<PAGE>
Mutual of America
Institutional Funds, Inc.
SEMI-ANNUAL REPORT
ALL AMERICA FUND
BOND FUND
MONEY MARKET FUND
JUNE 30, 1997
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
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
President's Message and Performance Graphs................................ 1
Portfolio of Investments in Securities:
All America Fund........................................................ 2
Bond Fund............................................................... 15
Money Market Fund....................................................... 16
Statement of Assets and Liabilities....................................... 17
Statement of Operations................................................... 18
Statements of Changes in Net Assets....................................... 19
Financial Highlights...................................................... 20
Notes to Financial Statements............................................. 21
</TABLE>
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
We are pleased to provide Mutual of America Institutional Funds' semi-annual
report to shareholders. The All America Fund and the Bond Fund commenced
operations on May 1, 1996 and the Money Market Fund commenced on May 1, 1997.
These funds are designed principally as investment vehicles for endowments,
foundations and other institutional investors. The investment philosophy of the
funds is modeled after similarly named funds available under annuity contracts
and variable universal life insurance policies issued by Mutual of America Life
Insurance Company and The American Life Insurance Company of New York.
The performance of the All America Fund of 16.7% for the six months ending
June 30, 1997 fell below that of its respective index, the Standard & Poor's
Composite 500 Index (S&P 500) which was 20.6%. The performance for the Bond
Fund for that same period was 2.4% versus its index, the Lehman Brothers
Government/Corporate Index of 2.7%.
The All America Fund's investment objective is to outperform the S&P 500 by
providing a diversified portfolio of assets with diversified management and a
broad exposure to the market. It is comprised of several distinct segments
which have specifically defined roles. The largest segment (approximately 60%)
attempts to reflect the performance of the S&P 500. Four smaller segments,
managed by three subadvisors and Mutual of America Capital Management
Corporation each consisting of approximately 10% of the portfolio's total
assets, comprise the remainder of the Fund. These segments concentrate in the
following areas: small cap value, small cap growth, large cap value and mid to
large cap growth.
The Bond Fund seeks a high level of return consistent with preservation of
capital through investment in publicly traded investment grade debt securities.
We look forward to participating productively in the equity, fixed income and
money markets throughout the remainder of 1997. Relative performance graphs for
the All America and Bond Funds are shown below. The respective portfolios of
each fund and the financial statements are presented in the pages which follow.
Sincerely,
/s/ Dolores J. Morrissey
Dolores J. Morrissey
Chairman of the Board and President,
Mutual of America Institutional Funds,
Inc.
[LOGO]
1
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
INDEXED ASSETS:
Common Stocks
3Com Corp. .............................................. 1,870 $ 84,150
Abbott Laboratories ..................................... 4,370 291,697
Adobe Systems, Inc. ..................................... 400 14,025
Advanced Micro Devices, Inc. ............................ 790 28,440
Aeroquip-Vickers Inc. ................................... 160 7,560
Aetna, Inc. ............................................. 850 87,018
Ahmanson (H.F.) & Co. ................................... 570 24,510
Air Products & Chemicals Corp. .......................... 620 50,375
Airtouch Communications, Inc. ........................... 2,840 77,745
Alberto Culver Co. Cl B ................................. 320 8,960
Albertson's, Inc. ....................................... 1,420 51,830
Alcan Aluminum Ltd. ..................................... 1,280 44,400
Allegheny Teledyne Inc .................................. 990 26,730
Allergan, Inc. .......................................... 370 11,770
AlliedSignal, Inc. ...................................... 1,600 134,400
Allstate Corp. .......................................... 2,490 181,770
Alltel Corp. ............................................ 1,050 35,109
Aluminum Co. of America ................................. 980 73,867
Alza Corp. .............................................. 480 13,920
Amdahl Corp. ............................................ 690 6,080
Amerada Hess Corp. ...................................... 520 28,892
American Electric Power Co. ............................. 1,070 44,940
American Express Co. .................................... 2,670 198,915
American General Corp. .................................. 1,361 65,005
American Greetings Corp. Cl A ........................... 420 15,592
American Home Products Corp. ............................ 3,640 278,460
American Int'l. Group, Inc. ............................. 2,650 395,843
American Stores Co. ..................................... 820 40,487
Ameritech Corp. ......................................... 3,100 210,606
Amgen, Inc. ............................................. 1,500 87,187
Amoco Corp. ............................................. 2,790 242,555
Amp, Inc. ............................................... 1,240 51,770
AMR Corp. ............................................... 520 48,100
Andrew Corp. ............................................ 510 14,343
Anheuser Busch Cos., Inc. ............................... 2,800 117,425
Aon Corp. ............................................... 940 48,645
Apple Computer, Inc. .................................... 710 10,117
Applied Materials, Inc. ................................. 1,020 72,228
Archer Daniels Midland Co. .............................. 3,010 70,735
Armco, Inc. ............................................. 600 2,325
Armstrong World Inds., Inc. ............................. 230 16,876
Asarco, Inc. ............................................ 240 7,350
Ashland, Inc. ........................................... 420 19,477
AT&T Corp. .............................................. 9,180 321,873
Atlantic Richfield Co. .................................. 1,820 128,310
Autodesk, Inc. .......................................... 270 10,344
Automatic Data Processing, Inc .......................... 1,650 77,550
AutoZone, Inc. .......................................... 850 20,028
Avery Dennison Corp. .................................... 580 23,272
Avon Products, Inc. ..................................... 750 52,921
Baker Hughes, Inc. ...................................... 820 31,723
Ball Corp. .............................................. 170 5,110
Baltimore Gas & Electric Co. ............................ 830 22,150
Banc One Corp. .......................................... 3,240 156,937
Bank of New York, Inc. .................................. 2,190 95,265
BankAmerica Corp. ....................................... 4,000 258,250
BankBoston Corp. ........................................ 830 59,811
Bankers Trust New York Corp. ............................ 440 38,280
Bard (C.R.), Inc. ....................................... 320 11,620
Barnett Banks, Inc. ..................................... 1,120 58,800
Barrick Gold Corp. ...................................... 2,100 46,200
Battle Mountain Gold Co. ................................ 1,300 7,393
Bausch & Lomb, Inc. ..................................... 310 14,608
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
INDEXED ASSETS (CONTINUED):
Common Stocks (Continued)
Baxter International, Inc. .............................. 1,570 $ 82,032
Bay Networks, Inc. ...................................... 1,120 29,750
Becton Dickinson & Co. .................................. 690 34,931
Bell Atlantic Corp. ..................................... 2,470 187,411
BellSouth Corp. ......................................... 5,610 260,163
Bemis Co. ............................................... 300 12,975
Beneficial Corp. ........................................ 300 21,318
Bethlehem Steel Corp. ................................... 630 6,575
Beverly Enterprises, Inc. ............................... 560 9,100
Biomet, Inc. ............................................ 630 11,733
Black & Decker Corp. .................................... 530 19,709
Block (H & R), Inc. ..................................... 590 19,027
Boeing Co. .............................................. 4,070 215,964
Boise Cascade Corp. ..................................... 270 9,534
Boston Scientific Corp. ................................. 1,100 67,581
Briggs & Stratton Corp. ................................. 140 7,000
