<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 31, 1996
Registration No. 33-87874
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington. D.C. 20549
----------------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
---
Post-Effective Amendment No. 1 [X]
---
AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 6
---
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)
320 Park Avenue, New York, New York 10022
(Address of Registrant's Principal Executive Offices)(Zip Code)
Registrant's Telephone Number, including Area Code: (212) 224-
PATRICK A. BURNS
Senior Executive Vice President and General Counsel
Mutual of America Institutional Funds, Inc.
320 Park Avenue, New York, New York 10022
(Name and Address of Agent for Service)
Copies to:
Stanley M. Lenkowicz Robert S. Schneider
Senior Vice President & Deputy General Counsel Graham & James LLP
Mutual of America Life Insurance Company 885 Third Avenue
320 Park Avenue New York, New York 10022
New York, New York 10022
----------------------------
Approximate Date of Proposed Public Offering: As soon as practicable after the
effective date of the Registration Statement.
It is proposed that this filing will become effective:
immediately upon filing pursuant to paragraph (b).
- ---
X on November 1, 1996 pursuant to paragraph (b) of Rule 485.
- ---
60 days after filing pursuant to paragraph (a).
- ---
on (date) pursuant to paragraph (a) of Rule 485.
- ---
Pursuant to Rule 24f-2(a)(1) of the Investment Company Act of 1940, the
Registrant has registered an indefinite number or amount of its securities under
the Securities Act of 1933. A filing fee of $500 was enclosed with the initial
Registration Statement.
----------------------------
<PAGE>
SUPPLEMENT TO PROSPECTUS
- -------------------------------------------------------------------------------
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
320 PARK AVENUE, NEW YORK, NEW YORK 10022
- -------------------------------------------------------------------------------
The Prospectus dated May 1, 1996 of Mutual of America Institutional Funds,
Inc. is hereby supplemented as follows:
FINANCIAL HIGHLIGHTS FOR THE PERIOD MAY 1, 1996 TO SEPTEMBER 30, 1996
Income and capital changes per share for an All America Fund share and a Bond
Fund share outstanding throughout the period May 1, 1996 (commencement of
operations) to September 30, 1996 and other supplementary data are set forth
below. The data is unaudited and contains all adjustments deemed necessary by
the Investment Company's management. The unaudited financial statements of the
Investment Company as of and for the period ended September 30, 1996 are set
forth in a Supplement, dated November 1, 1996, to the Investment Company's
Statement of Additional Information, dated May 1, 1996.
<TABLE>
<CAPTION>
ALL AMERICA FUND BOND FUND
---------------- ---------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............. $10.00 $10.01
Income From Investment Operations
Net Investment Income.......................... .04 .22
Net Gains or Losses on Securities (both
realized and unrealized)...................... .37 .01
------ ------
Total From Investment Operations............. .41 .23
------ ------
Less Distributions
Dividends (from net investment income)......... (.02) (.08)
Distributions (from capital gains)............. (.01) --
------ ------
Total Distributions.......................... (.03) (.08)
------ ------
NET ASSET VALUE, END OF PERIOD................... $10.38 $10.16
====== ======
Total Return(a).................................. 3.9% 2.3%
Net Assets, End of Period (millions)............. $ 52.2 $ 20.5
Ratio of Net Income to Average Net Assets(b)..... 1.10% 5.59%
Ratio of Expenses to Average Net Assets(b)....... .89% .89%
Ratio of Expenses to Average Net Assets After
Expense Reimbursement(b) (Note 2)............... .85% .70%
Portfolio Turnover Rate(b)(c).................... 26.10% 12.70%
Average Commission Rate Paid(d).................. $ .049 N/A
</TABLE>
- --------
(a) Not annualized. Total return would have been lower had certain expenses
not been reimbursed by the Adviser.
(b) Annualized.
(c) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
(d) Average commission rate paid per share of common and preferred stock.
N/A = Not applicable
1
<PAGE>
UNDER "PERFORMANCE OF SIMILAR FUNDS" ON PAGE 3 OF THE PROSPECTUS, THE SECOND
PARAGRAPH IS AMENDED TO READ AS FOLLOWS:
The Adviser has provided the following information. For the Bond Fund of the
Corporation, total return was 19.4% for the one year ended December 31, 1995,
and average annual total return was 10.2% for the period February 25, 1991 (the
date the Fund's current portfolio manager was appointed) through December 31,
1995. For the All America Fund of the Corporation, total return was 36.6% for
the one year ended December 31, 1995, and average annual total return was 22.6%
for the period from May 2, 1994 (the date the Fund's current name and
investment policies and objectives were adopted and subadvisers were added)
through December 31, 1995. Past performance of the Funds is not predictive of
future performance. Investors should not consider performance data for the
Corporation as an indication of the future performance of the All America Fund
and the Bond Fund offered under this Prospectus.
SUPPLEMENT DATED NOVEMBER 1, 1996
TO PROSPECTUS DATED MAY 1, 1996
2
<PAGE>
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
- -------------------------------------------------------------------------------
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
320 PARK AVENUE, NEW YORK, NEW YORK 10022
- -------------------------------------------------------------------------------
The Statement of Additional Information dated May 1, 1996 of Mutual of America
Institutional Funds, Inc. is hereby supplemented by the addition of financial
statements as of and for the period ended September 30, 1996.
Index to September 30, 1996 Financial Statements (unaudited)
<TABLE>
<S> <C>
All America Fund Portfolio of Investments in Securities as of September
30, 1996............................................................... 2
Bond Fund Portfolio of Investments in Securities as of September 30,
1996................................................................... 20
Statement of Assets and Liabilities as of September 30, 1996............ 21
Statement of Operations for the period May 1, 1996 (Commencement of
Operations) to September 30, 1996...................................... 22
Statement of Changes in Net Assets for the period May 1, 1996
(Commencement of Operations) to September 30, 1996..................... 23
Financial Highlights for the period May 1, 1996 (Commencement of
Operations) to September 30, 1996...................................... 24
Notes to Financial Statements........................................... 25
</TABLE>
SUPPLEMENT DATED NOVEMBER 1, 1996 TO
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1996
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- --------------- ------ -----
<S> <C> <C>
COMMON STOCKS
3Com Corporation 1,000 $ 60,063
Abbott Laboratories 4,700 231,475
Adolph Coors Company 200 4,388
Advanced Micro Devices, Incorporated 800 11,800
Aetna, Incorporated 902 63,478
Ahmanson (H.F.) & Company 700 19,600
Air Products and Chemicals, Incorporated 700 40,775
Airtouch Communications, Incorporated 3,000 82,875
Alberto Culver Company 200 8,675
Albertson's, Incorporated 1,500 63,188
Alcan Aluminium Limited 1,400 42,000
Alco Standard Corporation 800 39,900
Alexander & Alexander Services, Incorporated 300 4,988
Allegheny Teledyne, Incorporated 1,077 24,367
Allergan, Incorporated 400 15,250
AlliedSignal Incorporated 1,700 111,988
Allstate Corporation 2,700 132,975
Alltel Corporation 1,200 33,450
Aluminum Company of America (ALCOA) 1,100 64,900
Alza Corporation 500 13,438
Amdahl Corporation 700 6,606
Amerada Hess Corporation 600 31,725
American Brands, Incorporated 1,000 42,250
American Electric Power Company 1,100 44,688
American Express Company 2,900 134,125
American General Corporation 1,200 45,300
American Greetings Corporation 500 14,313
American Home Products 3,900 248,625
American International Group, Incorporated 2,900 292,175
American Stores Company 900 36,000
Ameritech Corporation 3,300 173,663
Amgen, Incorporated 1,600 101,000
Amoco Corporation 3,000 211,500
AMP, Incorporated 1,300 50,375
AMR Corporation 600 47,775
Andrew Corporation 400 19,950
Anheuser-Busch Companies, Incorporated 3,000 112,875
Aon Corporation 700 37,975
Apple Computer, Incorporated 800 17,750
Applied Materials, Incorporated 1,100 30,388
Archer-Daniels-Midland Company 3,260 62,755
Armco, Incorporated 600 2,700
Armstrong World Industries, Incorporated 200 12,475
Asarco, Incorporated 300 7,988
Ashland Incorporated 400 15,900
</TABLE>
The accompanying notes are an integral part of these financial statements.
