MUTUAL OF AMERICA
INSTITUTIONAL FUNDS, INC.
SEMI-ANNUAL REPORT
ALL AMERICA FUND
EQUITY INDEX FUND
BOND FUND
MONEY MARKET FUND
JUNE 30, 1999
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.
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CONTENTS
Page
----
President's Message ....................................................... 1
Performance Graphs ........................................................ 2
Portfolio of Investments in Securities:
All America Fund .......................................................... 4
Equity Index Fund ......................................................... 12
Bond Fund ................................................................. 17
Money Market Fund ......................................................... 19
Statement of Assets and Liabilities ....................................... 20
Statement of Operations ................................................... 21
Statements of Changes in Net Assets ....................................... 22
Financial Highlights ...................................................... 23
Notes to Financial Statements ............................................. 24
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MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
320 PARK AVENUE, NEW YORK, NEW YORK 10022
Dear Shareholder:
We are pleased to present the Mutual of America Institutional Funds
results for the six-month period ending June 30, 1999. These Funds are designed
primarily as investment vehicles for endowments, foundations and other
institutional investors.
The U.S. economy continued to expand during the first six months of the
year, following an explosive fourth quarter last year. Continued strength in
consumer spending and a stabilization/recovery in pockets of the worldwide
economy provided the fuel for domestic economic expansion. Inflation has
remained benign through the first half of the year; however, concerns over the
tight labor market and the pace of economic expansion prompted the Federal
Reserve to raise the discount rate by a quarter of a point at the end of June.
Yields on long-term Treasuries rose approximately 80 basis points during
the first half of the year as the bond market reacted to concerns over the pace
of economic expansion, the tight labor market and possible rate increases by the
Federal Reserve.The potential for higher interest rates going forward depends on
the inflation picture and the status of global economies. As the year draws to a
close, Y2K issues may impact the securities markets.
The equity market benefited from the continued economic expansion, with
corporate profits holding steady over the first half of the year.Record levels
for major indices were set during the period. The Dow Jones Industrial Average
closed above 11,000 and the Standard &Poor's 500 Index crested above 1370. Both
have since posted modest declines. For the six-month period, stock performance
was not dominated by large-cap companies as has been the case for several years.
The technology driven NASDAQ and the Russell 2000, which represents smaller
capitalized companies, outperformed the large-cap indices in the second quarter
of this year.
Total Returns-Six Months to June 30, 1999
The total return performance of each Fund for the six months ended June
30, 1999 was as follows (please note that the Equity Index Fund commenced
operations on May 3, 1999):
All America Fund ........................................ +12.5%
Equity Index Fund ....................................... + 1.4%
Bond Fund ............................................... - 2.1
MoneyMarket Fund ........................................ + 2.3%
All performance is historical, assumes reinvestment of all dividends and
capital gains, and is not indicative of future results. Investment return and
principal value will fluctuate, so shares, when redeemed, may be worth more or
less than when purchased.
On the pages which immediately follow are brief presentations and graphs
for each Fund (except the Money Market Fund and Equity Index Fund) which
illustrate each Fund's respective:
o Historical total return achieved over specified periods, expressed
as an average annual rate and as a cumulative rate;
o Equivalent in dollars of a $10,000 hypothetical investment at the
beginning of each specified period; and
o Historical performance compared with an appropriate index.
The portfolios of each Fund and financial statements are presented in the
pages which then follow.
Thank you for your continued investment in our Funds.
Sincerely,
/s/ Dolores Morrissey
-------------------------------------------
Dolores Morrissey
Chairman of the Board and President,
Mutual of America Institutional Funds, Inc.
1
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EQUITY INDEX FUND
The Equity Index Fund invests in the 500 stocks included in the Stardard &
Poor's 500 Index. The Fund's total return for the two months ended June 30, 1999
was 1.4%, which nearly equaled the performance of the Standard & Poor's 500
Index. In recent months the character of the market has begun to change, and
sectors leading the market for the past year have been giving way to new groups
such as value and cyclical themes, and smaller capitalization stocks. Sectors
contributing positively to results over the past two months were capital goods,
technology and telecommunications issues. Negative performers were consumer
cyclicals, financial services and transportation.
Since the Fund began operations on May 3, 1999 no graphic depiction is
being presented at this time.
ALL AMERICA FUND
Approximately 60% of the All America Fund's portfolio invests in the 500
stocks included in the Standard& Poor's 500 Index. The performance objective of
this portion of the Fund is to replicate the returns of the Index. The remaining
40% of the Fund is actively managed by three sub-advisors and Mutual of America
Capital Management Corporation. Approximately 30% of the Fund is invested in
small capitalization and value stocks. Neither small cap nor value stocks did
well in 1998, a trend that reversed itself in the first half of 1999. However
investor preference for large size growth companies with high earnings
predictability remained strong. The All America Fund and the Standard & Poor's
500 Index returned 19.2% and 22.8%, respectively, for the twelve months ended
June 30, 1999.
[Graph Omitted]
All America Fund
----------------
Total Return
------------
Period Growth
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $11,925 19.2% 19.2%
Since 5/1/96
(Inception) $18,939 89.4% 22.3%
S&P 500 Index
------------
Total Return
----------
Period Growth
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
--------------------------------------------------
1 Year $12,275 22.8% 22.8%
Since 5/1/96
(Inception) $22,168 121.7% 28.6%
The line representing the performance return of the All America Fund includes
expenses, such as transaction costs, management fees and expenses, that reduce
returns, while the performance return line of the index does not.
2
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MONEY MARKET FUND
The investment objective of the Money Market Fund is to realize high
current income to the extent consistent with the maintenance of liquidity,
investment quality and stability of capital. Through investing in high quality
commercial paper and other short term instruments, the Money Market Fund
returned 2.3% which compares favorably with the Salomon Brothers 3-month
Treasury Bill Index return of 2.2%. The seven-day annualized effective yield as
of August 10, 1999 is 4.9%. As with all past performance reportings, this yield
is not necessarily indicative of future actual yields.
BOND FUND
The Bond Fund seeks a high level of return consistent with the
preservation of capital through investment in publicly traded securities. The
Fund primarily invests in corporate and U.S. Government agency securities, which
yield significantly more than U.S. Treasuries. A "flight to quality" in the
second half of 1998 caused yield spreads between U.S. Treasuries and corporate
and agency securities to widen, leading the Fund to underperform. This tended to
reverse itself during the first half of 1999. Over the longer term, higher
yielding securities are expected to outperform U.S. Treasuries. The Bond Fund
returned 2.0% for for the twelve months ended June 30, 1999 versus the Lehman
Brothers Government/Corporate Bond Index return of 2.7%.
[Graph Omitted]
Bond Fund
-----------
Total Return
------------
Period Growth
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,196 2.0% 2.0%
Since 5/1/96
(Inception) $12,116 21.2% 6.3%
Lehman Brothers Gov't./Corp. Bond Index
----------------------------------------------
Total Return
------------
Period Growth
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,270 2.7% 2.7%
Since 5/1/96
(Inception) $12,457 24.6% 7.2%
The line representing the performance return of the Bond Fund includes expenses,
such as transaction costs, management fees and expenses, that reduce returns,
while the performance return line of the index does not.
3
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MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Shares Value
------- ----------
INDEXED ASSETS:
COMMON STOCKS
3Com Corp. ........................ 1,159 $ 30,930
Abbott Laboratories ............... 4,906 223,223
Adobe Systems, Inc. ............... 196 16,102
Advanced Micro Devices, Inc. ...... 468 8,453
AES Corp. ......................... 614 35,688
Aetna, Inc. ....................... 453 40,515
Aflac, Inc. ....................... 859 41,124
Air Products & Chemicals, Inc. .... 748 30,107
Alberto-Culver Co. ................ 178 4,739
Albertson's, Inc. ................. 1,353 69,754
Alcan Aluminum Ltd. ............... 736 23,506
ALCOA Inc. ........................ 1,186 73,383
Allegheny Teledyne, Inc. .......... 620 14,027
Allergan, Inc. .................... 213 23,643
AlliedSignal, Inc. ................ 1,810 114,030
Allstate Corp. .................... 2,596 93,131
Alltel Corp. ...................... 905 64,707
Alza Corp. ........................ 322 16,381
Amerada Hess Corp. ................ 292 17,374
Ameren Corp. ...................... 444 17,038
America Online, Inc. .............. 3,504 387,192
American Electric Power, Inc. .... 619 23,251
American Express Co. .............. 1,461 190,112
American General Corp. ............ 815 61,430
American Greetings Corp. Cl A ..... 217 6,537
American Home Products Corp. ...... 4,261 245,007
American Int'l. Group, Inc. ....... 3,996 467,781
Ameritech Corp. ................... 3,544 260,484
Amgen, Inc. ....................... 1,646 100,200
AMR Corp. ......................... 494 33,715
Amsouth Bancorporation ............ 574 13,309
Anadarko Petroleum Corp. .......... 389 14,320
Andrew Corp. ...................... 265 5,018
Anheuser-Busch Cos., Inc. ......... 1,545 109,598
Aon Corp. ......................... 825 34,031
Apache Corp. ...................... 360 14,040
Apple Computer, Inc. .............. 511 23,665
Applied Materials, Inc. ........... 1,195 88,280
Archer-Daniels-Midland Co. ........ 1,918 29,609
Armstrong World Inds., Inc. ....... 129 7,457
Asarco, Inc. ...................... 128 2,408
Ashland, Inc. ..................... 247 9,910
Associates First Capital Corp. .... 2,351 104,178
AT&T Corp. ........................ 10,263 572,803
Atlantic Richfield Co. ............ 1,051 87,824
Autodesk, Inc. .................... 191 5,646
Automatic Data Processing, Inc. ... 1,987 87,428
AutoZone, Inc. .................... 494 14,881
Avery Dennison Corp. .............. 366 22,097
Avon Products, Inc. ............... 849 47,119
Baker Hughes, Inc. ................ 1,057 35,409
Ball Corp. ........................ 100 4,225
Baltimore Gas & Electric Co. ...... 482 14,279
Bank of America Corp. ............. 5,620 412,016
Bank of New York Co., Inc. ........ 2,459 90,214
Bank One Corp. .................... 3,785 225,444
BankBoston Corp. .................. 952 48,671
Bard (C.R.), Inc. ................. 165 7,889
Barrick Gold Corp. ................ 1,254 24,296
Battle Mountain Gold Co. .......... 743 1,811
Bausch & Lomb, Inc. ............... 181 13,846
Baxter International, Inc. ........ 939 56,926
BB & T Corp. ...................... 1,002 36,760
Bear Stearns Cos., Inc. ........... 375 17,531
Becton Dickinson & Co. ............ 799 23,970
Shares Value
------- ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Bell Atlantic Corp. ............... 5,018 $ 328,051
BellSouth Corp. ................... 6,109 286,359
Bemis Co. ......................... 169 6,717
Bestfoods ......................... 899 44,500
Bethlehem Steel Corp. ............. 420 3,228
Biomet, Inc. ...................... 363 14,429
Black & Decker Corp. .............. 284 17,927
Block (H. & R.), Inc. ............. 325 16,250
BMC Software, Inc. ................ 758 40,932
Boeing Co. ........................ 3,133 138,439
Boise Cascade Corp. ............... 182 7,803
Boston Scientific Corp. ........... 1,270 55,800
Briggs & Stratton Corp. ........... 75 4,331
Bristol-Myers Squibb Co. .......... 6,408 451,363
Brown-Forman Corp. Cl B ........... 222 14,471
Browning-Ferris Inds., Inc. ....... 510 21,930
Brunswick Corp. ................... 310 8,641
Burlington Northern Santa Fe ...... 1,516 46,996
Burlington Resources, Inc. ........ 573 24,782
Cabletron Systems, Inc. ........... 532 6,916
Campbell Soup Co. ................. 1,403 65,064
Capital One Financial Corp. ....... 636 35,417
Cardinal Health, Inc. ............. 877 56,237
Carnival Corp. .................... 1,977 95,884
Carolina Power & Light Co. ........ 489 20,935
Case Corp. ........................ 235 11,309
Caterpillar, Inc. ................. 1,159 69,540
CBS Corp. ......................... 2,283 99,167
Cendant Corp. ..................... 2,470 50,635
Centex Corp. ...................... 192 7,212
Central & South West Corp. ........ 687 16,058
CenturyTel, Inc. .................. 444 17,649
Ceridian Corp. .................... 462 15,101
Champion International Corp. ...... 309 14,793
Charles Schwab Corp. .............. 1,315 144,485
Chase Manhattan Corp. ............. 2,734 236,832
Chevron Corp. ..................... 2,109 200,750
Chubb Corp. ....................... 527 36,626
CIGNA Corp. ....................... 654 58,206
Cincinnati Financial Corp. ........ 531 19,945
CINergy Corp. ..................... 513 16,416
Circuit City Group, Inc. .......... 324 30,132
Cisco Systems, Inc. ............... 10,302 664,479
Citigroup, Inc. ................... 10,923 518,842
Clear Channel Communications ...... 1,068 73,625
Clorox Co. ........................ 379 40,481
CMS Energy Corp. .................. 377 15,786
Coastal Corp. ..................... 687 27,480
Coca-Cola Co. ..................... 7,961 497,562
Coca-Cola Enterprises, Inc. ....... 1,365 40,608
Colgate-Palmolive Co. ............. 947 93,516
Columbia Energy Group ............. 270 16,925
Columbia/HCA Healthcare Corp. ..... 1,827 41,678
Comcast Corp. Cl A ................ 2,386 91,711
Comerica, Inc. .................... 503 29,897
Compaq Computer Corp. ............. 5,475 129,689
Computer Associates Intl., Inc .... 1,740 95,700
Computer Sciences Corp. ........... 512 35,424
Compuware Corp. ................... 1,182 37,602
Conagra, Inc. ..................... 1,582 42,120
Conseco, Inc. ..................... 1,016 30,924
Consolidated Edison, Inc. ......... 731 33,077
Consolidated Natural Gas Co. ...... 310 18,832
Consolidated Stores Corp. ......... 354 9,558
Cooper Industries, Inc. ........... 304 15,808
The accompanying notes are an integral part of these financial statements.