Bristol-Myers Squibb Co. ................................ 5,650 457,650
Brown-Forman Corp. Cl B ................................. 390 19,036
Browning Ferris Inds., Inc. ............................. 1,200 39,900
Brunswick Corp. ......................................... 560 17,500
Burlington Northern Santa Fe ............................ 870 78,191
Burlington Resources, Inc. .............................. 700 30,887
Cabletron Systems, Inc. ................................. 880 24,915
Caliber System, Inc. .................................... 220 8,195
Campbell Soup Co. ....................................... 2,630 131,500
Cardinal Health, Inc. ................................... 610 34,922
Carolina Power & Light Co. .............................. 850 30,493
Case Corp. .............................................. 420 28,927
Caterpillar, Inc. ....................................... 1,070 114,891
Centex Corp. ............................................ 160 6,500
Central & South West Corp. .............................. 1,200 25,500
Ceridian Corp. .......................................... 450 19,012
Champion International Corp. ............................ 540 29,835
Charles Schwab Corp. .................................... 990 40,280
Charming Shoppes, Inc. .................................. 600 3,131
Chase Manhattan Corp. ................................... 2,430 235,861
Chevron Corp. ........................................... 3,690 272,829
Chrysler Corp. .......................................... 3,880 127,312
Chubb Corp. ............................................. 990 66,206
CIGNA Corp. ............................................. 420 74,550
Cincinnati Milacron, Inc. ............................... 220 5,706
Cinergy Corp. ........................................... 890 30,983
Circuit City Group, Inc. ................................ 550 19,559
Cisco Systems, Inc. ..................................... 3,750 251,718
Citicorp ................................................ 2,620 315,873
Clorox Co. .............................................. 290 38,280
Coastal Corp. ........................................... 600 31,912
Coca-Cola Co. ........................................... 14,000 945,000
Cognizant Corp. ......................................... 950 38,475
Colgate-Palmolive Co. ................................... 1,670 108,967
Columbia Gas System, Inc. ............................... 310 20,227
Columbia HCA Healthcare Corp. ........................... 3,770 148,208
Comcast Corp. Cl A ...................................... 1,840 39,330
Comerica, Inc. .......................................... 600 40,800
Compaq Computer Corp. ................................... 1,550 153,837
Computer Associates Intl., Inc. ......................... 2,050 114,159
Computer Sciences Corp. ................................. 430 31,013
Conagra, Inc. ........................................... 1,350 86,568
Conseco, Inc. ........................................... 1,030 38,110
Consolidated Edison Co NY, Inc. ......................... 1,330 39,151
Consolidated Natural Gas Co. ............................ 540 29,058
Cooper Industries ....................................... 670 33,332
Cooper Tire & Rubber Co. ................................ 440 9,680
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
INDEXED ASSETS (CONTINUED):
Common Stocks (Continued)
Coors (Adolph) Co. Cl B ................................. 210 $ 5,591
CoreStates Financial Corp. .............................. 1,170 62,887
Corning, Inc. ........................................... 1,300 72,312
Costco Co ............................................... 1,190 39,121
Countrywide Credit Industries ........................... 590 18,400
CPC International, Inc. ................................. 810 74,773
Crane Co. ............................................... 260 10,871
Crown Cork & Seal Co., Inc. ............................. 730 39,009
CSX Corp. ............................................... 1,230 68,265
CUC International, Inc. ................................. 2,310 59,626
Cummins Engine, Inc. .................................... 220 15,523
CVS Corp. ............................................... 940 48,175
Cyprus Amax Minerals Co. ................................ 530 12,985
Dana Corp. .............................................. 580 22,040
Darden Restaurants, Inc. ................................ 860 7,793
Data General Corp. ...................................... 230 5,980
Dayton Hudson Corp. ..................................... 1,220 64,888
Deere & Co. ............................................. 1,440 79,020
Dell Computer Corp. ..................................... 950 111,565
Delta Air Lines, Inc. ................................... 410 33,620
Deluxe Corp. ............................................ 460 15,697
Digital Equipment Corp. ................................. 860 30,476
Dillard Inc. ............................................ 640 22,160
Disney (Walt) Co. ....................................... 3,810 305,752
Dominion Resources, Inc. ................................ 1,040 38,090
Donnelley (R.R.) & Sons Co. ............................. 830 30,398
Dover Corp. ............................................. 630 38,745
Dow Chemical Co. ........................................ 1,320 115,005
Dow Jones & Co., Inc. ................................... 540 21,701
Dresser Industries, Inc. ................................ 1,000 37,250
DSC Communications Corp. ................................ 660 14,685
DTE Energy Co. .......................................... 820 22,652
Du Pont (E.I.) De Nemours ............................... 6,380 401,142
Duke Energy Corp. ....................................... 2,030 97,311
Dun & Bradstreet Corp. .................................. 970 25,462
Eastern Enterprises ..................................... 110 3,815
Eastman Chemical Co. .................................... 440 27,940
Eastman Kodak Co. ....................................... 1,860 142,755
Eaton Corp. ............................................. 440 38,417
Echlin, Inc. ............................................ 350 12,600
Echo Bay Mines, Ltd. .................................... 790 4,542
Ecolab, Inc. ............................................ 370 17,667
Edison International .................................... 2,320 57,710
EG&G, Inc. .............................................. 260 5,850
EMC Corp. ............................................... 1,390 54,210
Emerson Electric Co. .................................... 2,510 138,206
Engelhard Corp. ......................................... 810 16,959
Enron Corp. ............................................. 1,440 58,770
Enserch Corp. ........................................... 400 8,900
Entergy Corp. ........................................... 1,340 36,682
Equifax, Inc. ........................................... 850 31,609
Exxon Corp. ............................................. 14,020 862,230
Fannie Mae .............................................. 5,990 261,313
Federal Express Corp. ................................... 650 37,537
Federal Home Loan Mtge Corp. ............................ 3,920 134,750
Federated Department Stores ............................. 1,170 40,657
Fifth Third Bancorp ..................................... 600 49,237
First Bank System, Inc. ................................. 750 64,031
First Chicago NBD Corp. ................................. 1,760 106,480
First Data Corp. ........................................ 2,530 111,161
First Union Corp. ....................................... 1,620 149,850
Fleet Financial Group, Inc. ............................. 1,480 93,610
Fleetwood Enterprises, Inc. ............................. 200 5,962
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
INDEXED ASSETS (CONTINUED):
Common Stocks (Continued)
Fleming Cos., Inc. ...................................... 210 $ 3,780
Fluor Corp. ............................................. 480 26,490
FMC Corp. ............................................... 210 16,681
Ford Motor Co. .......................................... 6,720 253,680
Fortune Brands, Inc. .................................... 970 36,193
Foster Wheeler Corp. .................................... 230 9,315
FPL Group, Inc. ......................................... 1,030 47,444
Freeport-McMoran Copper Cl B ............................ 1,130 35,171
Frontier Corp. .......................................... 930 18,541
Fruit of the Loom, Inc. ................................. 430 13,330
Gannett, Inc. ........................................... 800 79,000
Gap, Inc. ............................................... 1,550 60,256
General Dynamics Corp. .................................. 350 26,250
General Electric Co. .................................... 18,520 1,210,912
General Instrument Corp. ................................ 770 19,250
General Mills, Inc. ..................................... 910 59,263
General Motors Corp. .................................... 4,120 229,432
