MUTUAL OF AMERICA
INSTITUTIONAL FUNDS, INC.
ANNUAL REPORT
ALL AMERICA FUND
EQUITY INDEX FUND
BOND FUND
MONEY MARKET FUND
DECEMBER 31, 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
Report of Independent Public Accountants .................................. 27
I
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MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
320 PARK AVENUE, NEW YORK, NEW YORK 10022
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Dear Shareholder:
We are pleased to present the Mutual of America Institutional Funds
results for the year ending December 31, 1999. These Funds are designed
primarily as investment vehicles for endowments, foundations and other
institutional investors.
The U.S. economy enjoyed an enviable combination of strong Gross Domestic
Product growth, low inflation, solid corporate profits and moderate interest
rates in 1999. The economy continued its near record expansion as consumer
confidence reached an all-time high, due largely to high employment levels and a
surging stock market. Global economies stabilized, providing further foundation
and fuel for the domestic economy.
The Federal Reserve, concerned with a strong expanding economy and tight
labor markets, responded with three rate increases totaling 75 basis points
during 1999. Long rates rose approximately 140 basis points during the year. The
strong economy, higher commodity prices and tight labor markets have increased
the potential for higher rates going forward.
The equity market, as represented by the S&P 500 Index, posted a record
ninth year of positive return. Technology was the dominant factor across all
capitalization levels within the equity markets, as evidenced by the NASDAQ's
remarkable 86% return. Investors seeking growth opportunities favored smaller
capitalization stocks, allowing them to outperform the steadier, but slower
growing, large caps.
Total Returns-Year Ended December 31, 1999
The total return performance of each Fund for the year ended December 31,
1999 was as follows (please note that the Equity Index Fund commenced operations
on May 3, 1999):
All America Fund .................................. +26.0%
Equity Index Fund ................................. + 9.0%
Bond Fund ......................................... - 3.5%
Money Market Fund ................................. + 4.9%
All performance is historical, assumes reinvestment of all dividends and
capital gains, and is not indicative of future results. Investment return and
principal value will fluctuate, so shares, when redeemed, may be worth more or
less than when purchased.
On the pages which immediately follow are brief presentations and graphs
for each Fund (except the Money Market Fund and Equity Index Fund) which
illustrate each Fund's respective:
o Historical total return achieved over specified periods, expressed
as an annual average rate and as a cumulative rate;
o Equivalent in dollars of a $10,000 hypothetical investment at the
beginning of each specified period; and
o Historical performance compared with an appropriate index.
The portfolios of each Fund and financial statements are presented in the
pages which then follow.
Thank you for your continued investment in our Funds.
Sincerely,
/s/ Doloros 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 which comprise the S&P 500
Index. The S&P 500 is a market-value weighted index of 500 domestic stocks that
are traded on the New York Stock Exchange, American Stock Exchange and NASDAQ
National Market System. The weightings make each company's influence on the
Index's performance directly proportional to that company's market value. The
companies included in the Index tend to be industry leaders. The Fund commenced
operations effective May 3, 1999. At year-end, the Fund returned 9.0%, which
matched the Index's performance for the same time period. The prevailing theme
of 1999 was the dominance of technology, which was the best performing sector,
returning 54% for the May through December period. For the same period, the
Index was outperformed by two other sectors, namely Capital Goods and Consumer
Cyclicals. The worst performing sectors were Transportation and Financials.
Investor perceptions of possible Federal Reserve actions, a bias toward large
cap stocks and a persistent search for growth drove multiple expansion, which
contributed two-thirds of annual return.
ALL AMERICA FUND
The All America Fund's investment objective is to outperform the Standard
& Poor's 500 Index. The Fund is approximately 60% invested in the 500 stocks
that comprise the S&P 500. In 1999, the remaining 40% of the Fund was actively
managed by three subadvisors and Mutual of America Capital Management
Corporation. Each manager invests approximately 10% of the Fund's assets, using
a different investment approach. The four approaches are large cap growth, small
cap growth, large cap value and small cap value.
The Fund returned 26.0% for 1999, exceeding the Index's return of 21.0%.
The Fund's 1999 performance reflected investors' continued quest for growth
opportunities--both the large and small cap growth portions significantly
outperformed the value segments. Nevertheless, the small cap value segment
performed strongly. Only the large cap value portion turned in a negative
performance.
GROWTH OF A $10,000 INVESTMENT
[The following table is represented by a line graph in the printed material.]
All America Fund S & P 500 Index
---------------- ---------------
05/96 10,000 10,000
12/96 11,043 11,515
12/97 13,909 15,356
12/98 16,835 19,744
12/99 21,218 23,898
All America Fund
----------------
Total Return
----------------------------
Period Growth
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year 12,603 26.0% 26.0%
Since 5/1/96
(Inception)* $21,218 112.2% 22.8%
S&P 500 Index
-------------
Total Return
---------------------------
Period Growth
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year 12,104 21.0% 21.0%
Since 5/1/96
(Inception) $23,898 139.0% 26.8%
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 Money Market Fund's investment objective is the realization of high
current income to the extent consistent with the maintenance of liquidity,
investment quality and stability of capital. Through investing in high quality
commercial paper and other short-term instruments, the Fund returned 4.9% for
1999. Short-term rates rose substantially during the year, allowing the Fund to
achieve a higher current return in December than was available from similar
maturities the previous January. The seven-day effective yield as of February
15, 2000 is 5.6%. As with all performance reportings, this yield is not
necessarily indicative of future annual yields.
BOND FUND
The Bond Fund seeks a high level of return consistent with the
preservation of capital through investments in publicly traded debt securities.
The Fund primarily invests in corporate and U.S. Government agency securities,
which yield more than U.S. Treasury issues. The Fund's benchmark, the Lehman
Bros. Government/Corporate Bond Index, had a rare negative return for 1999, as
did the Bond Fund. Fears of inflation, fed by a strong domestic economy, a
booming stock market, and higher oil prices, depressed bond returns. The
inability of coupon income to keep pace with interest rate increases further
damaged prospects for bond returns. The Fund's overemphasis on corporate bonds,
relative to its benchmark index, caused it to slightly underperform since
Government securities did better than the corporates held by the Fund.
[The following table is represented by a line graph in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Bond Fund Lehman Brothers Gov't/Corp Bond Index
--------- -------------------------------------
05/96 10,000 10,000
12/96 10,501 10,610
12/97 11,435 11,646
12/98 12,379 12,748
12/99 11,948 12,474
Bond Fund
---------
Total Return
------------------------
Period Growth
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $ 9,652 -3.5% -3.5%
Since 5/1/96
(Inception)* $11,948 19.5% 5.0%
Lehman Brothers Gov't./Corp. Bond Index
------------------------------------------
Total Return
-----------------------
Period Growth
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $ 9,785 -2.2% -2.2%
Since 5/1/96
(Inception) $12,474 24.7% 6.2%
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
December 31, 1999
Shares Value
------- ---------
INDEXED ASSETS:
COMMON STOCKS
3Com Corp. ....................................... 1,146 $ 53,862
Abbott Laboratories .............................. 5,112 185,630
Adaptec, Inc. .................................... 347 17,307
ADC Telecommunications, Inc. ..................... 502 36,426
Adobe Systems, Inc. .............................. 410 27,573
Advanced Micro Devices, Inc. ..................... 495 14,324
AES Corp. ........................................ 692 51,727
Aetna, Inc. ...................................... 503 28,074
Aflac, Inc. ...................................... 893 42,138
Air Products & Chemicals, Inc. ................... 771 25,877
Alberto-Culver Co. Cl B .......................... 78 4,595
Albertson's, Inc. ................................ 1,413 45,569
Alcan Aluminum Ltd. .............................. 728 29,985
ALCOA, Inc. ...................................... 1,232 102,256
Allegheny Technologies, Inc. ..................... 320 7,180
Allergan, Inc. ................................... 426 21,194
Allied Waste Industries, Inc. .................... 633 5,578
Allstate Corp. ................................... 2,683 64,392
Alltel Corp. ..................................... 1,026 84,837
Alza Corp. ....................................... 341 11,807
Amerada Hess Corp. ............................... 304 17,252
Ameren Corp. ..................................... 461 15,098
America Online, Inc. ............................. 7,447 561,783
American Electric Power, Inc. .................... 650 20,881
American Express Co. ............................. 1,510 251,038
American General Corp. ........................... 837 63,507
American Greetings Corp. Cl A .................... 217 5,127
American Home Products Corp. ..................... 4,337 171,040
American Int'l. Group, Inc. ...................... 5,142 555,979
Amgen, Inc. ...................................... 3,393 203,792
AMR Corp. ........................................ 506 33,902
Amsouth Bancorporation ........................... 1,322 25,531
Anadarko Petroleum Corp. ......................... 428 14,606
Analog Devices, Inc. ............................. 581 54,033
Andrew Corp. ..................................... 276 5,227
Anheuser-Busch Cos., Inc. ........................ 1,571 111,345
Aon Corp. ........................................ 861 34,440
Apache Corp. ..................................... 383 14,147
Apple Computer, Inc. ............................. 541 55,622
Applied Materials, Inc. .......................... 1,262 159,880
Archer-Daniels-Midland Co. ....................... 2,021 24,631
Armstrong World Inds., Inc. ...................... 129 4,305
Ashland, Inc. .................................... 243 8,004
Associates First Capital Corp. Cl A .............. 2,447 67,140
AT&T Corp. ....................................... 10,613 538,610
Atlantic Richfield Co. ........................... 1,083 93,680
Autodesk, Inc. ................................... 191 6,446
Automatic Data Processing, Inc. .................. 2,079 112,006
AutoZone, Inc. ................................... 500 16,156
Avery Dennison Corp. ............................. 382 27,838
Avon Products, Inc. .............................. 805 26,565
Baker Hughes, Inc. ............................... 1,105 23,274
Ball Corp. ....................................... 100 3,938
Bank of America Corp. ............................ 5,670 284,563
Bank of New York Co., Inc. ....................... 2,471 98,840
Bank One Corp. ................................... 3,809 122,126
Bard (C.R.), Inc. ................................ 165 8,745
Barrick Gold Corp. ............................... 1,310 23,171
Bausch & Lomb, Inc. .............................. 193 13,208
Baxter International, Inc. ....................... 978 61,431
BB & T Corp. ..................................... 1,074 29,401
Bear Stearns Cos., Inc. .......................... 411 17,570
Becton Dickinson & Co. ........................... 841 22,497
Bed Bath & Beyond, Inc. .......................... 469 16,298
Bell Atlantic Corp. .............................. 5,158 317,539
BellSouth Corp. .............................. 6,252 292,672
Bemis, Inc. .................................. 169 5,894
Best Buy, Inc. ............................... 685 34,378
Bestfoods .................................... 937 49,251
Bethlehem Steel Corp. ........................ 440 3,685
Biomet, Inc. ................................. 378 15,120
Black & Decker Corp. ......................... 284 14,839
Block (H. & R.), Inc. ........................ 328 14,350
BMC Software, Inc. ........................... 804 64,270
Boeing Co. ................................... 3,104 129,010
Boise Cascade Corp. .......................... 192 7,776
Boston Scientific Corp. ...................... 1,390 30,406
Briggs & Stratton Corp. ...................... 75 4,022
Bristol-Myers Squibb Co. ..................... 6,589 422,931
Brown-Forman Corp. Cl B ...................... 222 12,710
Brunswick Corp. .............................. 310 6,898
Burlington Northern Santa Fe Corp. ........... 1,518 36,812
Burlington Resources, Inc. ................... 731 24,169
Cabletron Systems, Inc. ...................... 585 15,210
Campbell Soup Co. ............................ 1,421 54,975
Capital One Financial Corp. .................. 664 31,997
Cardinal Health, Inc. ........................ 915 43,806
Carnival Corp. ............................... 2,061 98,542
Carolina Power & Light Co. ................... 536 16,315
Caterpillar, Inc. ............................ 1,195 56,240
CBS Corp. .................................... 2,532 161,890
Cendant Corp. ................................ 2,362 62,741
Centex Corp. ................................. 192 4,740
Central & South West Corp. ................... 715 14,300
CenturyTel, Inc. ............................. 469 22,219
Ceridian Corp. ............................... 486 10,479
Champion International Corp. ................. 323 20,006
Charles Schwab Corp. ......................... 2,748 105,455
Chase Manhattan Corp. ........................ 2,739 212,786
Chevron Corp. ................................ 2,204 190,922
Chubb Corp. .................................. 592 33,337
CIGNA Corp. .................................. 625 50,352
Cincinnati Financial Corp. ................... 555 17,309
CINergy Corp. ................................ 534 12,883
Circuit City Group, Inc. ..................... 675 30,417
Cisco Systems, Inc. .......................... 10,865 1,163,913
Citigroup, Inc. .............................. 11,199 622,244
Citrix Systems, Inc. ......................... 295 36,285
Clear Channel Communications, Inc. ........... 1,134 101,210
Clorox Co. ................................... 93 39,947
CMS Energy Corp. ............................. 397 12,381
Coastal Corp. ................................ 717 25,409
Coca-Cola Co. ................................ 8,204 477,883
Coca-Cola Enterprises, Inc. .................. ,428 28,739
Colgate-Palmolive Co. ........................ 1,959 127,335
Columbia Energy Group ........................ 270 17,078
Columbia/HCA Healthcare Corp. ................ 1,896 55,576
Comcast Corp. Cl A ........................... 2,518 127,316
Comerica, Inc. ............................... 525 24,511
Compaq Computer Corp. ........................ 5,646 152,795
Computer Associates Intl., Inc ............... 1,806 126,307
Computer Sciences Corp. ...................... 538 50,908
Compuware Corp. .............................. 1,200 44,700
Comverse Technology Inc. ..................... 235 34,016
Conagra, Inc. ................................ 1,640 37,003
Conoco, Inc. ................................. 2,107 52,412
Conseco, Inc. ................................ 1,099 19,645
Consolidated Edison, Inc. .................... 743 25,634
Consolidated Natural Gas Co. ................. 322 20,910
Consolidated Stores Corp. .................... 370 6,013
The accompanying notes are an integral part of these financial statments.