4
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MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------- ----------
INDEXED ASSETS (CONTINUED)
COMMON STOCKS (CONTINUED)
Cooper Tire & Rubber Co. .......... 245 $ 5,788
Coors (Adolph) Co. Cl B ........... 118 5,841
Corning, Inc. ..................... 785 55,048
Costco Co. ........................ 700 56,043
Countrywide Credit Industries ..... 362 15,475
Crane Co. ......................... 222 6,979
Crown Cork & Seal, Inc. ........... 395 11,257
CSX Corp. ......................... 706 31,990
Cummins Engine Co., Inc. .......... 135 7,711
CVS Corp. ......................... 1,261 63,995
Cyprus Amax Minerals Co. .......... 294 4,465
Dana Corp. ........................ 535 24,643
Danaher Corp. ..................... 432 25,110
Darden Restaurants, Inc. .......... 430 9,379
Data General Corp. ................ 160 2,330
Dayton-Hudson Corp. ............... 1,422 92,430
Deere & Co. ....................... 745 29,520
Dell Computer Corp. ............... 8,206 303,622
Delphi Automotive Systems Corp. ... 1,814 33,672
Delta Air Lines, Inc. ............. 462 26,622
Deluxe Corp. ...................... 251 9,773
Dillard's Inc. Cl A ............... 345 12,118
Disney (Walt) Co. ................. 6,623 204,071
Dollar General Corp. .............. 713 20,677
Dominion Resources, Inc. .......... 617 26,723
Donnelley (R.R.) & Sons Co. ....... 421 15,603
Dover Corp. ....................... 686 24,010
Dow Chemical Co. .................. 716 90,842
Dow Jones & Co., Inc. ............. 291 15,441
DTE Energy Co. .................... 469 18,760
Du Pont (E.I.) de Nemours & Co.,
Inc. ............................ 3,639 248,589
Duke Energy Corp. ................. 1,170 63,618
Dun & Bradstreet Corp. ............ 540 19,136
Eastern Enterprises ............... 73 2,901
Eastman Chemical Co. .............. 256 13,248
Eastman Kodak Co. ................. 1,047 70,934
Eaton Corp. ....................... 231 21,252
Ecolab, Inc. ...................... 418 18,235
Edison International .............. 1,117 29,879
EG&G, Inc. ........................ 145 5,165
Electronic Data Systems Corp. ..... 1,593 90,104
EMC Corp. ......................... 3,260 179,300
Emerson Electric Co. .............. 1,411 88,716
Engelhard Corp. ................... 403 9,117
Enron Corp. ....................... 1,133 92,622
Entergy Corp. ..................... 797 24,906
Equifax, Inc. ..................... 465 16,594
Exxon Corp. ....................... 7,851 605,508
Fannie Mae ........................ 3,297 225,432
FDX Corp. ......................... 954 51,754
Federated Department Stores ....... 662 35,044
Fifth Third Bancorp ............... 862 57,376
First Data Corp. .................. 1,389 67,974
First Union Corp. ................. 3,113 146,311
Firstar Corporation ............... 2,127 59,556
FirstEnergy Corp. ................. 766 23,746
Fleet Financial Group, Inc. ....... 1,837 81,516
Fleetwood Enterprises, Inc. ....... 112 2,961
Fluor Corp. ....................... 245 9,922
FMC Corp. ......................... 102 6,967
Ford Motor Co. .................... 3,911 220,727
Fort James Corp. .................. 713 27,004
Fortune Brands, Inc. .............. 537 22,218
Foster Wheeler Corp. .............. 132 1,864
Shares Value
------- ----------
INDEXED ASSETS (CONTINUED)
COMMON STOCKS (CONTINUED)
FPL Group, Inc. ................... 585 $ 31,955
Franklin Resources, Inc. .......... 818 33,231
Freddie Mac ....................... 2,236 129,688
Freeport-McMoran Copper Cl B ...... 526 9,435
Frontier Corp. .................... 555 32,745
Fruit of the Loom, Inc. ........... 233 2,271
Gannett Co., Inc. ................. 910 64,951
Gap, Inc. ......................... 2,757 138,883
Gateway, Inc. ..................... 505 29,795
General Dynamics Corp. ............ 410 28,085
General Electric Co. .............. 10,579 1,195,427
General Instrument Corp. .......... 555 23,587
General Mills, Inc. ............... 494 39,705
General Motors Corp. .............. 2,116 139,656
Genuine Parts Co. ................. 582 20,370
Georgia-Pacific Group
(Ga-Pac Gp.) .................... 552 26,151
Gillette Co. ...................... 3,586 147,026
Golden West Financial Corp. ....... 184 18,032
Goodrich (B.F.) Co. ............... 240 10,200
Goodyear Tire & Rubber Co. ........ 504 29,641
GPU, Inc. ......................... 404 17,043
Grainger (W.W.), Inc. ............. 300 16,143
Great Atlantic & Pac. Tea, Inc. ... 124 4,192
Great Lakes Chemical Corp. ........ 191 8,797
GTE Corp. ......................... 3,130 237,097
Guidant Corp. ..................... 974 50,100
Halliburton Co. ................... 1,421 64,300
Harcourt General, Inc. ............ 230 11,859
Harnischfeger Industries, Inc. .... 155 310
Harrah's Entertainment, Inc. ...... 407 8,954
Harris Corp. ...................... 259 10,149
Hartford Financial Svs Gp, Inc. ... 730 42,568
Hasbro, Inc. ...................... 634 18,267
HCR Manor Care .................... 358 8,659
HealthSouth Corp. ................. 1,334 19,926
Heinz (H.J.) Co. .................. 1,170 58,646
Helmerich & Payne, Inc. ........... 163 3,881
Hercules, Inc. .................... 325 12,776
Hershey Food Corp. ................ 449 26,659
Hewlett-Packard Co. ............... 3,273 328,936
Hilton Hotels Corp. ............... 843 11,960
Home Depot, Inc. .................. 4,772 307,495
Homestake Mining Co. .............. 837 6,852
Honeywell, Inc. ................... 407 47,161
Household International, Inc. ..... 1,561 73,952
Humana, Inc. ...................... 541 6,999
Huntington Bancshares, Inc. ....... 682 23,870
Ikon Office Solutions, Inc. ....... 476 7,140
Illinois Tool Works, Inc. ......... 808 66,256
IMS Health, Inc. .................. 1,035 32,343
Inco Ltd. ......................... 617 11,106
Ingersoll Rand Co. ................ 532 34,380
Intel Corp. ....................... 10,764 640,458
International Paper Co. ........... 1,325 66,912
Interpublic Group of Cos., Inc. ... 449 38,894
Intl. Business Machines Corp. ..... 5,853 756,500
Intl. Flavors & Fragrances ........ 343 15,220
ITT Industries, Inc. .............. 283 10,789
Jefferson-Pilot Corp. ............. 343 22,702
Johnson & Johnson ................. 4,336 424,928
Johnson Controls, Inc. ............ 274 18,991
Jostens, Inc. ..................... 111 2,337
Kansas City Southern Inds. ........ 354 22,589
Kaufman & Broad Home Corp. ........ 154 3,830
The accompanying notes are an integral part of these financial statements.
5
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MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------- ----------
INDEXED ASSETS (CONTINUED)
COMMON STOCKS (CONTINUED)
Kellogg Co. ....................... 1,310 $ 43,230
Kerr-McGee Corp. .................. 278 13,952
KeyCorp. .......................... 1,441 46,292
Kimberly Clark Corp. .............. 1,713 97,641
King World Productions, Inc. ...... 237 8,250
KLA Tencor Corp. .................. 283 18,359
Kmart Corp. ....................... 1,593 26,184
Knight-Ridder, Inc. ............... 254 13,954
Kohl's Corp. ...................... 523 40,369
Kroger Co. ........................ 2,654 74,146
Laidlaw, Inc. ..................... 1,066 7,861
Lehman Brothers Holdings, Inc. .... 382 23,779
Lilly (Eli) & Co. ................. 3,546 253,982
Limited, Inc. ..................... 686 31,127
Lincoln National Corp. ............ 654 34,212
Liz Claiborne, Inc. ............... 203 7,409
Lockheed Martin Corp. ............. 1,268 47,233
Loews Corp. ....................... 351 27,772
Longs Drug Stores Corp. ........... 126 4,354
Louisiana-Pacific Corp. ........... 351 8,336
Lowe's Companies, Inc. ............ 1,199 67,968
LSI Logic Corp. ................... 457 21,079
Lucent Technologies ............... 9,801 660,981
Mallinckrodt, Inc. ................ 231 8,402
Marriott International, Inc. ...... 803 30,012
Marsh & McLennan Cos., Inc. ....... 847 63,948
Masco Corp. ....................... 1,097 31,675
Mattel, Inc. ...................... 1,340 35,426
May Department Stores Co. ......... 1,075 43,940
Maytag Corp. ...................... 284 19,791
MBIA, Inc. ........................ 321 20,784
MBNA Corp. ........................ 2,592 79,380
McDermott International, Inc. ..... 191 5,395
McDonald's Corp. .................. 4,374 180,700
McGraw-Hill Cos., Inc. ............ 636 34,304
MCI WorldCom, Inc. ................ 6,001 517,586
McKesson HBOC, Inc. ............... 894 28,719
Mead Corp. ........................ 332 13,861
MediaOne Group, Inc. .............. 1,962 145,923
Medtronic, Inc. ................... 1,888 147,028
Mellon Bank Corp. ................. 1,688 61,401
Mercantile Bancorporation ......... 509 29,076
Merck & Co., Inc. ................. 7,691 569,134
Meredith Corp. .................... 169 5,851
Merrill Lynch & Co., Inc. ......... 1,183 94,566
MGIC Investment Corp. ............. 354 17,213
Micron Technology, Inc. ........... 801 32,290
Microsoft Corp. ................... 16,462 1,484,848
Milacron, Inc. .................... 119 2,201
Millipore Corp. ................... 142 5,759
Minnesota Mining & Mfg. Co. ....... 1,297 112,757
Mirage Resorts, Inc. .............. 639 10,703
Mobil Corp. ....................... 2,521 249,579
Monsanto Co. ...................... 2,025 79,860
Moore Corp., Ltd. ................. 286 2,395
Morgan (J.P.) & Co., Inc. ......... 571 80,225
Morgan Stanley Dean Witter ........ 1,835 188,087
Motorola, Inc. .................... 1,940 183,815
Nabisco Group Holdings ............ 1,050 20,540
NACCO Industries, Inc. Cl A ....... 26 1,911
Nalco Chemical Co. ................ 212 10,997
National City Corp. ............... 1,011 66,220
National Semiconductor Corp. ...... 537 13,592
National Service Industries ....... 134 4,824
Shares Value
------- ----------
INDEXED ASSETS (CONTINUED)
COMMON STOCKS (CONTINUED)
Navistar International Corp. ...... 217 $ 10,850
New Century Energies, Inc. ........ 369 14,321
New York Times Co. Cl A ........... 568 20,909
Newell Rubbermaid, Inc. ........... 908 42,222
Newmont Mining Corp. .............. 541 10,752
Nextel Communications, Inc. ....... 952 47,778
Niagara Mohawk Holdings, Inc. ..... 606 9,733
Nicor, Inc. ....................... 154 5,861
Nike, Inc. Cl B ................... 911 57,677
Nordstrom, Inc. ................... 458 15,343
Norfolk Southern Corp. ............ 1,226 36,933
Nortel Networks Corp. ............. 2,140 185,778
Northern States Power Co. ......... 493 11,924
Northern Trust Corp. .............. 359 34,823
Northrop Grumman Corp. ............ 222 14,721
Novell, Inc. ...................... 1,089 28,858
Nucor Corp. ....................... 283 13,424
Occidental Petroleum Corp. ........ 1,118 23,617
Omnicom Group, Inc. ............... 575 46,000
Oneok, Inc. ....................... 102 3,238
Oracle Corp. ...................... 4,642 172,334
Owens Corning ..................... 175 6,015
Owens-Illinois Inc. .............. 502 16,409
Paccar, Inc. ...................... 253 13,503
PacifiCorp. ....................... 961 17,658
Paine Webber Group, Inc. .......... 470 21,972
Pall Corp. ........................ 401 8,897
Parametric Technology Corp. ....... 880 12,210
Parker Hannifin Corp. ............. 352 16,104
Paychex, Inc. ..................... 793 25,276
PE Corp-PE Biosystems Group ....... 161 18,474
Peco Energy Co. ................... 617 25,836
Penney (J.C.) Co., Inc. ........... 850 41,278
Peoples Energy Corp. .............. 114 4,296
Peoplesoft, Inc. .................. 774 13,351
Pep Boys-Manny, Moe & Jack ........ 170 3,676
PepsiCo, Inc. ..................... 4,743 183,494
Pfizer, Inc. ...................... 4,190 459,852
PG & E Corp. ...................... 1,237 40,202
Pharmacia & Upjohn, Inc. .......... 1,642 93,286
Phelps Dodge Corp. ................ 187 11,582
Phillip Morris Cos., Inc. ......... 7,852 315,552
Phillips Petroleum Co. ............ 823 41,407
Pioneer Hi-Bred Intl., Inc. ....... 781 30,410
Pitney Bowes, Inc. ................ 864 55,512
Placer Dome, Inc. ................. 1,047 12,367
PNC Bank Corp. .................... 973 56,069
Polaroid Corp. .................... 142 3,922
Potlatch Corp. .................... 94 4,130
PP&L Resources, Inc. .............. 507 15,590
PPG Industries, Inc. .............. 559 33,015
Praxair, Inc. ..................... 510 24,958
Proctor & Gamble Co. .............. 4,282 382,168
Progressive Corp. of Ohio ......... 234 33,930
Povident Companies, Inc. .......... 437 17,480
Providian Financial Corp. ......... 458 42,823
Public Svc. Enterprise Group ...... 706 28,857
Pulte Corp. ....................... 140 3,228
Quaker Oats Co. ................... 440 29,205
Ralston Purina Co. ................ 1,059 32,233
Raychem Corp. ..................... 256 9,472
Raytheon Co. ...................... 1,089 76,638
Reebok International Ltd. ......... 182 3,389
Regions Financial Corp. ........... 715 27,482
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, 1999 (Unaudited)
Shares Value
------- ----------
INDEXED ASSETS (CONTINUED)
COMMON STOCKS (CONTINUED)
Reliant Energy Inc. ............... 953 $ 26,326
Republic New York Corp. ........... 338 23,047
Reynolds Metals Co. ............... 208 12,272
Rite-Aid Corp. .................... 836 20,586
RJ Reynolds Tobacco Holdings ...... 350 11,025
Rockwell Intl., Corp. ............. 618 37,543
Rohm & Haas Co. ................... 683 29,264
Rowan Cos., Inc. .................. 271 4,996
Royal Dutch Petroleum Co.