General Re Corp. ........................................ 460 83,720
General Signal Corp. .................................... 280 12,215
Genuine Parts Co. ....................................... 1,020 34,552
Georgia Pacific Corp. ................................... 520 44,395
Giant Food, Inc. ........................................ 340 11,092
Giddings & Lewis, Inc. .................................. 180 3,757
Gillette Co. ............................................ 3,150 298,462
Golden West Financial Corp. ............................. 320 22,400
Goodrich (B.F.) Co. ..................................... 300 12,993
Goodyear Tire & Rubber Co. .............................. 880 55,715
GPU Inc. ................................................ 680 24,395
Grainger (W.W.), Inc. ................................... 290 22,674
Great Atl. & Pac. Tea Co. ............................... 220 5,981
Great Lakes Chemical Corp. .............................. 340 17,807
Great Western Financial Corp. ........................... 780 41,925
Green Tree Financial Corp. .............................. 770 27,431
GTE Corp. ............................................... 5,390 236,486
Guidant Corp. ........................................... 420 35,700
Halliburton Co. ......................................... 710 56,267
Harcourt General, Inc. .................................. 400 19,050
Harland (John H.) Co. ................................... 170 3,878
Harnischfeger Industries, Inc. .......................... 280 11,620
Harrah's Entertainment, Inc. ............................ 580 10,440
Harris Corp. ............................................ 220 18,480
Hartford Financial Svs Grp, Inc ......................... 670 55,442
Hasbro, Inc. ............................................ 720 20,430
HealthSouth Corp. ....................................... 1,940 48,378
Heinz (H.J.) Co. ........................................ 2,080 95,940
Helmerich & Payne, Inc. ................................. 140 8,067
Hercules, Inc. .......................................... 570 27,288
Hershey Foods Corp. ..................................... 860 47,568
Hewlett-Packard Co. ..................................... 5,740 321,440
HFS Inc. ................................................ 890 51,620
Hilton Hotels Corp. ..................................... 1,410 37,453
Home Depot, Inc. ........................................ 2,740 188,888
Homestake Mining Co. .................................... 830 10,841
Honeywell, Inc. ......................................... 720 54,630
Household International, Inc. ........................... 550 64,590
Houston Industries, Inc. ................................ 1,320 28,297
Humana, Inc. ............................................ 920 21,275
Ikon Office Solutions ................................... 750 18,703
Illinois Tool Works, Inc. ............................... 1,410 70,411
Inco Ltd. ............................................... 940 28,258
Ingersoll Rand Co. ...................................... 610 37,667
Inland Steel, Inc. ...................................... 280 7,315
Intel Corp. ............................................. 4,620 655,173
</TABLE>
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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
INDEXED ASSETS (CONTINUED):
Common Stocks (Continued)
Intergraph Corp. ........................................ 270 $ 2,295
International Paper Co. ................................. 1,700 82,556
Interpublic Group of Cos., Inc .......................... 460 28,203
Intl. Business Machines Corp. ........................... 5,610 505,951
Intl. Flavors & Fragrances .............................. 620 31,310
ITT Corp. ............................................... 660 40,301
ITT Industries, Inc. .................................... 670 17,252
James River Corp. of VA ................................. 490 18,130
Jefferson-Pilot Corp. ................................... 400 27,950
Johnson & Johnson ....................................... 7,520 484,100
Johnson Controls, Inc. .................................. 470 19,299
Jostens, Inc. ........................................... 220 5,885
Kaufman & Broad Home Corp. .............................. 220 3,863
Kellogg Co. ............................................. 1,170 100,181
Kerr-McGee Corp. ........................................ 270 17,111
KeyCorp ................................................. 1,260 70,402
Kimberly Clark Corp. .................................... 3,160 157,210
King World Productions, Inc. ............................ 210 7,350
Kmart Corp. ............................................. 2,740 33,565
Knight-Ridder, Inc. ..................................... 510 25,021
Kroger Corp. ............................................ 1,430 41,470
Laidlaw, Inc. Cl B ...................................... 1,770 24,448
Lilly (Eli) & Co. ....................................... 3,140 343,241
Limited (The), Inc. ..................................... 1,530 30,982
Lincoln National Corp. .................................. 580 37,337
Liz Claiborne, Inc. ..................................... 400 18,650
Lockheed Martin Corp. ................................... 1,090 112,883
Loews Corp. ............................................. 650 65,081
Longs Drug Stores, Inc. ................................. 220 5,761
Louisiana Land & Exploration ............................ 190 10,853
Louisiana-Pacific Corp. ................................. 620 13,097
Lowe's Companies, Inc. .................................. 980 36,382
LSI Logic Corp. ......................................... 800 25,600
Lucent Technologies, Inc. ............................... 3,610 260,145
Mallinckrodt, Inc. ...................................... 410 15,580
Manor Care, Inc. ........................................ 360 11,745
Marriott International, Inc. ............................ 710 43,576
Marsh & McLennan Cos., Inc. ............................. 940 67,092
Masco Corp. ............................................. 910 37,992
Mattel, Inc. ............................................ 1,650 55,893
May Department Stores Co. ............................... 1,340 63,315
Maytag Corp. ............................................ 550 14,368
MBIA Inc. ............................................... 240 27,075
MBNA Corp. .............................................. 1,890 69,221
McDermott International Inc. ............................ 310 9,048
McDonald's Corp. ........................................ 3,900 188,418
McDonnell Douglas Corp. ................................. 1,190 81,515
McGraw-Hill Cos., Inc. .................................. 560 32,935
MCI Communications Corp. ................................ 3,880 148,531
Mead Corp. .............................................. 290 18,052
Medtronic, Inc. ......................................... 1,350 109,350
Mellon Bank Corp. ....................................... 1,460 65,882
Mercantile Stores, Inc. ................................. 210 13,216
Merck & Co., Inc. ....................................... 6,820 705,870
Meredith Corp. .......................................... 300 8,700
Merrill Lynch & Co., Inc. ............................... 1,870 111,498
MGIC Investment Corp .................................... 670 32,118
Micron Technology, Inc. ................................. 1,190 47,525
Microsoft Corp. ......................................... 6,770 855,558
Millipore Corp. ......................................... 250 11,000
Minnesota Mining & Mfg. Co. ............................. 2,350 239,700
Mobil Corp. ............................................. 4,440 310,245
Monsanto Co. ............................................ 3,340 143,828
</TABLE>
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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
INDEXED ASSETS (CONTINUED):
Common Stocks (Continued)
Moore Corp., Ltd. ....................................... 500 $ 9,843
Morgan (J.P.) & Co., Inc. ............................... 1,040 108,550
Morgan St Dean Witter Discover .......................... 3,235 139,307
Morton International, Inc. .............................. 790 23,848
Motorola, Inc. .......................................... 3,360 255,360
NACCO Industries, Inc. Cl A ............................. 50 2,821
Nalco Chemical Co. ...................................... 380 14,677
National City Corp. ..................................... 1,250 65,625
National Semiconductor Corp. ............................ 800 24,500
National Service Industries ............................. 250 12,171
NationsBank Corp. ....................................... 4,124 265,998
Navistar International Corp. ............................ 410 7,072
New York Times Co. Cl A ................................. 540 26,730
Newell Co. .............................................. 900 35,662
Newmont Mining Corp. .................................... 881 34,359
Niagara Mohawk Power Corp. .............................. 820 7,021