4
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MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Shares Value
------- ---------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Constellation Energy Group, Inc. ................. 503 $ 14,587
Cooper Industries, Inc. .......................... 317 12,819
Cooper Tire & Rubber Co. ......................... 255 3,968
Coors (Adolph) Co. Cl B .......................... 118 6,195
Corning, Inc. .................................... 822 105,987
Costco Wholesale Corp. ........................... 742 67,708
Countrywide Credit Industries, Inc. .............. 379 9,570
Crane Co. ........................................ 222 4,412
Crown Cork & Seal, Inc. .......................... 411 9,196
CSX Corp. ........................................ 731 22,935
Cummins Engine Co., Inc. ......................... 135 6,522
CVS Corp. ........................................ 1,316 52,558
Dana Corp. ....................................... 557 16,675
Danaher Corp. .................................... 478 23,064
Darden Restaurants, Inc. ......................... 444 8,048
Dayton-Hudson Corp. .............................. 1,486 109,128
Deere & Co. ...................................... 785 34,049
Dell Computer Corp. .............................. 8,439 430,389
Delphi Automotive Systems Corp ................... 1,899 29,909
Delta Air Lines, Inc. ............................ 441 21,967
Deluxe Corp. ..................................... 251 6,887
Dillard's Inc. Cl A .............................. 359 7,247
Disney (Walt) Co. ................................ 6,850 200,363
Dollar General Corp. ............................. 883 20,088
Dominion Resources, Inc. ......................... 645 25,316
Donnelley (R.R.) & Sons Co. ...................... 429 10,645
Dover Corp. ...................................... 700 31,763
Dow Chemical Co. ................................. 739 98,749
Dow Jones & Co., Inc. ............................ 305 20,740
DTE Energy Co. ................................... 487 15,280
Du Pont (E.I.) de Nemours & Co ................... 3,469 228,536
Duke Energy Corp. ................................ 1,226 61,453
Dun & Bradstreet Corp. ........................... 541 15,960
Eastern Enterprises .............................. 85 4,882
Eastman Chemical Co. ............................. 256 12,208
Eastman Kodak Co. ................................ 1,063 70,424
Eaton Corp. ...................................... 243 17,648
Ecolab, Inc. ..................................... 435 17,019
Edison International ............................. 1,167 30,561
El Paso Energy Corp. ............................. 766 29,730
Electronic Data Systems Corp. .................... 1,564 104,690
EMC Corp. ........................................ 3,405 371,996
Emerson Electric Co. ............................. 1,460 83,768
Engelhard Corp. .................................. 423 7,984
Enron Corp. ...................................... 2,399 106,456
Entergy Corp. .................................... 829 21,347
Equifax, Inc. .................................... 483 11,381
Exxon Mobil Corp. ................................ 11,471 924,133
Fannie Mae ....................................... 3,405 212,600
FDX Corp. ........................................ 999 40,897
Federated Department Stores, Inc. ................ 701 35,444
Federal Home Loan Mortgage Corp. ................. 2,336 109,938
Fifth Third Bancorp .............................. 1,014 74,402
First Data Corp. ................................. 1,392 68,643
First Union Corp. ................................ 3,281 107,658
Firstar Corp. .................................... 3,256 68,783
FirstEnergy Corp. ................................ 786 17,832
FleetBoston Financial Corp. ...................... 3,041 105,865
Fleetwood Enterprises, Inc. ...................... 112 2,310
Florida Progress Corp. ........................... 330 13,963
Fluor Corp. ...................................... 255 11,698
FMC Corp. ........................................ 102 5,846
Ford Motor Co. ................................... 4,012 214,391
Fort James Corp. ................................. 743 20,340
Fortune Brands, Inc. ............................. 559 18,482
Foster Wheeler Corp. ............................. 132 1,172
FPL Group, Inc. .................................. 602 25,773
Franklin Resources, Inc. ......................... 847 27,157
Freeport-McMoran Copper & Gold,
Inc. Cl B ........................................ 549 11,598
Gannett Co., Inc. ................................ 940 76,669
Gap, Inc. ........................................ 2,844 130,824
Gateway, Inc. .................................... 1,052 75,810
General Dynamics Corp. ........................... 669 35,290
General Electric Co. ............................. 10,898 1,686,466
General Instrument Corp. ......................... 583 49,555
General Mills, Inc. .............................. 1,027 36,715
General Motors Corp. ............................. 2,126 154,534
Genuine Parts Co. ................................ 602 14,937
Georgia-Pacific Group ............................ 576 29,232
Gillette Co. ..................................... 3,563 146,751
Global Crossing Ltd. ............................. 2,521 126,050
Golden West Financial Corp. ...................... 552 18,492
Goodrich (B.F.) Co. .............................. 369 10,148
Goodyear Tire & Rubber Co. ....................... 525 14,798
GPU, Inc. ........................................ 422 12,634
Grainger (W.W.), Inc. ............................ 314 15,013
Great Atlantic & Pacific Tea, Inc ................ 124 3,457
Great Lakes Chemical Corp. ....................... 191 7,294
GTE Corp. ........................................ 3,228 227,776
Guidant Corp. .................................... 1,015 47,705
Halliburton Holdings Co. ......................... 1,483 59,691
Harcourt General, Inc. ........................... 230 9,258
Harrah's Entertainment, Inc. ..................... 431 11,395
Hartford Financial Svs Gp, Inc ................... 759 35,958
Hasbro, Inc. ..................................... 654 12,467
HealthSouth Corp. ................................ 1,283 6,896
Heinz (H.J.) Co. ................................. 1,204 47,934
Helmerich & Payne, Inc. .......................... 163 3,555
Hercules, Inc. ................................... 356 9,924
Hershey Food Corp. ............................... 469 22,278
Hewlett-Packard Co. .............................. 3,404 387,843
Hilton Hotels Corp. .............................. 1,239 11,925
Home Depot, Inc. ................................. 7,647 524,297
Homestake Mining Co. ............................. 874 6,828
Honeywell International, Inc. .................... 2,652 152,988
Household International Corp. .................... 1,562 58,185
Humana, Inc. ..................................... 563 4,610
Huntington Bancshares, Inc. ...................... 774 18,479
Ikon Office Solutions, Inc. ...................... 501 3,413
Illinois Tool Works, Inc. ........................ 1,008 68,103
IMS Health, Inc. ................................. 1,051 28,574
Inco Ltd. ........................................ 645 15,158
Ingersoll Rand Co. ............................... 555 30,560
Intel Corp. ...................................... 11,115 914,903
Intl. Business Machines Corp. .................... 5,987 646,596
Intl. Flavors & Fragrances, Inc. ................. 357 13,477
International Paper Co. .......................... 1,390 78,448
Interpublic Group of Cos., Inc. .................. 948 54,688
ITT Industries, Inc. ............................. 295 9,864
Jefferson-Pilot Corp. ............................ 354 24,161
Johnson & Johnson ................................ 4,619 430,144
Johnson Controls, Inc. ........................... 287 16,323
Jostens, Inc. .................................... 111 2,699
Kansas City Southern Inds., Inc. ................. 371 27,686
Kaufman & Broad Home Corp. ....................... 154 3,725
Kellogg Co. ...................................... 1,362 41,967
Kerr-McGee Corp. ................................. 290 17,980
The accompanying notes are an integral part of these financial statments.
5
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MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Shares Value
------- ---------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED
KeyCorp ...................................... 1,508 $ 33,365
Kimberly Clark Corp. ......................... 1,790 116,798
KLA-Tencor Corp. ............................. 296 32,967
Kmart Corp. .................................. 1,659 16,694
Knight-Ridder, Inc. .......................... 272 16,184
Kohl's Corp. ................................. 547 39,487
Kroger Co. ................................... 2,787 52,605
Legget & Platt, Inc. ......................... 661 14,170
Lehman Brothers Holdings, Inc. ............... 403 34,129
Lexmark Intl. Group Inc. Cl A ................ 433 39,187
Lilly (Eli) & Co. ............................ 3,622 240,863
Limited, Inc. ................................ 719 31,142
Lincoln National Corp. ....................... 668 26,720
Liz Claiborne, Inc. .......................... 203 7,638
Lockheed Martin Corp. ........................ 1,328 29,050
Loews Corp. .................................. 361 21,908
Longs Drug Stores Corp. ...................... 126 3,252
Louisiana-Pacific Corp. ...................... 361 5,144
Lowe's Companies, Inc. ....................... 1,282 76,600
LSI Logic Corp. .............................. 495 33,413
Lucent Technologies, Inc. .................... 10,406 778,499
Mallinckrodt, Inc. ........................... 231 7,349
Manor Care, Inc. ............................. 360 5,760
Marriott International, Inc Cl A ............. 836 26,386
Marsh & McLennan Co., Inc. ................... 887 84,875
Masco Corp. .................................. 1,488 37,758
Mattel, Inc. ................................. 1,412 18,533
May Department Stores Co. .................... 1,123 36,217
Maytag Corp. ................................. 284 13,632
MBIA, Inc. ................................... 336 17,745
MBNA Corp. ................................... 2,663 72,567
McDermott International, Inc. ................ 191 1,731
McDonald's Corp. ............................. 4,497 181,285
McGraw-Hill Cos., Inc. ....................... 661 40,734
MCI WorldCom, Inc. ........................... 9,441 500,963
McKesson HBOC, Inc. .......................... 945 21,322
Mead Corp. ................................... 344 14,943
MediaOne Group, Inc. ......................... 2,038 156,544
Medtronic, Inc. .............................. 3,943 143,673
Mellon Financial Corp. ....................... 1,689 57,532
Merck & Co., Inc. ............................ 7,764 520,673
Meredith Corp. ............................... 169 7,045
Merrill Lynch & Co., Inc. .................... 1,242 103,707
MGIC Investment Corp. ........................ 367 22,089
Micron Technology, Inc. ...................... 896 69,664
Microsoft Corp. .............................. 17,150 2,002,225
Milacron, Inc. ............................... 119 1,830
Millipore Corp. .............................. 142 5,485
Minnesota Mining & Mfg. Co. .................. 1,353 132,425
Mirage Resorts, Inc. ......................... 668 10,229
Molex, Inc. .................................. 521 29,534
Monsanto Co. ................................. 2,129 75,846
Morgan (J.P.) & Co., Inc. .................... 590 74,709
Morgan Stanley Dean Witter & Co. ............. 1,850 264,088
Motorola, Inc. ............................... 2,040 300,390
Nabisco Group Holdings Corp. ................. 1,096 11,645
NACCO Industries, Inc. Cl A .................. 26 1,445
National City Corp. .......................... 2,077 49,199
National Semiconductor Corp. ................. 564 24,146
National Service Industries .................. 134 3,953
Navistar International Corp. ................. 217 10,280
Network Appliance, Inc. ...................... 494 41,033
New Century Energies, Inc. ................... 387 11,755
New York Times Co. Cl A ...................... 585 28,738
Newell Rubbermaid, Inc. ...................... 947 27,463
Newmont Mining Corp. ......................... 563 13,794
Nextel Communications, Inc. Cl A ............. 1,215 125,297
Niagara Mohawk Holdings, Inc. ................ 630 8,781
Nicor, Inc. .................................. 154 5,005
Nike, Inc. Cl B .............................. 945 46,837
Nordstrom, Inc. .............................. 471 12,334
Norfolk Southern Corp. ....................... 1,278 26,199
Nortel Networks Corp ......................... 4,460 450,460
Northern States Power Co. .................... 518 10,101
Northern Trust Corp. ......................... 750 39,750
Northrop Grumman Corp. ....................... 233 12,597
Novell, Inc. ................................. 1,126 44,970
Nucor Corp. .................................. 293 16,060
Occidental Petroleum Corp. ................... 1,221 26,404
Office Depot, Inc. ........................... 1,093 11,955
Old Kent Financial Corp. ..................... 399 14,115
Omnicom Group, Inc. .......................... 596 59,600
Oneok, Inc. .................................. 102 2,563
Oracle Corp. ................................. 4,729 529,944
Owens Corning ................................ 175 3,380
Owens-Illinois, Inc. ......................... 524 13,133
Paccar, Inc. ................................. 263 11,654
Pactiv Corp. ................................. 573 6,088
Paine Webber Group, Inc. ..................... 489 18,979
Pall Corp. ................................... 417 8,992
Parametric Technology Corp. .................. 905 24,492
Parker Hannifin Corp. ........................ 365 18,729
Paychex, Inc. ................................ 826 33,040
PE Corp-PE Biosystems Group .................. 343 41,267
Peco Energy Co. .............................. 627 21,788
Penney (J.C.) Co., Inc. ...................... 886 17,665
Peoples Energy Corp. ......................... 114 3,819
Peoplesoft, Inc. ............................. 817 17,412
Pep Boys-Manny, Moe & Jack ................... 170 1,551
PepsiCo, Inc. ................................ 4,835 170,434
Perkin Elmer, Inc. ........................... 145 6,045
Pfizer, Inc. ................................. 12,858 417,081
PG & E Corp. ................................. 1,290 26,445
Pharmacia & Upjohn, Inc. ..................... 1,703 76,635
Phelps Dodge Corp. ........................... 297 19,958
Phillip Morris Cos., Inc. .................... 7,859 182,231
Phillips Petroleum Co. ....................... 851 39,997
Pinnacle West Capital Corp. .................. 285 8,710
Pitney Bowes, Inc. ........................... 899 43,433
Placer Dome, Inc. ............................ 1,094 11,761
PNC Bank Corp. ............................... 977 43,477
Polaroid Corp. ............................... 142 2,671
Potlatch Corp. ............................... 94 4,195
PP&L Resources, Inc. ......................... 477 10,911
PPG Industries, Inc. ......................... 583 36,474
Praxair, Inc. ................................ 536 26,968
Price (T. Rowe) Associates ................... 408 15,071
Proctor & Gamble Co. ......................... 4,365 478,240
Progressive Corp. of Ohio .................... 245 17,916
Providian Financial Corp. .................... 476 43,346
Public Svc. Enterprise Group, Inc. ........... 37 25,657
Pulte Corp. .................................. 140 3,150
Quaker Oats Co. .............................. 450 29,531
Qualcomm, Inc. ............................... 2,156 379,995
Quintiles Transnational Corp. ................ 386 7,213
Ralston Purina Co. ........................... 1,087 30,300
Raytheon Co. Cl B ............................ 1,135 30,148
Reebok International Ltd. .................... 182 1,490
The accompanying notes are an integral part of these financial statments.
