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Supplement to Prospectus
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Mutual of America Institutional Funds, Inc.
320 Park Avenue, New York, New York 10022
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The Prospectus dated May 1, 1996 of Mutual of America Institutional Funds, Inc.
is hereby further supplemented as follows:
On page 15, under "Accounting and Recordkeeping Agent; Transfer Agent" the first
sentence is replaced in its entirety to read as follows, and in the third
sentence the word "IFTC" is replaced by "the Adviser":
The Investment Company has entered into 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, effective January 2, 1997.
On page 16, the following is added to the second paragraph under "Purchase of
Shares":
A prospective purchaser may deliver a completed application to a registered
representative of the Distributor who will forward it for approval. After the
Investment Company and Distributor have approved an application, the registered
representative will notify the prospective purchaser that the account has been
established and will provide the purchaser with an account number for purposes
of transmitting the initial purchase amount.
The discussions under "Purchase of Shares" on page 16 and "Redemption and
Exchange of Shares" on pages 17-18 are supplemented as follows:
Shareholders may place subsequent purchase orders, and exchange and redemption
orders, by calling the toll-free number, 1-800-914-8715, between the hours of 9
am and 8 pm Eastern Time, Monday through Friday on any business day. Orders
received after 4 pm on any day will be considered received on the next business
day.
Subsequent purchase requests and redemption and exchange requests also may be
made in writing by delivery of a Shareholder Order Request Form, signed by the
shareholder, to a registered representative of the Distributor. Orders received
by a registered representative prior to the determination of net asset value for
the Funds (usually 4 pm Eastern Time) and transmitted to the transfer agent
prior to 5 pm Eastern Time will be considered received that business day.
On page 23, the following is added at the end of the paragraph under
"Distributor":
The Distributor is in the process of obtaining regulatory approval from the NASD
and the necessary licensing from State securities departments to have
registered representatives, located in 36 offices throughout the United States,
participate in the distribution of shares of the Funds.
Supplement dated January 2, 1997
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SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
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MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
320 PARK AVENUE, NEW YORK, NEW YORK 10022
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The Statement of Additional Information dated May 1, 1996 of Mutual of America
Institutional Funds, Inc. is hereby supplemented as follows:
On pages SAI-9 and 10, the discussion is modified to reflect an increase in the
number of directors from five to six, four of whom are not "interested persons"
of the Investment Company, and the following is added to the list of officers
and directors:
Patrick J. Waide, Jr. Director Chief Operating Officer, Sullivan
New York, New York & Company, New York, New York;
Executive Vice President and Chief
Financial Officer of The Bessemer
Group, Inc., and Senior Vice
President and Chief Financial
Officer of Bessemer Securities,
until July 1996.
On page SAI-13, the paragraph under "Accounting and Recordkeeping Agent" is
replaced in its entirety to read:
Mutual of America Capital Management Corporation, New York, New York, which is
the Adviser for the Investment Company, also serves as accounting and
recordkeeping agent for the Funds, effective January 2, 1997. Under its
Investment Accounting Agreement with the Investment Company, the Adviser
performs accounting and recordkeeping functions related to portfolio
transactions as required by the Investment Company Act, provides the Investment
Company with accounting and related reports on a periodic basis, and calculates
the net asset value of each Fund in the manner described in the Prospectus. As
compensation for its services, the Adviser receives from each Fund a monthly
base fee of $500 plus a monthly minimum fee of $2,000, or if an asset-based fee
of .0225% of the Investment Company's net assets would result in a fee greater
than the aggregate of the Fund minimums, the Fund's proportion of the asset-
based fee, and is reimbursed for out-of-pocket expenses it incurs in performing
its services to the Investment Company. The Adviser will not receive
compensation for its accounting and recordkeeping services to the Funds to the
extent the Funds pay compensation to Investors Fiduciary Trust Company ("IFTC"),
which previously was the accounting and recordkeeping agent for the Funds, until
the expiration of the Investment Accounting Agreement with IFTC on May 1, 1997.
Supplement dated January 2, 1997