Nicor, Inc. ............................................. 280 10,045
Nike, Inc. Cl B ......................................... 1,630 95,151
NorAm Energy Corp. ...................................... 780 11,895
Nordstrom, Inc. ......................................... 450 22,078
Norfolk Southern Corp. .................................. 710 71,532
Northern States Power Co. ............................... 390 20,182
Northern Telecom, Ltd. .................................. 1,470 133,770
Northrop Grumman Corp. .................................. 330 28,978
Norwest Corp. ........................................... 2,110 118,687
Novell, Inc. ............................................ 1,960 13,597
Nucor Corp. ............................................. 500 28,250
NYNEX Corp. ............................................. 2,490 143,486
Occidental Petroleum Corp. .............................. 1,860 46,616
Ohio Edison Co. ......................................... 860 18,758
Oneok, Inc. ............................................. 160 5,150
Oracle Corp. ............................................ 3,690 185,883
Oryx Energy Co. ......................................... 590 12,463
Owens Corning ........................................... 300 12,937
Paccar, Inc. ............................................ 440 20,432
Pacific Enterprises ..................................... 470 15,803
PacifiCorp .............................................. 1,670 36,740
Pall Corp. .............................................. 710 16,507
Parametric Technology Co. ............................... 720 30,645
Parker Hannifin Corp. ................................... 420 25,488
Peco Energy Co. ......................................... 1,260 26,460
Penney (J.C.) Co., Inc. ................................. 1,390 72,540
Pennzoil Co. ............................................ 270 20,722
Peoples Energy Corp. .................................... 200 7,487
Pep Boys-Manny, Moe & Jack .............................. 340 11,581
Pepsico, Inc. ........................................... 8,650 324,915
Perkin-Elmer Corp. ...................................... 250 19,890
Pfizer, Inc. ............................................ 3,650 436,175
PG & E Corp. ............................................ 2,310 56,017
Pharmacia & Upjohn, Inc. ................................ 2,870 99,732
Phelps Dodge Corp. ...................................... 350 29,815
Phillip Morris Cos., Inc. ............................... 13,720 608,825
Phillips Petroleum Co. .................................. 1,490 65,187
Pioneer Hi-Bred Intl., Inc. ............................. 460 36,800
Pitney Bowes, Inc. ...................................... 820 56,990
Placer Dome, Inc. ....................................... 1,350 22,106
PNC Bank Corp. .......................................... 1,820 75,757
Polaroid Corp. .......................................... 250 13,875
Potlatch Corp. .......................................... 160 7,240
PP&L Resources, Inc. .................................... 930 18,541
PPG Industries, Inc. .................................... 1,020 59,287
Praxair, Inc. ........................................... 890 49,840
Proctor & Gamble Co. .................................... 3,830 540,987
</TABLE>
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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
INDEXED ASSETS (CONTINUED):
Common Stocks (Continued)
Providian Financial Corp. ............................... 530 $ 17,026
Public Svc. Enterprise Group ............................ 1,310 32,750
Pulte Corp. ............................................. 120 4,147
Quaker Oats Co. ......................................... 770 34,553
Ralston Purina Co. ...................................... 600 49,312
Raychem Corp. ........................................... 250 18,593
Raytheon Co. ............................................ 1,330 67,830
Reebok International Ltd. ............................... 320 15,020
Republic New York Corp. ................................. 310 33,325
Reynold's Metals Co. .................................... 410 29,212
Rite-Aid Corp. .......................................... 690 34,413
Rockwell Intl., Corp. ................................... 1,200 71,025
Rohm & Haas Co. ......................................... 350 31,521
Rowan Cos., Inc. ........................................ 480 13,530
Royal Dutch Petro Co.--NY Shr ........................... 12,120 659,025
Rubbermaid, Inc. ........................................ 850 25,287
Russell Corp. ........................................... 210 6,221
Ryder System, Inc. ...................................... 430 14,190
Safeco Corp. ............................................ 710 33,148
Safety-Kleen Corp. ...................................... 330 5,568
Salomon, Inc. ........................................... 610 33,931
Santa Fe Energy Resources, Inc .......................... 560 8,225
Sara Lee Corp. .......................................... 2,710 112,803
SBC Communications, Inc. ................................ 5,155 318,965
Schering-Plough Corp. ................................... 4,130 197,723
Schlumberger, Ltd. ...................................... 1,390 173,750
Scientific-Atlanta, Inc. ................................ 440 9,625
Seagate Technology, Inc. ................................ 1,380 48,558
Seagram, Ltd. ........................................... 2,090 84,122
Sears Roebuck & Co. ..................................... 2,210 118,787
Service Corp. International ............................. 1,350 44,381
Shared Medical Systems Corp. ............................ 140 7,560
Sherwin-Williams Co. .................................... 970 29,948
Sigma Aldrich Corp. ..................................... 570 19,985
Silicon Graphics, Inc. .................................. 1,000 15,000
Snap-On, Inc. ........................................... 340 13,387
Sonat, Inc. ............................................. 490 25,112
Southern Co. ............................................ 3,850 84,218
Southwest Airlines Co. .................................. 820 21,217
Springs Industries, Inc. Cl A ........................... 110 5,802
Sprint Corp. ............................................ 2,430 127,878
St. Jude Medical, Inc. .................................. 520 20,280
St. Paul Companies (The) ................................ 470 35,837
Stanley Works ........................................... 500 20,000
Stone Container Corp. ................................... 560 8,015
Stride Rite Corp. ....................................... 280 3,605
Sun Co., Inc. ........................................... 410 12,710
Sun Microsystems, Inc. .................................. 2,080 77,415
Suntrust Banks, Inc. .................................... 1,250 68,828
Supervalu, Inc. ......................................... 380 13,110
Sysco Corp. ............................................. 980 35,770
Tandem Computers, Inc. .................................. 650 13,162
Tandy Corp. ............................................. 310 17,360
Tektronix, Inc. ......................................... 190 11,400
Tele-Communications, Inc. Cl A .......................... 3,750 55,781
Tellabs, Inc. ........................................... 1,020 56,992
Temple-Inland, Inc. ..................................... 310 16,740
Tenet Healthcare Corp. .................................. 1,700 50,256
Tenneco, Inc. ........................................... 970 43,831
Texaco, Inc. ............................................ 1,490 162,037
Texas Instruments, Inc. ................................. 1,080 90,787
Texas Utilities Co. ..................................... 1,270 43,735
Textron, Inc. ........................................... 930 61,728
</TABLE>
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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
INDEXED ASSETS (CONTINUED):
Common Stocks (Continued)
Thermo Electron Corp. ................................... 850 $ 29,218
Thomas & Betts Corp. .................................... 310 16,294
Time Warner, Inc. ....................................... 3,160 152,470
Times Mirror Co. Cl A ................................... 540 29,835
Timken Co. .............................................. 350 12,446
TJX Cos., Inc. .......................................... 880 23,210
Torchmark Corp. ......................................... 390 27,787
Toys R Us, Inc. ......................................... 1,610 56,350
Transamerica Corp. ...................................... 370 34,618
Travelers Group, Inc. ................................... 3,620 228,286
Tribune Co. ............................................. 690 33,163
TRW, Inc. ............................................... 710 40,336
Tupperware Corp ......................................... 350 12,775
Tyco International Ltd. ................................. 950 66,084