6
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Shares Value
------- ---------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED
Regions Financial Corp. ...................... 752 $ 18,894
Reliant Energy, Inc. ......................... 994 22,738
Republic New York Corp. ...................... 352 25,344
Reynolds Metals Co. .......................... 208 15,938
Rite-Aid Corp. ............................... 870 9,733
Rockwell Intl., Corp. ........................ 643 30,784
Rohm & Haas Co. .............................. 732 29,783
Rowan Cos., Inc. ............................. 271 5,877
Royal Dutch Petroleum Co. N.Y ................ 7,122 430,436
Russell Corp. ................................ 110 1,843
Ryder System, Inc. ........................... 216 5,279
Safeco Corp. ................................. 442 10,995
Safeway, Inc. ................................ 1,715 60,990
Sara Lee Corp. ............................... 3,036 66,982
SBC Communications, Inc. ..................... 11,331 552,386
Schering-Plough Corp. ........................ 4,879 205,833
Schlumberger, Ltd. ........................... 1,840 103,500
Scientific-Atlanta, Inc. ..................... 257 14,296
Scottish Power plc - ADR ..................... * 11
Seagate Technology ........................... 700 32,594
Seagram Ltd. ................................. 1,453 65,294
Sealed Air Corp. New ......................... 281 14,559
Sears Roebuck & Co. .......................... 1,278 38,899
Sempra Energy ................................ 808 14,039
Service Corp. International .................. 914 6,341
Shared Medical Systems Corp. ................. 86 4,381
Sherwin-Williams Co. ......................... 569 11,949
Sigma-Aldrich Corp. .......................... 339 10,191
Silicon Graphics, Inc. ....................... 634 6,221
SLM Holding Corp. ............................ 541 22,857
Snap-On, Inc. ................................ 211 5,605
Solectron Corp. .............................. 984 93,603
Southern Co. ................................. 2,236 52,546
Southtrust Corp .............................. 563 21,288
Southwest Airlines Co. ....................... 1,694 27,422
Springs Industries, Inc. ..................... 58 2,316
Sprint Corp. (FON Group) ..................... 2,915 196,216
Sprint Corp. (PCS Group) ..................... 1,431 146,678
St. Jude Medical, Inc. ....................... 284 8,715
St. Paul Companies, Inc. ..................... 762 25,670
Stanley Works ................................ 299 9,007
Staples, Inc. ................................ 1,562 32,412
State Street Corp. ........................... 542 39,600
Summit Bancorp ............................... 595 18,222
Sun Microsystems, Inc. ....................... 5,200 402,675
Sunoco, Inc. ................................. 304 7,144
Suntrust Banks, Inc. ......................... 1,081 74,386
Supervalu, Inc. .............................. 467 9,340
Synovus Financial Corp. ...................... 912 18,126
Sysco Corp. .................................. 1,112 43,994
Tandy Corp. .................................. 649 31,923
Tektronix, Inc. .............................. 153 5,948
Tellabs, Inc. ................................ 1,316 84,471
Temple-Inland, Inc. .......................... 180 11,869
Tenet Healthcare Corp. ....................... 1,043 24,511
Teradyne, Inc. ............................... 575 37,950
Texaco, Inc. ................................. 1,857 100,858
Texas Instruments, Inc. ...................... 2,640 255,750
Texas Utilities Co. .......................... 929 33,038
Textron, Inc. ................................ 505 38,727
Thermo Electron Corp. ........................ 531 7,965
Thomas & Betts Corp. ......................... 183 5,833
Time Warner, Inc. ............................ 4,273 309,525
Times Mirror Co. ............................. 201 13,467
Timken Co. ................................... 201 4,108
TJX Companies ................................ 1,030 21,051
Torchmark Corp. .............................. 447 12,991
Tosco Corp. .................................. 478 12,996
Toys R Us, Inc. .............................. 832 11,908
Transocean Sedco Forex, Inc. ................. 356 12,000
Tribune Co. .................................. 796 43,830
Tricon Global Restaurants Inc. ............... 516 19,931
TRW, Inc. .................................... 407 21,139
Tupperware Corp. ............................. 186 3,150
Tyco International Ltd. ...................... 5,623 218,594
U.S. Bancorp ................................. 2,417 57,555
U.S. West, Inc. .............................. 1,696 122,112
Unicom Corp. ................................. 730 24,455
Unilever N.V ................................. 1,921 104,574
Union Carbide Corp. .......................... 448 29,904
Union Pacific Corp. .......................... 833 36,340
Union Pacific Resources Group, Inc. .......... 846 10,787
Union Planters Corp. ......................... 480 18,930
Unisys Corp. ................................. 1,028 32,832
United Healthcare Corp. ...................... 582 30,919
United Technologies Corp. .................... 1,618 105,170
Unocal Corp. ................................. 814 27,320
UNUMProvident Corp. .......................... 802 25,714
US Airways Group Inc. ........................ 237 7,599
UST, Inc. .................................... 585 14,735
USX-Marathon Group ........................... 1,037 25,601
USX-U.S. Steel Group ......................... 297 9,801
V F Corp. .................................... 399 11,970
Viacom, Inc. Cl B ............................ 2,341 141,484
Vulcan Materials Co. ......................... 336 13,419
W.R. Grace & Co. ............................. 239 3,316
Wachovia Corp. ............................... 680 46,240
Wal-Mart Stores, Inc. ........................ 14,781 1,021,737
Walgreen Co. ................................. 3,333 97,490
Warner-Lambert Co. ........................... 2,872 235,325
Washington Mutual, Inc. ...................... 1,946 50,596
Waste Management, Inc. ....................... 2,081 35,767
Watson Pharmaceuticals, Inc. ................. 322 11,532
Wellpoint Health Networks Inc. Cl A .......... 217 14,308
Wells Fargo & Company ........................ 5,455 220,587
Wendy's International, Inc. .................. 408 8,415
Westvaco Corp. ............................... 337 10,995
Weyerhaeuser Co. ............................. 792 56,875
Whirlpool Corp. .............................. 246 16,005
Willamette Industries, Inc. .................. 375 17,414
Williams Cos., Inc. .......................... 1,459 44,591
Winn-Dixie Stores, Inc. ...................... 499 11,945
Worthington Industries, Inc. ................. 309 5,118
Wrigley (Wm.) Jr. Co. ........................ 391 32,429
Xerox Corp. .................................. 2,228 50,548
Xilinx, Inc. ................................. 1,062 48,288
Yahoo!, Inc. ................................. 874 378,169
----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $21,123,075) 56.7% ...................... 41,037,263
----------
- ----------
* Fractional share attributable to Corporate Action.
The accompanying notes are an integral part of these financial statments.
7
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Face
Rate Maturity Amount Value
-------- --------- -------- ---------
INDEXED ASSETS (CONTINUED):
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.3%)
U.S. Treasury Bill (a) .......... 5.18% 01/20/00 $ 200,000 $ 199,450
-----------
AGENCY (0.8%)
Federal Home Loan Bank ......... 4.75 01/12/00 613,000 612,110
-----------
COMMERCIAL PAPER (0.9%)
UBS Finance (Delw.) Inc. ....... 4.00 01/03/00 642,000 641,857
-----------
TOTAL SHORT-TERM DEBT
Securities
(Cost: $1,453,417) 2.0% ...................................... 1,453,417
-----------
TOTAL INDEXED ASSETS
(Cost: $22,576,492) 58.7% .................................... $42,490,680
-----------
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 1999:
Expiration Underlying Face Unrealized
Date Amount at Value Gain
------------- --------------- ----------
PURCHASED
3 S&P 500 Stock Index
Futures Contracts March 2000 $1,113,150 $40,088
=========== =======
The face value of futures purchased and outstanding as percentage of total
investment in securities: 1.5%.
- ----------
(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 statments.
8
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Shares Value
------- ---------
ACTIVE ASSETS:
COMMON STOCKS
BASIC MATERIALS
Cabot Corp. .................................. 4,000 $ 81,500
Lone Star Technologies, Inc.* ................ 6,600 183,975
Newmont Mining Corp. ......................... 3,100 75,950
Placer Dome, Inc. ............................ 5,600 60,200
Praxair, Inc ................................. 4,100 206,281
----------
607,906
----------
CONSUMER, CYCLICAL (4.6%)
eBay, Inc.* .................................. 1,000 125,188
Abercrombie & Fitch Co. Cl A* ................ 2,800 74,725
Bed Bath & Beyond, Inc.* ..................... 5,200 180,700
BJ Services Co.* ............................. 1,800 75,263
BJ's Wholesale Club, Inc.* ................... 7,400 270,100
CNET, Inc.* .................................. 2,200 124,850
Cox Radio, Inc.* ............................. 1,300 129,675
Dayton-Hudson Corp. .......................... 2,400 176,250
Diedrich Coffee, Inc.* ....................... 17,000 69,063
Ethan Allen Interiors, Inc. .................. 3,550 113,822
Ford Motor Co. ............................... 1,400 74,813
Furniture Brands Intl., Inc.* ................ 800 17,600
Gannett Co., Inc. ............................ 2,100 171,281
Linens'n Things, Inc.* ....................... 4,200 124,425
Mandalay Resort Group* ....................... 7,300 146,913
Masco Corp. .................................. 6,700 170,013
Meredith Corp. ............................... 2,300 95,881
Nordstrom, Inc. .............................. 3,900 102,131
Outback Steakhouse, Inc.* .................... 4,450 115,422
Skywest, Inc. ................................ 1,300 36,400
Telewest Communications plc ADR* ............. 3,163 174,756
The Cheesecake Factory, Inc.* ................ 2,700 94,500
The Men's Wearhouse, Inc.* ................... 2,600 76,375
Tiffany & Co. ................................ 2,850 254,363
TJX Companies ................................ 4,100 83,794
Young & Rubicam, Inc. ........................ 3,500 247,625
----------
3,325,928
----------
CONSUMER, NON-CYCLICAL (2.7%)
Albertson's, Inc. ............................ 3,900 125,775
American Home Products Corp. ................. 1,400 55,213
Baxter International, Inc. ................... 1,700 106,781
Bestfoods .................................... 2,100 110,381
Cardinal Health, Inc. ........................ 2,100 100,538
Cygnus, Inc.* ................................ 4,000 73,000
Diageo plc-- Sponsored ADR ................... 2,000 64,000
Dura Pharmaceuticals, Inc.* .................. 5,500 76,656
Enzon, Inc.* ................................. 2,100 91,088
Forest Laboratories, Inc.* ................... 3,500 215,031
Fort James Corp. ............................. 4,300 117,713
IDEC Pharmaceuticals Corp.* .................. 400 39,300
Lilly (Eli) & Co. ............................ 1,500 99,750
Medimmune, Inc.* ............................. 1,100 182,463
Medquist, Inc.* .............................. 1,200 30,975
Minimed, Inc.* ............................... 2,400 175,800
SangStat Medical Corp.* ...................... 2,900 86,275
Sepracor, Inc.* .............................. 700 69,431
US Foodservice* .............................. 4,400 73,700
Williams-Sonoma, Inc.* ....................... 1,200 55,200
----------
1,949,070
----------
ENERGY (2.2%)
BP Amoco Corp. ............................... 3,434 203,679
Calpine Corp.* ............................... 4,050 259,200
Exxon Mobil Corp. ............................ 2,376 191,417
Midcoast Energy Res., Inc. ................... 1,400 23,450
Nabors Industries, Inc.* ..................... 4,000 123,750
Quanta Services, Inc.* ....................... 3,200 90,400
Schlumberger, Ltd. ........................... 3,000 168,750
Total Fina S.A.-- ADR ........................ 2,470 171,048
USX-Marathon Group ........................... 7,200 177,750
Varco International, Inc.* ................... 6,000 61,125
Weatherford International, Inc.* ............. 2,400 95,850
----------
1,566,419
----------
FINANCIAL (4.7%)
American General Corp. ....................... 1,100 83,463
American Int'l. Group, Inc. .................. 3,156 341,243
Arden Realty Group ........................... 5,300 106,331
Bank of America Corp. ........................ 4,823 242,054
Boston Properties, Inc. ...................... 2,400 74,700
Citigroup, Inc. .............................. 11,850 658,416
Compass Bancshares Inc., ..................... 2,700 60,244
Cullen/Frost Bankers, Inc. ................... 2,600 66,950
Equity Res. Pptys. Tr. Co. ................... 2,600 110,988
Fannie Mae ................................... 2,100 131,119
Fleet Boston Financial Corp. ................. 3,600 125,325
HCC Insurance Holdings, Inc. ................. 5,100 67,256
Heller Financial, Inc. ....................... 5,200 104,325
Kimco Realty Corp ............................ 2,700 91,463
Mack-Cali Realty Corp. ....................... 3,700 96,431
Morgan Stanley Dean Witter ................... 2,000 285,500
Natl. Commerce Bancorp ....................... 2,600 58,988
Providian Financial Corp. .................... 1,600 145,700
SL Green Realty Corp. ........................ 6,100 132,675
Spieker Pptys., Inc. ......................... 3,200 116,600
Vornado Rlty. Trust .......................... 3,200 104,000
Washington Mutual, Inc. ...................... 4,300 111,800
Wells Fargo & Company ........................ 2,800 113,225
----------
3,428,796
----------
INDUSTRIAL (6.2%)
Applied Materials, Inc.* ..................... 5,900 747,456
Asyst Technologies, Inc.* .................... 1,600 104,900
BISYS Group, Inc.* ........................... 2,200 143,550
Caterpillar, Inc. ............................ 2,000 94,125
Citadel Communications, Corp.* ............... 1,700 110,288
Coinstar, Inc.* .............................. 3,400 47,600
CommScope, Inc.* ............................. 1,900 76,594
Computer Sciences Corp.* ..................... 1,700 160,863
Conexant Systems, Inc.* ...................... 3,400 225,675
Covenant Transport, Inc. Cl A* ............... 4,600 79,925
CSG Systems Intl., Inc.* ..................... 1,900 75,763
Dycom Industries, Inc.* ...................... 2,200 96,938
Emerson Electric Co. ......................... 1,300 74,588
EOG Resources, Inc. .......................... 2,800 49,175
FactSet Research Systems, Inc. ............... 2,000 159,250
Forward Air Corporation* ..................... 5,100 221,213
Honeywell International, Inc. ................ 1,800 103,838
Hooper Holmes, Inc. .......................... 8,150 209,863
Kent Electronics Corp.* ...................... 3,100 70,525
Kulicke and Soffa Industries, Inc.* .......... 2,200 93,638
Mettler-Toledo International, Inc.* .......... 2,200 84,013
Official Payments Corp.* ..................... 1,300 67,600
Pittway Corp. ................................ 700 31,369
PRI Automation, Inc.* ........................ 2,100 140,963
Radio One, Inc.* ............................. 1,300 119,600
Salem Communications Corp. Cl A* ............. 1,700 38,463
SDL, Inc.* ................................... 800 174,400
Semtech Corp.* ............................... 4,200 218,925
Spartech Corp. ............................... 3,400 109,650
Swift Transportation Co., Inc.* .............. 4,500 79,313
Time Warner Telecom, Inc. Cl. A* ............. 2,500 124,844
Transocean Offshore, Inc. .................... 581 19,566
True North Communications, Inc. .............. 1,900 84,906
The accompanying notes are an integral part of these financial statments.
