78,119
Masco Corp. ..................................... 1,255 22,668
Mattel, Inc. .................................... 1,181 15,574
Maxim Integrated Products, Inc. ................. 790 53,671
May Department Stores Co. ....................... 938 22,512
Maytag Corp. .................................... 237 8,739
MBIA, Inc. ...................................... 279 13,444
MBNA Corp. ...................................... 2,250 61,031
McDermott International, Inc. ................... 168 1,481
McDonald's Corp. ................................ 3,737 123,087
McGraw-Hill Cos., Inc. .......................... 550 29,700
McKesson HBOC, Inc. ............................. 790 16,541
Mead Corp. ...................................... 288 7,272
Medimmune, Inc. ................................. 584 43,216
Medtronic, Inc. ................................. 3,354 167,071
Mellon Financial Corp. .......................... 1,374 50,065
Merck & Co., Inc. ............................... 6,431 492,775
Mercury Interactive Corp. ....................... 210 20,318
Meredith Corp. .................................. 145 4,894
Merrill Lynch & Co., Inc. ....................... 1,085 124,775
MGIC Investment Corp. ........................... 297 13,514
Micron Technology, Inc. ......................... 1,552 136,673
Microsoft Corp. ................................. 14,718 1,177,402
Millipore Corp. ................................. 127 9,573
Minnesota Mining & Mfg. Co. ..................... 1,107 91,328
Molex Inc., Cl A ................................ 550 26,469
Morgan (J.P.) & Co., Inc. ....................... 454 49,997
Morgan Stanley Dean Witter ...................... 3,165 263,486
Motorola, Inc. .................................. 6,019 174,927
Nabisco Group Holdings .......................... 916 23,759
National City Corp. ............................. 1,730 29,518
National Semiconductor Corp. .................... 481 27,297
National Service Industries ..................... 114 2,223
Navistar International Corp. .................... 179 5,560
NCR Corp. ....................................... 271 10,552
Network Appliance, Inc. ......................... 852 68,586
New Century Energies, Inc. ...................... 324 9,720
New York Times Co. Cl A ......................... 480 18,960
Newell Rubbermaid, Inc. ......................... 745 19,184
Newmont Mining Corp. ............................ 470 10,164
Nextel Communications, Inc. ..................... 2,121 129,779
Niagara Mohawk Holdings, Inc. ................... 525 7,317
Nicor, Inc. ..................................... 132 4,307
Nike, Inc. Cl B ................................. 785 31,253
Nordstrom, Inc. ................................. 388 9,361
Norfolk Southern Corp. .......................... 1,068 15,887
Nortel Networks Corp. Holding ................... 8,285 565,451
Northern States Power Co. ....................... 434 8,761
Northern Trust Corp. ............................ 624 40,599
Northrop Grumman Corp. .......................... 195 12,919
Novell, Inc. .................................... 934 8,640
Novellus Systems, Inc. .......................... 365 20,645
Nucor Corp. ..................................... 244 8,098
Occidental Petroleum Corp. ...................... 1,031 21,715
Office Depot, Inc. .............................. 923 5,769
Old Kent Financial Corp. ........................ 384 10,280
Omnicom Group, Inc. ............................. 498 44,353
Oneok, Inc. ..................................... 88 2,283
Oracle Corp. .................................... 7,938 667,288
Owens Corning ................................... 154 1,425
Owens-Illinois, Inc. ............................ 421 4,920
Paccar, Inc. .................................... 220 8,731
Pactiv Corp. .................................... 480 3,780
Paine Webber Group, Inc. ........................ 401 18,246
Pall Corp. ...................................... 349 6,457
Parametric Technology Corp. ..................... 756 8,316
Parker Hannifin Corp. ........................... 314 10,755
Paychex, Inc. ................................... 1,038 43,596
PE Corp-PE Biosystems Group ..................... 578 38,076
Peco Energy Co. ................................. 474 19,108
Penney (J.C.) Co., Inc. ......................... 730 13,459
Peoples Energy Corp. ............................ 99 3,205
Peoplesoft, Inc. ................................ 753 12,613
PepsiCo, Inc. ................................... 4,030 179,083
Perkin Elmer, Inc. .............................. 129 8,530
Pfizer, Inc. .................................... 17,605 845,040
PG & E Corp. .................................... 1,077 26,521
Pharmacia Corp. ................................. 3,550 183,491
Phelps Dodge Corp. .............................. 227 8,452
Phillip Morris Cos., Inc. ....................... 6,395 169,867
Phillips Petroleum Co. .......................... 711 36,039
Pinnacle West Capital Corp. ..................... 238 8,062
Pitney Bowes, Inc. .............................. 745 29,800
Placer Dome, Inc. ............................... 913 8,731
PNC Financial Services Group .................... 825 38,672
Polaroid Corp. .................................. 125 2,258
Potlatch Corp. .................................. 81 2,683
PPG Industries, Inc. ............................ 488 21,625
PPL Corporation ................................. 403 8,841
Praxair, Inc. ................................... 445 16,660
Price (T. Rowe) Associates ...................... 336 14,280
Proctor & Gamble Co. ............................ 3,658 209,421
Progressive Corp. of Ohio ....................... 205 15,170
Providian Financial Corp. ....................... 398 35,820
Public Svc. Enterprise Group .................... 613 21,225
Pulte Corp. ..................................... 122 2,638
Quaker Oats Co. ................................. 376 28,247
Qualcomm, Inc. .................................. 2,063 123,780
Quintiles Transnational Corp. ................... 323 4,562
Radioshack Corp. ................................ 542 25,677
Ralston Purina Co. .............................. 856 17,067
Raytheon Co. .................................... 949 18,268
Reebok International Ltd. ....................... 158 2,518
Regions Financial Corp. ......................... 613 12,183
Reliant Energy, Inc. ............................ 830 24,537
Rite-Aid Corp. .................................. 727 4,771
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- --------
INDEXED ASSETS (CONTUNUED):
COMMON STOCKS (CONTUNUED)
Rockwell Intl., Corp. ........................... 534 $ 16,821
Rohm Haas Co. ................................... 614 21,183
Rowan Cos., Inc. ................................ 259 7,867
Royal Dutch Petroleum Co. N.Y ................... 5,997 369,190
Russell Corp. ................................... 93 1,860
Ryder System, Inc. .............................. 180 3,409
Sabre Group Holdings, Inc. ...................... 363 10,346
Safeco Corp. .................................... 365 7,254
Safeway, Inc. ................................... 1,388 62,634
Sanmina Corp. ................................... 415 35,483
Sapient Corp. ................................... 160 17,110
Sara Lee Corp. .................................. 2,432 46,968
SBC Communications, Inc. ........................ 9,514 411,481
Schering-Plough Corp. ........................... 4,095 206,798
Schlumberger, Ltd. .............................. 1,592 118,803