-N.Y. Shs. 6,915 416,628
Russell Corp. ..................... 110 2,145
Ryder System, Inc. ................ 232 6,032
Safeco Corp. ...................... 440 19,415
Safeway, Inc. ..................... 1,597 79,051
Sara Lee Corp. .................... 2,953 66,996
SBC Communications, Inc. .......... 6,325 366,850
Schering-Plough Corp. ............. 4,751 251,803
Schlumberger, Ltd. ................ 1,765 112,408
Scientific-Atlanta, Inc. .......... 242 8,712
Seagate Technology ................ 716 18,347
Seagram Co. Ltd. (The) ............ 1,377 69,366
Sealed Air Corp. New .............. 270 17,516
Sears Roebuck & Co. ............... 1,238 55,168
Sempra Energy ..................... 776 17,557
Service Corp. International ....... 884 17,017
Shared Medical Systems Corp. ...... 86 5,611
Sherwin-Williams Co. .............. 547 15,179
Sigma-Aldrich Corp. ............... 325 11,192
Silicon Graphics, Inc. ............ 606 9,923
SLM Holding Corp. ................. 524 24,005
Snap-On, Inc. ..................... 211 7,635
Solectron Corp. ................... 811 54,083
Sonat, Inc. ....................... 356 11,792
Southern Co. ...................... 2,254 59,731
Southtrust Corp. .................. 532 20,415
Southwest Airlines Co. ............ 1,087 33,832
Springs Industries, Inc. Cl A ..... 58 2,530
Sprint Corp. ...................... 2,783 146,977
Sprint Corp. ...................... 1,422 81,231
St. Jude Medical, Inc. ............ 272 9,690
St. Paul Companies, Inc. .......... 728 23,159
Stanley Works ..................... 287 9,237
Staples, Inc. ..................... 1,487 46,004
State Street Corp. ................ 519 44,309
Summit Bancorp .................... 551 23,038
Sun Microsystems, Inc. ............ 2,484 171,085
Sunoco, Inc. ...................... 291 8,784
Suntrust Banks, Inc. .............. 1,034 71,798
Supervalu, Inc. ................... 390 10,018
Synovus Financial Corp. ........... 864 17,172
Sysco Corp. ....................... 1,080 32,197
Tandy Corp. ....................... 622 30,400
Tektronix, Inc. ................... 153 4,618
Tellabs, Inc. ..................... 1,256 84,858
Temple-Inland, Inc. ............... 180 12,285
Tenet Healthcare Corp. ............ 1,001 18,581
Tenneco, Inc. ..................... 550 13,131
Texaco, Inc. ...................... 1,728 108,000
Texas Instruments, Inc. ........... 1,260 182,700
Texas Utilities Co. ............... 913 37,661
Shares Value
------- ----------
INDEXED ASSETS (CONTINUED)
COMMON STOCKS (CONTINUED)
Textron, Inc. ..................... 485 $ 39,921
Thermo Electron Corp. ............. 513 10,292
Thomas & Betts Corp. .............. 183 8,646
Time Warner, Inc. ................. 3,837 282,019
Times Mirror Co. Cl A ............. 233 13,805
Timken Co. ........................ 201 3,919
TJX Companies, Inc. ............... 1,041 34,678
Torchmark Corp. ................... 429 14,639
Toys R Us, Inc. ................... 799 16,529
Transamerica Corp. ................ 403 30,225
Tribune Co. ....................... 384 33,456
Tricon Global Restaurants Inc. .... 493 26,683
TRW, Inc. ......................... 387 21,236
Tupperware Corp. .................. 186 4,743
Tyco International Ltd. ........... 2,643 250,424
U.S. Bancorp ...................... 2,346 79,764
U.S. West, Inc. ................... 1,624 95,410
Unicom Corp ....................... 702 27,070
Unilever N.V. ..................... 1,847 128,828
Union Carbide Corp. ............... 430 20,962
Union Pacific Corp. ............... 800 46,650
Union Pacific Resources Group ..... 811 13,229
Union Planters Corp. .............. 459 20,511
Unisys Corp. ...................... 867 33,758
United Healthcare Corp. ........... 557 34,882
United Technologies Corp. ......... 1,551 111,187
Unocal Corp. ...................... 780 30,907
UnimProvident Corp. ............... 447 24,473
US Airways Group Inc. ............. 237 10,324
UST, Inc. ......................... 566 16,555
USX-Marathon Group ................ 994 32,367
USX-U.S. Steel Group .............. 286 7,722
V F Corp. ......................... 388 16,587
Viacom, Inc. Cl B ................. 2,248 98,912
Vodaphone Airtouch plc-Sp ADR ..... 929 183,013
W.R. Grace & Co. .................. 222 4,079
Wachovia Corp. .................... 655 56,043
Wal-Mart Stores, Inc. ............. 14,356 692,677
Walgreen Co. ...................... 3,224 94,705
Warner-Lambert Co. ................ 2,736 189,810
Washington Mutual, Inc. ........... 1,918 67,849
Waste Management, Inc. ............ 1,961 105,403
Watson Pharmaceuticals, Inc. ...... 307 10,764
Wellpoint Health Networks Inc. .... 217 18,417
Wells Fargo & Company ............. 5,323 227,558
Wendy's International, Inc. ....... 402 11,381
Westvaco Corp. .................... 327 9,483
Weyerhaeuser Co. .................. 643 44,206
Whirlpool Corp. ................... 246 18,204
Willamette Industries, Inc. ....... 359 16,536
Williams Cos., Inc. ............... 1,383 58,863
Winn-Dixie Stores, Inc. ........... 480 17,729
Worthington Industries, Inc. ...... 299 4,914
Wrigley (Wm.) Jr. Co. ............. 376 33,840
Xerox Corp. ....................... 2,133 125,980
----------
TOTAL INDEXED ASSETS--COMMON STOCK
(Cost: $18,606,863) 57.9% 36,343,138
----------
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, 1999 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
-------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C>
INDEXED ASSETS (CONTINUED):
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.2%)
U.S. Treasury Bill (a) .............................................. 4.52% 09/23/99 $100,000 $ 98,909
U.S. Treasury Bill (a) .............................................. 4.25 08/19/99 50,000 49,700
-----------
148,609
-----------
COMMERCIAL PAPER (2.8%)
Alabama Power Co. ................................................... 5.05 07/06/99 621,000 620,564
General Electric Co. ................................................ 5.20 07/06/99 596,000 595,569
Koch Industries Inc. ................................................ 5.70 07/01/99 505,000 505,000
-----------
1,721,133
-----------
TOTAL INDEXED PORTION SHORT-TERM DEBT SECURITIES
(Cost: $1,869,782) 3.0% ................................................................................. 1,869,742
-----------
TOTAL INDEXED ASSETS PORTION
(Cost: $20,476,645) 60.9% ............................................................................... $38,212,880
===========
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1999:
Expiration Underlying Face Unrealized
Date Amount at Value Gain
-------------- --------------- ----------
PURCHASED
5 S&P 500 Stock Index Futures Contracts .................................... September 1999 $1,727,125 $71,425
========== =======
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities: 2.8%.
- ----------
(a) This security has been segregated to cover initial margin requirements on
open futures contracts.
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, 1999 (Unaudited)
Shares Value
------- ----------
ACTIVE ASSETS
COMMON STOCKS
BASIC MATERIALS (0.8%)
Cabot Corp. ..................... 4,000 $ 96,750
Lone Star Technologies, Inc.* ... 6,600 117,150
Praxair, Inc. ................... 4,100 200,643
TETRA Tech, Inc. ................ 5,500 90,750
----------
505,293
----------
CONSUMER, CYCLICAL (6.9%)
Ames Dept. Stores, Inc.* ........ 2,700 123,187
At Home Corp. Cl A* ............. 2,708 146,062
Atlantic Coast Airlines Hldgs.* . 3,200 60,800
Bed Bath & Beyond, Inc.* ........ 5,200 200,200
BJ's Wholesale Club, Inc.* ...... 7,200 216,450
Blyth Industries, Inc.* ......... 3,000 103,125
Broadcast.Com, Inc.* ............ 900 120,206
CNET, Inc.* ..................... 1,400 80,675
Chancellor Media Corp.* ......... 1,600 88,200
Consolidated Graphics, Inc.* .... 1,900 95,000
Cox Radio, Inc.* ................ 1,300 70,525
eBay, Inc.* ..................... 800 120,800
Ethan Allen Interiors, Inc. ..... 3,450 130,237
Family Dollar Stores Inc. ....... 5,800 139,200
Ford Motor Co. .................. 1,400 79,012
Furniture Brands Intl., Inc.* ... 800 22,300
Gannett Co., Inc. ............... 2,100 149,887
Goodyear Tire & Rubber Co. ...... 1,600 94,100
Jones Intercable Inc.* .......... 1,800 88,200
Lands End Inc.* ................. 700 33,950
Linens'n Things, Inc.* .......... 4,200 183,750
Masco Corp. ..................... 5,700 164,587
Mattel, Inc. .................... 2,550 67,415
Meredith Corp. .................. 2,300 79,637
Nordstrom, Inc. ................. 3,900 130,650
Office Depot, Inc.* ............. 6,150 135,684
Outback Steakhouse, Inc.* ....... 4,350 171,009
Outdoor Systems, Inc.* .......... 2,475 90,337
Rent-Way, Inc.* ................. 2,400 59,100
Rubio's Restaurants, Inc.* ...... 2,000 30,875
Saks Incorporated* .............. 2,400 69,300
Sonic Automotive, Inc.* ......... 3,900 53,625
Speedway Motorsports, Inc.* ..... 1,500 58,968
Starbucks Corp.* ................ 3,200 120,200
Skywest, Inc. ................... 6,500 162,093
The Cheesecake Factory, Inc.* ... 2,700 82,350
The Men's Wearhouse, Inc.* ...... 2,600 66,300
Tiffany & Co. ................... 3,100 299,150
Young & Rubicam, Inc.* .......... 2,900 131,768
----------
4,318,914
----------
Consumer, Non-cyclical (3.6%)
Albertson's, Inc. ............... 2,600 134,062
American Home Products Corp. .... 1,400 80,500
AmeriSource Health Corp. Cl A* .. 1,600 40,800
Anesta Corp.* ................... 2,800 57,225
Baxter International, Inc. ...... 1,700 103,062
Bestfoods ....................... 2,100 103,950
Biomet, Inc. .................... 1,300 51,675
Diageo plc-- Sponsored ADR ...... 2,000 86,000
Dura Pharmaceuticals, Inc.* ..... 5,500 65,656
Forest Laboratories, Inc.* ...... 3,500 161,875
Fort James Corp. ................ 4,300 162,862
IDEC Pharmaceuticals Corp.* ..... 600 46,237
Lilly (Eli) & Co. ............... 1,500 107,437
Medimmune, Inc.* ................ 1,900 128,725
Medquist, Inc.* ................. 7,600 332,500
Phillip Morris Cos., Inc. ....... 5,200 208,975
SangStat Medical Corp.* ......... 2,900 50,025
United Natural Foods Inc.* ...... 2,100 51,975
Shares Value
------- ----------
ACTIVE ASSETS (CONTINUED)
COMMON STOCKS (CONTINUED)
US Foodservice* ................. 4,900 $ 208,862
Williams-Sonoma, Inc.* .......... 1,600 55,700
----------
2,238,103
----------
ENERGY (1.9%)
BP Amoco plc ADR ................ 1,717 186,294
Elf Aquitaine-- ADR* ............ 1,700 125,056
Mobil Corp. ..................... 1,800 178,200
Nabors Industries, Inc.* ........ 4,000 97,750
Quanta Services Inc.* ........... 2,200 96,800
Schlumberger, Ltd. .............. 1,800 114,637
USX-Marathon Group .............. 7,200 234,450
Varco International, Inc.* ...... 6,000 65,625
Weatherford International, Inc.* 2,400 87,900
----------
1,186,712
----------
FINANCIAL (6.5%)
American Int'l. Group, Inc. ..... 2,525 295,582
Arden Realty Group .............. 4,400 108,350
Bank of America Corp. ........... 4,823 353,585
Boston Properties ............... 2,000 71,750
Citigroup, Inc. ................. 11,850 562,875
Commerce Bancshares, Inc. ....... 530 21,332
Compass Bancshares Inc., ........ 2,700 73,575
Cullen/Frost Bankers, Inc. ...... 3,200 88,200
Dime Bancorp, Inc. .............. 2,000 40,250
Equity Res. Pptys. Tr. Co. ...... 2,300 103,643
Fannie Mae ...................... 1,300 88,887
Fleet Financial Group, Inc. ..... 3,600 159,750
Frontier Insurance Group, Inc. .. 3,300 50,737
HCC Insurance Holdings, Inc. .... 5,100 115,706
Heller Financial, Inc. .......... 5,200 144,625
Household International, Inc. ... 3,479 164,817
Kimco Realty Corp. .............. 2,300 89,987
Mack-Cali Realty Corp. .......... 3,100 95,906
Morgan Stanley Dean Witter ...... 2,000 205,000
Mutual Risk Management Ltd. ..... 2,200 73,425
National City Corp. ............. 2,160 141,480
Natl. Commerce Bancorp. ......... 2,600 56,875
Oriental Financial Group ........ 2,900 69,962
Providian Financial Corp. ....... 1,600 149,600
Public Storage, Inc. ............ 3,300 92,400
SL Green Realty Corp. ........... 5,300 108,318
Spieker Pptys., Inc. ............ 2,700 104,962
Torchmark Corp. ................. 2,500 85,312
UNUMProvident Corp. ............. 2,701 147,879
Vornado Rlty. Trust ............. 2,100 74,156
Washington Mutual, Inc. ......... 4,300 152,112
----------
4,091,038
----------
INDUSTRIAL (4.3%)
AlliedSignal, Inc. .............. 1,800 113,400