9
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Shares Value
------- ---------
ACTIVE ASSETS (Continued)
U.S. Xpress Enterprises, Inc. Cl A* .......... 4,600 $ 33,925
Varian Semiconductor Equipment
Associates, Inc.* ............................ 2,800 95,200
Williams Cos., Inc. .......................... 4,800 146,700
-----------
4,515,204
-----------
Technology (16.4%)
3Com Corp* ................................... 6,200 291,400
Altera Corp.* ................................ 3,600 178,425
ANTEC Corp.* ................................. 2,700 98,550
Applied Micro Circuits, Corp.* ............... 3,200 407,200
ASM Lithography Holding NV* .................. 1,900 216,125
AT&T Corp. ................................... 3,300 167,475
Atmel Corp.* ................................. 16,800 496,650
ATMI, Inc.* .................................. 2,700 89,269
Aware, Inc.* ................................. 1,300 47,288
Broadcom Corp.* .............................. 500 136,188
Business Objects S.A.-- Sp ADR* .............. 800 106,900
Ciena Corp.* ................................. 4,400 253,000
Cisco Systems, Inc.* ......................... 24,800 2,656,700
Compaq Computer Corp. ........................ 13,700 370,756
Critical Path, Inc.* ......................... 2,000 188,750
Dallas Semiconductor Corp. ................... 1,200 77,325
Digital Island, Inc.* ........................ 1,100 104,638
Dionex Corp.* ................................ 2,700 111,206
Documentum, Inc.* ............................ 1,000 59,875
E-Speed, Inc., Cl A* ......................... 3,000 106,688
Efficient Networks, Inc.* .................... 1,700 115,600
Emulex Corp.* ................................ 1,500 168,750
Exodus Communications, Inc.* ................. 1,600 142,100
Hewlett-Packard Co. .......................... 1,000 113,938
Intel Corp. .................................. 9,000 740,813
Intl. Business Machines Corp. ................ 1,600 172,800
Intuit, Inc.* ................................ 6,900 413,569
JDA Software Group, Inc.* .................... 6,800 111,350
Lattice Semiconductor Corp. .................. 2,000 94,250
Legato Systems, Inc.* ........................ 3,600 247,725
Linear Technology Corp. ...................... 8,900 636,906
Manugistics Group, Inc.* ..................... 3,000 96,938
Maxim Integrated Products, Inc.* ............. 13,800 651,188
Mcleod USA, Inc.* ............................ 2,400 141,300
Microchip Technology, Inc.* .................. 2,800 191,625
Microsoft Corp.* ............................. 1,700 198,453
Networks Associates, Inc.* ................... 4,700 125,431
Novellus Systems, Inc.* ...................... 1,200 147,038
Parametric Technology Corp.* ................. 9,800 265,213
Protein Design Labs, Inc.* ................... 900 63,000
Sawtek, Inc.* ................................ 1,600 106,500
Vignette Corporation* ........................ 600 97,800
Vitesse Semiconductor Corp.* ................. 1,600 83,900
Waters Corp.* ................................ 1,800 95,400
Xerox Corp. .................................. 2,500 56,719
Xilinx, Inc.* ................................ 9,800 445,594
-----------
11,888,308
-----------
Utilities (2.0%)
El Paso Energy Corp. ......................... 2,700 104,794
GTE Corp. .................................... 2,200 155,238
Illinova Corp. ............................... 3,200 111,200
ITC DeltaCom, Inc.* .......................... 4,500 124,313
Kinder Morgan, Inc. .......................... 4,800 96,900
MCI WorldCom, Inc.* .......................... 2,700 143,269
MDU Resources Group .......................... 3,900 78,000
Montana Pwr. Co. ............................. 3,100 111,794
NSTAR ........................................ 2,205 89,303
SBC Communications, Inc. ..................... 2,300 112,125
SIGCORP, Inc. ................................ 3,100 70,525
Western Wireless Corp. Cl A* ................. 2,700 180,225
-----------
1,377,686
-----------
Total Active Assets - Common Stocks
(Cost: $19,036,464) 39.6% ...................... 28,659,317
-----------
- -------------
*Non-income producing security.
The accompanying notes are an integral part of these financial statments.
10
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Face
Rate Maturity Amount Value
---- -------- ------ -----
ACTIVE ASSETS (Continued):
Short-Term Debt Securities:
Commercial Paper (1.7%)
Abbott Laboratories .................. 6.25% 01/13/00 $998,000 $ 995,917
Countrywide Credit Industries Inc. ... 5.25 01/07/00 200,000 199,825
-----------
1,195,742
-----------
Total Active Assets Short-Term Debt Securities
(Cost: $1,195,742) 1.7% ........................................ 1,195,742
-----------
Total Active Assets
(Cost: $20,232,206) 41.3% ...................................... 29,855,059
-----------
Total Investments
(Cost: $42,808,697) 100.0% ..................................... $72,345,739
===========
- -----------------
*Non-income producing security.
The accompanying notes are an integral part of these financial statments.
11
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 1999
Shares Value
------- ---------
INDEXED ASSETS:
Common Stocks
3Com Corp. ....................................... 778 $ 36,566
Abbott Laboratories .............................. 3,474 126,150
Adaptec, Inc. .................................... 236 11,770
ADC Telecommunications, Inc. ..................... 342 24,816
Adobe Systems, Inc. .............................. 272 18,292
Advanced Micro Devices, Inc. ..................... 336 9,723
AES Corp. ........................................ 470 35,132
Aetna, Inc. ...................................... 342 19,088
Aflac, Inc. ...................................... 607 28,643
Air Products & Chemicals, Inc. ................... 524 17,587
Alberto-Culver Co. Cl A .......................... 125 3,227
Albertson's, Inc. ................................ 960 30,960
Alcan Aluminum Ltd. .............................. 507 20,882
ALCOA, Inc. ...................................... 837 69,471
Allegheny Technologies, Inc. ..................... 213 4,779
Allergan, Inc. ................................... 294 14,626
Allied Waste Industries, Inc. .................... 430 3,789
Allstate Corp. ................................... 1,823 43,752
Alltel Corp. ..................................... 697 57,633
Alza Corp. ....................................... 232 8,033
Amerada Hess Corp. ............................... 201 11,407
Ameren Corp. ..................................... 305 9,989
America Online, Inc. ............................. 5,061 381,789
American Electric Power,Inc ...................... 442 14,199
American Express Co. ............................. 1,026 170,572
American General Corp. ........................... 561 42,566
American Greetings Corp. Cl A .................... 149 3,520
American Home Products Corp. ..................... 2,945 116,143
American Int'l. Group, Inc. ...................... 3,491 377,464
Amgen, Inc. ...................................... 2,329 139,886
AMR Corp. ........................................ 340 22,780
Amsouth Bancorporation ........................... 899 17,362
Anadarko Petroleum Corp. ......................... 283 9,657
Analog Devices, Inc. ............................. 395 36,735
Andrew Corp. ..................................... 184 3,484
Anheuser-Busch Cos., Inc. ........................ 1,068 75,694
Aon Corp. ........................................ 585 23,400
Apache Corp. ..................................... 260 9,604
Apple Computer, Inc. ............................. 367 37,732
Applied Materials, Inc. .......................... 857 108,571
Archer-Daniels-Midland Co. ....................... 1,372 16,721
Armstrong World Inds., Inc. ...................... 89 2,970
Ashland, Inc. .................................... 166 5,468
Associates First Capital Corp. Cl A .............. 1,663 45,629
AT&T Corp. ....................................... 7,206 365,704
Atlantic Richfield Co. ........................... 736 63,664
Autodesk, Inc. ................................... 132 4,455
Automatic Data Processing, Inc ................... 1,413 76,125
AutoZone, Inc. ................................... 334 10,792
Avery Dennison Corp. ............................. 252 18,364
Avon Products, Inc. .............................. 546 18,018
Baker Hughes, Inc. ............................... 751 15,818
Ball Corp ........................................ 69 2,717
Bank of America Corp. ............................ 3,850 193,222
Bank of New York Co., Inc. ....................... 1,679 67,160
Bank One Corp. ................................... 2,586 82,914
Bard (C.R.), Inc. ................................ 114 6,042
Barrick Gold Corp. ............................... 891 15,760
Bausch & Lomb, Inc. .............................. 125 8,555
Baxter International, Inc. ....................... 665 41,770
BB & T Corp. ..................................... 730 19,984
Bear Stearns Cos., Inc. .......................... 270 11,542
Becton Dickinson & Co. ........................... 572 15,301
Bed Bath & Beyond, Inc. .......................... 319 11,085
Bell Atlantic Corp. .............................. 3,502 215,592
BellSouth Corp. .................................. 4,245 198,719
Bemis, Inc. ...................................... 117 4,080
Best Buy, Inc. ................................... 465 23,337
Bestfoods ........................................ 637 33,482
Bethlehem Steel Corp. ............................ 299 2,504
Biomet, Inc. ..................................... 250 10,000
Black & Decker Corp. ............................. 196 10,241
Block (H. & R.), Inc. ............................ 217 9,494
BMC Software, Inc. ............................... 546 43,646
Boeing Co. ....................................... 2,107 87,572
Boise Cascade Corp. .............................. 125 5,062
Boston Scientific Corp. .......................... 944 20,650
Briggs & Stratton Corp. .......................... 52 2,788
Bristol-Myers Squibb Co. ......................... 4,473 287,111
Brown-Forman Corp. Cl B .......................... 152 8,702
Brunswick Corp. .................................. 204 4,539
Burlington Northern Santa Fe ..................... 1,030 24,977
Burlington Resources, Inc. ....................... 497 16,432
Cabletron Systems, Inc. .......................... 398 10,348
Campbell Soup Co. ................................ 991 38,339
Capital One Financial Corp. ...................... 451 21,733
Cardinal Health, Inc. ............................ 622 29,778
Carnival Corp. ................................... 1,401 66,985
Carolina Power & Light Co. ....................... 355 10,805
Caterpillar, Inc. ................................ 812 38,215
CBS Corp. ........................................ 1,741 111,315
Cendant Corp. .................................... 1,603 42,580
Centex Corp. ..................................... 132 3,259
Central & South West Corp. ....................... 486 9,720
CenturyTel, Inc. ................................. 319 15,113
Ceridian Corp. ................................... 331 7,137
Champion International Corp. ..................... 213 13,193
Charles Schwab Corp. ............................. 1,868 71,684
Chase Manhattan Corp. ............................ 1,860 144,499
Chevron Corp. .................................... 1,498 129,764
Chubb Corp. ...................................... 402 22,638
CIGNA Corp. ...................................... 425 34,239
Cincinnati Financial Corp. ....................... 377 11,758
CINergy Corp. .................................... 363 8,757
Circuit City Group, Inc. ......................... 459 20,684
Cisco Systems, Inc. .............................. 7,376 790,154
Citigroup, Inc. .................................. 7,603 422,442
Citrix Systems, Inc. ............................. 201 24,723
Clear Channel Communications, Inc. ............... 771 68,812
Clorox Co. ....................................... 539 27,152
CMS Energy Corp. ................................. 270 8,421
Coastal Corp. .................................... 487 17,258
Coca-Cola Co. .................................... 5,570 324,452
Coca-Cola Enterprises, Inc. ...................... 970 19,521
Colgate-Palmolive Co. ............................ 1,331 86,515
Columbia Energy Group ............................ 186 11,765
Columbia/HCA Healthcare Corp. .................... 1,289 37,784
Comcast Corp. Cl A ............................... 1,711 86,512
Comerica, Inc. ................................... 357 16,667
Compaq Computer Corp. ............................ 3,834 103,758
Computer Associates Intl., Inc ................... 1,228 85,883
Computer Sciences Corp. .......................... 365 34,538
Compuware Corp. .................................. 816 30,396
Comverse Technology Inc. ......................... 160 23,160
Conagra, Inc. .................................... 1,115 25,157
Conoco, Inc. Cl B ................................ 1,432 35,621
The accompanying notes are an integral part of these financial statments.