Scientific-Atlanta, Inc. ........................ 442 32,929
Seagate Technology .............................. 635 34,925
Seagram Co. Ltd. (The) .......................... 1,216 70,528
Sealed Air Corp. New ............................ 235 12,308
Sears Roebuck & Co. ............................. 986 32,168
Sempra Energy ................................... 573 9,741
Sherwin-Williams Co. ............................ 465 9,852
Siebel Systems, Inc. ............................ 558 91,268
Sigma-Aldrich Corp. ............................. 238 6,962
SLM Holding Corp. ............................... 447 16,735
Snap-On, Inc. ................................... 164 4,367
Solectron Corp. ................................. 1,644 68,843
Southern Co. .................................... 1,814 42,289
Southtrust Corp ................................. 470 10,634
Southwest Airlines Co. .......................... 1,416 26,816
Springs Industries, Inc. Cl A ................... 50 1,609
Sprint Corp. (FON Group) ........................ 2,446 124,746
Sprint Corp. (PCS Group) ........................ 2,560 152,320
St. Jude Medical, Inc. .......................... 236 10,827
St. Paul Companies, Inc. ........................ 593 20,236
Stanley Works ................................... 251 5,961
Staples, Inc. ................................... 1,303 20,034
Starbucks Corp. ................................. 513 19,590
State Street Corp. .............................. 449 47,622
Summit Bancorp .................................. 490 12,066
Sun Microsystems, Inc. .......................... 4,437 403,490
Sunoco, Inc. .................................... 253 7,448
Suntrust Banks, Inc. ............................ 846 38,652
Supervalu, Inc. ................................. 392 7,473
Synovus Financial Corp. ......................... 785 13,836
Sysco Corp. ..................................... 924 38,924
Target Corp. .................................... 1,275 73,950
Tektronix, Inc. ................................. 133 9,842
Tellabs, Inc. ................................... 1,145 78,361
Temple-Inland, Inc. ............................. 156 6,552
Tenet Healthcare Corp. .......................... 874 23,598
Teradyne, Inc. .................................. 480 35,280
Texaco, Inc. .................................... 1,552 82,644
Texas Instruments, Inc. ......................... 4,577 314,383
Textron, Inc. ................................... 417 22,648
Thermo Electron Corp. ........................... 444 9,352
Thomas & Betts Corp. ............................ 163 3,117
Tiffany & Co. ................................... 200 13,500
Time Warner, Inc. ............................... 3,680 279,680
Timken Co. ...................................... 174 3,241
TJX Companies, Inc. ............................. 870 16,313
Torchmark Corp. ................................. 369 9,110
Tosco Corp. ..................................... 403 11,410
Toys R Us, Inc. ................................. 605 8,810
Transocean Sedco Forex, Inc. .................... 582 31,101
Tribune Co. ..................................... 863 30,188
Tricon Global Restaurants Inc. .................. 431 12,176
TRW, Inc. ....................................... 341 14,791
Tupperware Corp. ................................ 161 3,542
TXU Corp. ....................................... 738 21,771
Tyco International Ltd. ......................... 4,739 224,510
U.S. Bancorp .................................... 2,103 40,483
U.S. West, Inc. ................................. 1,418 121,594
Unicom Corp. .................................... 497 19,228
Unilever N.V .................................... 1,604 68,972
Union Carbide Corp. ............................. 376 18,612
Union Pacific Corp. ............................. 697 25,920
Union Pacific Resources Group ................... 707 15,554
Union Planters Corp. ............................ 396 11,063
Unisys Corp. .................................... 870 12,669
United Technologies Corp. ....................... 1,316 77,480
UnitedHealth Group Inc. ......................... 454 38,931
Unocal Corp. .................................... 680 22,525
UNUMProvident Corp. ............................. 674 13,522
US Airways Group Inc. ........................... 201 7,839
UST, Inc. ....................................... 480 7,050
USX-Marathon Group .............................. 872 21,855
USX-U.S. Steel Group ............................ 248 4,604
V F Corp. ....................................... 331 7,882
Veritas Software Corp. .......................... 1,093 123,526
Verizon Communications .......................... 4,323 219,662
Viacom, Inc. Cl B ............................... 4,276 291,570
Visteon Corp. ................................... 364 4,410
Vulcan Materials Co. ............................ 280 11,953
W.R. Grace & Co. ................................ 201 2,437
Wachovia Corp. .................................. 568 30,814
Walgreen Co. .................................... 2,816 90,640
Wal-Mart Stores, Inc. ........................... 12,465 718,296
Washington Mutual, Inc. ......................... 1,532 44,237
Waste Management, Inc. .......................... 1,738 33,022
Watson Pharmaceuticals, Inc. .................... 269 14,459
Wellpoint Health Networks Inc. .................. 179 12,966
Wells Fargo & Company ........................... 4,506 174,608
Wendy's International, Inc. ..................... 335 5,967
Westvaco Corp. .................................. 282 6,997
Weyerhaeuser Co. ................................ 659 28,337
Whirlpool Corp. ................................. 208 9,698
Willamette Industries, Inc. ..................... 313 8,529
Williams Cos., Inc. ............................. 1,220 50,859
Winn-Dixie Stores, Inc. ......................... 417 5,968
WorldCom Inc. ................................... 8,007 367,321
Worthington Industries, Inc. .................... 251 2,636
Wrigley (Wm.) Jr. Co. ........................... 325 26,061
Xerox Corp. ..................................... 1,864 38,678
Xilinx, Inc. .................................... 895 73,893
Yahoo!, Inc. .................................... 1,519 188,166
Young & Rubicam, Inc. ........................... 195 11,152
----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $33,322,992) 96.8% ......................... 35,115,205
==========
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Face
Rate Maturity Amount Value
------- --------- -------- --------
ACTIVE PORTION:
Short-Term Debt Securities:
U. S. GOVERNMENT (0.2%)
U.S. Treasury Bill(a) ............. 5.54% 07/27/00 $ 50,000 $ 49,798
U.S. Treasury Bill(a) ............. 5.58 09/07/00 10,000 9,891
-----------
59,689
-----------
COMMERCIAL PAPER (3.0%)
General Motors Acceptance Corp. ... 6.95 07/07/0 595,000 594,311
SBC Communications, Inc. .......... 6.83 07/03/0 500,000 499,810
-----------
1,094,121
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,153,813) 3.2% ......................................... 1,153,810
TOTAL INVESTMENTS
(Cost: $34,476,805) 100.0% ...................................... $36,269,015
===========
---------------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 2000:
<TABLE>
<CAPTION>
Expiration Underlying Face Unrealized
Date Amount at Value (Loss)
------------- --------------- ----------
<S> <C> <C> <C>
Purchased
3 S&P 500 Stock Index Futures Contracts ....... September 2000 $1,101,075 $(7,550)
========== ========
</TABLE>
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 3.0%.