-2-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- ---------------- ------ -----
<S> <C> <C>
AT&T Corporation 9,800 512,050
Atlantic Richfield Company (ARCO) 1,000 127,500
Autodesk, Incorporated 300 7,763
Automatic Data Processing, Incorporated 1,800 78,525
Avery Dennison Corporation 300 16,650
Avon Products, Incorporated 800 39,700
Baker Hughes, Incorporated 900 27,338
Ball Corporation 200 4,900
Bally Entertainment Corporation 300 8,513
Baltimore Gas and Electric Company 900 23,513
Banc One Corporation 2,600 106,600
Bank of Boston Corporation 900 52,088
Bank of New York Company, Incorporated 2,300 67,563
BankAmerica Corporation 2,200 180,675
Bankers Trust New York Corporation 500 39,313
Bard (C.R.), Incorporated 300 9,338
Barnett Banks, Incorporated 1,200 40,500
Barrick Gold Corporation 2,200 55,275
Battle Mountain Gold Company 1,400 10,850
Bausch & Lomb, Incorporated 300 11,025
Baxter International Incorporated 1,700 79,475
Bay Networks, Incorporated 1,100 29,975
Becton, Dickinson & Company 800 35,400
Bell Atlantic Corporation 2,700 161,663
BellSouth Corporation 6,000 222,000
Bemis Company, Incorporated 300 10,163
Beneficial Corporation 300 17,250
Bethlehem Steel Corporation 700 7,000
Beverly Enterprises 600 6,525
Biomet, Incorporated 700 11,463
Black & Decker Corporation 500 20,750
Boatmen's Bancshares, Incorporated 1,000 55,875
Boeing Company 2,100 198,450
Boise Cascade Corporation 300 10,200
Boston Scientific Corporation 1,100 63,250
Briggs & Stratton Corporation 200 8,875
Bristol-Myers Squibb Company 3,000 289,125
Brown-Forman Corporation 400 15,650
Browning-Ferris Industries, Incorporated 1,300 32,500
Brunswick Corporation 600 14,400
Burlington Northern Santa Fe 900 75,938
Burlington Resources, Incorporated 800 35,500
Cabletron Systems, Incorporated 500 34,188
Caliber System, Incorporated 200 3,225
Campbell Soup Company 1,500 117,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
-3-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- --------------- ------ -------
<S> <C> <C>
Carolina Power & Light Company 900 31,050
Case Corporation 400 19,500
Caterpillar Incorporated 1,200 90,450
Centex Corporation 200 6,525
Central & South West Corporation 1,300 33,800
Ceridian Corporation 400 20,000
Champion International Corporation 600 27,525
Charming Shoppes, Incorporation 600 3,600
Chase Manhattan Corporation 2,700 216,338
Chevron Corporation 4,000 250,500
Chrysler Corporation 4,400 125,950
Chubb Corporation 1,100 50,600
CIGNA Corporation 500 59,938
Cincinnati Milacron, Incorporated 200 3,775
CINergy Corporation 1,000 30,875
Circuit City Stores, Incorporated 600 21,675
Cisco Systems, Incorporated 3,900 242,044
Citicorp 2,900 262,813
Clorox Company 300 28,763
Coastal Corporation 600 24,750
Coca-Cola Company 15,200 773,300
Colgate-Palmolive Company 900 78,188
Columbia Gas System, Incorporated 300 16,800
Columbia/HCA Healthcare Corporation 2,700 153,563
Comcast Corporation 1,400 21,525
Comerica, Incorporated 700 36,050
Community Psychiatric Centers 300 2,813
Compaq Computer Corporation 1,600 102,600
Computer Associates International, Incorporated 2,150 128,463
Computer Sciences Corporation 500 38,438
ConAgra, Incorporated 1,500 73,875
Conrail, Incorporated 500 36,188
Consolidated Edison Company of New York, Inc 1,400 38,850
Consolidated Freightways, Incorporated 300 7,350
Consolidated Natural Gas Company 600 32,175
Cooper Industries, Incorporated 700 30,275
Cooper Tire and Rubber Company 500 10,813
Corestates Financial Corporation 1,400 60,550
Corning, Incorporated 1,400 54,600
CPC International, Incorporated 900 67,388
Crane Company 200 8,875
Crown Cork & Seal Company, Incorporated 800 36,900
CSX Corporation 1,300 65,650
CUC International, Incorporated 1,500 59,813
Cummins Engine Company, Incorporated 200 7,875
</TABLE>
The accompanying notes are an integral part of these financial statements.
-4-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- ---------------- ------ -----
<S> <C> <C>
Cyprus Amax Minerals Company 600 12,900
Dana Corporation 600 18,150
Darden Restaurants, Incorporated 1,000 8,625
Data General Corporation 200 2,800
Dayton Hudson Corporation 1,300 42,900
Dean Witter Discover and Company 1,000 55,000
Deere & Company 1,600 67,200
Dell Computer Corporation 500 38,875
Delta Air Lines, Incorporated 500 36,000
Deluxe Corporation 500 18,875
Digital Equipment Corporation 900 32,175
Dillard Department Stores, Incorporated 700 22,575
Dominion Resources, Incorporated 1,100 41,525
Dover Corporation 700 33,425
Dow Chemical Company 1,500 120,375
Dow Jones & Company, Incorporated 600 22,200
Dresser Industries, Incorporated 1,100 32,725
DSC Communications Corporation 700 17,500
DTE Energy Company 900 25,200
Duke Power Company 1,200 55,950
Dun & Bradstreet Corporation 1,000 59,625
E. I. du Pont de Nemours and Company 3,400 300,050
Eastern Enterprises 100 3,775
Eastman Chemical Company 500 29,188
Eastman Kodak Company 2,000 157,000
Eaton Corporation 500 30,188
Echlin, Incorporated 400 12,550
Echo Bay Mines Limited 800 7,050
Ecolab, Incorporated 400 13,500
Edison International 2,700 48,263
EG&G, Incorporated 300 5,363
Eli Lilly & Company 3,300 212,850
EMC Corporation 1,400 31,675
Emerson Electric Company 1,400 126,175
Engelhard Corporation 900 20,700
Enron Corporation 1,500 61,125
ENSERCH Corporation 400 8,350
Entergy Corporation 1,400 37,800
Exxon Corporation 7,500 624,375
Federal Express Corporation 300 23,775
Federal Home Loan Mortgage Corporation 1,100 107,663
Federal National Mortgage Association 6,600 230,175
Federated Department Stores, Incorporated 1,300 43,550
Fifth Third Bancorp 600 34,875
First Bank System, Incorporated 900 60,188
</TABLE>
The accompanying notes are an integral part of these financial statements.