12
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Shares Value
------- ---------
INDEXED ASSETS (Continued):
Common Stocks (Continued)
Conseco, Inc. ..................................... 747 $ 13,353
Consolidated Edison, Inc. ......................... 505 17,422
Consolidated Natural Gas Co. ...................... 213 13,832
Consolidated Stores Corp. ......................... 244 3,965
Constellation Energy Group, Inc. .................. 342 9,918
Cooper Industries, Inc. ........................... 210 8,492
Cooper Tire & Rubber Co. .......................... 169 2,630
Coors (Adolph) Co. Cl B ........................... 81 4,252
Corning, Inc. ..................................... 559 72,076
Costco Wholesale Corp. ............................ 504 45,990
Countrywide Credit Industries, Inc. ............... 251 6,338
Crane Co. ......................................... 153 3,041
Crown Cork & Seal, Inc. ........................... 272 6,086
CSX Corp. ......................................... 497 15,593
Cummins Engine Co., Inc. .......................... 93 4,493
CVS Corp. ......................................... 895 35,744
Dana Corp. ........................................ 369 11,047
Danaher Corp. ..................................... 316 15,247
Darden Restaurants, Inc. .......................... 297 5,383
Dayton-Hudson Corp. ............................... 1,010 74,172
Deere & Co. ....................................... 534 23,162
Dell Computer Corp. ............................... 5,730 292,230
Delphi Automotive Systems Corp .................... 1,290 20,317
Delta Air Lines, Inc. ............................. 315 15,691
Deluxe Corp. ...................................... 173 4,747
Dillard's Inc. Cl A ............................... 238 4,805
Disney (Walt) Co. ................................. 4,651 136,042
Dollar General Corp. .............................. 600 13,650
Dominion Resources, Inc. .......................... 438 17,191
Donnelley (R.R.) & Sons Co. ....................... 290 7,196
Dover Corp. ....................................... 476 21,598
Dow Chemical Co. .................................. 503 67,213
Dow Jones & Co., Inc. ............................. 201 13,668
DTE Energy Co. .................................... 323 10,134
Du Pont (E.I.) de Nemours & Co .................... 2,356 155,234
Duke Energy Corp. ................................. 833 41,754
Dun & Bradstreet Corp. ............................ 368 10,856
Eastern Enterprises ............................... 59 3,389
Eastman Chemical Co. .............................. 176 8,393
Eastman Kodak Co. ................................. 723 47,899
Eaton Corp. ....................................... 159 11,547
Ecolab, Inc. ...................................... 288 11,268
Edison International .............................. 793 20,767
El Paso Energy Corp. .............................. 520 20,182
Electronic Data Systems Corp. ..................... 1,062 71,088
EMC Corp. ......................................... 2,314 252,804
Emerson Electric Co. .............................. 992 56,916
Engelhard Corp. ................................... 288 5,436
Enron Corp. ....................................... 1,630 72,331
Entergy Corp. ..................................... 564 14,523
Equifax, Inc. ..................................... 320 7,540
Exxon Mobil Corp. ................................. 7,788 627,421
Fannie Mae ........................................ 2,311 144,293
FDX Corp. ......................................... 679 27,797
Federated Department Stores, Inc. ................. 467 23,613
FHLMC ............................................. 1,588 74,735
Fifth Third Bancorp ............................... 689 50,555
First Data Corp. .................................. 945 46,600
First Union Corp. ................................. 2,227 73,073
Firstar Corp. ..................................... 2,210 46,686
FirstEnergy Corp. ................................. 528 11,979
FleetBoston Financial Corp. ....................... 2,065 71,888
Fleetwood Enterprises, Inc. ....................... 78 1,609
Florida Progress Corp. ............................ 216 9,139
Fluor Corp. ....................................... 168 7,707
FMC Corp. ......................................... 70 4,012
Ford Motor Co. .................................... 2,724 145,564
Fort James Corp. .................................. 505 13,824
Fortune Brands, Inc. .............................. 380 12,564
Foster Wheeler Corp. .............................. 91 808
FPL Group, Inc. ................................... 403 17,253
Franklin Resources, Inc. .......................... 576 18,468
Freeport-McMoran Copper &
Gold, Inc.Cl B ................................. 373 7,880
Gannett Co., Inc. ................................. 639 52,118
Gap, Inc. ......................................... 1,958 90,068
Gateway, Inc. ..................................... 715 51,525
General Dynamics Corp. ............................ 455 24,001
General Electric Co. .............................. 7,399 1,144,995
General Instrument Corp. .......................... 396 33,660
General Mills, Inc. ............................... 698 24,953
General Motors Corp. .............................. 1,471 106,923
Genuine Parts Co. ................................. 400 9,925
Georgia-Pacific Group ............................. 392 19,894
Gillette Co. ...................................... 2,419 99,633
Global Crossing Ltd. .............................. 1,711 85,550
Golden West Financial Corp. ....................... 381 12,763
Goodrich (B.F.) Co. ............................... 244 6,710
Goodyear Tire & Rubber Co. ........................ 357 10,063
GPU, Inc. ......................................... 279 8,353
Grainger (W.W.), Inc. ............................. 207 9,897
Great Atlantic & Pac. Tea, Inc. ................... 85 2,369
Great Lakes Chemical Corp. ........................ 132 5,041
GTE Corp. ......................................... 2,192 154,673
Guidant Corp. ..................................... 690 32,430
Halliburton Holdings Co. .......................... 1,008 40,572
Harcourt General, Inc. ............................ 158 6,359
Harrah's Entertainment, Inc. ...................... 293 7,746
Hartford Financial Svs Gp, Inc .................... 516 24,445
Hasbro, Inc. ...................................... 437 8,330
HealthSouth Corp. ................................. 871 4,682
Heinz (H.J.) Co. .................................. 818 32,567
Helmerich & Payne, Inc. ........................... 110 2,399
Hercules, Inc. .................................... 235 6,551
Hershey Food Corp. ................................ 310 14,725
Hewlett-Packard Co. ............................... 2,313 263,537
Hilton Hotels Corp. ............................... 842 8,104
Home Depot, Inc. .................................. 5,192 355,942
Homestake Mining Co. .............................. 594 4,641
Honeywell International, Inc. ..................... 1,802 103,953
Household International, Inc. ..................... 1,060 39,485
Humana, Inc. ...................................... 383 3,136
Huntington Bancshares, Inc. ....................... 526 12,558
Ikon Office Solutions, Inc. ....................... 341 2,323
Illinois Tool Works, Inc. ......................... 685 46,280
IMS Health, Inc. .................................. 714 19,412
Inco Ltd. ......................................... 438 10,293
Ingersoll Rand Co. ................................ 377 20,759
Intel Corp. ....................................... 7,554 621,789
International Business Machines Corp. ............ 4,065 439,020
International Paper Co. ........................... 944 53,277
Interpublic Group of Cos., Inc. ................... 644 37,151
Intl. Flavors & Fragrances ........................ 236 8,909
ITT Industries, Inc. .............................. 195 6,520
Jefferson-Pilot Corp. ............................. 236 16,107
Johnson & Johnson ................................. 3,136 292,040
Johnson Controls, Inc. ............................ 189 10,749
Jostens, Inc. ..................................... 76 1,848
Kansas City Southern Inds., Inc. .................. 244 18,209
The accompanying notes are an integral part of these financial statments.
13
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Shares Value
------- ---------
INDEXED ASSETS (Continued):
Common Stocks (Continued)
Kaufman & Broad Home Corp. ....................... 107 $ 2,588
Kellogg Co. ...................................... 925 28,502
Kerr-McGee Corp. ................................. 192 11,904
KeyCorp .......................................... 1,025 22,678
Kimberly Clark Corp. ............................. 1,217 79,409
KLA-Tencor Corp. ................................. 195 21,718
Kmart Corp. ...................................... 1,127 11,340
Knight-Ridder, Inc. .............................. 185 11,008
Kohl's Corp. ..................................... 372 26,854
Kroger Co. ....................................... 1,894 35,749
Legget & Platt, Inc. ............................. 449 9,625
Lehman Brothers Holdings, Inc. ................... 274 23,204
Lexmark Intl Group Inc. Cl A ..................... 286 25,883
Lilly (Eli) & Co. ................................ 2,459 163,524
Limited, Inc. .................................... 489 21,180
Lincoln National Corp. ........................... 450 18,000
Liz Claiborne, Inc. .............................. 140 5,268
Lockheed Martin Corp. ............................ 902 19,731
Loews Corp. ...................................... 242 14,686
Longs Drug Stores Corp. .......................... 87 2,246
Louisiana-Pacific Corp. .......................... 242 3,449
Lowe's Companies, Inc. ........................... 871 52,042
LSI Logic Corp. .................................. 337 22,748
Lucent Technologies, Inc. ........................ 7,065 528,550
Mallinckrodt, Inc. ............................... 159 5,058
Manor Care, Inc. ................................. 247 3,952
Marriott International, Inc. Cl A ................ 568 17,928
Marsh & McLennan Cos., Inc. ...................... 603 57,700
Masco Corp. ...................................... 1,012 25,680
Mattel, Inc. ..................................... 960 12,600
May Department Stores Co. ........................ 763 24,607
Maytag Corp. ..................................... 196 9,408
MBIA, Inc. ....................................... 221 11,672
MBNA Corp. ....................................... 1,831 49,895
McDermott International, Inc. .................... 132 1,196
McDonald's Corp. ................................. 3,053 123,074
McGraw-Hill Cos., Inc. ........................... 449 27,670
MCI WorldCom, Inc. ............................... 6,417 340,502
McKesson HBOC, Inc. .............................. 642 14,485
Mead Corp. ....................................... 227 9,860
MediaOne Group, Inc. ............................. 1,385 106,385
Medtronic, Inc. .................................. 2,680 97,653
Mellon Financial Corp. ........................... 1,174 39,989
Merck & Co., Inc. ................................ 5,271 353,486
Meredith Corp. ................................... 116 4,836
Merrill Lynch & Co., Inc. ........................ 844 70,474
MGIC Investment Corp. ............................ 244 14,686
Micron Technology, Inc. .......................... 609 47,350
Microsoft Corp. .................................. 11,655 1,360,721
Milacron, Inc. ................................... 82 1,261
Millipore Corp. .................................. 98 3,785
Minnesota Mining & Mfg. Co. ...................... 920 90,045
Mirage Resorts, Inc. ............................. 454 6,952
Molex Inc. ....................................... 354 20,067
Monsanto Co. ..................................... 1,447 51,549
Morgan (J.P.) & Co., Inc. ........................ 394 49,890
Morgan Stanley Dean Witter & Co. ................. 1,256 179,294
Motorola, Inc. ................................... 1,387 204,236
Nabisco Group Holdings Corp. ..................... 745 7,916
NACCO Industries, Inc. Cl A ...................... 18 1,000
National City Corp. .............................. 1,412 33,447
National Semiconductor Corp. ..................... 384 16,440
National Service Industries ...................... 92 2,714
Navistar International Corp. ..................... 147 6,964
Network Appliance, Inc. .......................... 320 26,580
New Century Energies, Inc. ....................... 254 7,715
New York Times Co. Cl A .......................... 391 19,208
Newell Rubbermaid, Inc. .......................... 644 18,676
Newmont Mining Corp. ............................. 383 9,384
Nextel Communications, Inc. Cl A ................. 826 85,181
Niagara Mohawk Holdings, Inc. .................... 428 5,965
Nicor, Inc. ...................................... 106 3,445
Nike, Inc. Cl B .................................. 642 31,819
Nordstrom, Inc. .................................. 316 8,275
Norfolk Southern Corp. ........................... 869 17,815
Nortel Networks Corp ............................. 3,031 306,131
Northern States Power Co. ........................ 352 6,864
Northern Trust Corp. ............................. 494 26,182
Northrop Grumman Corp. ........................... 153 8,272
Novell, Inc. ..................................... 765 30,552
Nucor Corp. ...................................... 195 10,688
Occidental Petroleum Corp. ....................... 829 17,927
Office Depot, Inc. ............................... 742 8,116
Old Kent Financial Corp. ......................... 271 9,587
Omnicom Group, Inc. .............................. 397 39,700
Oneok, Inc. ...................................... 70 1,759
Oracle Corp. ..................................... 3,211 359,833
Owens Corning .................................... 121 2,337
Owens-Illinois, Inc. ............................. 356 8,922
Paccar, Inc. ..................................... 174 7,710
Pactiv Corp. ..................................... 389 4,133
Paine Webber Group, Inc. ......................... 324 12,575
Pall Corp. ....................................... 277 5,973
Parametric Technology Corp. ...................... 615 16,643
Parker Hannifin Corp. ............................ 241 12,366
Paychex, Inc. .................................... 562 22,480
PE Corp-PE Biosystems Group ...................... 233 28,033
Peco Energy Co. .................................. 426 14,804
Penney (J.C.) Co., Inc. .......................... 602 12,002
Peoples Energy Corp. ............................. 79 2,647
Peoplesoft, Inc. ................................. 555 11,828
Pep Boys-Manny, Moe & Jack ....................... 117 1,068
PepsiCo, Inc. .................................... 3,283 115,726
Perkin Elmer, Inc. ............................... 100 4,169
Pfizer, Inc. ..................................... 8,730 283,179
PG & E Corp. ..................................... 877 17,979
Pharmacia & Upjohn, Inc. ......................... 1,157 52,065
Phelps Dodge Corp. ............................... 202 13,577
Phillip Morris Cos., Inc. ........................ 5,336 123,729
Phillips Petroleum Co. ........................... 578 27,166
Pinnacle West Capital Corp. ...................... 194 5,929
Pitney Bowes, Inc. ............................... 611 29,519
Placer Dome, Inc. ................................ 743 7,987
PNC Bank Corp. ................................... 663 29,504
Polaroid Corp. ................................... 98 1,844
Potlatch Corp. ................................... 64 2,856
PP&L Resources, Inc. ............................. 324 7,412
PPG Industries, Inc. ............................. 396 24,775
Praxair, Inc. .................................... 364 18,314
Price (T. Rowe) & Associates, Inc. ............... 277 10,232
Proctor & Gamble Co. ............................. 2,964 324,743
Progressive Corp. of Ohio ........................ 161 11,773
Providian Financial Corp. ........................ 315 28,685
Public Svc. Enterprise Group, Inc. ............... 501 17,441
Pulte Corp. ...................................... 96 2,160
Quaker Oats Co. .................................. 303 19,884
Qualcomm, Inc. ................................... 1,468 258,735
Quintiles Transnational Corp. .................... 262 4,896
The accompanying notes are an integral part of these financial statments.