-------------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (15.7%)
U.S. Treasury Bond ....................................... 7.13% 02/15/23 $1,500,000 $ 1,667,115
U.S. Treasury Bond ....................................... 6.13 11/15/27 2,000,000 1,995,620
U.S. Treasury Note ....................................... 6.63 04/30/02 500,000 501,560
-----------
4,164,295
-----------
AGENCIES/OTHER GOVT'S. (11.5%)
FHLMC .................................................... 6.50 10/15/06 140,379 139,588
FHLMC .................................................... 7.63 09/09/09 500,000 492,970
FNMA ..................................................... 7.00 11/25/05 299,033 298,005
FNMA ..................................................... 8.00 07/15/06 161,371 163,085
FNMA ..................................................... 7.00 10/25/07 1,000,000 991,560
Republic of Iceland ...................................... 6.13 02/01/04 1,000,000 969,880
-----------
3,055,088
-----------
BASIC MATERIALS (8.8%)
Cytec Industries, Inc. ................................... 6.85 05/11/05 500,000 455,280
Georgia-Pacific Group .................................... 8.63 04/30/25 250,000 233,810
Millennium America Inc. .................................. 7.63 11/15/26 1,000,000 724,060
Praxair, Inc. ............................................ 6.90 11/01/06 500,000 468,585
Solutia, Inc. ............................................ 6.72 10/15/37 500,000 471,795
-----------
2,353,530
-----------
CONSUMER, CYCLICAL (14.9%)
Fruit of the Loom, Inc. .................................. 7.00 03/15/11 250,000 85,000
Fruit of the Loom, Inc. .................................. 7.38 11/15/23 250,000 126,250
Hasbro, Inc. ............................................. 8.50 03/15/06 500,000 494,140
Kellwood, Co. ............................................ 7.88 07/15/09 1,000,000 874,200
Oakwood Homes Corp. ...................................... 8.13 03/01/09 1,000,000 943,327
Polaroid Corp. ........................................... 7.25 01/15/07 250,000 217,413
Pulte Corp. .............................................. 7.63 10/15/17 500,000 397,920
Tommy Hilfiger USA, Inc. ................................. 6.50 06/01/03 500,000 380,000
Venator Group, Inc. ...................................... 7.00 10/15/02 500,000 450,000
-----------
3,968,250
-----------
CONSUMER, NON-CYCLICAL (3.9%)
Supervalu, Inc. .......................................... 8.88 11/15/22 1,000,000 1,035,830
-----------
ENERGY (5.5%)
Arco Chemical Co. ........................................ 10.25 11/01/10 500,000 491,450
Columbia Energy Group .................................... 6.61 11/28/02 1,000,000 971,960
-----------
1,463,410
-----------
FINANCIAL (18.1%)
Bear Stearns Cos., Inc. .................................. 6.63 10/01/04 1,000,000 954,740
Chase Manhattan Corp. .................................... 6.88 12/12/12 1,000,000 925,590
Executive Risk, Inc. ..................................... 7.13 12/15/07 500,000 493,030
First American Corp. ..................................... 7.55 04/01/28 500,000 438,400
Fremont General Corp. .................................... 7.70 03/17/04 500,000 200,000
Harleysville Group Inc. .................................. 6.75 11/15/03 250,000 242,293
Lehman Brothers Holdings, Inc. ........................... 0.00 07/28/28 1,000,000 103,440
Morgan (J.P.) & Co., Inc. ................................ 0.00 04/15/27 2,500,000 285,525
</TABLE>
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIAL (CONTINUED)
Nationwide Health Properties ............................. 7.90% 11/20/06 $ 500,000 $ 460,405
Rank Group Financial ..................................... 6.75 11/30/04 500,000 462,195
Triad Guaranty ........................................... 7.90 01/15/28 250,000 243,165
-----------
4,808,783
-----------
HEALTHCARE (3.6%)
Bausch & Lomb, Inc. ...................................... 6.38 08/01/03 500,000 482,065
Bausch & Lomb, Inc. ...................................... 6.75 12/15/04 500,000 475,930
-----------
957,995
-----------
INDUSTRIAL (12.5%)
Clark Equipment Co. ...................................... 8.35 05/15/23 500,000 499,975
Geon Co. ................................................. 7.50 12/15/15 250,000 236,762
Owens Corning ............................................ 7.00 03/15/09 1,000,000 691,640
Thermo Electron Corp. .................................... 4.25 01/01/03 1,000,000 922,500
Williams Cos., Inc. ...................................... 6.50 11/15/02 1,000,000 975,570
-----------
3,326,447
-----------
UTILITIES (1.7%)
UtiliCorp United, Inc. ................................... 8.00 03/01/23 500,000 466,220