BISYS Group, Inc.* .............. 2,200 128,700
Burlington Northern Santa Fe .... 5,000 155,000
CNF Transportation, Inc. ........ 900 34,537
Coinstar, Inc.* ................. 5,200 149,175
Covenant Transport, Inc. Cl A* .. 4,600 72,450
CSG Systems Intl., Inc. ......... 1,900 49,756
Dycom Industries, Inc. .......... 1,200 67,200
Emerson Electric Co. ............ 1,300 81,737
FactSet Research Systems, Inc.* . 1,800 101,925
Fiserv, Inc.* ................... 800 25,050
Forward Air Corporation* ........ 5,100 143,437
HEICO Corp. ..................... 2,100 52,237
Hooper Holmes, Inc. ............. 10,700 218,012
Kansas City Southern Inds. ...... 2,400 153,150
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, 1999 (Unaudited)
Shares Value
------- ----------
ACTIVE ASSETS (CONTINUED)
COMMON STOCKS (CONTINUED)
Mettler-Toledo International* ... 2,200 $ 54,587
Metzler Group, Inc.* ............ 3,300 91,162
Nielsen Media Research* ......... 2,200 64,350
Pittway Corp. ................... 700 23,931
PRI Automation, Inc.* ........... 900 32,625
Profit Recovery Group Intl.* .... 2,200 104,087
QRS Corp.* ...................... 1,300 101,400
Sealed Air Corp. (New)* ......... 1,900 123,262
Semtech Corp.* .................. 2,100 109,462
Sherwin-Williams Co. ............ 2,000 55,500
Swift Transportation Co., Inc.* . 4,500 99,000
U.S. Xpress Enterprises Cl A* ... 4,600 49,162
Waste Connections Inc.* ......... 2,700 82,350
Williams Cos., Inc. ............. 4,300 183,018
----------
2,719,662
----------
TECHNOLOGY (11.9%)
3Com Corp.* ..................... 6,200 165,462
Altera Corp. .................... 4,100 150,931
ANTEC Corp.* .................... 3,300 105,806
Applied Materials, Inc.* ........ 5,900 435,862
Applied Micro Circuits, Corp.* .. 1,100 90,475
ASM Lithography Holding NV* ..... 1,900 112,812
AT&T Corp. ...................... 3,300 184,181
Atmel Corp.* .................... 8,400 219,975
Aware, Inc.* .................... 1,400 64,575
Broadcom Corp. Cl A* ............ 800 115,650
Ceridian Corp.* ................. 4,900 160,168
Ciena Corp.* .................... 4,400 132,825
Cisco Systems, Inc.* ............ 24,800 1,599,623
Compaq Computer Corp. ........... 10,300 243,981
Dionex Corp.* ................... 2,700 109,350
Hewlett-Packard Co. ............. 1,000 100,500
Intel Corp. ..................... 9,000 535,500
Intl. Business Machines Corp. ... 1,600 206,800
Intuit, Inc.* ................... 2,300 207,287
L-3 Communications, Corp. Hldgs.* 1,300 62,806
Legato Systems, Inc.* ........... 1,800 $ 103,950
Linear Technology Corp. ......... 7,500 504,375
Maxim Integrated Products, Inc.* 6,900 458,850
McLeod USA, Inc. Cl A* .......... 1,200 66,000
Microchip Technology, Inc.* ..... 2,500 118,437
Microsoft Corp.* ................ 1,700 153,476
Networks Associates, Inc.* ...... 4,700 69,031
Novellus Systems, Inc.* ......... 1,200 81,900
Parametric Technology Corp.* .... 9,800 135,975
Sanmina Corp.* .................. 1,700 128,987
Teradyne, Inc.* ................. 1,700 121,975
Xerox Corp. ..................... 2,500 147,656
Xilinx, Inc.* ................... 6,200 354,950
----------
7,450,131
----------
UTILITIES (2.2%)
AES Corp.* ...................... 1,800 104,625
CILCORP, Inc. ................... 1,100 68,750
Commonwealth Energy System ...... 1,800 75,600
Entergy Corp. ................... 5,700 178,125
GTE Corp. ....................... 2,200 166,650
MCI WorldCom, Inc.* ............. 1,800 155,250
MDU Resources Group ............. 3,300 75,281
Montana Pwr. Co. ................ 1,300 91,650
PacifiCorp. ..................... 5,200 95,550
SBC Communications, Inc. ........ 2,300 133,400
SIGCORP, Inc. ................... 2,700 76,443
Voicestream Wireless Corp. ...... 2,700 76,781
Western Wireless Corp.* ......... 2,700 72,900
----------
1,371,005
----------
TOTAL ACTIVE ASSETS--COMMON STOCKS
(COST: $18,013,909) 38.1% .......... $23,880,858
----------
- ----------
*Non-income producing security.
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.(ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Rate Maturity Amount Value
------ ---------- --------- --------
ACTIVE ASSETS (CONTINUED):
SHORT-TERM DEBT SECURITIES:
AGENCIES (0.2%)
<S> <C> <C> <C> <C> <C>
FHLMC ............................................................... 4.68% 07/08/99 $ 51,000 $ 50,953
FNMA ................................................................ 4.60 07/22/99 20,000 19,946
FNMA ................................................................ 4.90 08/04/99 39,000 38,817
--------
109,716
--------
COMMERCIAL PAPER (0.8%)
Merrill Lynch & Co. ................................................. 5.35 07/01/99 443,000 443,000
United Parcel Svc. Inc. ............................................. 4.74 07/02/99 100,000 99,988
--------
542,988
--------
TOTAL ACTIVE ASSETS SHORT-TERM DEBT SECURITIES
(Cost: $652,704) 1.0% .............................................................................. 652,704
--------
TOTAL ACTIVE ASSETS
(Cost: $18,666,613 ) 39.1% .......................................................................... 24,533,562
------------
TOTAL INVESTMENTS
(Cost: $39,143,258 ) 100.0% ......................................................................... $ 62,746,442
============
</TABLE>
- ----------
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS:
COMMON STOCKS
3Com Corp ............................. 799 $ 21,323
Abbott Laboratories ................ 3,378 153,699
Adobe Systems, Inc. ................ 136 11,173
Advanced Micro Devices, Inc. ....... 322 5,816
AES Corp. .......................... 423 24,587
Aetna, Inc. ........................ 313 27,994
Aflac, Inc. ........................ 592 28,342
Air Products & Chemicals, Inc. ..... 510 20,528
Alberto-Culver Co. ................. 125 3,328
Albertson's, Inc. .................. 933 48,085
Alcan Aluminum Ltd. ................ 507 16,192
ALCOA Inc. ......................... 817 50,552
Allegheny Teledyne, Inc. ........... 427 9,661
Allergan, Inc. ..................... 147 16,317
AlliedSignal, Inc. ................. 1,240 78,120
Allstate Corp. ..................... 1,789 64,180
Alltel Corp. ....................... 624 44,616
Alza Corp. ......................... 222 11,294
Amerada Hess Corp. ................. 201 11,960
Ameren Corp. ....................... 305 11,704
America Online, Inc. ............... 2,415 266,858
American Electric Power, Inc. ...... 426 16,002
American Express Co. ............... 1,007 131,036
American General Corp. ............. 561 42,285
American Greetings Corp. Cl A ...... 149 4,489
American Home Products Corp. ....... 2,934 168,705
American Int'l. Group, Inc. ........ 2,750 321,922
Ameritech Corp. .................... 2,446 179,781
Amgen, Inc. ........................ 1,133 68,971
AMR Corp. .......................... 340 23,205
Amsouth Bancorporation ............. 390 9,043
Anadarko Petroleum Corp. ........... 268 9,866
Andrew Corp. ....................... 184 3,485
Anheuser-Busch Cos., Inc. .......... 1,064 75,478
Aon Corp. .......................... 568 23,430
Apache Corp. ....................... 248 9,672
Apple Computer, Inc. ............... 353 16,348
Applied Materials, Inc. ............ 821 60,651
Archer-Daniels-Midland Co. ......... 1,318 20,347
Armstrong World Inds., Inc. ........ 89 5,145
Asarco, Inc. ....................... 88 1,656
Ashland, Inc. ...................... 166 6,661
Associates First Capital Corp. ..... 1,620 71,786
AT&T Corp. ......................... 7,074 394,818
Atlantic Richfield Co. ............. 714 59,664
Autodesk, Inc. ..................... 132 3,902
Automatic Data Processing, Inc ..... 1,371 60,324
AutoZone, Inc. ..................... 334 10,062
Avery Dennison Corp. ............... 252 15,215
Avon Products, Inc. ................ 584 32,412
Baker Hughes, Inc. ................. 728 24,388
Ball Corp. ......................... 69 2,915
Baltimore Gas & Electric Co ........ 332 9,836
Bank of America Corp. .............. 3,874 284,013
Bank of New York Co., Inc. ......... 1,693 62,112
Bank One Corp. ..................... 2,617 155,875
BankBoston Corp. ................... 660 33,743
Bard (C.R.), Inc. .................. 114 5,451
Barrick Gold Corp. ................. 865 16,759
Battle Mountain Gold Co. ........... 512 1,248
Bausch & Lomb, Inc. ................ 125 9,563
Baxter International, Inc. ......... 647 39,224
BB & T Corp. ....................... 692 25,388
Bear Stearns Cos., Inc. ............ 258 12,062
Becton Dickinson & Co. ............. 554 16,620
Bell Atlantic Corp. ................ 3,455 225,871
BellSouth Corp. .................... 4,211 197,391
Bemis Co. .......................... 117 4,651
Bestfoods .......................... 620 30,690
Bethlehem Steel Corp. .............. 289 2,222
Biomet, Inc. ....................... 250 9,938
Black & Decker Corp. ............... 196 12,373
Block (H. & R.), Inc. .............. 217 10,850
BMC Software, Inc. ................. 525 28,350
Boeing Co. ......................... 2,160 95,445
Boise Cascade Corp. ................ 125 5,359
Boston Scientific Corp. ............ 875 38,445
Briggs & Stratton Corp. ............ 52 3,003
Bristol-Myers Squibb Co. ........... 4,423 311,545
Brown-Forman Corp. Cl B ............ 152 9,909
Browning-Ferris Inds., Inc. ........ 352 15,136
Brunswick Corp. .................... 204 5,687
Burlington Northern Santa Fe ....... 1,044 32,364
Burlington Resources, Inc. ......... 395 17,084
Cabletron Systems, Inc. ............ 383 4,979
Campbell Soup Co. .................. 967 44,845
Capital One Financial Corp. ........ 438 24,391
Cardinal Health, Inc. .............. 606 38,860
Carnival Corp. ..................... 1,364 66,154
Carolina Power & Light Co. ......... 337 14,428
Case Corp. ......................... 165 7,941
Caterpillar, Inc. .................. 798 47,880
CBS Corp. .......................... 1,572 68,284
Cendant Corp. ...................... 1,703 34,912
Centex Corp. ....................... 132 4,958
Central & South West Corp. ......... 473 11,056
CenturyTel, Inc. ................... 307 12,203
Ceridian Corp. ..................... 318 10,395
Champion International Corp. ....... 213 10,197
Charles Schwab Corp. ............... 906 99,547
Chase Manhattan Corp. .............. 1,883 163,115
Chevron Corp. ...................... 1,452 138,212
Chubb Corp. ........................ 363 25,229
CIGNA Corp. ........................ 451 40,139
Cincinnati Financial Corp. ......... 366 13,748
CINergy Corp. ...................... 353 11,296
Circuit City Group, Inc. ........... 224 20,832
Cisco Systems, Inc. ................ 7,102 458,079
Citigroup, Inc. .................... 7,539 358,103
Clear Channel Communications ....... 736 50,738
Clorox Co. ......................... 261 27,878
CMS Energy Corp. ................... 260 10,888
Coastal Corp. ...................... 473 18,920
Coca-Cola Co. ...................... 5,487 342,938
Coca-Cola Enterprises, Inc. ........ 941 27,995
Colgate-Palmolive Co. .............. 652 64,385
Columbia Energy Group .............. 186 11,660
Columbia/HCA Healthcare Corp. ...... 1,259 28,721
Comcast Corp. Cl A ................. 1,646 63,268
Comerica, Inc. ..................... 346 20,565
Compaq Computer Corp. .............. 3,779 89,515
Computer Associates Intl., Inc ..... 1,199 65,945
Computer Sciences Corp. ............ 353 24,423
Compuware Corp. .................... 818 26,023
Conagra, Inc. ...................... 1,089 28,995
Conseco, Inc. ...................... 713 21,702
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Consolidated Edison, Inc. .......... 504 $ 22,806
Consolidated Natural Gas Co. ....... 213 12,940
Consolidated Stores Corp. .......... 244 6,588
Cooper Industries, Inc. ............ 210 10,920
Cooper Tire & Rubber Co. ........... 169 3,993
Coors (Adolph) Co. Cl B ............ 81 4,010
Corning, Inc. ...................... 541 37,938
Costco Co. ......................... 486 38,910
Countrywide Credit Industries ...... 251 10,730
Crane Co. .......................... 153 4,810
Crown Cork & Seal, Inc. ............ 272 7,752
CSX Corp. .......................... 483 21,886
Cummins Engine Co., Inc. ........... 93 5,313
CVS Corp. .......................... 868 44,051
Cyprus Amax Minerals Co. ........... 202 3,068
Dana Corp. ......................... 369 16,997
Danaher Corp. ...................... 298 17,321