-5-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- ---------------- ------ -------
<S> <C> <C>
First Chicago NBD Corporation 1,900 85,975
First Data Corporation 1,400 114,275
First Union Corporation 1,700 113,475
Fleet Financial Group, Incorporated 1,600 71,200
Fleetwood Enterprises, Incorporated 200 6,150
Fleming Companies, Incorporated 200 3,475
Flour Corporation 500 30,750
FMC Corporation 200 13,575
Ford Motor Company 7,200 225,000
Foster Wheeler Corporation 200 8,750
FPL Group, Incorporated 1,100 47,575
Freeport-McMoRan Copper & Gold, Incorporated 1,200 37,500
Fruit of the Loom, Incorporated 500 15,500
Gannett Company, Incorporated 900 63,338
Gap, Incorporated 1,700 49,088
General Dynamics Corporation 400 27,550
General Electric Company 10,000 910,000
General Instrument Corporation 800 19,800
General Mills, Incorporated 1,000 60,375
General Motors Corporation 4,600 220,800
General Re Corporation 500 70,875
General Signal Corporation 300 13,200
Genuine Parts Company 700 30,625
Georgia Pacific Corporation 600 47,475
Giant Food, Incorporated 400 13,600
Giddings & Lewis, Incorporated 200 2,375
Gillette Company 2,700 194,738
Golden West Financial Corporation 400 23,350
Goodrich (B.F.) Company 300 13,538
Goodyear Tire & Rubber Company 900 41,513
GPU, Incorporated 700 21,525
Grainger (W.W.), Incorporated 300 21,075
Great Atlantic & Pacific Tea Company, Incorp 200 5,175
Great Lakes Chemical Corporation 400 22,800
Great Western Financial Corporation 800 21,200
Green Tree Financial Corporation 800 31,400
GTE Corporation 5,900 227,150
H&R Block, Incorporated 600 17,850
Halliburton Company 700 36,138
Harcourt General, Incorporated 400 22,100
Harnischfeger Industries, Incorporated 300 11,325
Harrah's Entertainment, Incorporated 600 11,175
Harris Corporation 200 13,025
Hasbro, Incorporated 500 18,563
Heinz (H.J.) Company 2,200 74,250
</TABLE>
The accompanying notes are an integral part of these financial statements.
-6-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- --------------- ------ -----
<S> <C> <C>
Helmerich & Payne, Incorporated 200 8,725
Hercules, Incorporated 700 38,325
Hershey Foods Corporation 900 45,225
Hewlett - Packard Company 6,200 302,250
HFS, Incorporated 700 46,813
Hilton Hotels Corporation 1,200 34,050
Home Depot, Incorporated 2,900 164,938
Homestake Mining Company 900 13,163
Honeywell, Incorporated 800 50,500
Household International, Incorporated 600 49,350
Houston Industries, Incorporated 1,600 35,400
Humana, Incorporated 1,000 20,250
Illinois Tool Works, Incorporated 700 50,488
Inco, Limited 1,000 30,750
Ingersoll-Rand Company 700 33,250
Inland Steel Industries, Incorporated 300 5,363
Intel Corporation 5,000 477,188
Intergraph Corporation 300 3,300
International Business Machines Corporation 3,200 398,400
International Flavors & Fragrances, Incorporated 700 30,538
International Paper Company 1,800 76,500
Interpublic Group of companies, Incorporated 500 23,625
ITT Corporation 700 30,538
ITT Hartford Group, Incorporated 700 41,300
ITT Industries 700 16,888
J.P. Morgan & Company 1,100 97,763
James River Corporation of Virginia 500 13,813
Jefferson-Pilot Corporation 400 20,700
John H. Harland Company 200 6,000
Johnson & Johnson 8,100 415,125
Johnson Controls, Incorporated 300 22,500
Jostens, Incorporated 200 4,175
Kaufman & Broad Home Corporation 200 2,600
Kellogg Company 1,300 89,538
Kerr-McGee Corporation 300 18,263
KeyCorp 1,400 61,600
Kimberly-Clark Corporation 1,700 149,813
King World Productions Incorporation 200 7,375
Kmart Corporation 3,000 30,750
Knight-Ridder Incorporation 600 22,200
Kroger Company 800 35,800
Laidlaw Incorporated-Class B 1,900 20,900
Limited Incorporated 1,600 30,600
Lincoln National Corporation 600 26,325
Liz Claiborne Incorporated 400 14,900
</TABLE>
The accompanying notes are an integral part of these financial statements.
-7-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30,1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- ---------------- ------ -----
<S> <C> <C>
Lockheed Martin Corporation 1,200 108,150
Loews Corporation 700 54,163
Longs Drug Stores Incorporated 100 4,350
Louisiana-Pacific Corporation 700 15,925
Lousiana Land & Exploration Company 200 10,525
Lowe's Companies 1,000 40,875
LSI Logic Corporation 800 18,600
Luby's Cafeterias Incorporated 100 2,400
Mallinckrodt Group Incorporated 500 20,813
Manor Care, Incorporated 400 15,350
Marriott International, Incorporated 800 44,100
Marsh & McLennan Companies, Incorporated 400 38,850
Masco Corporation 1,000 30,000
Mattel, Incorporated 1,700 43,988
May Department Stores Company 1,500 72,938
Maytag Corporation 600 11,700
MBNA Corporation 1,400 48,650
McDermott International, Incorporated 300 6,525
McDonald's Corporation 4,300 203,713
McDonnell Douglas Corporation 1,300 68,250
McGraw-Hill Companies, Incorporated 600 25,575
MCI Communications Corporation 4,200 107,625
Mead Corporation 300 17,588
Medtronic, Incorporated 1,500 96,188
Mellon Bank Corporation 800 47,400
Melville Corporation 600 26,475
Mercantile Stores Company, Incorporated 200 10,800
Merck & Company Incorporated 7,400 520,775
Meredith Corporation 200 9,875
Merrill Lynch & Company, Incorporated 1,000 65,625
MGIC Investment Corporation 400 26,950
Micron Technology, Incorporated 1,300 39,650
Microsoft Corporation 3,600 474,750
Millipore Corporation 300 11,850
Minnesota Mining and Manufacturing Company 2,500 174,688
Mobil Corporation 2,400 277,800
Monsanto Company 3,600 131,400
Moore Corporation Limited 600 11,025
Morgan Stanley Group, Incorporated 900 44,775
Morton International, Incorporated 900 35,775
Motorola, Incorporated 3,600 185,850
NACCO Industries, Incorporated 100 4,775
Nalco Chemical Company 400 14,500
National City Corporation 1,300 54,763
National Semiconductor Corporation 800 16,100
</TABLE>
The accompanying notes are an integral part of these financial statements.