U.S. Bancorp ............................................ 830 53,223
U.S. Surgical Corp. ..................................... 410 15,272
U.S. West Communications Group .......................... 3,420 69,255
U.S. West Communications Group .......................... 2,710 102,133
Unicom Corp. ............................................ 1,220 27,145
Unilever N.V. ........................................... 900 196,200
Union Camp Corp. ........................................ 390 19,500
Union Carbide Corp. ..................................... 710 33,414
Union Electric Co. ...................................... 580 21,858
Union Pacific Corp. ..................................... 1,390 97,995
Union Pacific Resources Grp ............................. 1,430 35,571
Unisys Corp. ............................................ 990 7,548
United Healthcare Corp. ................................. 1,050 54,600
United Technologies Corp. ............................... 1,340 111,220
Unocal Corp. ............................................ 1,410 54,725
UNUM Corp. .............................................. 790 33,180
US Airways Group Inc. ................................... 440 15,400
USF&G Corp. ............................................. 620 14,880
UST, Inc. ............................................... 1,040 28,860
USX-Marathon Group ...................................... 1,620 46,777
USX-U.S. Steel Group, Inc. .............................. 480 16,830
V F Corp. ............................................... 360 30,510
Viacom, Inc. ............................................ 1,990 59,700
W.R. Grace & Co. ........................................ 410 22,601
Wachovia Corp. .......................................... 910 53,064
Wal-Mart Stores, Inc. ................................... 12,790 432,461
Walgreen Co. ............................................ 1,390 74,538
Warner-Lambert Co. ...................................... 1,530 190,102
Waste Management Inc. ................................... 2,560 82,240
Wells Fargo & Co. ....................................... 500 134,750
Wendy's International, Inc. ............................. 740 19,193
Western Atlas, Inc. ..................................... 300 21,975
Westinghouse Electric Corp. ............................. 3,590 83,018
Westvaco Corp. .......................................... 580 18,233
Weyerhaeuser Co. ........................................ 1,120 58,240
Whirlpool Corp. ......................................... 420 22,916
Whitman Corp. ........................................... 570 13,680
Willamette Industries, Inc. ............................. 310 21,700
Williams Cos., Inc. ..................................... 900 39,375
Winn-Dixie Stores, Inc. ................................. 840 31,290
Woolworth Corp. ......................................... 760 18,240
WorldCom, Inc. .......................................... 5,040 161,280
Worthington Industries, Inc. ............................ 550 10,071
Wrigley (Wm.) Jr. Co. ................................... 660 44,220
Xerox Corp. ............................................. 1,830 144,341
-----------
Total Indexed Assets--Common Stocks (Cost: $28,564,182) 60.4%....... 38,348,308
-----------
</TABLE>
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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE
RATE MATURITY VALUE VALUE
-------- -------- -------- ----------
<S> <C> <C> <C> <C>
INDEXED ASSETS (CONTINUED):
Short-Term Debt Securities
U.S. Government (0.2%)
U.S. Treasury Bill...................... 4.90% 9/18/97 $ 75,000 $ 74,154
U.S. Treasury Bill...................... 4.82 8/21/97 55,000 54,624
----------
128,778
----------
Commercial Paper (0.3%)
Merrill Lynch & Co., Inc................ 5.54% 7/2/97 200,000 199,969
----------
Total Indexed Assets Short-Term Debt Securities (Cost: $328,785)
0.5%............................................................... 328,747
----------
Total Indexed Assets (Cost: $28,892,967) 60.9%...................... 38,677,055
----------
</TABLE>
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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
ACTIVE ASSETS:
Common Stocks
Basic Materials (0.9%)
Atchison Casting Corp.* ................................. 4,600 $ 76,475
Delta & Pine Land Co. ................................... 8,100 288,562
Kaiser Aluminum Corp.* .................................. 2,500 30,625
Morton International, Inc.* ............................. 4,700 141,881
Titanium Metals Corporation* ............................ 1,000 31,625
-----------
569,168
-----------
Consumer, Cyclical (10.4%)
American Greetings Corp. Cl A ........................... 5,700 211,612
Barnes & Noble, Inc.* ................................... 700 30,100
Big Flower Press Hldgs, Inc.* ........................... 1,300 26,975
Borg-Warner Automotive, Inc. ............................ 8,500 459,531
Callaway Golf Co. ....................................... 15,800 560,900
Cinar Films, Inc. Cl B * ................................ 3,100 100,750
Coach USA, Inc.* ........................................ 3,590 95,359
Coleman Company, Inc.* .................................. 6,650 114,712
Eastman Kodak Co. ....................................... 2,000 153,500
Fairfield Communities, Inc.* ............................ 3,300 110,962
Fine Host Corp.* ........................................ 2,600 81,900
Finlay Enterprises, Inc.* ............................... 8,500 149,812
Fred Meyer, Inc.* ....................................... 1,200 62,025
Gannett, Inc. ........................................... 1,800 177,750
Golden Bear Golf, Inc.* ................................. 5,500 65,312
Gymboree Corp. .......................................... 1,000 24,000
Jones Apparel Group, Inc.* .............................. 1,200 57,300
Masco Corp. ............................................. 4,500 187,875
May Department Stores Co. ............................... 2,400 113,400
Michaels Stores, Inc.* .................................. 1,300 27,543
Midwest Express Holdings, Inc.* ......................... 9,300 254,587
Nautica Enterprises, Inc.* .............................. 3,300 87,243
Nordstrom, Inc. ......................................... 3,600 176,625
Prime Hospitality Corp.* ................................ 3,000 59,250
Ryanair Holdings PLC--ADR* .............................. 5,500 149,187
Ryder System, Inc. ...................................... 4,300 141,900
Sotheby's Holdings ...................................... 1,825 30,796
St. John Knits, Inc. .................................... 18,200 982,800
Stage Stores, Inc.* ..................................... 1,200 31,350
Sunbeam, Corp. .......................................... 2,700 101,925
The Men's Wearhouse, Inc. ............................... 1,500 47,250
Tiffany & Co. ........................................... 15,900 734,381
TJX Cos., Inc. .......................................... 3,600 94,950
Tommy Hilfiger Corp.* ................................... 1,900 76,356
Tower Automotive, Inc.* ................................. 12,300 528,900
Wendy's International, Inc. ............................. 6,000 155,625
Xerox Corp. ............................................. 1,900 149,862
-----------
6,614,305
-----------
Consumer, Non-Cyclical (2.4%)
American Stores Co. ..................................... 4,900 241,937
Bed Bath & Beyond, Inc.* ................................ 3,100 94,162
Biochem Pharma, Inc.* ................................... 400 8,900
Chiquita Brands Intl., Inc. ............................. 2,500 34,375
Conagra, Inc. ........................................... 3,200 205,200
Dominick's Supermarkets, Inc.* .......................... 2,800 74,550
DURA Pharmaceuticals, Inc.* ............................. 1,200 47,850
ESC Medical Systems Ltd.* ............................... 2,000 51,000
Express Scripts, Inc-CL A* .............................. 1,400 58,450
Helen of Troy Ltd.* ..................................... 1,100 28,187
Hologic, Inc.* .......................................... 1,000 26,625
JP Foodservice, Inc.* ................................... 1,900 54,506
Kellwood, Co. ........................................... 2,000 55,500
Lincare Holdings, Inc.* ................................. 1,300 55,900
</TABLE>
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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
ACTIVE ASSETS (CONTINUED):
Common Stocks (Continued)
Consumer, Non-Cyclical (Continued)
Mentor Corp. ............................................ 2,400 $ 71,100
Morningstar Group, Inc.* ................................ 1,200 35,250
Phillip Morris Cos., Inc. ............................... 5,100 226,312
Warnaco Group, Inc. Cl A ................................ 1,730 55,143
Whole Foods Marker, Inc.* ............................... 2,300 76,187
-----------
1,501,134
-----------
Energy (1.8%)
Elf Aquitaine--ADR ...................................... 2,600 141,537
Global Industries Ltd.* ................................. 1,300 30,367