14
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Shares Value
------- ---------
INDEXED ASSETS (Continued):
Common Stocks (Continued)
Ralston Purina Group ............................. 739 $ 20,600
Raytheon Co. Cl B ................................ 771 20,480
Reebok International Ltd. ........................ 126 1,032
Regions Financial Corp. .......................... 511 12,839
Reliant Energy, Inc. ............................. 676 15,464
Republic New York Corp. .......................... 233 16,776
Reynolds Metals Co. .............................. 143 10,957
Rite-Aid Corp. ................................... 591 6,612
Rockwell Intl., Corp. ............................ 437 20,921
Rohm & Haas Co. .................................. 497 20,222
Rowan Cos., Inc. ................................. 184 3,991
Royal Dutch Petroleum Co. N.Y .................... 4,836 292,276
Russell Corp. .................................... 76 1,273
Ryder System, Inc. ............................... 147 3,592
Safeco Corp. ..................................... 292 7,264
Safeway, Inc. .................................... 1,165 41,430
Sara Lee Corp. ................................... 2,063 45,515
SBC Communications, Inc. ......................... 7,693 375,034
Schering-Plough Corp. ............................ 3,313 139,767
Schlumberger, Ltd. ............................... 1,251 70,369
Scientific-Atlanta, Inc. ......................... 168 9,345
Scottish Power plc -- ADR ........................ * 27
Seagate Technology ............................... 476 22,164
Seagram Ltd. ..................................... 988 44,398
Sealed Air Corp. New ............................. 186 9,637
Sears Roebuck & Co. .............................. 869 26,450
Sempra Energy .................................... 549 9,539
Service Corp. International ...................... 621 4,308
Shared Medical Systems Corp. ..................... 59 3,005
Sherwin-Williams Co. ............................. 387 8,127
Sigma-Aldrich Corp. .............................. 224 6,734
Silicon Graphics, Inc. ........................... 431 4,229
SLM Holding Corp. ................................ 361 15,252
Snap-On, Inc. .................................... 145 3,852
Solectron Corp. .................................. 669 63,639
Southern Co. ..................................... 1,518 35,673
Southtrust Corp. ................................. 382 14,444
Southwest Airlines Co. ........................... 1,151 18,632
Springs Industries, Inc. ......................... 40 1,598
Sprint Corp. (FON Group) ......................... 1,981 133,346
Sprint Corp. (PCS Group) ......................... 972 99,630
St. Jude Medical, Inc. ........................... 187 5,739
St. Paul Companies, Inc. ......................... 518 17,450
Stanley Works .................................... 198 5,965
Staples, Inc. .................................... 1,061 22,016
State Street Corp. ............................... 368 26,887
Summit Bancorp ................................... 404 12,373
Sun Microsystems, Inc. ........................... 3,534 273,664
Sunoco, Inc. ..................................... 201 4,724
Suntrust Banks, Inc. ............................. 735 50,577
Supervalu, Inc. .................................. 309 6,180
Synovus Financial Corp. .......................... 620 12,323
Sysco Corp. ...................................... 756 29,909
Tandy Corp. ...................................... 441 21,692
Tektronix, Inc. .................................. 104 4,043
Tellabs, Inc. .................................... 894 57,384
Temple-Inland, Inc. .............................. 124 8,176
Tenet Healthcare Corp. ........................... 709 16,662
Teradyne, Inc. ................................... 391 25,806
Texaco, Inc. ..................................... 1,262 68,542
Texas Instruments, Inc. .......................... 1,794 173,794
Texas Utilities Co. .............................. 631 22,440
Textron, Inc. .................................... 334 25,614
Thermo Electron Corp. ............................ 354 5,310
Thomas & Betts Corp. ............................. 126 4,016
Time Warner, Inc. ................................ 2,901 210,141
Times Mirror Co. ................................. 136 9,112
Timken Co. ....................................... 138 2,820
TJX Companies .................................... 725 14,817
Torchmark Corp. .................................. 296 8,603
Tosco Corp. ...................................... 348 9,461
Toys R Us, Inc. .................................. 559 8,001
Transocean Sedco Forex, Inc. ..................... 242 8,159
Tribune Co. ...................................... 541 29,789
Tricon Global Restaurants Inc. ................... 351 13,557
TRW, Inc. ........................................ 277 14,387
Tupperware Corp. ................................. 128 2,168
Tyco International Ltd. .......................... 3,821 148,541
U.S. Bancorp ..................................... 1,641 39,076
U.S. West, Inc. .................................. 1,152 82,944
Unicom Corp. ..................................... 496 16,616
Unilever N.V ..................................... 1,305 71,041
Union Carbide Corp. .............................. 296 19,758
Union Pacific Corp. .............................. 566 24,692
Union Pacific Resources Group, Inc. .............. 575 7,331
Union Planters Corp. ............................. 326 12,857
Unisys Corp. ..................................... 699 22,324
United Healthcare Corp. .......................... 396 21,038
United Technologies Corp. ........................ 1,100 71,500
Unocal Corp. ..................................... 554 18,594
UNUMProvident Corp. .............................. 545 17,474
US Airways Group Inc. ............................ 164 5,258
UST, Inc. ........................................ 390 9,823
USX-Marathon Group ............................... 705 17,405
USX-U.S. Steel Group ............................. 197 6,501
V F Corp. ........................................ 267 8,010
Viacom, Inc. Cl B ................................ 1,591 96,156
Vulcan Materials Co. ............................. 224 8,946
W.R. Grace & Co. ................................. 163 2,262
Wachovia Corp. ................................... 462 31,416
Wal-Mart Stores, Inc. ............................ 10,036 693,739
Walgreen Co. ..................................... 2,292 67,041
Warner-Lambert Co. ............................... 1,952 159,942
Washington Mutual, Inc. .......................... 1,322 34,372
Waste Management, Inc. ........................... 1,414 24,303
Watson Pharmaceuticals, Inc. ..................... 212 7,592
Wellpoint Health Networks Inc. Cl A .............. 150 9,891
Wells Fargo & Company ............................ 3,704 149,781
Wendy's International, Inc. ...................... 277 5,713
Westvaco Corp. ................................... 223 7,275
Weyerhaeuser Co. ................................. 538 38,635
Whirlpool Corp. .................................. 169 10,996
Willamette Industries, Inc. ...................... 247 11,470
Williams Cos., Inc. .............................. 992 30,318
Winn-Dixie Stores, Inc. .......................... 331 7,923
Worthington Industries, Inc. ..................... 206 3,412
Wrigley (Wm.) Jr. Co. ............................ 258 21,398
Xerox Corp. ...................................... 1,514 34,349
Xilinx, Inc. ..................................... 722 32,828
Yahoo!, Inc. ..................................... 594 257,016
----------
Total Indexed Assets--Common Stocks
(Cost: $25,839,134) 94.6% .......................... 27,861,578
----------
- ---------------
* Fractional share attributable to Corporate Action
The accompanying notes are an integral part of these financial statments.
15
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Face
Rate Maturity Amount Value
---- -------- ------ -----
Short-Term Debt Securities:
U.S. Government (0.3%)
U.S. Treasury Bill (a) ......... 5.13% 01/20/00 $100,000 $ 99,728
-----------
Agencies (1.5%)
Federal Home Loan Bank. ........ 4.75 01/12/00 439,000 438,363
-----------
Commercial Paper (3.6%)
Novartis Finance Corp. ......... 5.15 01/24/00 550,000 548,190
Snap-On, Inc. .................. 4.00 01/03/00 500,000 499,889
-----------
1,048,079
-----------
Total Short-Term Debt Securities
(Cost: $1,586,170) 5.4% ................................ 1,586,170
-----------
Total Investments
(Cost: $27,425,304) 100.0% ............................. $29,447,748
===========
- ---------------------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 1999:
Expiration Underlying Face Unrealized
Date Amount at Value Gain
---------- --------------- ----------
Purchased
4 S&P 500 Stock Index Futures
Contracts ...................... March 2000 $1,484,200 $48,763
========== =======
The face value of futures purchased and outstanding as percentage of total
investment in securities: 5.0%.
- -----------------
(a) The security has been segregated to cover initial requirements on open
futures contracts.
The accompanying notes are an integral part of these financial statments.
16
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------ -----
<S> <C> <C> <C> <C>
Long-Term Debt Securities:
U.S. Goverment (18.8%)
U.S. Treasury Bond ................ 7.13% 02/15/23 $1,500,000 $ 1,561,635
U.S. Treasury Note ................ 6.63 04/30/02 500,000 503,830
U.S. Treasury Note ................ 6.50 05/15/05 3,250,000 3,251,007
------------
5,316,472
------------
Agencies/Other (11.4%)
FHLMC ............................. 8.00 07/15/06 187,312 190,180
FHLMC ............................. 6.50 10/15/06 178,675 177,781
FHLMC ............................. 7.63 09/09/09 500,000 493,830
FNMA .............................. 7.00 11/25/05 422,106 421,051
FNMA .............................. 7.00 10/25/07 1,000,000 993,430
Republic of Iceland ............... 6.13 02/01/04 1,000,000 955,160
------------
3,231,432
------------
Basic Materials (5.5%)
Georgia-Pacific (Timber Group) .... 8.63 04/30/25 250,000 245,353
Millennium America Inc. ........... 7.63 11/15/26 1,000,000 831,680
Praxair, Inc. ..................... 6.90 11/01/06 500,000 472,410
------------
1,549,443
------------
Consumer, Cyclical (9.3%)
Fruit of the Loom, Inc. ........... 7.00 03/15/11 250,000 56,250
Fruit of the Loom, Inc. ........... 7.38 11/15/23 250,000 86,250
Oakwood Homes Corp. ............... 8.13 03/01/09 1,000,000 920,869
Polaroid Corp. .................... 7.25 01/15/07 250,000 213,115
Pulte Corp. ....................... 7.63 10/15/17 500,000 426,050
Tommy Hilfiger USA, Inc. .......... 6.50 06/01/03 500,000 474,155
Venator Group, Inc. ............... 7.00 10/15/02 500,000 455,000
------------
2,631,689
------------
Consumer, Non-Cyclical (10.3%)
Bausch & Lomb, Inc. ............... 6.75 12/15/04 500,000 478,905
Bausch & Lomb, Inc. ............... 6.38 08/01/03 500,000 484,495
Kellwood, Co. ..................... 7.88 07/15/09 1,000,000 911,820
Supervalu, Inc. ................... 8.88 11/15/22 1,000,000 1,051,210
------------
2,926,430
------------
Energy (5.2%)
Columbia Gas Systems, Inc. ........ 6.61 11/28/02 1,000,000 975,020
Arco Chemical Co. ................. 10.25 11/01/10 500,000 493,715
------------
1,468,735
------------
Financial (17.5%)
Bear Stearns Cos., Inc. ........... 6.63 10/01/04 1,000,000 959,120
Chase Manhattan Corp. ............. 6.88 12/12/12 1,000,000 963,410
Executive Risk, Inc. .............. 7.13 12/15/07 500,000 480,485
First American Financial .......... 7.55 04/01/28 500,000 428,660
Fremont Gen Corp. ................. 7.70 03/17/04 500,000 432,810
Harleysville Group Inc. ........... 6.75 11/15/03 250,000 241,190
Lehman Brothers Holdings, Inc. .... 0.00 07/28/28 1,000,000 88,210
Morgan (J.P.) & Co., Inc. ......... 0.00 04/15/27 2,500,000 241,125
Nationwide Health Properties, Inc. 7.90 11/20/06 500,000 432,510
</TABLE>
The accompanying notes are an integral part of these financial statments.