-8-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED))
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- ---------------- ------ -----
<S> <C> <C>
National Service Industries 300 10,500
NationsBank Corporation 1,800 156,375
Navistar International Corporation 500 4,250
New York Times Company 600 20,250
Newell Company 1,000 30,000
Newmont Mining Corporation 600 28,350
Niagara Mohawk Power Corporation 900 7,200
NICOR, Incorporated 300 10,125
Nike, Incorporated 900 109,350
NorAm Energy Corporation 800 11,900
Nordstrom, Incorporated 500 19,000
Norfolk Southern Corporation 800 73,100
Northern States Power Company 400 18,650
Northern Telecom Limited 1,600 92,400
Northrop Grumman Corporation 400 32,100
Norwest Corporation 2,300 94,013
Novell, Incorporated 2,100 23,100
Nucor Corporation 500 25,375
NYNEX Corporation 2,700 117,450
Occidental Petroleum Corporation 2,000 46,750
Ohio Edison Company 900 17,438
ONEOK Incorporated 200 5,500
Oracle Corporation 4,000 170,250
Oryx Energy Company 600 10,650
Outboard Marine Corporation 100 1,538
Owens Corning 300 11,063
P P & L Resources, Incorporated 1,000 21,875
PACCAR Incorporated 200 10,950
Pacific Enterprises 500 15,125
Pacific Gas and Electric Company 2,500 54,375
Pacific Telesis Group 2,600 87,425
PacifiCorp 1,800 37,125
Pall Corporation 700 19,775
Pan Energy Corporation 900 31,163
Parker-Hannifin Corporation 500 21,000
Peco Energy Company 1,400 33,250
Penny (J.C.) Corporation 1,400 75,775
Pennzoil Corporation 300 15,863
Peoples Energy Corportation 200 6,800
Pep Boys-Manny Moe & Jack 400 14,250
Pepsico Incorporated 9,500 268,375
Perkin-Elmer Corporation 300 17,363
Pfizer Incorporated 3,900 308,588
Pharmacia & Upjohn Incorporated 3,100 127,875
Phelps Dodge Corporation 400 25,650
</TABLE>
The accompanying notes are an integral part of these financial statements.
-9-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- --------------- ------ -------
<S> <C> <C>
Philip Morris Companies, Incorporated 5,000 448,750
Phillips Petroleum Corporation 1,600 68,400
Pioneer Hi-Bred International Incorporated 500 30,250
Pitney Bowes Incorporated 900 47,363
Placer Dome Incorporated 1,500 35,438
PNC Bank Corporation 2,100 70,088
Polaroid Corporation 300 13,200
Potlatch Corporation 200 7,750
PPG Industries, Incorporated 1,100 59,813
Praxair Incorporated 900 38,700
Price/Costco Incorporated 1,200 24,600
Procter & Gamble Corporation 4,200 409,500
Providian Corporation 600 25,800
Public Service Enterprise Group 1,500 40,125
Pulte Corporation 100 2,563
Quaker Oats Company 800 29,300
R.R. Donnelley & Sons Company 900 29,025
Ralston-Ralston Purina Group 600 41,100
Raychem Corporation 300 22,500
Raytheon Company 1,400 77,875
Reebok Internation Limited 300 10,425
Republic New York Corporation 300 20,738
Reynolds Metals Company 400 20,450
Rite Aid Corporation 500 18,125
Rockwell International Corporation 1,300 73,288
Rohm & Haas Company 400 26,200
Rowan Companies Incorporated 500 9,313
Royal Dutch Petroleum-New York Shares 3,300 515,213
Rubbermaid Incorporated 900 22,050
Russell Corporation 200 6,450
Ryan's Family Steak Houses Incorporated 300 2,288
Ryder System, Incorporated 500 14,813
Safeco Corporation 800 28,000
Safety-Kleen Corporation 400 6,600
Salomon Incorporated 600 27,375
Santa Fe Energy Resources 600 8,550
Santa Fe Pacific Gold Corporation 800 10,000
Sara Lee Corporation 3,000 107,250
SBC Communications, Incorporated 3,700 178,063
Schering-Plough Corporation 2,200 135,300
Schlumberger Limited 1,500 126,750
Scientific-Atlanta Incorporated 500 7,938
Seagate Technology, Incorporated 600 33,525
Seagram Company Limited 2,300 85,963
Sears Roebuck & Company 2,400 107,400
</TABLE>
The accompanying notes are an integral part of these financial statements.
-10-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- ---------------- ------ -----
<S> <C> <C>
Service Corporation International 1,400 42,350
Shared Medical Systems Corporation 100 5,700
Sherwin-Williams Company 500 23,188
Shoney's Incorporated 300 2,738
Sigma-Aldrich 300 17,100
Silicon Graphics Incorporated 1,000 22,125
Snap-On Incorporated 400 12,850
Sonat Incorporated 500 22,125
Southern Company 4,100 92,763
Southwest Airlines 900 20,588
Springs Industries Incorporated-Class A 100 4,450
Sprint Corporation 2,600 101,075
St. Jude Medical Incorporated 500 20,188
St. Paul Companies 500 27,750
Stanley Works 500 14,063
Stone Container Corporation 600 9,375
Stride Rite Corporation 300 2,700
Sun Company Incorporated 400 9,200
Sun Microsystems, Incorporated 1,100 68,338
Suntrust Banks Incorporated 1,400 57,400
Supervalu Incorporated 400 11,000
Sysco Corporation 1,100 36,988
Tandem Computers Incorporated 700 7,525
Tandy Corporation 400 16,150
Tektronix Incorporated 200 8,175
Tele-Communications Incorporated 4,000 59,750
Tellabs, Incorporated 500 35,313
Temple-Inland Incorporated 300 15,825
Tenet Healthcare Corporation 1,300 28,925
Tenneco Incorporated 1,000 50,125
Texaco Incorporated 1,600 147,200
Texas Instruments Incorporated 1,200 66,150
Texas Utilities Company 1,400 55,475
Textron Incorporated 500 42,500
Thomas & Betts Corporation 200 8,200
Time Warner Incorporated 2,400 92,700
Times Mirror Company-Class A 600 26,700
Timken Company 200 7,850
TJX Companies, Incorporated 400 14,350
Torchmark Corporation 400 18,350
Toys "R" US Incorporated 1,700 49,513
Transamerica Corporation 400 27,950
Travelers Group Incorporated 2,850 140,006
Tribune Company 400 31,200
Trinova Corporation 200 6,300
</TABLE>
The accompanying notes are an integral part of these financial statements.
-11-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- ---------------- ------------- -------------
<S> <C> <C>
TRW Incorporated 400 37,200
Tupperware Corporation 400 19,600
Tyco International Limited 900 38,813
Unicom Corporation 1,300 32,663
Unilever NV 1,000 157,625
Union Camp Corporation 400 19,550
Union Carbide Corporation Holding Company 800 36,500
Union Electric Company 600 22,125
Union Pacific Corporation 1,500 109,875
Unisys Corporation 1,100 6,738
United Healthcare Corporation 1,100 45,788
United Technologies Corporation 700 84,088
Unocal Corporation 1,500 54,000
UNUM Corporation 400 25,650
US Bancorp 900 35,550
US Surgical Corporation 400 17,000
US West Communications Group 2,900 86,275
US West Media Group 2,900 48,938
USAir Group 400 6,600
USF&G Corporation 700 12,950
USLIFE Corporation 200 6,000
UST Incorporated 1,100 32,588
USX-Marathon Group 1,700 36,763
USX-U.S. Steel Group Incorporated 500 14,250
VF Corporation 400 24,050
Viacom Incorporated - Class B 2,200 77,550
W.R. Grace & Company 500 37,250
Wachovia Corporation 1,000 49,500
Wal-Mart Stores Incorporated 13,900 366,613
Walgreen Corporation 1,500 55,500
Walt Disney Company 4,100 259,838
Warner-Lambert Company 1,600 105,600
Wells Fargo & Company 600 156,000
Wendy's International Incorporated 800 17,200
Western Atlas Incorporated 300 18,675
Westinghouse Electric Corporation 2,600 48,425
Westvaco Corporation 600 17,775
Weyerhaeuser Company 1,200 55,350
Whirlpool Corporation 500 25,313
Whitman Corporation 600 13,875
Willamette Industries 300 19,650
Williams Companies Incorporated 600 30,600
Winn-Dixie Stores Incorporated 900 31,388
WMX Technologies Incorporated 3,000 98,625
Woolworth Corporation 800 16,500
</TABLE>
The accompanying notes are an integral part of these financial statements.