Darden Restaurants, Inc. ........... 297 6,478
Data General Corp. ................. 112 1,631
Dayton-Hudson Corp. ................ 981 63,765
Deere & Co. ........................ 514 20,367
Dell Computer Corp. ................ 5,664 209,568
Delphi Automotive Systems Corp ..... 1,252 23,240
Delta Air Lines, Inc. .............. 315 18,152
Deluxe Corp. ....................... 173 6,736
Dillard's Inc. Cl A ................ 238 8,360
Disney (Walt) Co. .................. 4,576 140,998
Dollar General Corp. ............... 492 14,268
Dominion Resources, Inc. ........... 426 18,451
Donnelley (R.R.) & Sons Co. ........ 290 10,748
Dover Corp. ........................ 473 16,555
Dow Chemical Co. ................... 493 62,549
Dow Jones & Co., Inc. .............. 201 10,666
DTE Energy Co. ..................... 323 12,920
Du Pont (E.I.) de Nemours & Co ..... 2,506 171,191
Duke Energy Corp. .................. 806 43,826
Dun & Bradstreet Corp. ............. 368 13,041
Eastern Enterprises ................ 50 1,988
Eastman Chemical Co. ............... 176 9,108
Eastman Kodak Co. .................. 721 48,848
Eaton Corp. ........................ 159 14,628
Ecolab, Inc. ....................... 288 12,564
Edison International ............... 770 20,598
EG&G, Inc. ......................... 100 3,563
Electronic Data Systems Corp. ...... 1,097 62,049
EMC Corp. .......................... 2,248 123,640
Emerson Electric Co. ............... 974 61,240
Engelhard Corp. .................... 278 6,290
Enron Corp. ........................ 781 63,847
Entergy Corp. ...................... 549 17,156
Equifax, Inc. ...................... 320 11,420
Exxon Corp. ........................ 5,411 417,323
Fannie Mae ......................... 2,272 155,348
FDX Corp. .......................... 658 35,697
Federated Department Stores ........ 467 24,722
Fifth Third Bancorp ................ 592 39,405
First Data Corp. ................... 958 46,882
First Union Corp. .................. 2,146 100,862
Firstar Corporation ................ 1,466 41,048
FirstEnergy Corp. .................. 528 16,368
Fleet Financial Group, Inc. ........ 1,265 56,134
Fleetwood Enterprises, Inc. ........ 78 2,062
Fluor Corp. ........................ 168 6,804
FMC Corp. .......................... 70 4,782
Ford Motor Co. ..................... 2,693 151,986
Fort James Corp. ................... 491 18,597
Fortune Brands, Inc. ............... 370 15,309
Foster Wheeler Corp. ............... 91 1,285
FPL Group, Inc. .................... 403 22,014
Franklin Resources, Inc. ........... 562 22,831
Freddie Mac ........................ 1,541 89,378
Freeport-McMoran Copper Cl B ....... 362 6,493
Frontier Corp. ..................... 382 22,538
Fruit of the Loom, Inc. ............ 160 1,560
Gannett Co., Inc. .................. 627 44,752
Gap, Inc. .......................... 1,903 95,864
Gateway, Inc. ...................... 348 20,532
General Dynamics Corp. ............. 282 19,317
General Electric Co. ............... 7,294 824,222
General Instrument Corp. ........... 383 16,278
General Mills, Inc. ................ 341 27,408
General Motors Corp. ............... 1,457 96,162
Genuine Parts Co. .................. 400 14,000
Georgia-Pacific Group
(Ga-Pac Gp.) ..................... 381 18,050
Gillette Co. ....................... 2,469 101,229
Golden West Financial Corp. ........ 127 12,446
Goodrich (B.F.) Co. ................ 166 7,055
Goodyear Tire & Rubber Co. ......... 347 20,408
GPU, Inc. .......................... 279 11,770
Grainger (W.W.), Inc. .............. 207 11,139
Great Atlantic & Pac. Tea, Inc ..... 85 2,874
Great Lakes Chemical Corp. ......... 132 6,080
GTE Corp. .......................... 2,157 163,393
Guidant Corp. ...................... 671 34,515
Halliburton Co. .................... 979 44,300
Harcourt General, Inc. ............. 158 8,147
Harnischfeger Industries, Inc. ..... 105 210
Harrah's Entertainment, Inc. ....... 281 6,182
Harris Corp. ....................... 176 6,897
Hartford Financial Svs Gp, Inc. .... 503 29,331
Hasbro, Inc. ....................... 437 12,591
HCR Manor Care ..................... 247 5,974
HealthSouth Corp. .................. 919 13,728
Heinz (H.J.) Co. ................... 805 40,351
Helmerich & Payne, Inc. ............ 110 2,619
Hercules, Inc. ..................... 224 8,806
Hershey Food Corp. ................. 310 18,406
Hewlett-Packard Co. ................ 2,259 227,030
Hilton Hotels Corp. ................ 580 8,229
Home Depot, Inc. ................... 3,290 211,999
Homestake Mining Co. ............... 578 4,732
Honeywell, Inc. .................... 280 32,445
Household International, Inc. ...... 1,075 50,928
Humana, Inc. ....................... 373 4,826
Huntington Bancshares, Inc. ........ 469 16,415
Ikon Office Solutions, Inc. ........ 329 4,935
Illinois Tool Works, Inc. .......... 557 45,674
IMS Health, Inc. ................... 709 22,156
Inco Ltd. .......................... 426 7,668
Ingersoll Rand Co. ................. 366 23,653
Intel Corp. ........................ 7,421 441,550
International Paper Co. ............ 912 46,056
Interpublic Group of Cos., Inc. .... 309 26,767
Intl. Business Machines Corp. ...... 4,035 521,524
Intl. Flavors & Fragrances ......... 236 10,473
ITT Industries, Inc. ............... 195 7,434
Jefferson-Pilot Corp. .............. 236 15,620
Johnson & Johnson .................. 2,993 293,314
Johnson Controls, Inc. ............. 189 13,100
Jostens, Inc. ...................... 76 1,601
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Kansas City Southern Inds. ......... 244 $ 15,570
Kaufman & Broad Home Corp. ......... 107 2,662
Kellogg Co. ........................ 902 29,766
Kerr-McGee Corp. ................... 192 9,636
KeyCorp. ........................... 993 31,900
Kimberly Clark Corp. ............... 1,180 67,260
King World Productions, Inc. ....... 159 5,535
KLA Tencor Corp. ................... 195 12,651
Kmart Corp. ........................ 1,097 18,032
Knight-Ridder, Inc. ................ 175 9,614
Kohl's Corp. ....................... 361 27,865
Kroger Co. ......................... 1,830 51,126
Laidlaw, Inc. ...................... 735 5,421
Lehman Brothers Holdings, Inc. ..... 263 16,372
Lilly (Eli) & Co. .................. 2,448 175,338
Limited, Inc. ...................... 473 21,462
Lincoln National Corp. ............. 450 23,541
Liz Claiborne, Inc. ................ 140 5,110
Lockheed Martin Corp. .............. 874 32,557
Loews Corp. ........................ 242 19,148
Longs Drug Stores Corp. ............ 87 3,007
Louisiana-Pacific Corp. ............ 242 5,748
Lowe's Companies, Inc. ............. 827 46,881
LSI Logic Corp. .................... 315 14,529
Lucent Technologies ................ 6,756 455,615
Mallinckrodt, Inc. ................. 159 5,784
Marriott International, Inc. ....... 553 20,668
Marsh & McLennan Cos., Inc. ........ 584 44,092
Masco Corp. ........................ 755 21,801
Mattel, Inc. ....................... 924 24,428
May Department Stores Co. .......... 741 30,288
Maytag Corp. ....................... 196 13,659
MBIA, Inc. ......................... 221 14,310
MBNA Corp. ......................... 1,785 54,666
McDermott International, Inc. ...... 132 3,729
McDonald's Corp. ................... 3,012 124,433
McGraw-Hill Cos., Inc. ............. 438 23,625
MCI WorldCom, Inc. ................. 4,131 356,299
McKesson HBOC, Inc. ................ 617 19,821
Mead Corp. ......................... 227 9,477
MediaOne Group, Inc. ............... 1,351 100,481
Medtronic, Inc. .................... 1,300 101,238
Mellon Bank Corp. .................. 1,162 42,268
Mercantile Bancorporation .......... 350 19,994
Merck & Co., Inc. .................. 5,302 392,348
Meredith Corp. ..................... 116 4,017
Merrill Lynch & Co., Inc. .......... 816 65,229
MGIC Investment Corp. .............. 244 11,865
Micron Technology, Inc. ............ 551 22,212
Microsoft Corp. .................... 11,346 1,023,233
Milacron, Inc. ..................... 82 1,517
Millipore Corp. .................... 98 3,975
Minnesota Mining & Mfg. Co. ........ 895 77,809
Mirage Resorts, Inc. ............... 441 7,387
Mobil Corp. ........................ 1,736 171,864
Monsanto Co. ....................... 1,394 54,976
Moore Corp., Ltd. .................. 197 1,650
Morgan (J.P.) & Co., Inc. .......... 394 55,357
Morgan Stanley Dean Witter ......... 1,265 129,663
Motorola, Inc. ..................... 1,336 126,586
Nabisco Group Holdings ............. 723 14,144
NACCO Industries, Inc. Cl A ........ 18 1,323
Nalco Chemical Co. ................. 146 7,574
National City Corp. ................ 697 45,654
National Semiconductor Corp. ....... 372 9,416
National Service Industries ........ 92 3,312
Navistar International Corp. ....... 147 7,350
New Century Energies, Inc. ......... 254 9,858
New York Times Co. Cl A ............ 391 14,394
Newell Rubbermaid, Inc. ............ 625 29,063
Newmont Mining Corp. ............... 372 7,394
Nextel Communications, Inc. ........ 656 32,923
Niagara Mohawk Holdings, Inc. ...... 417 6,698
Nicor, Inc. ........................ 106 4,035
Nike, Inc. Cl B .................... 629 39,824
Nordstrom, Inc. .................... 316 10,586
Norfolk Southern Corp. ............. 844 25,426
Nortel Networks Corp. .............. 1,477 128,222
Northern States Power Co. .......... 340 8,224
Northern Trust Corp. ............... 247 23,959
Northrop Grumman Corp. ............. 153 10,146
Novell, Inc. ....................... 751 19,902
Nucor Corp. ........................ 195 9,250
Occidental Petroleum Corp. ......... 770 16,266
Omnicom Group, Inc. ................ 397 31,760
Oneok, Inc. ........................ 70 2,223
Oracle Corp. ....................... 3,204 118,949
Owens Corning ...................... 121 4,159
Owens-Illinois Inc. ................ 346 11,310
Paccar, Inc. ....................... 174 9,287
PacifiCorp. ........................ 662 12,164
Paine Webber Group, Inc. ........... 324 15,147
Pall Corp. ......................... 277 6,146
Parametric Technology Corp. ........ 595 8,256
Parker Hannifin Corp. .............. 241 11,026
Paychex, Inc. ...................... 546 17,404
PE Corp-- Celera Genomics Grp ...... 56 898
PE Corp-- PE Biosystems Group ...... 111 12,737
Peco Energy Co. .................... 425 17,797
Penney (J.C.) Co., Inc. ............ 587 28,506
Peoples Energy Corp. ............... 79 2,977
Peoplesoft, Inc. ................... 534 9,212
Pep Boys-- Manny, Moe & Jack ....... 117 2,530
PepsiCo, Inc. ...................... 3,266 126,353
Pfizer, Inc. ....................... 2,889 317,068
PG & E Corp. ....................... 851 27,658
Pharmacia & Upjohn, Inc. ........... 1,131 64,255
Phelps Dodge Corp. ................. 129 7,990
Phillip Morris Cos., Inc. .......... 5,419 217,776
Phillips Petroleum Co. ............. 567 28,527
Pioneer Hi-Bred Intl., Inc. ........ 533 20,754
Pitney Bowes, Inc. ................. 596 38,293
Placer Dome, Inc. .................. 722 8,529
PNC Bank Corp. ..................... 670 38,609
Polaroid Corp. ..................... 98 2,707
Potlatch Corp. ..................... 64 2,812
PP&L Resources, Inc. ............... 350 10,763
PPG Industries, Inc. ............... 385 22,739
Praxair, Inc. ...................... 351 17,177
Proctor & Gamble Co. ............... 2,955 263,734
Progressive Corp. of Ohio .......... 161 23,345
Provident Companies ................ 301 12,040
Providian Financial Corp. .......... 315 29,453
Public Svc. Enterprise Group ....... 487 19,906
Pulte Corp. ........................ 96 2,214
Quaker Oats Co. .................... 303 20,112
Ralston Purina Co. ................. 731 22,250
Raychem Corp. ...................... 172 6,364
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Raytheon Co. ....................... 750 $ 52,781
Reebok International Ltd. .......... 126 2,347
Regions Financial Corp. ............ 492 18,911
Reliant Energy Inc. ................ 657 18,150
Republic New York Corp. ............ 233 15,888
Reynolds Metals Co. ................ 143 8,437
Rite-Aid Corp. ..................... 576 14,184
RJ Reynolds Tobacco Holdings ....... 241 7,592
Rockwell Intl., Corp. .............. 422 25,637
Rohm & Haas Co. .................... 472 20,246
Rowan Cos., Inc. ................... 184 3,393
Royal Dutch Petroleum Co.