Kerr-McGee Corp. ........................................ 1,900 120,412
Mobil Corp. ............................................. 2,000 139,750
Newpark Resources Inc. .................................. 5,000 168,750
Oceaneering Int'l, Inc.* ................................ 13,200 244,200
Repsol S.A. ADR ......................................... 3,100 131,556
Union Pacific Resources Grp ............................. 4,400 109,450
Varco International, Inc.* .............................. 2,470 79,657
-----------
1,165,679
-----------
Financial (4.7%)
Aegon N.V. .............................................. 1,173 82,178
Ahmanson (H.F.) & Co. ................................... 4,700 202,100
American Int'l. Group, Inc. ............................. 2,500 373,437
Aon Corp. ............................................... 2,100 108,675
Beneficial Corp. ........................................ 1,200 85,275
Citicorp ................................................ 4,100 494,306
CMAC Investment Corporation ............................. 2,000 95,500
First Bank System, Inc. ................................. 1,700 145,137
INMC Mortgage Holdings, Inc. ............................ 5,100 122,081
Keystone Financial, Inc. ................................ 6,300 196,875
Loews Corp. ............................................. 1,500 150,187
National Golf Properties, Inc. .......................... 3,900 135,525
NationsBank Corp. ....................................... 4,600 296,700
Patriot American Hospitality ............................ 2,000 51,000
Providian Financial Corp. ............................... 2,700 86,737
Summit Bancorp .......................................... 2,100 105,262
The Money Store, Inc. ................................... 3,350 96,103
Vesta Insurance Group, Inc. ............................. 1,500 64,875
Weeks Corp.* ............................................ 4,000 125,000
-----------
3,016,953
-----------
Industrial (6.0%)
AGCO Corp. .............................................. 7,700 276,718
American Disposal Serv., Inc. ........................... 1,300 29,250
Applied Materials, Inc.* ................................ 4,900 346,981
Aviall, Inc. ............................................ 6,500 91,000
Burlington Northern Santa Fe ............................ 1,400 125,825
Cambridge Tech. Partners, Inc. .......................... 1,000 32,000
Checkfree Corp.* ........................................ 6,300 111,037
COLTEC INDS.* ........................................... 1,500 29,250
Comfort Systems USA, Inc.* .............................. 2,200 34,375
Crown Cork & Seal Co., Inc. ............................. 2,600 138,937
Expeditors Int'l Wash., Inc. ............................ 1,000 28,375
First Data Corp. ........................................ 7,800 342,712
Foster Wheeler Corp. .................................... 3,600 145,800
G & K Services, Inc. Cl A................................ 2,800 104,300
Greenfield Industries Inc. .............................. 3,800 102,600
Hardinge, Inc. .......................................... 7,500 219,375
Hvide Marine, Inc.* ..................................... 1,100 24,337
Keane, Inc.* ............................................ 1,090 56,680
Knightsbridge Tankers Ltd. .............................. 3,200 80,800
Kulicke and Soffa Industries* ........................... 1,600 51,950
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
ACTIVE ASSETS (CONTINUED):
Common Stocks (Continued)
Industrial (Continued)
Morrison Knudsen, Corp.* ................................ 4,000 $ 54,500
New Holland NV .......................................... 6,200 169,725
Ogden Corp. ............................................. 1,940 42,195
Pall Corp. .............................................. 5,900 137,175
Pameco Corp.* ........................................... 3,200 56,800
QuickResponse Services, Inc.* ........................... 2,900 105,125
Sealed Air Corp.* ....................................... 5,700 270,750
Union Pacific Corp. ..................................... 2,300 162,150
United Waste Systems, Inc.* ............................. 1,600 65,600
USA Waste Services, Inc.* ............................... 1,500 57,937
Valmont Industries ...................................... 3,600 68,400
Whittman-Hart, Inc.* .................................... 1,300 36,562
Wyman-Gordon Co.* ....................................... 2,180 58,860
York International Corp. ................................ 3,000 138,000
-----------
3,796,081
-----------
Technology (11.7%)
3Com Corp.* ............................................. 17,150 771,779
Acuson Corp.* ........................................... 3,000 69,000
Adaptec, Inc.* .......................................... 800 27,800
Advanced Fibre Comm, Inc.* .............................. 1,000 60,375
ASM Lithography Holding NV* ............................. 1,400 81,900
Ballard Medical Products* ............................... 5,100 102,318
BE Aerospace, Inc. ...................................... 2,000 63,250
Atmel Corp.* ............................................ 10,800 302,400
Auspex Systems, Inc.* ................................... 1,500 14,437
Boston Technology Inc.* ................................. 6,300 186,243
CBT Group PLC* .......................................... 2,300 145,187
Cisco Systems, Inc.* .................................... 12,200 818,925
Citrix Systems, Inc.* ................................... 900 39,487
Compaq Computer Corp. ................................... 5,200 516,100
Curative Health Services Inc. ........................... 2,200 63,250
Digital Microwave Corp.* ................................ 3,000 90,000
E*Trade Group, Inc.* .................................... 4,700 92,237
Electronics For Imaging, Inc.* .......................... 2,630 124,267
Hooper Holmes, Inc. ..................................... 3,300 75,693
INCYTE Pharmaceuticals, Inc.* ........................... 1,700 113,900
Intel Corp. ............................................. 5,200 737,425
Intl. Business Machines Corp. ........................... 2,800 252,525
Linear Technology Corp. ................................. 5,500 284,625
Linear Technology Corp. ................................. 2,000 103,500
Logicon, Inc. ........................................... 1,340 71,020
Maxim Integrated Products, Inc.* ........................ 4,500 255,937
Maxim Integrated Products, Inc.* ........................ 1,800 102,375
Motorola, Inc. .......................................... 2,800 212,800
Parametric Technology Co.* .............................. 6,500 276,656
Raytheon Co. ............................................ 3,700 188,700
Saville Systems Irel- SP ADR* ........................... 1,400 72,800
Structural Dynamics Research* ........................... 4,400 115,500
Sun Microsystems, Inc.* ................................. 15,800 588,057
Sungard Data Sys Inc.* .................................. 1,360 63,240
Technology Solutions Company* ........................... 1,510 59,645
Tellabs, Inc.* .......................................... 2,400 134,100
Waters Corp.* ........................................... 500 17,937
Xilinx, Inc.* ........................................... 2,400 117,750
-----------
7,413,140
-----------
Utilities (1.2%)
British Telecom PLC-Spon ADR ............................ 900 66,825
Duke Energy Corp. ....................................... 4,700 225,296
Edison International .................................... 3,500 87,062
MCI Communications Corp. ................................ 4,400 168,437
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
ACTIVE ASSETS (CONTINUED):
Common Stocks (Continued)
Utilities (Continued)
SBC Communications, Inc. ................................ 2,400 $ 148,500
Tele Danmark A/S-ADR .................................... 1,900 49,637
-----------
745,757
-----------
Total Active Portion--Common Stocks (Cost: $19,760,233) 39.1%....... 24,822,217
-----------
</TABLE>
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE MATURITY VALUE COST
-------- -------- ------- -----------
<S> <C> <C> <C> <C>
Short-Term Debt Securities
U.S. Government (+)
U.S. Treasury Bill....................... 4.93% 9/25/97 $20,000 $ 19,764
-----------
Total Active Assets Short-Term Debt Securities (Cost: $19,764)...... 19,764
-----------
Total Active Assets (Cost: $19,779,997) 39.1%....................... 24,841,981
-----------
Total Investments (Cost: $48,672,964) 100.0%........................ $63,519,036
===========
</TABLE>
- -------
+ Less than 1%
* Non-income producing security.
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1997
<TABLE>
<CAPTION>
UNDERLYING UNREALIZED
EXPIRATION DATE AMOUNT AT VALUE (LOSS)
--------------- --------------- ----------
<S> <C> <C> <C>
Purchased
1 SP 500 Stock Index Futures
Contracts......................... September 1997 $445,125 $(3,325)
======== =======
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities: 0.7%.