-12-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PASSIVE PORTION SHARES VALUE
- ---------------- ------------- --------------
<S> <C> <C>
WorldCom Incorporated 2,400 51,300
Worthington Industries 600 12,000
Wrigley (WM) Jr. Company 700 42,175
Xerox Corporation 2,000 107,250
Yellow Corporation 200 2,600
--------------
TOTAL PASSIVE PORTION - COMMON STOCKS
(Cost: $30,170,481) 61.0% 31,646,094
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
-13-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
PASSIVE PORTION: RATE MATURITY AMOUNT VALUE
- ---------------- ---- -------- ------ -----
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES
U. S. Government ( 0.1%)
U.S. Treasury Bills 4.9% 10/31/96 $45,000 $44,818
U.S. Treasury Bills 5.2% 2/13/97 10,000 9,806
-------
54,624
-------
TOTAL PASSIVE SHORT-TERM DEBT SECURITIES
(Cost: $54,624) 0.1% 54,624
-------
TOTAL PASSIVE PORTION
(Cost: $30,225,105 ) 61.1% 31,700,718
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
-14-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS ( ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
ACTIVE PORTION: SHARES VALUE
- --------------- ------ -----
<S> <C> <C>
Basic Materials (0.7%)
Delta & Pine Land Company 11,500 $ 336,375
Titanium Metals Corporation* 1,000 29,000
--------
365,375
--------
Consumer, Cyclical (9.4%)
American Greetings Corporation 5,700 163,163
Apple South Incorporated 2,000 26,750
Ascend Communications, Incorporated* 1,400 92,575
Atlas Air, Incorporated* 700 29,925
Borg-Warner Automotive, Incorporated 6,000 213,000
Brunswick Corporation 5,600 134,400
Callaway Golf Company 11,500 392,438
Chancellor Corporation* 500 20,750
Charming Shoppes, Incorporation* 4,000 24,000
Cinar Films, Incorporated* 2,700 70,369
Cros-Continent Auto Retailers, Incorporated* 1,600 36,800
Designer Holdings Limited* 1,000 26,125
Eastman Kodak Company 2,000 157,000
Finlay Enterprises, Incorporated* 6,700 82,913
First Alert, Incorporated* 8,200 48,175
FlightSafety International, Incorporated 3,300 147,263
G & K Services, Incorporated- Class A 1,800 52,650
Gannett Company, Incorporated 1,800 126,675
Golden Bear Golf, Incorporated* 4,000 79,000
Gucci Group N V -New York Regular Shares 500 36,250
H&R Block, Incorporated 3,900 116,025
Harold's Stores, Incorporated 3,000 42,750
Jones Apparel Group, Incorporated* 900 57,375
Loewen Group, Incorporated 1,800 75,375
Lone Star Steakhouse & Saloon* 2,400 73,050
May Department Stores Company 2,400 116,700
Midwest Express Holdings, Incorporated* 4,700 140,413
Nautica Enterprises, Incorporated* 1,000 32,250
Norton McNaughton, Incorporated* 7,500 60,938
OfficeMax, Incorporated* 3,200 44,800
Petsmart, Incorporated* 900 23,288
Ryder System, Incorporated 4,300 127,388
St. John Knits, Incorporated 10,100 506,263
The Sports Authority, Incorporated* 3,750 99,844
Tiffany & Company 13,100 524,000
TJX Companies, Incorporated 800 28,700
Toll Brothers, Incorporated* 7,700 128,013
Tommy Hilfiger Corporation* 500 29,625
Tower Automotive, Incorporated* 10,400 266,500
Unitog Company 5,800 175,450
Whirlpool Corporation 2,100 106,313
Xerox Corporation 1,900 101,888
Young Broadcasting Corporation* 1,000 33,000
----------
4,870,169
---------
</TABLE>
The accompanying notes are an integral part of these financial statements.
-15-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS ( ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30,1996 (UNAUDITED)
<TABLE>
<CAPTION>
ACTIVE PORTION: SHARES VALUE
- --------------- ------- -----
<S> <C> <C>
Consumer, Non-Cyclical (5.1%)
Access Health, Incorporated* 500 28,125
American Medical Response, Incorporated* 1,300 46,800
American Stores Company 4,900 196,000
Bausch & Lomb, Incorporated 3,000 110,250
Biochem Pharma, Incorporated* 1,200 48,150
Biopsys Medical, Incorporated* 2,900 42,775
Ciba-Geigy AG 2,100 134,663
CompDent Corporation* 1,600 60,400
ConAgra, Incorporated 3,200 157,600
CONMED Corporation* 5,300 95,400
ESC Medical Systems Limited* 3,600 115,200
Forest Laboratories, Incorporated* 3,400 122,825
Fuisz Technologies Limited* 2,900 37,700
Heartport, Incorporated* 1,500 39,000
Hologic, Incorporated* 2,600 72,800
Intercardia, Incorporated* 500 12,375
Lincare Holdings, Incorporated* 1,300 52,000
Mentor Corporation 800 22,000
Orthodontic Centers of America, Incorporat* 2,100 42,788
Pharmacia & Upjohn Incorporated 4,300 177,375
Philip Morris Companies, Incorporated 1,700 152,575
PhyCor, Incorporated* 1,500 57,094
Physician Sales & Service, Incorporated* 2,900 68,150
Quintiles Transnational Corporation* 700 51,275
R.P. Scherer Corporation* 4,400 214,500
Serologicals Corporation* 700 24,325
Sola International, Inc.* 8,700 324,075
Steris Corporation* 2,000 67,750
Target Therapeutics, Incorporated* 1,100 47,025
Veterinary Centers of America, Incorporated* 1,000 21,938
---------
2,642,933
---------
Energy (1.3%)
Mobil Corporation 1,000 115,750
Oceaneering International, Incorporated* 8,600 146,200
Repsol SA 5,000 165,625
Royal Dutch Petroleum-New York Shares 800 124,900
USX-Marathon Group 5,600 121,100
-------
673,575
-------
Financial (3.6%)
Ahmanson (H.F.) & Company 4,700 131,600
American International Group, Incorporated 2,500 251,875
Aon Corporation 1,400 75,950
Citicorp 4,100 371,563
Fleet Financial Group, Incorporated 2,900 129,050
Keystone Financial, Incorporated 6,050 151,250
Loews Corporation 1,500 116,063
</TABLE>
The accompanying notes are an integral part of these financial statements.