- N.Y Shs. ....................... 4,773 287,573
Russell Corp. ...................... 76 1,482
Ryder System, Inc. ................. 160 4,160
Safeco Corp. ....................... 303 13,370
Safeway, Inc. ...................... 1,101 54,500
Sara Lee Corp. ..................... 2,030 46,056
SBC Communications, Inc. ........... 4,366 253,228
Schering-Plough Corp. .............. 3,271 173,363
Schlumberger, Ltd. ................. 1,215 77,380
Scientific-Atlanta, Inc. ........... 168 6,048
Seagate Technology ................. 494 12,659
Seagram Co. Ltd. (The) ............. 949 47,806
Sealed Air Corp. New ............... 186 12,067
Sears Roebuck & Co. ................ 853 38,012
Sempra Energy ...................... 534 12,082
Service Corp. International ........ 608 11,704
Shared Medical Systems Corp. ....... 59 3,850
Sherwin-Williams Co. ............... 377 10,462
Sigma-Aldrich Corp. ................ 224 7,714
Silicon Graphics, Inc. ............. 418 6,845
SLM Holding Corp. .................. 361 16,538
Snap-On, Inc. ...................... 145 5,247
Solectron Corp. .................... 560 37,345
Sonat, Inc. ........................ 245 8,116
Southern Co. ....................... 1,552 41,128
Southtrust Corp. ................... 368 14,122
Southwest Airlines Co. ............. 749 23,313
Springs Industries, Inc. Cl A ...... 40 1,745
Sprint Corp. ....................... 979 55,925
Sprint Corp. ....................... 1,918 101,294
St. Jude Medical, Inc. ............. 187 6,662
St. Paul Companies, Inc. ........... 502 15,970
Stanley Works ...................... 198 6,373
Staples, Inc. ...................... 1,026 31,742
State Street Corp. ................. 357 30,479
Summit Bancorp ..................... 380 15,889
Sun Microsystems, Inc. ............. 1,715 118,121
Sunoco, Inc. ....................... 201 6,068
Suntrust Banks, Inc. ............... 713 49,509
Supervalu, Inc. .................... 267 6,859
Synovus Financial Corp. ............ 595 11,826
Sysco Corp. ........................ 741 22,091
Tandy Corp. ........................ 430 21,016
Tektronix, Inc. .................... 104 3,140
Tellabs, Inc. ...................... 864 58,374
Temple-Inland, Inc. ................ 124 8,463
Tenet Healthcare Corp. ............. 690 12,808
Tenneco, Inc. ...................... 379 9,049
Texaco, Inc. ....................... 1,190 74,375
Texas Instruments, Inc. ............ 868 125,860
Texas Utilities Co. ................ 628 25,905
Textron, Inc. ...................... 334 27,492
Thermo Electron Corp. .............. 354 7,102
Thomas & Betts Corp. ............... 126 5,954
Time Warner, Inc. .................. 2,645 194,408
Times Mirror Co. Cl A .............. 161 9,539
Timken Co. ......................... 138 2,691
TJX Companies, Inc. ................ 719 23,952
Torchmark Corp. .................... 296 10,101
Toys R Us, Inc. .................... 559 11,564
Transamerica Corp. ................. 278 20,850
Tribune Co. ........................ 264 23,001
Tricon Global Restaurants Inc. ..... 339 18,348
TRW, Inc. .......................... 267 14,652
Tupperware Corp. ................... 128 3,264
Tyco International Ltd. ............ 1,824 172,824
U.S. Bancorp ....................... 1,622 55,148
U.S. West, Inc. .................... 1,120 65,800
Unicom Corp. ....................... 483 18,626
Unilever N.V. ...................... 1,272 88,722
Union Carbide Corp. ................ 296 14,430
Union Pacific Corp. ................ 551 32,130
Union Pacific Resources Group ...... 559 9,119
Union Planters Corp. ............... 316 14,121
Unisys Corp. ....................... 598 23,285
United Healthcare Corp. ............ 384 24,048
United Technologies Corp. .......... 1,069 76,634
Unocal Corp. ....................... 537 21,279
UnumProvident Corp. ................ 308 16,863
US Airways Group Inc. .............. 164 7,144
UST, Inc. .......................... 390 11,408
USX-Marathon Group ................. 685 22,305
USX-U.S. Steel Group ............... 197 5,319
V F Corp. .......................... 267 11,414
Viacom, Inc. Cl B .................. 1,548 68,112
Vodaphone Airtouch plc-Sp ADR ...... 641 126,179
W.R. Grace & Co. ................... 153 2,811
Wachovia Corp. ..................... 451 38,589
Wal-Mart Stores, Inc. .............. 9,898 477,579
Walgreen Co. ....................... 2,222 65,271
Warner-Lambert Co. ................. 1,886 130,841
Washington Mutual, Inc. ............ 1,320 46,695
Waste Management, Inc. ............. 1,352 72,670
Watson Pharmaceuticals, Inc. ....... 212 7,433
Wellpoint Health Networks Inc. ..... 150 12,731
Wells Fargo & Company .............. 3,674 157,064
Wendy's International, Inc. ........ 277 7,843
Westvaco Corp. ..................... 223 6,467
Weyerhaeuser Co. ................... 443 30,456
Whirlpool Corp. .................... 169 12,506
Willamette Industries, Inc. ........ 247 11,377
Williams Cos., Inc. ................ 952 40,520
Winn-Dixie Stores, Inc. ............ 331 12,226
Worthington Industries, Inc. ....... 206 3,386
Wrigley (Wm.) Jr. Co. .............. 258 23,220
Xerox Corp. ........................ 1,470 86,822
----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $24,742,116) 97.5% 25,049,185
----------
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
------- --------- -------- --------
ACTIVE PORTION (CONTINUED):
SHORT-TERM DEBT SECURITIES:
<S> <C> <C> <C> <C>
U.S. Government (0.1%)
U.S. Treasury Bill (a) ........................................... 4.43% 07/29/99 $ 20,000 $ 19,931
-----------
COMMERCIAL PAPER (2.4%)
Koch Industries Inc. ............................................. 5.70 07/01/99 333,000 333,000
Warner Lambert Co. ............................................... 5.65 07/01/99 300,000 300,000
-----------
633,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $652,931) 2.5% ................................................................................... 652,931
-----------
TOTAL INVESTMENTS
(Cost: $25,395,047) 100.0% .............................................................................. $25,702,116
===========
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1999:
Expiration Underlying Face Unrealized
Date Amount at Value Gain
------------- --------------- ---------
<S> <C> <C> <C>
PURCHASED
1 S&P 500 Stock Index Futures Contracts ................................... September 1999 $345,245 $15,438
======== =======
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities: 1.3%.
- ----------
(a) The security has been segregated to cover initial requirements on open
futures contracts.
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------- ---------- ---------- ----------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (19.5%)
<S> <C> <C> <C> <C>
U.S. Treasury Note ............................. 6.63% 04/30/02 $ 500,000 $ 513,280
U.S. Treasury Note ............................. 6.50 05/15/05 3,250,000 3,349,515
U.S. Treasury Bond ............................. 7.13 02/15/23 1,500,000 1,662,420
----------
5,525,215
----------
AGENCIES/OTHER GOVERNMENTS (13.3%)
FHLMC .......................................... 6.50 10/15/06 238,131 238,800
FHLMC .......................................... 8.00 07/15/06 217,368 223,413
FHLMC .......................................... 0.00 05/22/28 5,000,000 584,350
FHLMC .......................................... 7.00 04/15/17 48,150 48,120
FNMA ........................................... 6.80 06/25/05 84,909 84,696
FNMA ........................................... 7.00 10/25/07 1,000,000 1,012,500
FNMA ........................................... 7.00 11/25/05 587,329 590,628
Republic of Iceland ............................ 6.13 02/01/04 1,000,000 980,290
----------
3,762,797
----------
BASIC MATERIALS (5.7%)
Georgia-Pacific Group .......................... 8.63 04/30/25 250,000 255,603
Millennium America Inc. ........................ 7.63 11/15/26 1,000,000 853,120
Praxair, Inc. .................................. 6.90 11/01/06 500,000 491,570
----------
1,600,293
----------
CONSUMER, CYCLICAL (8.9%)
Fruit of the Loom, Inc. ........................ 7.00 03/15/11 250,000 214,960
Fruit of the Loom, Inc. ........................ 7.38 11/15/23 250,000 201,007
Oakwood Homes Corp. ............................ 8.13 03/01/09 1,000,000 960,212
Polaroid Corp. ................................. 7.25 01/15/07 250,000 218,508
Tommy Hilfiger USA, Inc. ....................... 6.50 06/01/03 500,000 487,725
Venator Group, Inc. ............................ 7.00 10/15/02 500,000 430,000
----------
2,512,412
----------
CONSUMER, NON-CYCLICAL (7.3%)
Bausch & Lomb, Inc. ............................ 6.38 08/01/03 500,000 493,655
Bausch & Lomb, Inc. ............................ 6.75 12/15/04 500,000 485,425
Supervalu, Inc. ................................ 8.88 11/15/22 1,000,000 1,075,440
----------
2,054,520
----------
ENERGY (5.3%)
Columbia Energy Group .......................... 6.61 11/28/02 1,000,000 998,630
Lyondell/Arco Petrochemical .................... 10.25 11/01/10 500,000 514,035
----------
1,512,665
----------
FINANCIAL (16.8%)
Bear Stearns Cos., Inc. ........................ 6.63 10/01/04 1,000,000 986,550
Chase Manhattan Corp. .......................... 6.88 12/12/12 1,000,000 1,006,320
Executive Risk, Inc. ........................... 7.13 12/15/07 500,000 499,270
First American Financial ....................... 7.55 04/01/28 500,000 457,620
Harleysville Group Inc. ........................ 6.75 11/15/03 250,000 246,003
Lehman Brothers Holdings, Inc. ................. 0.00 07/28/28 1,000,000 99,830
Morgan (J.P.) & Co., Inc. ...................... 0.00 04/15/27 2,500,000 277,000
Nationwide Health Properties ................... 7.90 11/20/06 500,000 468,825
Rank Group Financial ........................... 6.75 11/30/04 500,000 475,655
Triad Guaranty ................................. 7.90 01/15/28 250,000 242,295
----------
4,759,368
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
------- --------- ---------- -----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
INDUSTRIAL (14.4%)
Clark Equipment Co. ............................................ 8.35% 05/15/23 $ 500,000 $ 537,560
Geon Co. ....................................................... 7.50 12/15/15 250,000 239,958
Owens Corning .................................................. 7.00 03/15/09 1,000,000 942,540
Pulte Corp. .................................................... 7.63 10/15/17 500,000 460,580
Thermo Electron Corp. .......................................... 4.25 01/01/03 1,000,000 882,500
Williams Cos., Inc. ............................................ 6.50 11/15/02 1,000,000 997,240
-----------
4,060,378
-----------
UTILITIES (1.9%)
UtiliCorp United, Inc. ......................................... 8.00 03/01/23 500,000 525,110
-----------
Total Long-Term Debt Securities (Cost: $26,666,477) 93.1% ......... ......................................... 26,312,758
-----------
SHORT-TERM DEBT SECURITIES:
AGENCIES (0.4%)
FHLMC .......................................................... 4.68 07/08/99 30,000 29,972
FHLMC .......................................................... 4.78 08/06/99 70,000 69,665
FNMA ........................................................... 4.60 07/22/99 20,000 19,946
-----------
119,583
-----------
COMMERCIAL PAPER (6.5%)
Alabama Power Co. .............................................. 5.30 07/09/99 549,000 548,353
American Express Credit Corp. .................................. 4.95 07/01/99 411,000 411,000
Ford Motor Credit Co. .......................................... 5.25 07/07/99 480,000 479,580
General Electric Co. ........................................... 5.20 07/06/99 405,000 404,707
-----------
1,843,640
-----------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $1,963,223) 6.9% .......... 1,963,223
-----------
TOTAL INVESTMENTS 100.0% (Cost: $28,629,700) ...................... $28,275,981
===========
</TABLE>
- ----------
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Discount Face Amortized
Rating* Rate Maturity Amount Cost
-------- -------- --------- ----------- ------------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
AGENCIES (0.1%)
Federal National Mortgage Association ..................... 4.60% 07/22/99 $ 10,000 $ 9,973
-----------
COMMERCIAL PAPER (99.9%)
Alabama Power Co. ......................................... A1/P1 5.30 07/09/99 553,000 552,349
Albertson's, Inc. ......................................... A1/P1 5.00 07/22/99 750,000 747,809
Ameritech Corp. ........................................... A1+/P1 4.82 07/13/99 300,000 299,515
Archer-Daniels-Midland Co. ................................ A1+/P1 4.85 07/20/99 700,000 698,203
Associates Corp. North America ............................ A1+/P1 4.85 07/26/99 695,000 692,647
AT&T Corp. ................................................ A1+/P1 4.79 07/09/99 500,000 499,464
Becton Dickinson & Co. .................................... A1/P1 4.83 07/19/99 606,000 604,529
Bemis, Inc. ............................................... A1/P1 4.87 07/16/99 700,000 698,575
British Telecommunications ................................ A1+/P1 4.85 07/26/99 250,000 249,154
Central Illinnois Light Co. ............................... A1+/P1 5.08 08/02/99 100,000 99,547
Coca-Cola Co. ............................................. A1+/P1 4.90 07/19/99 366,000 365,100
Coca-Cola Co. ............................................. A1+/P1 4.92 08/09/99 400,000 397,862
Consolidated Natural Gas Co. .............................. A1+/P1 4.98 07/15/99 700,000 698,642
Disney (Walt) Co. ......................................... A1/P1 4.88 08/26/99 700,000 694,669
Du Pont (E.I.) de Nemours & Co., Inc. ..................... A1+/P1 4.84 07/19/99 482,000 480,830
Emerson Electric Co. ...................................... A1+/P1 4.93 07/06/99 221,000 220,848
Ford Motor Credit Co. ..................................... A1/P1 4.81 07/12/99 467,000 466,309
Ford Motor Credit Co. ..................................... A1/P1 4.94 08/10/99 286,000 284,426
General Electric Capital Corp. ............................ A1+/P1 4.90 07/28/99 150,000 149,447
General Electric Capital Corp. ............................ A1+/P1 4.96 08/11/99 500,000 497,168
Gillette Company .......................................... A1+/P1 4.87 08/05/99 740,000 736,483
GTE Funding Inc. .......................................... A1/P1 5.02 07/16/99 604,000 602,735
IBM Credit Corp. .......................................... A1/P1 4.91 08/09/99 700,000 696,267