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE MATURITY AMOUNT VALUE
-------- -------- ---------- -----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. Government (73.7%)
U.S. Treasury Bond.................... 6.75% 8/15/26 $ 500,000 $ 494,845
U.S. Treasury Bond.................... 7.13 2/15/23 2,000,000 2,060,000
U.S. Treasury Note.................... 6.38 3/31/01 3,500,000 3,504,935
U.S. Treasury Note.................... 6.50 5/15/05 4,000,000 3,992,480
U.S. Treasury Note.................... 6.25 2/15/03 3,500,000 3,472,665
U.S. Treasury Note.................... 6.63 4/30/02 500,000 504,610
U.S. Treasury Note.................... 5.50 9/30/97 2,000,000 2,000,320
-----------
16,029,855
-----------
Agencies (13.9%)
Fed Home Loan Bank.................... 0.00 7/2/12 5,000,000 1,543,750
FHLMC................................. 8.00 7/15/06 423,714 434,306
FHLMC................................. 7.50 5/15/18 343,592 347,777
FNMA.................................. 7.75 10/25/18 693,411 698,827
-----------
3,024,660
-----------
Consumer, Cyclical (1.1%)
Fruit of the Loom, Inc................ 7.00 3/15/11 250,000 230,100
-----------
Utilities (2.3%)
Oklahoma Gas & Elec Co................ 8.88 12/1/20 500,000 511,185
-----------
Total Long-Term Debt Securities (Cost: $19,669,868) 91.0%........... 19,795,800
-----------
<CAPTION>
DISCOUNT AMORTIZED
RATE COST
-------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Agencies/Other (7.4%)
Federal National Mtge Assoc........... 5.47% 7/18/97 90,000 $ 89,765
Federal National Mtge Assoc........... 5.38 7/2/97 1,520,000 1,519,772
-----------
1,609,537
-----------
Commercial Paper (1.6%)
Merrill Lynch & Co., Inc.............. 5.75 7/2/97 223,000 222,965
Petrofina Delaware, Inc............... 5.50 7/11/97 118,000 117,819
-----------
340,784
-----------
Total Short-Term Debt Securities (Cost: $1,950,321) 9.0%............ 1,950,321
-----------
Total Investments (Cost: $21,620,189) 100.0%........................ $21,746,121
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE
RATE MATURITY AMOUNT VALUE
-------- -------- -------- ----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Agencies
Federal Home Loan Bank ................. 5.46% 08/26/97 $500,000 $ 495,753
Federal National Mtge Assoc. ........... 5.40 09/05/97 500,000 495,018
Federal National Mtge Assoc. ........... 5.43 09/15/97 235,000 232,289
----------
Total Short-Term Debt Securities:
(Cost: $1,223,102) 100% ........................................... $1,223,060
==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
ALL AMERICA BOND MONEY MARKET
FUND FUND FUND
----------- ----------- ------------
<S> <C> <C> <C>
Assets:
Investments at market value (Notes 1 and
3)
(Cost:
All America Fund--$48,672,964;
Bond Fund--$21,620,189;
Money Market--$1,223,102)............. $63,519,036 $21,746,121 $1,223,060
Cash..................................... 966,036 921 502,822
Interest and dividends receivable........ 60,884 287,872 --
Receivable for securities sold........... 377,046 -- 38
----------- ----------- ----------
Total Assets............................. 64,923,002 22,034,914 1,725,920
Payable for securities purchased......... 150,954 1,539,370 495,678
Accrued expenses......................... 803 571 82
----------- ----------- ----------
Net Assets............................... $64,771,245 $20,494,973 $1,230,160
=========== =========== ==========
Shares Outstanding (Note 4).............. 5,073,758 2,033,720 122,851
=========== =========== ==========
Net Asset Value Per Share................ $12.77 $10.08 $10.01
=========== =========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
ALL AMERICA BOND MONEY MARKET
FUND FUND FUND
----------- --------- ------------
<S> <C> <C> <C>
Investment Income: (Note 1)
Dividends.............................. $ 389,611 $ -- $ --
Interest............................... 14,456 653,840 9,025
----------- --------- --------
Total Investment Income.................. 404,067 653,840 9,025
----------- --------- --------
Expenses: (Note 2)
Investment management fees............. 145,509 46,355 300
Directors' (independent) fees and
expenses.............................. 11,671 11,669 4,801
Custodian expenses..................... 22,500 3,000 500
Accounting expenses.................... 11,600 11,600 3,000
Transfer agent fees.................... 6,000 6,000 2,000
Legal.................................. 12,680 13,430 14,995
Audit.................................. 7,800 3,800 950
Other.................................. 16,000 4,000 175
----------- --------- --------
Total Expenses before reimbursement...... 233,760 99,854 26,721
Expense reimbursement.................... 13,569 (27,410) (26,038)
----------- --------- --------
Net Expenses............................. 247,329 72,444 683
----------- --------- --------
Net Investment Income.................... 156,738 581,396 8,342
----------- --------- --------
Net Realized and Unrealized Gain (Loss)
on Investments (Note 1):
Net realized gain (loss) on investments:
Net proceeds from sale................. 10,879,184 283,250 --
Cost of securities sold................ 11,115,605 249,788 --
----------- --------- --------
Net realized gain (loss)................. (236,421) 33,462 --
Realized gain (loss) on short-term
securities.............................. (27) (17) --
----------- --------- --------
Net realized gain (loss) on investments.. (236,448) 33,445 --
Net unrealized appreciation
(depreciation) of investments........... 9,326,302 (136,390) (42)
----------- --------- --------
Net Realized and Unrealized Gain (Loss)
on Investments.......................... 9,089,854 (102,945) (42)
----------- --------- --------
Net Increase in Net Assets Resulting From
Operations.............................. $ 9,246,592 $ 478,451 $ 8,300
=========== ========= ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONEY MARKET
ALL AMERICA FUND BOND FUND FUND
------------------------------- ------------------------------- -----------------
FOR THE PERIOD
FOR THE PERIOD FOR THE PERIOD MAY 1, 1997
FOR THE SIX MAY 1, 1996 FOR THE SIX MAY 1, 1996 (COMMENCEMENT
MONTHS ENDED (COMMENCEMENT MONTHS ENDED (COMMENCEMENT OF OPERATIONS) TO
JUNE 30, 1997 OF OPERATIONS) TO JUNE 30, 1997 OF OPERATIONS) TO JUNE 30, 1997
(UNAUDITED) DECEMBER 31, 1996 (UNAUDITED) DECEMBER 31, 1996 (UNAUDITED)
------------- ----------------- ------------- ----------------- -----------------
<S> <C> <C> <C> <C> <C>
From Operations:
Net investment income. $ 156,738 $ 328,237 $ 581,396 $ 763,822 $ 8,342
Net realized gain
(loss)
on investments....... (236,448) (447,954) 33,445 (8,766) --
Net unrealized
appreciation
(depreciation) of
investments.......... 9,326,302 5,519,770 (136,390) 262,322 (42)
----------- ----------- ----------- ----------- ----------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 9,246,592 5,400,053 478,451 1,017,378 8,300
----------- ----------- ----------- ----------- ----------
Dividend Distributions:
From net investment
income............... (200,955) (325,235) (580,134) (758,821) (8,362)
----------- ----------- ----------- ----------- ----------
Capital Share
Transactions
(Note 4):
Net proceeds from sale
of shares............ 12,000 50,137,638 1,051,357 20,123,533 1,221,860
Dividend
reinvestments........ 200,917 325,235 580,134 758,821 8,362
Cost of shares
redeemed............. -- (25,000) (2,051,357) (124,389) --
----------- ----------- ----------- ----------- ----------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... 212,917 50,437,873 (419,866) 20,757,965 1,230,222
----------- ----------- ----------- ----------- ----------
Net Increase (Decrease)
in Net Assets.......... 9,258,554 55,512,691 (521,549) 21,016,522 1,230,160
Net Assets, Beginning of
Period................. 55,512,691 -- 21,016,522 -- --
----------- ----------- ----------- ----------- ----------
Net Assets, End of
Period................. $64,771,245 $55,512,691 $20,494,973 $21,016,522 $1,230,160
=========== =========== =========== =========== ==========
Components of Net