17
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------ -----
<S> <C> <C> <C> <C>
Long-Term Debt Securities (Continued):
Financial (Continued)
Rank Group Financial, Inc. ........ 6.75% 11/30/04 $ 500,000 $ 462,945
Triad Guaranty, Inc. .............. 7.90 01/15/28 250,000 229,350
-----------
4,959,815
-----------
Industrial (12.2%)
Clark Equipment Co. ............... 8.35 05/15/23 500,000 515,500
Geon Co. .......................... 7.50 12/15/15 250,000 227,765
Owens Corning ..................... 7.00 03/15/09 1,000,000 879,970
Thermo Electron Corp. ............. 4.25 01/01/03 1,000,000 843,750
Williams Cos., Inc. ............... 6.50 11/15/02 1,000,000 976,000
-----------
3,442,985
-----------
Utilities (1.7%)
UtiliCorp United, Inc ............. 8.00 03/01/23 500,000 488,815
-----------
Total Long-Term Debt Securities (Cost: $27,594,423) 91.9% ................. 26,015,816
-----------
Short-Term Debt Securities:
Agencies (1.6%)
Federal Home Loan Bank ............ 4.75 01/12/00 447,000 446,351
-----------
Commercial Paper (6.5%)
Abbott Laboratories ............... 6.25 01/13/00 696,000 694,547
General Electric Capital Corp. .... 6.33 01/18/00 400,000 398,801
UBS Finance (Delw.) Inc. .......... 4.00 01/03/00 753,000 752,833
-----------
1,846,181
-----------
Total Short-Term Debt Securities (Cost $2,292,532) 8.1% ................... 2,292,532
-----------
Total Investments 100.0% (Cost: $29,886,955) .............................. $28,308,348
===========
</TABLE>
- -----------------
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statments.
18
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC. (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
Discount Face
Rating* Rate Maturity Amount Value
------- ---- -------- ------ -----
<S> <C> <C> <C> <C> <C>
Short-Term Debt Securities:
Agencies (10.0%)
Federal Home Loan Mtge. Corp. ..... 5.44% 01/14/00 $2,030,000 $ 2,025,981
Federal National Mortgage
Association ..................... 5.51% 01/18/00 1,000,000 997,375
----------
3,023,356
----------
Commercial Paper (90.0%)
Albertson's, Inc. ................ A1/P1 5.89 1/14/00 984,000 981,892
Allied Signal, Inc. .............. A1/P1 5.90 1/27/00 720,000 716,916
American Express Credit Corp. .... A1/P1 5.80 1/19/00 720,000 717,894
Associates Corp. ................. A1+/P1 5.92 2/04/00 921,000 915,829
AT&T Corp. ....................... A1+/P1 6.01 1/25/00 1,000,000 995,981
Baltimore Gas & Electric Co. ..... A1/P1 5.88 1/14/00 1,000,000 997,868
Bear Stearns Cos., Inc. (The) .... A1/P1 5.94 1/10/00 1,000,000 998,493
Becton Dickinson & Co. ........... A1/P1 5.30 1/24/00 1,200,000 1,195,934
BellSouth Telecommunications ..... A1+/P1 5.05 2/02/00 1,000,000 995,510
Bemis, Inc. ...................... A1/P1 6.00 1/18/00 660,000 658,108
British Telecommunications PLC ... A1+/P1 5.85 1/18/00 632,000 630,241
Carolina Power & Light Corp. ..... A1/P1 6.18 1/18/00 212,000 211,379
Carolina Power & Light Corp. ..... A1/P1 6.15 1/28/00 494,000 491,712
Central Illinois Lighting Co. .... A1+/P 6.40 1/25/00 600,000 597,422
CIT Group Holdings ............... A1/P1 5.98 1/04/00 975,000 974,509
Daimler Chrysler NA Holdings Corp. A1/P1 6.10 1/18/00 1,000,000 997,110
Ford Motor Credit Corp. .......... A1/P1 6.26 1/10/00 1,000,000 998,430
General Electric Capital Corp. ... A1+/P1 5.90 1/27/00 570,000 567,560
General Electric Capital Corp. ... A1+/P1 5.98 2/08/00 400,000 397,465
Great Lakes Chemical Corp. ....... A1/P1 5.90 1/28/00 1,000,000 995,557
IBM Credit Corp. ................. A1/P1 5.90 1/21/00 500,000 498,353
Koch Industries, Inc. ............ A1+/P1 5.85 1/10/00 630,000 629,072
Minnesota Mining & Mfg. Co. ...... A1+/P1 6.05 1/28/00 640,000 637,088
Motorola Credit Corp. ............ A1+/P1 6.50 1/27/00 250,000 248,824
Motorola Credit Corp. ............ A1+/P1 5.60 3/31/00 320,000 315,470
Nicor, Inc. ...................... A1/P1 6.00 1/18/00 800,000 797,725
Northern Illinois Gas Co. ........ A1+/P1 5.88 1/21/00 1,035,000 1,031,605
Panasonic Finance, Inc. .......... A1+/P1 5.87 2/03/00 1,000,000 994,596
Pfizer, Inc. ..................... A1/P1 6.52 1/19/00 1,000,000 996,735
Pitney Bowes Inc. ................ A1+/P1 5.20 1/28/00 1,060,000 1,055,864
Sony Capital Corp. ............... A1/P1 6.30 1/26/00 1,105,000 1,100,153
South Carolina Electric & Gas .... A1/P1 6.60 1/31/00 533,000 530,063
Toyota Credit de Puerto Rico Corp. A1/P1 6.02 2/03/00 795,000 790,595
Toyota Motor Credit Corp. ........ A1+/P1 6.04 1/13/00 428,000 427,135
UBS Finance (Delw.) Inc. ......... A1+/P1 4.00 1/03/00 1,000,000 999,778
----------
27,088,866
----------
Total Short-Term Debt Securities (Cost: $30,112,272) 100.0% ......................... $30,112,222
===========
</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 statments.
19
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999
<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 -- $42,808,697
Equity Index -- $27,425,304
Bond Fund -- $29,886,955
Money Market-- $30,112,272) ........ $72,345,739 $29,447,748 $28,308,348 $30,112,222
Cash ............................... 168,374 4,834 1,780 4,673
Interest and dividends receivable .. 56,754 25,190 420,086 --
Receivable for securities sold ..... 93,344 2,009 -- --
Shareholder subscriptions receivable -- -- -- 64,494
----------- ----------- ----------- -----------
TOTAL ASSETS ....................... 72,664,211 29,479,781 28,730,214 30,181,389
----------- ----------- ----------- -----------
Payable for securities purchased .. 197,065 -- -- --
Dividend payable to shareholders ... 98,966 859 8,295 9,187
Accrued expenses ................... 2,179 385 635 476
----------- ----------- ----------- -----------
TOTAL LIABILITIES .................. 298,210 1,244 8,930 9,663
----------- ----------- ----------- -----------
NET ASSETS ......................... $72,366,001 $29,478,537 $28,721,284 $30,171,726
=========== =========== =========== ===========
SHARES OUTSTANDING (Note 4) ........ 4,394,190 2,730,385 3,040,459 2,903,859
=========== =========== =========== ===========
NET ASSET VALUE PER SHARE .......... $ 16.47 $ 10.80 $ 9.45 $ 10.39
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statments.
20
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund(a) Fund Fund
----------- ------------ ---- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME (Note 1)
Dividends ...................................... $ 689,846 $ 220,075 $ -- $ --
Interest ....................................... 166,929 46,990 1,870,132 871,621
------------ ----------- ----------- ---------
Total Investment Income ........................... 856,775 267,065 1,870,132 871,621
------------ ----------- ----------- ---------
Expenses (Note 2):
Investment management fees ..................... 318,029 21,648 121,448 33,028
Directors' (independent) fees and expenses ..... 26,380 15,754 26,380 26,380
Custodian expenses ............................. 64,603 4,208 7,116 12,449
Accounting expenses ............................ 30,000 12,000 30,000 30,000
Transfer agent fees ............................ 32,286 12,779 27,663 33,902
Registration fees and expenses ................. 33,698 35,073 22,157 22,436
Audit .......................................... 10,775 5,000 6,350 4,875
Printing ....................................... 23,243 2,427 9,815 5,855
Other .......................................... 2,345 851 1,181 814
------------ ----------- ----------- ---------
Total Expenses before expense reimbursement ....... 541,359 109,740 252,110 169,739
Expense reimbursement ............................. (6,145) (53,455) (63,191) (103,684)
------------ ----------- ----------- ---------
Net Expenses ...................................... 535,214 56,285 188,919 66,055
------------ ----------- ----------- ---------
NET INVESTMENT INCOME ............................. 321,561 210,780 1,681,213 805,566
------------ ----------- ----------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (Note 1):
Net realized gain (loss) from security transactions 9,735,794 194,402 (77,457) (43)
Net unrealized appreciation (depreciation)
of investments ................................. 4,620,245 2,022,444 (2,560,834) (50)
------------ ----------- ----------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS ................................. 14,356,039 2,216,846 (2,638,291) (93)
------------ ----------- ----------- ---------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ...................... $ 14,677,600 $ 2,427,626 $ (957,078) $ 805,473
============ =========== =========== =========
- ---------------
(a) Commenced operations May 3, 1999.
</TABLE>
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended December 31,
<TABLE>
<CAPTION>
All America Fund Equity Index Fund Bond Fund Money Market Fund
-------------------------- ----------------- ----------------------- --------------------------
1999 1998 1999(a) 1999 1998 1999 1998
---- ---- ------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income .......... $ 321,561 $ 344,112 $ 210,780 $ 1,681,213 $ 1,385,514 $ 805,566 $ 209,895
Net realized gain (loss) on
investments .................. 9,735,794 1,118,467 194,402 (77,457) 152,581 (43) (145)
Net unrealized appreciation
(depreciation) of investments 4,620,245 10,652,968 2,022,444 (2,560,834) 346,222 (50) --
------------ ------------ ------------ ------------ ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS ..................... 14,677,600 12,115,547 2,427,626 (957,078) 1,884,317 805,473 209,750
------------ ------------ ------------ ------------ ------------ ------------ -----------
Dividend Distributions (Note 5):
From net investment income .. (313,199) (355,096) (206,332) (1,688,057) (1,398,540) (800,206) (209,896)
From capital gains .......... (9,376,382) (608,849) (54,088) (16,659) (535,067) -- --
------------ ------------ ------------ ------------ ------------ ------------ -----------
Total Distributions .............. (9,689,581) (963,945) (260,420) (1,704,716) (1,933,607) (800,206) (209,896)
------------ ------------ ------------ ------------ ------------ ------------ -----------
CAPITAL SHARE TRANSACTIONS
(Note 4):
Net Proceeds from sale
of shares .................. 5,281,443 2,124,083 27,076,821 5,911,602 1,216,884 29,396,830 5,332,372
Dividend reinvestments ....... 9,579,059 956,071 259,510 1,690,023 1,919,969 785,550 193,670
Cost of shares redeemed ...... (18,282,044) (105,395) (25,000) (1,453,099) -- (6,528,017) (6,525,496)
------------ ------------ ------------ ------------ ------------ ------------ -----------
NET INCREASE (DECREASE) IN
NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS ............. (3,421,542) 2,974,759 27,311,331 6,148,526 3,136,853 23,654,363 (999,454)
------------ ------------ ------------ ------------ ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET
ASSETS .. 1,566,477 14,126,361 29,478,537 3,486,732 3,087,563 23,659,630 (999,600)
NET ASSETS, BEGINNING OF PERIOD .. 70,799,524 56,673,163 -- 25,234,552 22,146,989 6,512,096 7,511,696
------------ ------------ ------------ ------------ ------------ ------------ -----------
NET ASSETS, END OF YEAR .......... $ 72,366,001 $ 70,799,524 $ 29,478,537 $ 28,721,284 $ 25,234,552 $ 30,171,726 $ 6,512,096
============ ============ ============ ============ ============ ============ ===========
COMPONENTS OF NET ASSETS:
Paid-in capital ................ $ 41,674,733 $ 45,096,275 $ 27,311,331 $ 30,599,549 $ 24,451,023 $ 30,166,066 $ 6,511,703
Accumulated undistributed net
investment income ............ 1,710 (6,652) 4,448 (13,375) (6,531) 5,941 581
Accumulated undistributed
net realized gain(loss) on
investments .................. 1,152,516 793,104 140,314 (286,283) (192,167) (231) (188)
Unrealized appreciation
(depreciation) of
investments .................. 29,537,042 24,916,797 2,022,444 (1,578,607) 982,227 (50) --
------------ ------------ ------------ ------------ ------------ ------------ -----------
NET ASSETS, END OF YEAR .......... $ 72,366,001 $ 70,799,524 $ 29,478,537 $ 28,721,284 $ 25,234,552 $ 30,171,726 $ 6,512,096
============ ============ ============ ============ ============ ============ ===========
</TABLE>
- -----------------
(a) Commenced operations May 3, 1999.