-----------
TOTAL LONG-TERM DEBT SECURITIES (Cost: $27,529,744) 96.2% .................................... 25,599,848
-----------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (3.8%)
General Motors Acceptance Corp. .......................... 6.95 07/07/00 450,000 449,479
IBM Credit Corp. ......................................... 6.70 07/03/00 558,000 557,792
-----------
1,007,271
-----------
TOTAL SHORT-TERM DEBT SECURITIES (COST: $1,007,271) 3.8% ..................................... 1,007,271
-----------
TOTAL INVESTMENTS 100.0% (Cost: $28,537,015) ................................................. $26,607,119
===========
</TABLE>
-----------------
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Discount Face
Rating* Rate Maturity Amount Value
-------- -------- --------- -----------------------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER 100%
Alabama Power Co. ................................ A1/P1 6.54% 07/14/00 $1,000,000 $ 997,631
American Express Credit Corp. .................... A1/P1 6.56 07/24/00 470,000 468,016
American Express Credit Corp. .................... A1/P1 6.56 07/25/00 405,000 403,217
Associates Corp. North America ................... A1+/P1 6.52 08/07/00 1,500,000 1,489,904
AT&T Corp. ....................................... A1+/P1 6.61 08/01/00 1,500,000 1,491,413
Becton Dickinson & Co. ........................... A1/P1 6.54 07/13/00 1,150,000 1,147,473
Bell Atlantic Network Funding Corp. .............. A1+/P1 6.50 07/28/00 790,000 786,133
Bell South Telecommunications Corp. .............. A1+/P1 6.30 07/05/00 506,000 505,642
Bell South Capital Funding Corp. ................. A1+/P1 6.52 08/15/00 750,000 743,875
Bemis, Inc. ...................................... A1/P1 6.53 08/11/00 1,570,000 1,558,290
Coca Cola ........................................ A1+/P1 6.58 08/01/00 168,000 167,043
Coca Cola ........................................ A1+/P1 6.58 08/07/00 740,000 734,961
DaimlerChrysler NA Holdings Corp. ................ A1/P1 6.53 08/14/00 1,000,000 991,993
Donnelley (RR) & Sons Co. ........................ A1/P1 6.40 07/05/00 1,500,000 1,498,922
Du Pont (E.I.) de Nemours ........................ A1+/P1 6.58 08/02/00 900,000 894,707
Du Pont (E.I.) de Nemours ........................ A1+/P1 6.56 07/21/00 697,000 694,445
Ford Motor Credit Co., Inc. Puerto Rico .......... A1/P1 6.44 07/06/00 1,580,000 1,578,572
Gannett, Inc. .................................... A1+/P1 6.50 07/10/00 1,250,000 1,247,952
General Electric Capital Corp. ................... A1+/P1 6.54 08/08/00 590,000 585,909
Grainger (W.W.), Inc. ............................ A1+/P1 6.53 07/17/00 1,460,000 1,455,726
Great Lakes Chemical Corp. ....................... A1/P1 6.55 08/07/00 1,500,000 1,489,869
Heinz (H.J.) Co. ................................. A1/P1 6.53 07/13/00 1,425,000 1,421,876
Kansas City Power & Light Co. .................... A1/P1 6.55 08/22/00 891,000 882,547
Kimberly-Clark Corp. ............................. A1+/P1 6.52 07/25/00 964,000 959,788
Kimberly-Clark Corp. ............................. A1+/P1 6.54 08/04/00 375,000 372,674
Motorola, Inc. ................................... A1+/P1 6.54 08/18/00 1,417,000 1,404,617
New York Times Co. ............................... A1/P1 6.53 08/03/00 1,025,000 1,018,837
New York Times Co. ............................... A1/P1 6.52 08/04/00 800,000 795,053
Northern States Power Co. ........................ A1+/P1 6.53 07/05/00 1,515,000 1,513,891
Potomac Electric Power Co. ....................... A1/P1 6.53 07/28/00 740,000 736,369
Potomac Electric Power Co. ....................... A1/P1 6.60 08/07/00 980,000 973,349
7-Eleven Inc. .................................... A1+/P1 6.50 07/03/00 650,000 649,763
SBC Communications, Inc. ......................... A1+/P1 6.30 07/06/00 1,505,000 1,503,668
Sherwin-Williams Co. ............................. A1/P1 6.55 08/02/00 798,000 793,345
Snap-On, Tools Corp. ............................. A1+/P1 6.58 07/11/00 1,500,000 1,497,238
Unilever Capital Corp. ........................... A1+/P1 6.45 07/11/00 1,500,000 1,497,287
Wal-Mart Stores, Inc. ............................ A1+/P1 6.51 07/25/00 1,000,000 995,631
Washington Post Co. .............................. A1+/P1 6.53 08/01/00 1,500,000 1,491,525
Wisconson Energy Corp. ........................... A1+/P1 6.53 07/19/00 1,230,000 1,225,971
-----------
Total Short-Term Debt Securities (Cost: $40,665,122) 100% .......................................... $40,665,122
===========
</TABLE>
------------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investor
Services, Inc.