International Lease Fin. Corp. ............................ A1+/P1 4.97 08/05/99 100,000 99,515
Lucent Technologies, Inc. ................................. A1/P1 4.81 07/06/99 251,000 250,831
Lucent Technologies, Inc. ................................. A1/P1 4.95 07/09/99 378,000 377,583
Merrill Lynch & Co.,Inc ................................... A1+/P1 5.35 07/01/99 400,000 400,000
Merrill Lynch & Co., Inc. ................................. A1+/P1 4.92 07/14/99 145,000 144,741
Merrill Lynch & Co., Inc. ................................. A1+/P1 4.90 08/02/99 323,000 321,588
Motorola Credit Corp. ..................................... A1+/P1 5.00 08/17/99 606,000 602,037
Northern States Power Co. ................................. A1+/P1 4.92 08/23/99 414,000 410,990
PetroFina Delaware, Inc. .................................. A1/P1 4.89 07/23/99 525,000 523,425
PetroFina Delaware, Inc. .................................. A1/P1 4.83 07/23/99 205,000 204,392
Proctor & Gamble Co. ...................................... A1+/P1 4.78 07/13/99 277,000 276,556
Proctor & Gamble Co. ...................................... A1+/P1 4.97 08/09/99 500,000 497,303
Snap-On Tools Corp. ....................................... A1+/P1 5.22 07/13/99 200,000 199,652
South Carolina Electric & Gas ............................. A1/P1 4.92 07/09/99 600,000 599,341
Toyota Motor Credit Co. ................................... A1+/P1 4.87 07/16/99 156,000 155,683
Toyota Motor Credit Co. ................................... A1+/P1 4.99 07/21/99 238,000 237,339
Toyota Motor Credit Co. ................................... A1+/P1 5.01 08/10/99 400,000 397,769
Wisconsin Electric Fuel ................................... A1+/P1 4.85 07/15/99 581,000 579,899
-----------
17,711,222
-----------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $17,721,195) 100.0% .............................................. $17,721,195
===========
</TABLE>
- ----------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investor
Services. Inc.
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at market value (Notes 1 and 3)
(Cost:
All America Fund -- $39,143,258
Equity Index -- $25,395,047
Bond Fund -- $28,629,700
Money Market-- $17,721,195) ..................... $62,746,442 $25,702,116 $28,275,981 $17,721,195
Cash ................................................ 584,818 19,141 5,766 11,983
Interest and dividends receivable ................... 53,769 21,882 361,969 --
Receivable for securities sold ...................... 223,069 6,250 -- --
Shareholder subscriptions receivable ................ -- -- -- 128,346
----------- ----------- ----------- -----------
TOTAL ASSETS ........................................ 63,608,098 25,749,389 28,643,716 17,861,524
----------- ----------- ----------- -----------
Payable for securities purchased ................... 385,385 -- 995,277 --
Dividend payable to shareholders .................... 1,391 52 8,546 5,461
Accrued expenses .................................... 1,780 294 610 240
----------- ----------- ----------- -----------
TOTAL LIABILITIES ................................... 388,556 346 1,004,433 5,701
----------- ----------- ----------- -----------
NET ASSETS .......................................... $63,219,542 $25,749,043 $27,639,283 $17,855,823
=========== =========== =========== ===========
SHARES OUTSTANDING (Note 4) ......................... 3,733,750 2,543,329 2,786,425 1,729,616
=========== =========== =========== ===========
NET ASSET VALUE PER SHARE ........................... $ 16.93 $ 10.12 $ 9.92 $ 10.32
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
-------------- ---------------- ------------- ------------
For the Period
May 3, 1999
For the Six (Commencement For the Six For the Six
Months Ended of Operations) Months Ended Months Ended
June 30, 1999 to June 30, 1999 June 30, 1999 June 30, 1999
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
-------------- ---------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME (NOTE 1):
Dividends $ 354,443 $ 64,421 $ -- $ --
Interest 55,782 3,714 846,908 274,640
------------ ----------- ----------- -----------
Total Investment Income 410,225 68,135 846,908 274,640
------------ ----------- ----------- -----------
Expenses (Note 2):
Investment management fees 154,972 4,960 57,788 11,109
Directors' (independent) fees and expenses 12,568 3,428 12,568 12,568
Custodian expenses 41,130 4,160 3,066 5,564
Accounting expenses 15,000 3,000 15,000 15,000
Transfer agent fees 15,245 2,012 12,215 15,519
Registration fees and expenses 15,807 11,262 8,652 6,985
Audit 5,900 2,000 3,350 2,250
Printing 11,610 685 4,860 2,125
Other 1,341 492 592 295
------------ ----------- ----------- -----------
Total Expenses before reimbursement 273,573 31,999 118,091 71,415
Expense reimbursement (15,797) (19,104) (28,196) (49,197)
------------ ----------- ----------- -----------
Net Expenses 257,776 12,895 89,895 22,218
------------ ----------- ----------- -----------
NET INVESTMENT INCOME 152,449 55,240 757,013 252,422
------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments:
Net proceeds from sales 151,176,084 13,598,180 68,335,413 69,709,739
Cost of securities sold 143,112,876 13,585,096 68,318,671 69,709,766
------------ ----------- ----------- -----------
Net realized gain (loss) on investments 8,063,208 13,084 16,742 (27)
Net unrealized appreciation (depreciation)
of investments (1,313,613) 307,070 (1,335,946) --
------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS 6,749,595 320,154 (1,319,204) (27)
------------ ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 6,902,044 $ 375,394 $ (562,191) $ 252,395
============ =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
Equity
All America Fund Index Fund Bond Fund
----------------------------- -------------- ---------------------------
For the Period
May 3, 1999
For the Six For the (Commencement For the Six For the
Months Ended Year Ended of Operations) Months Ended Year Ended
June 30, 1999 December 31, June 30, 1999 June 30, 1999, December 31,
(Unaudited) 1998 (Unaudited) (Unaudited) 1998
------------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ................. $ 152,449 $ 344,112 $ 55,240 $ 757,013 $ 1,385,514
Net realized gain (loss) on
investments ......................... 8,063,208 1,118,467 13,084 16,742 152,581
Net unrealized appreciation
(depreciation) of investments ........... (1,313,613) 10,652,968 307,070 (1,335,946) 346,222
------------- ------------ ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............. 6,902,044 12,115,547 375,394 (562,191) 1,884,317
------------- ------------ ------------ ------------ -----------
Dividend Distributions (Note 5):
From net investment income ............ (142,951) (355,096) (52,382) (719,134) (1,398,540)
From capital gains .................... -- (608,849) -- -- (535,067)
------------- ------------ ------------ ------------ -----------
Total Distributions ..................... (142,951) (963,945) (52,382) (719,134) (1,933,607)
------------- ------------ ------------ ------------ -----------
CAPITAL SHARE TRANSACTIONS (NOTE 4):
Net Proceeds from sale of shares ...... 3,324,278 2,124,083 25,373,700 3,772,579 1,216,884
Dividend reinvestments ................ 141,472 956,071 52,331 710,588 1,919,969
Cost of shares redeemed ............... (17,804,825) (105,395) -- (797,111) --
------------- ------------ ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTION ........ (14,339,075) 2,974,759 25,426,031 3,686,056 3,136,853
------------- ------------ ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS ... (7,579,982) 14,126,361 25,749,043 2,404,731 3,087,563
NET ASSETS, BEGINNING OF PERIOD/YEAR .... 70,799,524 56,673,163 -- 25,234,552 22,146,989
------------- ------------ ------------ ------------ -----------
NET ASSETS, END OF PERIOD/YEAR .......... $ 63,219,542 $ 70,799,524 $ 25,749,043 $ 27,639,283 $25,234,552
============= ============ ============ ============ ===========
COMPONENTS OF NET ASSETS:
Paid-in capital ....................... $ 30,757,200 $ 45,096,275 $ 25,426,031 $ 28,137,078 $24,451,023
Accumulated undistributed net
investment income (loss) ............ 2,846 (6,652) 2,856 31,348 (6,531)
Accumulated undistributed
net realized
gain(loss) on investments ............. 8,856,312 793,104 13,085 (175,425) (192,167)
Unrealized appreciation
(depreciation) of investments ....... 23,603,184 24,916,797 307,071 (353,718) 982,227
------------- ------------ ------------ ------------ -----------
NET ASSETS, END OF PERIOD/YEAR .......... $ 63,219,542 $ 70,799,524 $ 25,749,043 $ 27,639,283 $25,234,552
============= ============ ============ ============ ===========
</TABLE>
<TABLE>
<CAPTION>
Money Market Fund
-----------------------------
For the Six For the
Months Ended Year Ended
June 30, 1999 December 31,
(Unaudited) 1998
------------- ------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income ................. $ 252,422 $ 209,895
Net realized gain (loss) on
investments ......................... (27) (145)
Net unrealized appreciation
(depreciation) of investments ........... -- --
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............. 252,395 209,750
------------- ------------
Dividend Distributions (Note 5):
From net investment income ............ (239,680) (209,896)
From capital gains .................... -- --
------------- ------------
Total Distributions ..................... (239,680) (209,896)
------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 4):
Net Proceeds from sale of shares ...... 13,290,789 5,332,372
Dividend reinvestments ................ 234,218 193,670
Cost of shares redeemed ............... (2,193,995) (6,525,496)
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTION ...... 11,331,012 (999,454)
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS ... 11,343,727 (999,600)
------------- ------------
NET ASSETS, BEGINNING OF PERIOD/YEAR .... 6,512,096 7,511,696
------------- ------------
NET ASSETS, END OF PERIOD/YEAR .......... $ 17,855,823 $ 6,512,096
============= ============
COMPONENTS OF NET ASSETS:
Paid-in capital ....................... $ 17,842,715 $ 6,511,703
Accumulated undistributed net
investment income (loss) ............ 13,323 581
Accumulated undistributed
net realized
gain(loss) on investments ............. (215) (188)
Unrealized appreciation
(depreciation) of investments ....... -- --
------------- ------------
NET ASSETS, END OF PERIOD/YEAR .......... $ 17,855,823 $ 6,512,096
============= ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
All America Fund Equity Index Fund
------------------------------------ ----------------
For the Period
Six Months May 3, 1999
Ended Years Ended (Commencement of
June 30, December 31, Operations) to
SELECTED PER SHARE AND 1999 ________________________ June 30, 1999
SUPPLEMENTARY DATA: (Unaudited) 1998 1997 1996(e) (Unaudited)
- -------------------- ----------- ------ ------ ------ ----------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD/YEAR ...... $15.08 $12.65 $10.98 $10.00 $10.00
------ ------ ------ ------ ------
Income from investment operations:
Net investment income .......................... 0.04 0.07 0.08 0.06 0.02
Net gains or losses on securities
(realized and unrealized) ...................... 1.85 2.57 2.77 0.98 0.12
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS ............... 1.89 2.64 2.85 1.04 0.14
------ ------ ------ ------ ------
Less dividend distributions:
From net investment income ..................... (0.04) (0.08) (0.08) (0.06) (0.02)
From capital gains ............................. -- (0.13) (1.10) -- --
------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS ............................ (0.04) (0.21) (1.18) (0.06) (0.02)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD/YEAR ...... $16.93 $15.08 $12.65 $10.98 $10.12
====== ====== ====== ====== ======
Total return (%) (b) ........................... 12.5 21.0 26.0 10.4 1.4
Net assets, end of period/year ($ millions) .... 63.2 70.8 56.7 55.5 25.7
Ratio of net investment income to average net
assets (%) .................................. 0.49(a) 0.55 0.59 0.95(a) 1.35(a)
Ratio of expenses to average net assets (%). ... 0.89(a) 0.84 0.84 0.87(a) 0.78(a)
Ratio of expenses to average net assets after
expense reimbursement (%) ...................... 0.84(a) 0.82 0.81 0.85(a) 0.31(a)
Portfolio turnover rate (%) (c) ................ 17.79 41.25 35.96 9.33 1.17
Money
Bond Fund Market Fund
------------------------------------ ----------------------------------
Six Months Six Months
Ended Years Ended Ended Years Ended
June 30, December 31, June 30, December 31,
SELECTED PER SHARE AND 1999 ------------------------ 1999 ----------------
SUPPLEMENTARY DATA: (Unaudited) 1998 1997 1996(e) (Unaudited) 1998 1997(d)
- -------------------- ----------- ------ ------ ------ ----------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD/YEAR .... $10.41 $10.41 $10.13 $10.01 $10.23 $10.15 $10.00
------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................ 0.27 0.061 0.59 0.38 0.23 0.52 0.35
Net gains or losses on securities
(realized and unrealized) .................... (0.50) 0.24 0.29 0.12 -- -- --
------ ------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS ............. (0.23) 0.85 0.88 0.50 0.23 0.52 0.35
------ ------ ------ ------ ------ ------ ------
Less dividend distributions:
From net investment income ................... (0.26) (0.62) (0.59) (0.38) (0.14) (0.44) (0.20)
From capital gains ........................... -- (0.23) (0.01) -- -- -- --
------ ------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS .......................... (0.26) (0.85) (0.60) (0.38) (0.14) (0.44) (0.20)
------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD/YEAR .......... $ 9.92 $10.41 $10.41 $10.13 $10.32 $10.23 $10.15
====== ====== ====== ====== ====== ====== ======
Total return (%) (b) ......................... (2.1) 8.3 8.9 5.0 2.3 5.3 3.5
Net assets, end of period/year ($ millions) .. 27.6 25.2 22.1 21.0 17.9 6.5 7.52
Ratio of net investment income to average net
assets (%) ................................ 5.89(a) 5.84 5.69 5.63(a) 4.51(a) 5.14 5.17(a)
Ratio of expenses to average net assets (%) .. 0.92(a) 0.97 1.00 0.90(a) 1.28(a) 3.21 2.47(a)
Ratio of expenses to average net assets after
expense reimbursement (%) .................... 0.70(a) 0.70 0.70 0.70(a) 0.40(a) 0.40 0.40(a)
Portfolio turnover rate (%) (c) .............. 6.36 33.32 56.18 17.85 N/A N/A N/A
</TABLE>
- ----------
(a) Annualized.