-16-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS ( ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
ACTIVE PORTION: SHARES VALUE
- --------------- ------ -----
<S> <C> <C>
NationsBank Corporation 2,300 199,813
Providian Corporation 2,700 116,100
Summit Bancorp 5,600 222,600
The Money Store, Incorporated 4,000 106,000
---------
1,871,864
---------
Industrial (6.1%)
Adaptec, Incorporated* 900 54,000
AGCO Corporation 5,300 135,150
Applied Materials, Incorporated* 4,100 113,263
Briggs & Stratton Corporation 3,000 133,125
Burlington Northern Santa Fe 1,400 118,125
Checkfree Corporation* 6,300 126,000
Coach USA, Incorporated* 6,400 171,200
Crown Cork & Seal Company, Incorporated 2,600 119,925
Eagle Hardware & Garden, Incorporated* 1,000 27,000
Factset Research Systems, Incorporated* 1,300 24,863
First Data Corporation 3,900 318,338
Foster Wheeler Corporation 2,700 118,125
Greenfield Industries, Incorporated 3,800 91,200
Hanson PLC 8,400 103,950
Hardinge, Incorporated 6,300 151,200
HBO & Company 800 53,400
Masco Corporation 4,500 135,000
Metromail Corporation* 1,200 25,950
Mossimo, Incorporated* 1,200 38,250
National Data Corporation 700 30,538
Parker-Hannifin Corporation 2,900 121,800
RailTex, Incorporated* 3,900 92,869
Rural/Metro Corporation* 1,300 47,450
Sealed Air Corporation* 5,800 216,050
Tractor Supply Company* 4,500 96,188
Union Pacific Corporation 2,300 168,475
United Waste Systems, Incorporated* 3,000 104,250
US Filter Corporation* 200 6,825
USA Waste Services, Incorporated* 3,800 119,700
Waters Corporation* 1,000 32,750
Whittman - Hart Incorporated* 1,400 66,150
---------
3,161,109
---------
Technology (11.6%)
3Com Corporation* 11,900 714,744
Applix, Incorporated* 1,700 44,625
Atmel Corporation* 8,500 262,438
Bay Networks, Incorporated* 8,700 237,075
Cascade Communications Corporation* 1,000 81,500
CBT Group PLC* 1,000 47,000
Cellpro, Incorporated* 3,100 40,300
Centocor, Incorporated* 1,200 42,600
Cisco Systems, Incorporated* 12,200 757,163
Citrix Systems, Incorporated* 1,500 76,875
Clintrials Research, Incorporated* 600 24,450
</TABLE>
The accompanying notes are an integral part of these financial statements.
-17-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
ACTIVE PORTION: SHARES VALUE
- --------------- ------ -----
<S> <C> <C>
Compaq Computer Corporation* 5,200 333,450
Compuware Corporation* 1,700 77,775
Cymer, Incorporated* 2,000 35,500
Digital Microwave Corporation* 1,700 39,100
Electronics For Imaging* 1,200 86,100
Glenayre Technologies, Incorporated* 1,800 41,400
Inference Corporation-Class A* 1,400 24,850
Informix Corporation* 2,000 55,750
Inso Corporation* 400 21,700
Intel Corporation 5,200 496,275
International Business Machines Corporation 1,400 174,300
Kimberly-Clark Corporation 2,200 193,875
Linear Technology Corporation 5,500 202,813
Maxim Integrated Products, Incorporated* 5,300 187,488
Medic Computer Systems, Incorporated* 2,000 72,750
Minnesota Mining and Manufacturing Company 1,900 132,763
Motorola, Incorporated 2,800 144,550
Network Appliance, Incorporated* 2,000 60,000
Quick Response Services, Incorporated* 800 29,800
Raster Graphics, Incorporated* 3,000 27,000
Raytheon Company 2,400 133,500
Rohr Industries, Incorporated* 2,100 41,213
S3 Incorporated* 2,000 39,500
Softkey International, Incorporated* 3,000 58,125
Structural Dynamics Research Corporation* 4,000 95,500
Sun Microsystems, Incorporated* 7,900 490,788
Systemsoft Corporation 1,000 34,250
Tellabs, Incorporated* 1,800 127,125
U.S. Robotics Corporation* 1,700 109,845
VideoServer, Incorporated* 2,400 83,400
Xilinx, Incorporated* 1,400 47,600
---------
6,026,855
---------
Utilities (0.8%)
British Telecommunications 900 50,288
LCI International, Incorporated* 1,800 56,700
MCI Communications Corporation 4,400 112,750
SBC Communications, Incorporated 2,400 115,500
Tele Danmark A/S 1,900 44,888
-------
380,126
-------
TOTAL ACTIVE PORTION - COMMON STOCKS
(Cost: $18,985,769 ) 38.6% 19,992,006
----------
</TABLE>
_______________
* Non-income producing security
The accompanying notes are an integral part of these financial statements.
-18-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
ACTIVE PORTION: RATE MATURITY AMOUNT VALUE
- --------------- ---- -------- ------ -----
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES
U. S. Government (0.1%)
U.S. Treasury Bills 4.85% 10/31/96 $ 55,000 $ 54,778
------
Commercial Paper (0.2%)
Sanwa Business Credit 5.40% 10/4/96 100,000 99,955
------
TOTAL ACTIVE PORTION SHORT-TERM DEBT SECURITIES
(Cost: $154,733) 0.3% 154,733
-------
TOTAL ACTIVE SECURITIES
(Cost: $19,140,502) 38.9% 20,146,739
----------
TOTAL INVESTMENTS
(Cost: $49,365,607) 100.0% $51,847,457
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
-19-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
LONG-TERM DEBT SECURITIES RATE MATURITY AMOUNT VALUE
---- -------- ------ -----
<S> <C> <C> <C> <C>
U. S. Government (84.1%)
U.S. Treasury Note 5.50% 9/30/97 $ 4,000,000 $ 3,990,000
U.S. Treasury Note 6.25% 2/15/03 3,500,000 3,444,210
U.S. Treasury Note 6.38% 3/31/01 3,500,000 3,490,690
U.S. Treasury Note 6.50% 5/15/05 4,000,000 3,953,760
U.S. Treasury Note 7.13% 2/15/23 2,000,000 2,014,680
-----------
16,893,340
-----------
Agencies (9.4%)
Federal Home Loan Mortgage Corporation 8.00% 7/15/06 500,000 512,810
Federal National Mortgage Association 7.75% 10/25/18 963,110 973,040
Federal Home Loan Mortgage Corporation 7.50% 5/15/18 400,000 407,248
-----------
1,893,098
-----------
Industrial (2.3%)
Costco Wholesale Corporation 5.75% 5/15/02 500,000 463,750
-----------
Utilities (2.6%)
Oklahoma Gas & Electric 8.88% 12/1/20 500,000 511,875
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $19,736,133) 98.4% 19,762,063
-----------
SHORT-TERM DEBT SECURITIES
U.S. Government (.5%)
U.S. Treasury Bills 5.11% 10/31/96 80,000 79,659
U.S. Treasury Bills 4.85% 10/31/96 15,000 14,940
-----------
94,599
-----------
Commercial Paper (1.1%)
Alabama Power Company 5.37% 10/22/96 223,000 222,301
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $316,900) 1.6% 316,900
-----------
TOTAL INVESTMENTS
(Cost: $20,053,033) 100.0% $20,078,963
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
-20-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
ALL AMERICA BOND
FUND FUND
---- ----
<S> <C> <C>
ASSETS:
Investments at market value (Notes 1 & 3)
(Cost:
All America Fund - $49,365,607
Bond Fund - $20,053,033) $51,847,457 $20,078,963
Cash 214,279 1,774
Interest and dividends receivable 85,956 398,769
Receivable for securities sold 160,237 --
--------------- -------------
TOTAL ASSETS 52,307,929 20,479,506
Payable for securities purchased 72,590 --
Accrued expenses 719 290
--------------- -------------
NET ASSETS $52,234,620 $20,479,216
=============== =============
NUMBER OF SHARES OUTSTANDING (Note 4) 5,033,551 2,015,062
=============== =============
NET ASSET VALUES, offering and
redemption price per share $10.38 $10.16
=============== =============
</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 PERIOD MAY 1, 1996 (COMMENCEMENT OF OPERATIONS)
TO SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
ALL AMERICA BOND
FUND FUND
---- ----
<S> <C> <C>
INVESTMENT INCOME AND EXPENSES:
Income: (Note 1)
Dividends $ 393,179 $
--
Interest 7,700 521,425
-------------- -------------
Total Income 400,879 521,425
-------------- -------------
Expenses: (Note 2)
Investment management fees 102,543 37,279
Directors' (independent) fees and expenses 10,978 10,978
Custodian expenses 20,250 2,249
Accounting expenses 8,975 7,525
Professional fees 12,657 4,218
Other 27,372 11,868
-------------- -------------
Total Expenses before reimbursement 182,775 74,117
Expense reimbursement (8,456) (16,127)
-------------- -------------
NET EXPENSES 174,319 57,990
-------------- -------------
NET INVESTMENT INCOME 226,560 463,435
-------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments:
Net proceeds from sales 5,452,615 982,031
Cost of securities sold 6,039,023 991,256
-------------- -------------