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
------------ ------------- ----------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at market value (Notes 1 and 3)
(Cost:
All America Fund -- $51,529,161
Equity Index Fund -- $34,476,805
Bond Fund -- $28,537,015
Money Market Fund-- $40,665,122) ................... $68,998,175 $36,269,015 $26,607,119 $40,665,122
Cash .................................................. 261,169 7,325 5,463 56,770
Interest and dividends receivable ..................... 49,116 27,746 432,016 --
Receivable for securities sold ........................ 676,744 66,773 -- --
Shareholder subscriptions receivable .................. -- -- -- 49,838
----------- ----------- ----------- -----------
TOTAL ASSETS .......................................... 69,985,204 36,370,859 27,044,598 40,771,730
----------- ----------- ----------- -----------
LIABILITIES:
Payable for securities purchased ...................... 1,305,239 142,121 -- --
Dividend payable to shareholders ...................... 2,790 1,105 7,237 7,707
Shareholder redemptions payable ....................... -- -- -- 25,000
Accrued expenses ...................................... 747 100 93 201
----------- ----------- ----------- -----------
TOTAL LIABILITIES ..................................... 1,308,776 143,326 7,330 32,908
----------- ----------- ----------- -----------
NET ASSETS ............................................ $68,676,428 $36,227,533 $27,037,268 $40,738,822
=========== =========== =========== ===========
SHARES OUTSTANDING (Note 4) ........................... 3,993,684 3,387,228 2,889,980 3,900,931
=========== =========== =========== ===========
NET ASSET VALUE PER SHARE ............................. $17.20 $10.70 $9.36 $10.44
====== ====== ===== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
------------ ------------- ----------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME (Note 1):
Dividends ...................................... $ 348,603 $ 177,970 $ -- $ --
Interest ....................................... 195,700 36,430 1,072,286 1,049,450
------------ ------------ ------------ ------------
Total Investment Income .......................... 544,303 214,400 1,072,286 1,049,450
------------ ------------ ------------ ------------
Expenses (Note 2):
Investment management fees ..................... 198,567 20,544 60,338 34,362
Directors' (independent) fees and expenses ..... 16,709 16,708 16,708 16,709
Custodian expenses ............................. 38,686 22,108 2,024 2,356
Accounting expenses ............................ 15,000 11,000 15,000 15,000
Transfer agent fees ............................ 17,044 12,680 15,967 18,411
Registration fees and expenses ................. 17,545 14,758 14,312 10,978
Audit .......................................... 6,075 2,700 2,025 2,700
Printing ....................................... 6,515 2,875 2,425 2,625
Other .......................................... 3,505 1,135 1,250 1,305
------------ ------------ ------------ ------------
Total Expenses before reimbursement ............... 319,646 104,508 130,049 104,446
Expense reimbursement ............................. (448) (51,093) (36,190) (35,721)
------------ ------------ ------------ ------------
Net Expenses ...................................... 319,198 53,415 93,859 68,725
------------ ------------ ------------ ------------
NET INVESTMENT INCOME ............................. 225,105 160,985 978,427 980,725
------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (Note 1):
Net realized gain (loss) from security transactions 15,141,754 324,699 (5,428) (234
Net unrealized appreciation (depreciation)
of investments ................................. (12,068,028) (230,234) (351,288) 50
------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS ................................. 3,073,726 94,465 (356,716) (184)
------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................................ $ 3,298,831 $ 255,450 $ 621,711 $ 980,541
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
All America Fund Equity Index Fund
------------------------------- -------------------------------
For the Six For the Year For the Six For the Year
Months Ended Ended Months Ended Ended
June 30, 2000 December 31, June 30, 2000 December 31,
(Unaudited) 1999 (Unaudited) 1999(a)
------------- ------------- -------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ............................. $ 225,105 $ 321,561 $ 160,985 $ 210,780
Net realized gain (loss) on investments ........... 15,141,754 9,735,794 324,699 194,402
Net unrealized appreciation (depreciation)
of investments .................................. (12,068,028) 4,620,245 (230,234) 2,022,444
------------ ------------ ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .......................... 3,298,831 14,677,600 255,450 2,427,626
------------ ------------ ----------- -----------
Dividend Distributions (Note 6):
From net investment income ........................ (212,540) (313,199) (152,637) (206,332)
From capital gains ................................ -- (9,376,382) -- (54,088)
------------ ------------ ----------- -----------
Total Distributions .................................. (212,540) (9,689,581) (152,637) (260,420)
------------ ------------ ----------- -----------
CAPITAL SHARE TRANSACTIONS (Note 4):
Net Proceeds from sale of shares .................. 19,420,718 5,281,443 7,113,109 27,076,821
Dividend reinvestments ............................ 209,750 9,579,059 151,532 259,510
Cost of shares redeemed ........................... (26,406,332) (18,282,044) (618,458) (25,000)
------------ ------------ ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS .................... (6,775,864) (3,421,542) 6,646,183 27,311,331
------------ ------------ ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS ................ (3,689,573) 1,566,477 6,748,996 29,478,537
NET ASSETS, BEGINNING OF PERIOD/YEAR ................. 72,366,001 70,799,524 29,478,537 --
------------ ------------ ----------- -----------
NET ASSETS, END OF PERIOD/YEAR ....................... $ 68,676,428 $ 72,366,001 $36,227,533 $29,478,537
============ ============ =========== ===========
COMPONENTS OF NET ASSETS:
Paid-in capital ................................... $ 34,898,869 $ 41,674,733 $33,957,514 $27,311,331
Accumulated undistributed net investment
income .......................................... 14,275 1,710 12,796 4,448
Accumulated undistributed net realized
gain(loss) on investments ....................... 16,294,270 1,152,516 465,013 140,314
Unrealized appreciation (depreciation)
of investments .................................. 17,469,014 29,537,042 1,792,210 2,022,444
------------ ------------ ----------- -----------
NET ASSETS, END OF PERIOD/YEAR ....................... $ 68,676,428 $ 72,366,001 $36,227,533 $29,478,537
============ ============ =========== ===========
</TABLE>
--------------------
(a) Commenced operations May 3, 1999.