Assets:
Paid-in capital....... $50,650,790 $50,437,873 $20,338,099 $20,757,965 $1,230,222
Accumulated
undistributed
net investment
income............... (41,215) 3,002 6,263 5,001 (20)
Accumulated
undistributed
net realized gain
(loss) on
investments.......... (684,402) (447,954) 24,679 (8,766) --
Unrealized
appreciation
(depreciation) of
investments.......... 14,846,072 5,519,770 125,932 262,322 (42)
----------- ----------- ----------- ----------- ----------
Net Assets, End of
Period................. $64,771,245 $55,512,691 $20,494,973 $21,016,522 $1,230,160
=========== =========== =========== =========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MONEY MARKET
ALL AMERICA FUND BOND FUND FUND
------------------------ ------------------------ ------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED JUNE 30,
1997 DECEMBER 31, 1997 DECEMBER 31, 1997(E)
(UNAUDITED) 1996(F) (UNAUDITED) 1996(F) (UNAUDITED)
----------- ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $10.98 $10.00 $10.13 $10.01 $10.00
------ ------ ------ ------ ------
Income from investment
operations:
Net investment income. 0.03 0.06 0.29 0.38 0.07
Net gains or losses on
securities (realized
and unrealized)...... 1.80 0.98 (0.05) 0.12 0.01
------ ------ ------ ------ ------
Total from Investment
Operations............. 1.83 1.04 0.24 0.50 0.08
------ ------ ------ ------ ------
Less dividend
distributions:
From net investment
income............... (0.04) (0.06) (0.29) (0.38) (0.07)
From capital gains.... -- -- -- -- --
------ ------ ------ ------ ------
Total Distributions..... (0.04) (0.06) (0.29) (0.38) (0.07)
------ ------ ------ ------ ------
Net Asset Value, End of
Period................. $12.77 $10.98 $10.08 $10.13 $10.01
====== ====== ====== ====== ======
Total return (%) (b).... 16.7 10.4 2.4 5.0 0.8
Net assets, end of
period ($ millions).... 64.8 55.5 20.5 21.0 1.2
Ratio of net investment
income to average net
assets (%) (a)......... 0.65 0.95 5.67 5.63 4.67
Ratio of expenses to
average net assets (%)
(a).................... 0.81 0.87 0.96 0.90 14.90
Ratio of expenses to
average net assets
after expense
reimbursement (%) (Note
2) (a)................. 0.85 0.85 0.70 0.70 0.40
Portfolio turnover rate
(%) (c)................ 20.24 9.33 11.13 17.85 N/A
Average commission rate
paid ($) (d)........... .0620 .0483 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 U.S. Government and short-term
securities.
(d) Average commission rate paid per share of stock.
(e) Commenced operations May 1, 1997.
(f) Commenced operations May 1, 1996.
N/A = Not Applicable.
The accompanying notes are an integral part of these financial statements.
20
<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 three series of common
stock representing shares of the All America 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 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. The Money Market Fund commenced operations on
May 1, 1997 through an initial $1 million cash investment by the Adviser's
ultimate parent (Mutual of America Life Insurance 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 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 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 stock is based on the identified cost basis of the
security determined on a first-in, first-out ("FIFO") basis.
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.
2. EXPENSES AND OTHER TRANSACTIONS WITH AFFILIATES
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 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, .45% of the value of the net assets for the Bond Fund, and .20% of the
value of the net assets for the Money Market Fund.
21
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
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/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, .25% of the net
assets of the Bond Fund, and .20% of the net assets of the Money Market 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 rate established for the All America Fund was reduced to .30% in the
subsequent quarter 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 Advisor's existing expense
limitation agreement with each fund.
The Adviser's voluntary agreement to limit each fund's total expenses
(excluding brokerage commissions, transfer taxes/fees and extraordinary
expenses) to an annual rate of .85% of the net assets of the All America Fund,
.70% of the net assets of the Bond Fund, and .40% of the net assets of the
Money Market 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 $0 for the period. In addition, a Sub-Advisor placed a portion
of its portfolio transactions with its affiliated broker-dealer. Such
commissions amounted to $9,931 or 44.4% of the Fund's total commissions.
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 period
ended June 30, 1997 were as follows:
<TABLE>
<CAPTION>
ALL AMERICA BOND MONEY MARKET
FUND FUND FUND
----------- ---------- ------------
<S> <C> <C> <C>
Cost of investment purchases.......... $ 9,875,063 $ 229,463 $ --
=========== ========== ==========
Proceeds from sales of investments.... $10,735,845 $ 494,195 $ --
=========== ========== ==========
The cost of investment purchases and
proceeds from sales of U.S.
Government securities were as
follows:
Cost of investment purchases........ $ -- $2,039,830 $ --
=========== ========== ==========
Proceeds from sales of investments.. $ -- $1,783,719 $1,504,939
=========== ========== ==========
</TABLE>
At June 30, 1997, the net unrealized appreciation (depreciation) of
investments, based on cost for Federal income tax purposes, was as follows:
<TABLE>
<CAPTION>
ALL AMERICA BOND MONEY MARKET
FUND FUND FUND
----------- ----------- ------------
<S> <C> <C> <C>
Unrealized appreciation............... $15,742,406 $ 151,619 $ --
Unrealized depreciation............... 896,334 25,687 42
----------- ----------- ----------
Net unrealized appreciation
(depreciation)....................... $14,846,072 $ 125,932 $ (42)
=========== =========== ==========
Aggregate cost of investments for
Federal income tax purposes.......... $48,672,964 $21,620,189 $1,223,102
=========== =========== ==========
</TABLE>
4. CAPITAL SHARE ACTIVITY
At June 30, 1997 one billion shares of $.01 par value common stock have 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 Bond
and Money Market Funds.
22
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
Transactions in shares during the period ending June 30, 1997 were as
follows:
<TABLE>
<CAPTION>
ALL AMERICA BOND MONEY MARKET
FUND FUND FUND
----------- -------- ------------
<S> <C> <C> <C>
Shares sold............................. 950 104,202 122,016
Shares issued as reinvestment of
dividends (Note 5)..................... 15,739 57,566 835
Shares redeemed......................... -- (202,267) --
------ -------- -------
Net increase (decrease)................. 16,689 (40,499) 122,851
====== ======== =======
</TABLE>
As at June 30, 1997 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 30, 1997, dividend distributions were declared and paid from
accumulated net investment income to shareholders of record on June 27, 1997.
Pursuant to shareholders' instructions, all dividend distributions were
immediately reinvested in additional shares of each fund (see Note 4 above) as
follows:
<TABLE>
<CAPTION>
ALL AMERICA BOND MONEY MARKET
FUND FUND FUND
----------- -------- ------------
<S> <C> <C> <C>
Distributions from:
Net investment income................... $200,955 $580,134 $8,362
Net realized capital gains.............. -- -- --
-------- -------- ------
Total dividend distributions.............. $200,955 $580,134 $8,362
======== ======== ======
Dividend amounts per share................ $ .040 $ .294 $ .069
======== ======== ======
</TABLE>
6. SUBSEQUENT EVENT
During July, 1997, Mutual of America Life Insurance Company redeemed shares
of the All America Fund realizing proceeds of $15,090,000, reducing the Fund's
net assets by a corresponding amount.
23
<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