Net realized gain (loss) (586,408) (9,225)
Realized gain (loss) on short-term securities (20) (68)
-------------- -------------
Net realized gain (loss) on Investments (586,428) (9,293)
Net unrealized appreciation on investments 2,481,850 25,930
-------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS 1,895,422 16,637
-------------- -------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 2,121,982 $ 480,072
============== =============
</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
FOR THE PERIOD MAY 1, 1996 (COMMENCEMENT OF OPERATIONS)
TO SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
All America Bond
Fund Fund
---- ----
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From Operations:
Net investment income $ 226,560 $ 463,435
Net realized gain (loss) on investments(586,428) (586,428) (9,293)
Net unrealized appreciation
on investments 2,481,850 25,930
------------ ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 2,121,982 480,072
------------ ------------
Dividend Distributions:
From net investment income (99,378) (165,479)
From net realized losses 32,296 6,052
------------ ------------
(67,082) (159,427)
------------ ------------
CAPITAL SHARE TRANSACTIONS (Note 4):
Net proceeds from the sale of shares 50,137,638 20,123,533
Dividend reinvestments 67,082 159,427
Cost of shares redeemed (25,000) (124,389)
------------ ------------
NET INCREASE IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS 50,179,720 20,158,571
------------ ------------
NET INCREASE IN NET ASSETS $52,234,620 $20,479,216
NET ASSETS, BEGINNING OF PERIOD -- --
------------ ------------
NET ASSETS, END OF PERIOD $52,234,620 $20,479,216
============ ============
COMPONENTS OF NET ASSETS:
Paid-in capital $50,179,720 $20,158,571
Accumulated undistributed net investment
income (loss) 127,182 297,956
Accumulated undistributed net realized
gain (loss) on investments (554,132) (3,241)
Unrealized appreciation (depreciation) on
investments 2,481,850 25,930
------------ ------------
NET ASSETS, END OF PERIOD $52,234,620 $20,479,216
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
-23-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
FINANCIAL HIGHLIGHTS
FOR THE PERIOD MAY 1, 1996 (COMMENCEMENT OF OPERATIONS) TO SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
ALL AMERICA BOND
FUND FUND
---- ----
<S> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD $ 10.00 $ 10.01
-------------- --------------
Income from investment operations:
Net investment income 0.04 0.22
Net gains or losses on securities
(both realized and unrealized) 0.37 0.01
-------------- --------------
TOTAL FROM INVESTMENT OPERATIONS 0.41 0.23
-------------- --------------
Less dividend distributions:
From net investment income (0.02) (0.08)
From capital gains (0.01) -
--------------- --------------
TOTAL DISTRIBUTIONS (0.03) (0.08)
--------------- --------------
NET ASSET VALUE, END OF PERIOD $10.38 $10.16
=============== ==============
Total Return (%) (a) (b) 3.9 2.3
Net assets, end of period ($ millions) 52.2 20.5
Ratio of Net Income to Average Net Assets (%) 1.10* 5.59*
Ratio of expenses to average net assets (%) 0.89* 0.89*
Ratio of expenses to average net assets
after expense reimbursement (%) (Note 2) 0.85* 0.70*
Portfolio Turnover Rate (%)(c) 26.10%* 12.70%*
Average commission rate paid ($)(d) 0.049 N/A
</TABLE>
(a) Not 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 U.S. Government and short-term
securities
(d) Average commission rate paid per share of common and preferred
stock
* Annualized
N/A = Not Applicable
-24-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. SIGNIFICANT 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 two series of common stock
representing shares of the All America Fund and the Bond 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 Investment Company is designed primarily as an investment vehicle for
endowments, foundations, corporations, municipalities and other public entities
and other institutional investors.
The Investment Company commenced operations on May 1, 1996, (the effective
date of its registration) although the Bond Fund was initially seeded with a
$100,000 cash investment on April 23, 1996 by its sponsor, Mutual of America
Capital Management Corporation (a registered investment adviser).
These financial statements present the net assets of the Investment Company
at September 30, 1996 and the results of its operations and changes in net
assets for the period May 1, 1996 to September 30, 1996.
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 on the principal exchange is
used. For any equity securities traded in the over-the-counter market
(OTC), 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 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 Investment Adviser under the direction of
the Board of Directors of the Investment Company.
Security Transactions - Security transactions are recorded on the trade
date. Interest income is accrued as earned. Dividend income is recorded on the
ex-dividend date. Dividend income from foreign corporations is reflected net of
imposed source tax withholding.
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 and preferred stock is based on the identified
cost basis of the security.
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.
-25-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
2. EXPENSES
Organizational expenses of the Investment Company were borne by its
sponsor, Mutual of America Capital Management Corporation, the investment
management adviser of the Company.
The Investment Company has entered into an Investment Advisory Agreement
with Mutual of America Capital Management Corporation ("the Adviser"). For
providing investment management services to the Investment Company each fund
accrues a fee, calculated as a daily charge at the annual rate of .50% of the
value of the net assets for the All America Fund and .45% of the value of the
net assets of the Bond Fund.
Under Sub-Advisory Agreements for the All America Fund, the Adviser has
delegated investment advisory responsibilities to subadvisors responsible for
providing management services for a portion of the fund's assets. The Adviser is
responsible for compensation payable under such Sub-Advisory Agreements.
The Adviser voluntarily limits the expenses of each Fund, other than
brokers' commissions, transfer taxes and other fees relating to portfolio
transactions, investment management expenses and extraordinary expenses to an
annual rate of .35% of the value of the net assets of the All America Fund and
.25% of the net assets of the Bond Fund. Accrual of these other operating
expenses at their respective specified annual rates is calculated as a daily
charge. 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 Adviser's voluntary agreement to limit each fund's total expenses
(excluding brokerage commissions, transfer taxes and extraordinary expenses) to
an annual rate of .85% of the net assets of the All America Fund and .70% of the
net assets of the Bond Fund may be discontinued at any time.
The All America Fund placed a portion of its portfolio transactions with an
affiliated broker-dealer of the Adviser. Total commissions paid to this
affiliate was $3,462 for the period or 6% of total commissions. In addition, a
Sub-Advisor of the Fund placed a portion of its portfolio transactions with its
affiliated broker-dealer. Such commissions amounted to $3,872 or 7% of the
Fund's total commissions.
3. PURCHASES AND SALES
The cost of investment purchases and proceeeds from the sales of investments,
excluding short-term investments and U.S. Government securities for the period
ended September 30, 1996 were as follows:
<TABLE>
<CAPTION>
ALL AMERICA BOND
FUND FUND
--------------------------
<S> <C> <C>
Cost of investment purchases............ $55,225,737 $ 969,875
=========== ===========
Proceeds from sales of investments...... $ 5,403,549 $ -
=========== ===========
The cost of investment purchases and
proceeds from the sales of U.S.