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Bond Fund Money Market Fund
------------------------------- -------------------------------
For the Six For the Year For the Six For the Year
Months Ended Ended Months Ended Ended
June 30, 2000 December 31, June 30, 2000 December 31,
(Unaudited) 1999 (Unaudited) 1999
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ............................. $ 978,427 $ 1,681,213 $ 980,725 $ 805,566
Net realized gain (loss) on investments ........... (5,428) (77,457) (234) (43)
Net unrealized appreciation (depreciation)
of investments .................................. (351,288) (2,560,834) 50 (50)
----------- ----------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .......................... 621,711 (957,078) 980,541 805,473
----------- ----------- ------------ -----------
Dividend Distributions (Note 6):
From net investment income ........................ (884,808) (1,688,057) (931,772) (800,206)
From capital gains ................................ -- (16,659) -- --
----------- ----------- ------------ -----------
Total Distributions .................................. (884,808) (1,704,716) (931,772) (800,206)
----------- ----------- ------------ -----------
CAPITAL SHARE TRANSACTIONS (Note 4):
Net Proceeds from sale of shares .................. 480,958 5,911,602 19,618,275 29,396,830
Dividend reinvestments ............................ 877,571 1,690,023 927,442 785,550
Cost of shares redeemed ........................... (2,779,448) (1,453,099) (10,027,390) (6,528,017)
----------- ----------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS .................... (1,420,919) 6,148,526 10,518,327 23,654,363
----------- ----------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS ................ (1,684,016) 3,486,732 10,567,096 23,659,630
NET ASSETS, BEGINNING OF PERIOD/YEAR ................. 28,721,284 25,234,552 30,171,726 6,512,096
----------- ----------- ------------ -----------
NET ASSETS, END OF PERIOD/YEAR ....................... $27,037,268 $28,721,284 $ 40,738,822 $30,171,726
=========== =========== ============ ===========
COMPONENTS OF NET ASSETS:
Paid-in capital ................................... $29,178,630 $30,599,549 $ 40,684,393 $30,166,066
Accumulated undistributed net investment
income .......................................... 80,244 (13,375) 54,894 5,941
Accumulated undistributed net realized
gain(loss) on investments ....................... (291,710) (286,283) (465) (231)
Unrealized appreciation (depreciation) of
investments ..................................... (1,929,896) (1,578,607) -- (50)
----------- ----------- ------------ -----------
NET ASSETS, END OF PERIOD/YEAR ...................... $27,037,268 $28,721,284 $ 40,738,822 $30,171,726
=========== =========== ============ ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
All America Fund Equity Index Fund
----------------------------------------------- -----------------------
Six Months Six Months
Ended Ended Year
June 30, Years Ended December 31, June 30, Ended
SELECTED PER SHARE AND 2000 --------------------------------- 2000 December 31,
SUPPLEMENTARY DATA: (Unaudited) 1999 1998 1997 1996(e) (Unaudited) 1999(d)
------------------- ----------- ---- ---- ---- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD/YEAR ..... $16.47 $15.08 $12.65 $10.98 $10.00 $10.80 $10.00
------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ......................... 0.05 0.09 0.07 0.08 0.06 0.05 0.08
Net gains or losses on securities -- realized
and unrealized ............................. 0.73 3.81 2.57 2.77 0.98 (0.10) 0.82
------ ------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .............. 0.78 3.90 2.64 2.85 1.04 (0.05) 0.90
------ ------ ------ ------ ------ ------ ------
Less dividend distributions:
From net investment income .................... (0.05) (0.08) (0.08) (0.08) (0.06) (0.05) (0.08)
From capital gains ............................ -- (2.43) (0.13) (1.10) -- -- (0.02)
------ ------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS ........................... (0.05) (2.51) (0.21) (1.18) (0.06) (0.05) (0.10)
------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD/YEAR ........... $17.20 $16.47 $15.08 $12.65 $10.98 $10.70 $10.80
====== ====== ====== ====== ====== ====== ======
Total return (%) (b) .......................... 4.7 26.0 21.0 26.0 10.4 (0.5) 9.0
Net assets, end of year ($ millions) .......... 68.7 72.4 70.8 56.7 55.5 36.2 29.5
Ratio of net investment income to average net
assets (%) ................................. 0.57(a) 0.51 0.55 0.59 0.95(a) 0.98(a) 1.22(a)
Ratio of expenses to average net assets (%). .. 0.81(a) 0.85 0.84 0.84 0.87(a) 0.64(a) 0.63(a)
Ratio of expenses to average net assets after
expense reimbursement (%) ..................... 0.81(a) 0.84 0.82 0.81 0.85(a) 0.33(a) 0.32(a)
Portfolio turnover rate (%) (c) ............... 46.10 34.89 41.25 35.96 9.33 1.53 5.67
</TABLE>
<TABLE>
<CAPTION>
Bond Fund
---------------------------------------------
Six Months
Ended
June 30, Years Ended December 31,
SELECTED PER SHARE AND 2000 ---------------------------------
SUPPLEMENTARY DATA: (Unaudited) 1999 1998 1997 1996(e)
------------------- ----------- ---- ---- ---- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD/YEAR ..... $ 9.45 $10.41 $10.41 $10.13 $10.01
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ......................... 0.36 0.60 0.61 0.59 0.38
Net gains or losses on securities -- realized
and unrealized ............................ (0.13) (0.87) 0.24 0.29 0.12
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .............. 0.23 (0.27) 0.85 0.88 0.50
------ ------ ------ ------ ------
Less dividend distributions:
From net investment income .................... (0.32) (0.60) (0.62) (0.59) (0.38)
From capital gains ............................ -- (0.09) (0.23) (0.01) --
------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS ........................... (0.32) (0.69) (0.85) (0.60) (0.38)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD/YEAR ........... $ 9.36 $ 9.45 $10.41 $10.41 $10.13
====== ====== ====== ====== ======
Total return (%) (b) .......................... 2.4 (3.5) 8.3 8.9 5.0
Net assets, end of year ($ millions) .......... 27.0 28.7 25.2 22.1 21.0
Ratio of net investment income to average net
assets (%) ................................. 7.32(a) 6.23 5.84 5.69 5.63(a)
Ratio of expenses to average net assets (%). .. 0.97(a) 0.93 0.97 1.00 0.90(a)
Ratio of expenses to average net assets after
expense reimbursement (%) ..................... 0.70(a) 0.70 0.70 0.70 0.70(a)
Portfolio turnover rate (%) (c) ............... 18.29 10.07 33.32 56.18 17.85
</TABLE>
----------
(a) Annualized.
(b) Total return would have been lower had certain expenses not been reduced
through expense reimbursement (Note 2)
(c) Portfolio turnover rate excludes all short-term securities.