(b) Total return would have been lower had certain expenses not been reduced
through expense reimbursement (Note 2)
(c) Portfolio turnover rate excludes all short-term securities.
(d) Commenced operations May 1, 1997.
(e) Commenced operations May 1, 1996.
N/A = Not Applicable.
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Mutual of America Institutional Funds, Inc. (the "Investment Company") was
incorporated on October 27, 1994 under the laws of Maryland and is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company (a mutual fund) currently issuing four series of common stock
representing shares of the All America Fund, Equity Index Fund, Bond Fund, and
Money Market Fund. Each fund has its own investment objective and policies.
Shares of the funds of the Investment Company are offered on a no-load basis
through its distributor, Mutual of America Securities Corporation, a registered
broker-dealer and affiliate of the Investment Company's investment management
adviser, Mutual of America Capital Management Corporation (the "Adviser").
The Investment Company is designed primarily as an investment vehicle for
endowments, foundations, corporations, municipalities and other public entities
and other institutional investors.
The All America Fund and Bond Fund commenced operations on May 1, 1996. The
Money Market Fund commenced operations on May 1, 1997, and, the Equity Index
Fund commenced operations on May 3, 1999.
The following is a summary of the significant accounting policies of the
Investment Company:
Security Valuation--Investment securities are valued as follows:
Equity securities are valued at the last sales price on the principal
exchange on which the security is traded. If there is no trading volume for a
particular valuation day, the last bid price is used. For any equity securities
traded in the over-the-counter market, the security is valued at the last sale
price, or if no sale, at the latest bid price available.
Short-term securities with a maturity of 60 days or less are valued at
amortized cost, which approximates market value for such securities. Short-term
debt securities maturing in excess of 60 days are stated at market value.
Debt securities are valued at a composite fair market value "evaluated
bid," which may be the last sale price. Securities for which market quotations
are not readily available will be valued at fair value as determined in good
faith by the Adviser under the direction of the Board of Directors of the
Investment Company.
Security Transactions--Security transactions are recorded on the trade
date. Realized gain and loss on the sale of short and long-term debt securities
is computed on the basis of amortized cost at the time of sale. Realized gain
and loss on the sale of common stock is based on the identified cost basis of
the security determined on a first-in, first-out ("FIFO") basis.
The All America Fund and the Equity Index Fund each maintain an indexed
assets portfolio. In order to remain more fully invested in the equity markets
while minimizing its transaction costs, the funds may purchase stock index
futures contracts. Initial cash margin deposits (represented by cash or Treasury
bills) are made upon entering into futures contracts. (This initial margin,
maintained in a segregated account, is equal to approximately 5% of the contract
amount, and does not involve the borrowing of funds to finance the transaction).
During the period the futures contract is outstanding, changes in the value of
the contract are recognized as unrealized gains or losses by "marking-to-market"
on a daily basis to reflect the market value of the contract at the end of each
trading day. Futures contracts are valued at the settlement price established
each day by the exchange on which traded. Depending upon whether unrealized
gains or losses are incurred, variation margin payments are received or made.
When the contract is closed, a realized gain or loss from futures transactions
is recorded, equal to the net variation margin received or paid over the period
of the contract.
Investment Income--Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date. Foreign source tax withheld from dividends is
recorded as a reduction from dividend income. Should reclamation succeed, such
amounts are recorded as income upon collection.
Federal Income Taxes--The Investment Company intends to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to
shareholders. Therefore, no federal income tax provision is required.
24
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Unaudited) (Continued)
2. EXPENSES AND OTHER TRANSACTIONS WITH AFFILIATES
The Investment Company has entered into an Investment Advisory agreement
with the Adviser. For providing investment management services to the Investment
Company, each fund accrues a fee, calculated as a daily charge, at annual rates
of .50%, .125%, .45%, and .20% of the value of the net assets for the All
America, Equity Index, Bond, and Money Market funds, respectively. Under
Sub-Advisory Agreements for the All America Fund, the Adviser has delegated
investment advisory responsibilities to subadvisers responsible for providing
management services for a portion of the fund's assets. The Adviser (not the
fund) is responsible for compensation payable under such Sub-Advisory
Agreements.
Each of the funds of the Investment Company is charged for those expenses
which can be directly attributed to a fund's operation. Expenses which cannot be
so attributed are generally allocated among the funds based on relative net
assets.
The Adviser contractually limits the expenses of each fund, other than
brokers' commissions, transfer taxes and fees relating to portfolio
transactions, investment management expenses and extraordinary expenses to an
annual rate of .35%, .20%, .25%, and .20%, of the value of the net assets of the
All America, Equity Index, Bond, and Money Market funds, respectively. Accrual
of these other operating expenses is charged daily against each fund's net
assets. Settlement of fees accrued (both investment management and other
operating expenses) is paid by each fund to the Adviser on or about month-end.
The annual rates of operating expenses charged daily to each fund are
subject to periodic adjustments so as to maintain as close a relationship as
possible between the established rate (charged daily) and the fund's actual
expenses, but not to exceed the respective rates under the Adviser's contractual
expense limitation agreement.
The Adviser's contractual agreement to limit each fund's total expenses
(excluding brokerage commissions, transfer taxes/fees and extraordinary
expenses) to annual rates of .85%, .325%, .70%, and .40% of the net assets of
the All America, Equity Index, Bond and Money Market funds, respectively, is in
effect through 1999 and continues in effect thereafter unless cancelled by the
Fund or the Adviser in accordance with the agreement.
The Investment Company has an Investment Accounting Agreement with the
Adviser, pursuant to which the Adviser has agreed to serve as investment
accounting and recordkeeping agent for the funds and to calculate the net asset
values of the funds. The compensation paid by the funds for these services is
subject to the voluntary expense reimbursement agreement of the Adviser
described above.
A subadviser placed a portion of its portfolio transactions with its
affiliated broker-dealer; such commissions amounted to $6,520 or 23.1% of the
fund's total commissions and represented 12.9% of the aggregate amount of
commissionable transactions.
3. PURCHASES AND SALES
The cost of investment purchases and proceeds from sales of investments,
excluding short-term investments and U.S. Government securities, for the six
months ended June 30, 1999 was as follows:
<TABLE>
<CAPTION>
All America Equity Index Bond
Fund Fund Fund
------------ ----------- -----------
<S> <C> <C> <C>
Cost of investment purchases .................................................. $ 10,741,583 $24,985,457 $5,354,850
============ =========== ==========
Proceeds from sales of investments ............................................ $ 24,646,322 $ 247,730 $1,050,620
============ =========== ==========
The cost of investment purchases and proceeds from sales of U.S.
Government (excluding short-term) securities was as follows:
Cost of investment purchases ............................................ $ -- $ -- $ --
============ ========== ==========
Proceeds from sales of investments ......................................... $ -- $ -- $ 486,912
============ ========== ==========
</TABLE>
25
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Unaudited) (Continued)
For the Money Market Fund, the cost of short-term securities purchases was
$80,873,907; net proceeds from sales and redemptions was $69,709,739.
At June 30, 1999 the net unrealized appreciation (depreciation) of
investments based on cost, which was substantially the same for Federal income
tax purposes, was as follows:
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
------------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
Unrealized appreciation .................. $ 25,004,638 $ 25,049,176 $ 351,563 $ --
Unrealized (depreciation) ................ (1,401,454) (24,742,105) (705,282) --
------------ ------------ ------------ -------
Net unrealized appreciation (depreciation) $ 23,603,184 $ 307,071 $ (353,719) $ --
============ ============ ============ =======
</TABLE>
4. CAPITAL SHARE ACTIVITY AND OWNERSHIP
At June 30, 1999 one billion shares of common stock has been authorized for
the Investment Company. The Board of Directors has allocated 25 million shares
to the All America Fund, and, 15 million shares each to the Equity Index, Bond
and Money Market Funds.
Transactions in shares during the six months ending June 30, 1999 were as
follows:
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
----------- ----------- ------- ------------
<S> <C> <C> <C> <C>
Shares issued ............................ 211,155 2,538,160(1) 367,094 1,277,443
Shares issued as reinvestment of dividends 8,355 5,169 71,637 22,687
Shares redeemed .......................... (1,179,268)(2) -- (77,468) (206,852)
---------- --------- ------- ----------
Net increase (decrease) .................. (959,758) 2,543,329 361,263 1,093,278
========== ========= ======= ==========
</TABLE>
As at June 30, 1999, Mutual Of America Life Insurance Company and its
subsidiaries (affiliates of the Adviser) were shareholders of each fund's
outstanding shares as follows:
All America Fund ................... 87.8%
Equity Index Fund .................. 98.5%
Bond Fund .......................... 83.5%
Money Market Fund .................. 8.1%
5. DIVIDENDS
On June 30, 1999 dividend distributions were declared and paid from
accumulated net investment income to shareholders of record on June 29, 1999.
Pursuant to shareholders' instructions, substantially all dividend distributions
were immediately reinvested in additional shares of each fund (see Note 4
above).
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
----------- ----------- ------- ------------
<S> <C> <C> <C> <C>
Distributions from:
Net investment income $142,951 $ 52,382 $ 1,398,540 $239,680
Net realized capital gains -- -- -- --
-------- -------- ----------- --------
Total dividend distributions $142,951 $ 52,382 $ 1,398,540 $239,680
======== ======== =========== ========
Dividend amounts per share $.038372 $.264895 $ .141446 $.020638
======== ======== ============= ========
</TABLE>
(1) Includes the initial seed investment by Mutual of America Life Insurance
Company of $25 million, represented by 2,500,000 shares.
(2) During February 1999, Mutual of America Life Insurance Company redeemed 1.1
million shares realizing proceeds of approximately $16.6 million, reducing
the Fund's net assets by a corresponding amount.
26
<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