Government securities were as follows:
Cost of investment purchases............ $ - $19,746,666
=========== ===========
Proceeds from sales of investments...... $ - $ 1,000,642
=========== ===========
</TABLE>
-26-
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
At September 30, 1996, the net unrealized appreciation (depreciation) of
investments, based on cost for Federal income tax purposes, was as follows:
<TABLE>
<CAPTION>
ALL AMERICA BOND
FUND FUND
-------------- ------------
<S> <C> <C>
Unrealized appreciation................. $ 4,534,964 $ 31,691
Unrealized depreciation................. 2,053,114 5,761
----------- -----------
Net unrealized appreciation
(depreciation)......................... $ 2,481,850 $ 25,930
=========== ===========
Aggregate cost of investments for
Federal income tax purposes............ $49,395,982 $20,040,413
=========== ===========
</TABLE>
4. CAPITAL SHARE ACTIVITY
At September 30, 1996 one billion shares of $.01 par value common stock
have been authorized for the Investment Company. The Board of Directors
initially allocated three million shares to each fund, and thereafter has
allocated additional shares to the All America Fund as required to satisfy the
fund's needs.
Transactions in shares during the period ending September 30, 1996 were as
follows:
<TABLE>
<CAPTION>
ALL AMERICA BOND
FUND FUND
------------- ----------
<S> <C> <C>
Shares sold............................. 5,029,363 2,011,622
Shares issued as reinvestment of 6,649 15,932
dividends (Note 5)....................
Shares redeemed......................... 2,461 12,492
============ =========
Net increase (decrease)................. 5,033,551 2,015,062
============ =========
</TABLE>
As at September 30, 1996 virtually all of the Investment Company's
outstanding shares were owned by Mutual of America Life Insurance Company, the
ultimate parent of the Adviser.
5. DIVIDENDS
On June 28, 1996 dividend distributions were declared and paid from
accumulated net realized capital gains (losses) and net investment income to
shareholders of record on June 27, 1996. Pursuant to shareholders' instructions,
all dividend distributions were immediately reinvested in additional shares of
each respective fund (see Note 4 above) as follows:
<TABLE>
<CAPTION>
ALL AMERICA BOND
FUND FUND
------------- ------------
<S> <C> <C>
Distributions from:
Net investment income..... $ 99,378 $165,479
Realized capital gains.... 110,779 -0-
Realized capital losses... (143,075) (6,052)
============= ============
Total dividend distributions.. $ 67,082 $159,427
============= ============
</TABLE>
-27-
<PAGE>
PART C
OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements:
--------------------
Financial Highlights table, included in the Prospectus, for May 1,
1996 (commencement of operations) to September 30, 1996. Financial
Statements as of September 30, 1996, included in the Statement of
Additional Information
(b) Exhibits:
--------
None
ITEM 29. PRINCIPAL UNDERWRITERS
----------------------
(a) Mutual of America Securities Corporation (the "Distributor"), a Delaware
corporation, is the principal underwriter and distributor for Fund shares.
(b) The names of the officers and directors of the Distributor, and their
positions with the Distributor and the Fund, are as follows:
<TABLE>
<CAPTION>
Name Position with Distributor Position with the Fund
- ----------------------- ------------------------- ----------------------
<S> <C> <C>
Thomas J. Moran Chairman of the Board ----
and Director
Dolores J. Morrissey President and CEO President and Director
Amir Lear Senior Vice President and CFO ----
Manfred Altstadt Senior Executive Vice Senior Executive Vice
President, Treasurer and President, Chief
Director Financial Officer and
Treasurer
Patrick A. Burns Senior Executive Vice Senior Executive Vice
President, General President and General
Counsel and Director Counsel
Salvatore R. Curiale Senior Executive Vice ----
President and Director
Stephanie J. Kopp Executive Vice President, ----
Security and Director
Howard Lichtenstein Director ----
William S. Conway Executive Vice President ----
Marketing
Paul J. Costagliola Vice President and Compliance ----
Officer
</TABLE>
(c) Not applicable
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this amendment to Registrant Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused
this amendment to Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, and State of
New York on the 30th day of October, 1996.
MUTUAL OF AMERICA
INSTITUTIONAL FUNDS, INC.
(Registrant)
By: /s/ Dolores J. Morrissey
------------------------
Title: President
Pursuant to the requirement of the Securities Act of 1933, this amendment
to Registration Statement has been signed below by the following persons in the
capacities indicated on October 30, 1996.
Signatures Title
- --------------------------- --------------------------------
/s/ Dolores J. Morrissey President and Director
- --------------------------- (Principal Executive Officer)
Dolores J. Morrissey
* Director
- ---------------------------
Kevin M. Kearney
* Director
- ---------------------------
Fioravante G. Perrotta
* Director
- ---------------------------
John T. Sharkey
* Director
- ---------------------------
John R. Silber
Director
- ---------------------------
Patrick J. Waide, Jr.
Senior Executive Vice
President, Chief
Financial Officer and
/s/ Manfred Altstadt Treasurer
- --------------------------- (Principal Financial and
Manfred Altstadt Accounting Officer)
*By: /s/ Dolores J. Morrissey
---------------------
Dolores J. Morrissey
Attorney-in-fact
C-2
<PAGE>
EXHIBIT INDEX
No. Page
- ------ ------
27.1 Financial Data Schedule for All America Fund
27.2 Financial Data Schedule for Bond Fund
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> ALL AMERICA FUND OF MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> MAY-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 49,365,607
<INVESTMENTS-AT-VALUE> 51,847,457
<RECEIVABLES> 246,193
<ASSETS-OTHER> 214,279
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52,307,929
<PAYABLE-FOR-SECURITIES> 72,590
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 719
<TOTAL-LIABILITIES> 73,389
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,179,720
<SHARES-COMMON-STOCK> 5,033,551
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 127,182
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (554,132)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,481,850
<NET-ASSETS> 52,234,620
<DIVIDEND-INCOME> 393,179
<INTEREST-INCOME> 7,700
<OTHER-INCOME> 0
<EXPENSES-NET> 174,319
<NET-INVESTMENT-INCOME> 226,560
<REALIZED-GAINS-CURRENT> (586,428)
<APPREC-INCREASE-CURRENT> 2,481,856
<NET-CHANGE-FROM-OPS> 2,121,982
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 99,378
<DISTRIBUTIONS-OF-GAINS> (32,296)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,029,383
<NUMBER-OF-SHARES-REDEEMED> 2,461
<SHARES-REINVESTED> 6,649
<NET-CHANGE-IN-ASSETS> 52,234,620
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 102,543
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 182,775
<AVERAGE-NET-ASSETS> 48,920,392
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .37
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.38
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 002
<NAME> BOND FUND OF MUTUAL OF AMERICA INSTITUTIONAL FUNDS INC.
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> MAY-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 20,053,033
<INVESTMENTS-AT-VALUE> 20,078,963
<RECEIVABLES> 398,769
<ASSETS-OTHER> 1,774
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,479,506
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 290
<TOTAL-LIABILITIES> 290
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,158,571
<SHARES-COMMON-STOCK> 2,015,062
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 297,956
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,241)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,930
<NET-ASSETS> 20,479,216
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 521,425
<OTHER-INCOME> 0
<EXPENSES-NET> 5,790
<NET-INVESTMENT-INCOME> 463,435
<REALIZED-GAINS-CURRENT> (9,293)
<APPREC-INCREASE-CURRENT> 25,930
<NET-CHANGE-FROM-OPS> 480,072
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 165,479
<DISTRIBUTIONS-OF-GAINS> (6,052)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,011,622
<NUMBER-OF-SHARES-REDEEMED> 12,492
<SHARES-REINVESTED> 15,932
<NET-CHANGE-IN-ASSETS> 20,479,216
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37,279
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74,117
<AVERAGE-NET-ASSETS> 19,762,405
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>