(d) Commenced operations May 3, 1999.
(e) Commenced operations May 1, 1996.
The accompanying notes are an integral part of these financial statements.
25
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Money Market Fund
----------------------------------------------
Six Months
Ended
June 30, Years Ended December 31,
SELECTED PER SHARE AND 2000 ------------------------------
SUPPLEMENTARY DATA: (Unaudited) 1999 1998 1997(d)
------------------- ----------- ---- ---- -------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD/YEAR ..... $10.39 $10.23 $10.15 $10.00
------ ------ ------ ------
Income from investment operations:
Net investment income ......................... 0.29 0.50 0.52 0.35
Net gains or losses on securities -- realized
and unrealized ............................. -- -- -- --
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .............. 0.29 0.50 0.52 0.35
------ ------ ------ ------
Less dividend distributions:
From net investment income .................... (0.24) (0.34) (0.44) (0.20)
From capital gains ............................ -- -- -- --
------ ------ ------ ------
TOTAL DISTRIBUTIONS ........................... (0.24) (0.34) (0.44) (0.20)
------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD/YEAR ........... $10.44 $10.39 $10.23 $10.15
====== ====== ====== ======
Total return (%) (b) .......................... 2.9 4.9 5.3 3.5
Net assets, end of year ($ millions) .......... 40.7 30.2 6.5 7.52
Ratio of net investment income to average net
assets (%) ................................. 5.72(a) 4.86 5.14 5.17(a)
Ratio of expenses to average net assets (%). .. 0.61(a) 1.02 3.21 2.47(a)
Ratio of expenses to average net assets after
expense reimbursement (%) ..................... 0.40(a) 0.40 0.40 0.40 (a)
Portfolio turnover rate (%) (c) ............... N/A N/A N/A N/A
</TABLE>
----------
(a) Annualized.
(b) Total return would have been lower had certain expenses not been reduced
through expense reimbursement (Note 2)
(c) Portfolio turnover rate excludes all short-term securities.
(d) Commenced operations May 1, 1997.
N/A = Not Applicable.
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Mutual of America Institutional Funds, Inc. (the "Investment Company") was
incorporated on October 27, 1994 under the laws of Maryland and is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company (a mutual fund) currently issuing four series of common stock
representing shares of the All America Fund, Equity Index Fund, Bond Fund, and
Money Market Fund. Each fund has its own investment objective and policies.
Shares of the funds of the Investment Company are offered on a no-load basis
through its distributor, Mutual of America Securities Corporation, a registered
broker-dealer and affiliate of the Investment Company's investment management
adviser, Mutual of America Capital Management Corporation (the "Adviser").
The Investment Company is designed primarily as an investment vehicle for
endowments, foundations, corporations, municipalities and other public entities
and other institutional investors.
The All America Fund and Bond Fund commenced operations on May 1, 1996. The
Money Market Fund commenced operations on May 1, 1997, and, the Equity Index
Fund commenced operations onMay 3, 1999.
The following is a summary of the significant accounting policies of the
Investment Company:
Security Valuation--Investment securities are valued as follows:
Equity securities are valued at the last sales price on the principal
exchange on which the security is traded. If there is no trading volume for a
particular valuation day, the last bid price is used. For any equity securities
traded in the over-the-counter market, the security is valued at the last sale
price, or if no sale, at the latest bid price available.
Short-term securities with a maturity of 60 days or less are valued at
amortized cost, which approximates market value for such securities. Short-term
debt securities maturing in excess of 60 days are stated at market value.
Debt securities are valued at a composite fair market value "evaluated
bid," which may be the last sale price. Securities for which market quotations
are not readily available will be valued at fair value as determined in good
faith by the Adviser under the direction of the Board of Directors of the
Investment Company.
Security Transactions--Security transactions are recorded on the trade
date. Realized gain and loss on the sale of short and long-term debt securities
is computed on the basis of amortized cost at the time of sale. Realized gain
and loss on the sale of common stock is based on the identified cost basis of
the security determined on a first-in, first-out ("FIFO") basis.
The All America Fund and the Equity Index Fund each maintain an indexed
assets portfolio. In order to remain more fully invested in the equity markets
while minimizing its transaction costs, the funds may purchase stock index
futures contracts. Initial cash margin deposits (represented by cash or Treasury
bills) are made upon entering into futures contracts. (This initial margin,
maintained in a segregated account, is equal to approximately 5% of the contract
amount, and does not involve the borrowing of funds to finance the transaction).
During the period the futures contract is outstanding, changes in the value of
the contract are recognized as unrealized gains or losses by "marking-to-market"
on a daily basis to reflect the market value of the contract at the end of each
trading day. Futures contracts are valued at the settlement price established
each day by the exchange on which traded. Depending upon whether unrealized
gains or losses are incurred, variation margin payments are received or made.
When the contract is closed, a realized gain or loss from futures transactions
is recorded, equal to the net variation margin received or paid over the period
of the contract.
Investment Income--Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date. Foreign source tax withheld from dividends is
recorded as a reduction from dividend income. Should reclamation succeed, such
amounts are recorded as income upon collection.
Federal Income Taxes--The Investment Company intends to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to
shareholders. Therefore, no federal income tax provision is required.
27
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Unaudited) (Continued)
2. EXPENSES AND OTHER TRANSACTIONS WITH AFFILIATES
The Investment Company has entered into an Investment Advisory agreement
with the Adviser. For providing investment management services to the Investment
Company, each fund accrues a fee, calculated as a daily charge, at annual rates
of .50%, .125%, .45%, and .20% of the value of the net assets for the All
America, Equity Index, Bond, and Money Market funds, respectively. Under
Sub-Advisory Agreements for the All America Fund, the Adviser has delegated
investment advisory responsibilities to subadvisers responsible for providing
management services for a portion of the fund's assets. The Adviser (not the
fund) is responsible for compensation payable under such Sub-Advisory
Agreements.
Each of the funds of the Investment Company is charged for those expenses
which can be directly attributed to a fund's operation. Expenses which cannot be
so attributed are generally allocated among the funds based on relative net
assets.
The Adviser contractually limits the expenses of each fund, other than
brokers' commissions, transfer taxes and fees relating to portfolio
transactions, investment management expenses and extraordinary expenses, to an
annual rate of .35%, .20%, .25%, and .20%, of the value of the net assets of the
All America, Equity Index, Bond, and Money Market funds, respectively. Accrual
of these other operating expenses is charged daily against each fund's net
assets. Settlement of fees accrued (both investment management and other
operating expenses) is paid by each fund to the Adviser on or about month-end.
The annual rates of operating expenses charged daily to each fund are
subject to periodic adjustments so as to maintain as close a relationship as
possible between the established rate (charged daily) and the fund's actual
expenses, but not to exceed the respective rates under the Adviser's contractual
expense limitation agreement.
The Adviser's contractual agreement to limit each fund's total expenses
(excluding brokerage commissions, transfer taxes/fees and extraordinary
expenses) to annual rates of .85%, .325%, .70%, and .40% of the net assets of
the All America, Equity Index, Bond and Money Market funds, respectively, is in
effect through 2000 and continues in effect thereafter unless cancelled by the
Fund or the Adviser in accordance with the agreement.
The Investment Company has an Investment Accounting Agreement with the
Adviser, pursuant to which the Adviser has agreed to serve as investment
accounting and recordkeeping agent for the funds and to calculate the net asset
values of the funds. The compensation paid by the funds for these services is
subject to the expense reimbursement agreement of the Adviser described above.
A subadviser placed a portion of its portfolio transactions with its
affiliated broker-dealer; such commissions amounted to $4,278 or 5.5% of the
Fund's total commissions and represented 4.0% of the aggregate amount of
commissionable transactions.
3. PURCHASES AND SALES
The cost of investment purchases and proceeds from sales of investments,
excluding short-term investments and U.S. Government securities, for the six
months ended June 30, 2000 was as follows:
<TABLE>
<CAPTION>
All America Equity Index Bond
Fund Fund Fund
----------- ----------- ----------
<S> <C> <C> <C>
Cost of investment purchases .......................... $44,256,340 $ 8,550,173 $1,419,511
=========== =========== ==========
Proceeds from sales of investments .................... $34,198,819 $ 477,339 $ --
=========== =========== ==========
Thecost of investment purchases and proceeds
from sales of U.S. Government (excluding short-term)
securities was as follows:
Cost of investment purchases .................... $ -- $ -- $3,239,765
=========== =========== ==========
Proceeds from sales of investments ................. $ -- $ -- $4,816,564
=========== =========== ==========
</TABLE>
28
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Unaudited) (Continued)
3. PURCHASES AND SALES (CONTINUED)
For the Money Market Fund, the cost of short-term securities purchases was
$201,701,659; net proceeds from sales and redemptions was $192,194,990.
At June 30, 2000 the net unrealized appreciation (depreciation) of
investments based on cost, which was substantially the same for Federal income
tax purposes, was as follows:
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
------------ ----------- ------------ -------------
<S> <C> <C> <C> <C>
Unrealized appreciation ......................... $20,246,660 $5,714,116 $ 343,643 $--
Unrealized (depreciation) ....................... (2,777,646) (3,921,906) (2,273,539) --
----------- ---------- ----------- ---
Net unrealized appreciation (depreciation) ...... $17,469,014 $1,792,210 $(1,929,896) --
=========== ========== =========== ===
</TABLE>
4. CAPITAL SHARE ACTIVITY AND AFFILIATED OWNERSHIP
At June 30, 2000 one billion shares of common stock has been authorized for
the Investment Company. The Board of Directors has allocated 25 million shares
to the All America Fund, and, 15 million shares each to the Equity Index, Bond
and Money Market Funds.
Transactions in shares during the six months ending June 30, 2000 were as
follows:
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
------------ ----------- ------------ -------------
<S> <C> <C> <C> <C>
Shares issued ................................... 1,180,412 699,906 50,070 1,857,685
Shares issued as reinvestment of dividends ...... 12,198 14,168 93,803 88,805
Shares redeemed ................................. (1,593,116)(1) (57,231) (294,352) (949,418)
---------- ------- ------- ---------
Net increase (decrease) ......................... (400,506) 656,843 (150,479) 997,072
========== ======= ======= =========
</TABLE>
As at June 30, 2000, Mutual Of America Life Insurance Company and its
subsidiaries (affiliates of the Adviser) were shareholders of each fund's
outstanding shares as follows:
All America Fund ............................ 57%
Equity Index Fund ........................... 75%
Bond Fund ................................... 86%
Money Market Fund ........................... 4%
5. FUND OWNERSHIP
In addition to the affiliated ownership as described in footnote #4 above,
other beneficial ownerships (shareholders owning more than 5% of a Fund's
outstanding shares) was as follows on June 30, 2000:
All America Fund: two shareholders, each owning 14% and 11%, respectively;
Equity Index Fund: one shareholder owning 14%;
Money Market Fund: two shareholders, each owning 15% and 8%, respectively.
6. DIVIDENDS
On June 30, 2000 dividend distributions were declared and paid from
accumulated net investment income to shareholders of record on June 29, 2000.
Pursuant to shareholders' instructions, substantially all dividend distributions
were immediately reinvested in additional shares of each fund.
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
------------ ------------ ----- ------------
<S> <C> <C> <C> <C>
Distributions from:
Net investment income .......... $212,540 $152,637 $884,808 $931,772
-------- -------- -------- --------
Dividend amounts per share ..... $.053382 $.045252 $.316435 $.244555
======== ======== ======== ========
</TABLE>
--------------
(1) During May 2000, Mutual of America Life Insurance Company redeemed
approximately 1.51 million shares realizing proceeds of $25 million,
reducing the Fund's net assets by a corresponding amount.
29
<PAGE>
MUTUAL OF AMERICA
INSTITUTIONAL
FUNDS, INC.
Distributed by:
MUTUAL OF AMERICA SECURITIES CORPORATION
320 PARK AVENUE
NEW YORK, NY 10022-6839
800-914-8716