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Years Ended December 31,
--------------------------------------------------------------
SELECTED PER SHARE AND All America Fund Equity Index Fund
------------------------------------ -----------------
SUPPLEMENTARY DATA: 1999 1998 1997 1996(e) 1999(f)
- -------------------- ----------- ------ ------ ------ ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD .......... $15.08 $12.65 $10.98 $10.00 $10.00
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ......................... 0.09 0.07 0.08 0.06 0.08
Net gains or losses on securities (realized and
unrealized) ................................ 3.81 2.57 2.77 0.98 0.82
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .............. 3.90 2.64 2.85 1.04 0.90
------ ------ ------ ------ ------
Less dividend distributions:
From net investment income .................... (0.08) (0.08) (0.08) (0.06) (0.08)
From capital gains ............................ (2.43) (0.13) (1.10) -- (0.02)
------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS ........................... (2.51) (0.21) (1.18) (0.06) (0.10)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR .................. $16.47 $15.08 $12.65 $10.98 $10.80
====== ====== ====== ====== ======
Total return (%) (b) .......................... 26.0 21.0 26.0 10.4 9.0
Net assets, end of year ($ millions) .......... 72.4 70.8 56.7 55.5 29.5
Ratio of net investment income to average net
assets (%) ................................. 0.51 0.55 0.59 0.95(a) 1.22(a)
Ratio of expenses to average net assets (%). .. 0.85 0.84 0.84 0.87(a) 0.63(a)
Ratio of expenses to average net assets after
expense reimbursement (%) ................... 0.84 0.82 0.81 0.85(a) 0.32(a)
Portfolio turnover rate (%) (c) ......... 34.89 41.25 35.96 9.33 5.67
</TABLE>
<TABLE>
<CAPTION>
Years Ended December 31,
----------------------------------------------------------------
SELECTED PER SHARE AND Bond Fund Money Market Fund
---------------------------------- --------------------------
SUPPLEMENTARY DATA: 1999 1998 1997 1996(e) 1999 1998 1997(d)
- -------------------- ------- ------ ------ ------ ------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD .......... $10.41 $10.41 $10.13 $10.01 $10.23 $10.15 $10.00
------- ------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income ......................... 0.60 0.61 0.59 0.38 0.50 0.52 0.35
Net gains or losses on securities (realized and
unrealized) ................................ (0.87) 0.24 0.29 0.12 -- -- --
------ ------- ------- ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .............. (0.27) 0.85 0.88 0.50 0.50 0.52 0.35
------ ------- ------- ------ ------ ------ ------
Less dividend distributions:
From net investment income .................... (0.60) (0.62) (0.59) (0.38) (0.34) (0.44) (0.20)
From capital gains ............................ (0.09) (0.23) (0.01) -- -- -- --
------ ------- ------- ------ ------ ------ ------
TOTAL DISTRIBUTIONS ........................... (0.69) (0.85) (0.60) (0.38) (0.34) (0.44) (0.20)
------ ------- ------- ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR .................. $ 9.45 $10.41 $10.41 $10.13 $10.39 $10.23 $10.15
====== ======= ======= ====== ====== ====== ======
Total return (%) (b) .......................... (3.5) 8.3 8.9 5.0 4.9 5.3 3.5
Net assets, end of year ($ millions) .......... 28.7 25.2 22.1 21.0 30.2 6.5 7.52
Ratio of net investment income to average net
assets (%) ................................. 6.23 5.84 5.69 5.63(a) 4.86 5.14 5.17(a)
Ratio of expenses to average net assets (%). .. 0.93 0.97 1.00 0.90(a) 1.02 3.21 2.47(a)
Ratio of expenses to average net assets after
expense reimbursement (%) .................. 0.70 0.70 0.70 0.70(a) 0.40 0.40 0.40(a)
Portfolio turnover rate (%) (c) ............... 10.07 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.
(f) Commenced operations May 3, 1999.
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
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Mutual of America Institutional Funds, Inc. (the "Investment Company") was
incorporated on October 27, 1994 under the laws of Maryland and is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company (a mutual fund) currently issuing four series of common stock
representing shares of the All America Fund, Equity Index Fund, Bond Fund, and
Money Market Fund. Each fund has its own investment objective and policies.
Shares of the funds of the Investment Company are offered on a no-load basis
through its distributor, Mutual of America Securities Corporation, a registered
broker-dealer and affiliate of the Investment Company's investment management
adviser, Mutual of America Capital Management Corporation (the "Adviser").
The Investment Company is designed primarily as an investment vehicle for
endowments, foundations, corporations, municipalities and other public entities
and other institutional investors.
The All America Fund and Bond Fund commenced operations on May 1, 1996. The
Money Market Fund commenced operations on May 1, 1997, and, the Equity Index
Fund commenced operations onMay 3, 1999.
The following is a summary of the significant accounting policies of the
Investment Company:
Security Valuation--Investment securities are valued as follows:
Equity securities are valued at the last sales price on the principal
exchange on which the security is traded. If there is no trading volume for a
particular valuation day, the last bid price is used. For any equity securities
traded in the over-the-counter market, the security is valued at the last sale
price, or if no sale, at the latest bid price available.
Short-term securities with a maturity of 60 days or less are valued at
amortized cost, which approximates market value for such securities. Short-term
debt securities maturing in excess of 60 days are stated at market value.
Debt securities are valued at a composite fair market value "evaluated
bid," which may be the last sale price. Securities for which market quotations
are not readily available will be valued at fair value as determined in good
faith by the Adviser under the direction of the Board of Directors of the
Investment Company.
Security Transactions--Security transactions are recorded on the trade
date. Realized gain and loss on the sale of short and long-term debt securities
is computed on the basis of amortized cost at the time of sale. Realized gain
and loss on the sale of common stock is based on the identified cost basis of
the security determined on a first-in, first-out ("FIFO") basis.
The All America Fund and the Equity Index Fund each maintain an indexed
assets portfolio. In order to remain more fully invested in the equity markets
while minimizing its transaction costs, the funds may purchase stock index
futures contracts. Initial cash margin deposits (represented by cash or Treasury
bills) are made upon entering into futures contracts. (This initial margin,
maintained in a segregated account, is equal to approximately 5% of the contract
amount, and does not involve the borrowing of funds to finance the transaction).
During the period the futures contract is outstanding, changes in the value of
the contract are recognized as unrealized gains or losses by "marking-to-market"
on a daily basis to reflect the market value of the contract at the end of each
trading day. Futures contracts are valued at the settlement price established
each day by the exchange on which traded. Depending upon whether unrealized
gains or losses are incurred, variation margin payments are received or made.
When the contract is closed, a realized gain or loss from futures transactions
is recorded, equal to the net variation margin received or paid over the period
of the contract.
Investment Income--Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date. Foreign source tax withheld from dividends is
recorded as a reduction from dividend income. Should reclamation succeed, such
amounts are recorded as income upon collection.
Federal Income Taxes--The Investment Company intends to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to
shareholders. Therefore, no federal income tax provision is required.
24
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (Continued)
2. EXPENSES AND OTHER TRANSACTIONS WITH AFFILIATES
The Investment Company has entered into an Investment Advisory agreement
with the Adviser. For providing investment management services to the Investment
Company, each fund accrues a fee, calculated as a daily charge, at annual rates
of .50%, .125%, .45%, and .20% of the value of the net assets for the All
America, Equity Index, Bond, and Money Market funds, respectively. Under
Sub-Advisory Agreements for the All America Fund, the Adviser has delegated
investment advisory responsibilities to subadvisers responsible for providing
management services for a portion of the fund's assets. The Adviser (not the
fund) is responsible for compensation payable under such Sub-Advisory
Agreements.
Each of the funds of the Investment Company is charged for those expenses
which can be directly attributed to a fund's operation. Expenses which cannot be
so attributed are generally allocated among the funds based on relative net
assets.
The Adviser contractually limits the expenses of each fund, other than
brokers' commissions, transfer taxes and fees relating to portfolio
transactions, investment management expenses and extraordinary expenses, to an
annual rate of .35%, .20%, .25%, and .20%, of the value of the net assets of the
All America, Equity Index, Bond, and Money Market funds, respectively. Accrual
of these other operating expenses is charged daily against each fund's net
assets. Settlement of fees accrued (both investment management and other
operating expenses) is paid by each fund to the Adviser on or about month-end.
The annual rates of operating expenses charged daily to each fund are
subject to periodic adjustments so as to maintain as close a relationship as
possible between the established rate (charged daily) and the fund's actual
expenses, but not to exceed the respective rates under the Adviser's contractual
expense limitation agreement.
The Adviser's contractual agreement to limit each fund's total expenses
(excluding brokerage commissions, transfer taxes/fees and extraordinary
expenses) to annual rates of .85%, .325%, .70%, and .40% of the net assets of
the All America, Equity Index, Bond and Money Market funds, respectively, is in
effect through 2000 and continues in effect thereafter unless cancelled by the
Fund or the Adviser in accordance with the agreement.
The Investment Company has an Investment Accounting Agreement with the
Adviser, pursuant to which the Adviser has agreed to serve as investment
accounting and recordkeeping agent for the funds and to calculate the net asset
values of the funds. The compensation paid by the funds for these services is
subject to the expense reimbursement agreement of the Adviser described above.
A subadviser placed a portion of its portfolio transactions with its
affiliated broker-dealer; such commissions amounted to $11,843 or 25.3% of the
Fund's total commissions and represented 16.5% 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 year
ended December 31, 1999 was as follows:
<TABLE>
<CAPTION>
All America Equity Index Bond
Fund Fund Fund
----------- ----------- ----------
<S> <C> <C> <C>
Cost of investment purchases ................... $21,155,726 $26,474,380 $6,817,510
=========== =========== ==========
Proceeds from sales of investments ............. $34,482,995 $ 1,409,322 $1,050,620
=========== =========== ==========
Thecost of investment purchases and proceeds
from sales of U.S. Government (excluding
short-term) securities was as follows:
Cost of investment purchases ............. $ -- $ -- $ 499,490
=========== =========== ==========
Proceeds from sales of investments ....... $ -- $ -- $1,478,155
=========== =========== ==========
</TABLE>
25
<PAGE>
MUTUAL OF AMERICA INSTITUTIONAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
3. PURCHASES AND SALES (CONTINUED)
For the Money Market Fund, the cost of short-term securities purchases was
$229,496,686; net proceeds from sales and redemptions was $206,538,420.
At December 31, 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 ........................ $ 31,768,399 $ 4,453,973 $ 93,256 $ --
Unrealized (depreciation) ...................... (2,231,357) (2,431,529) (1,671,863) (50)
------------ ----------- ----------- ----
Net unrealized appreciation (depreciation) ..... $ 29,537,042 $ 2,022,444 $(1,578,607) $(50)
============ =========== =========== ====
</TABLE>
4. CAPITAL SHARE ACTIVITY AND AFFILIATED OWNERSHIP
At December 31, 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 year ending December 31, 1999 were as
follows:
<TABLE>
<CAPTION>
All America Equity Index Bond Money Market
Fund Fund Fund Fund
------------ ----------- -------- -----------
<S> <C> <C> <C> <C>
Shares issued ............................ 323,068 2,708,452(1) 584,104 2,816,850
Shares issued as reinvestment of dividends 581,747 24,359 175,301 75,749
Shares redeemed .......................... (1,204,133)(2) (2,426) (144,108) (625,078)
---------- ---------- -------- ----------
Net increase (decrease) .................. (299,318) 2,730,385 615,297 2,267,521
========== ========== ======== ==========
</TABLE>
As at December 31, 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 .............................. 86%
Equity Index Fund ............................. 92%
Bond Fund ..................................... 79%
Money Market Fund ............................. 5%
5. DIVIDENDS
On December 31, 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).
Money
All America Equity Index Bond Market
Fund Fund Fund Fund
---------- --------- ---------- ---------
Distributions from:
Net investment income ..... $ 313,199 $206,332 $1,688,057 $800,206
Net realized capital gains 9,376,382 54,088 16,659 --
---------- -------- ---------- --------
Total dividend distributions. $9,689,581 $260,420 $1,704,716 $800,206
========== ======== ========== ========
Dividend amounts per share .. $ 2.507365 $.097371 $ .686814 $.338572
========== ======== ========== ========
- ----------------
(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>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and Shareholders
of Mutual of America Institutional Funds, Inc.:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments in securities, of Mutual of America
Institutional Funds, Inc. comprising, respectively, the All America, Bond and
Money Market Funds as of December 31, 1999, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended and the financial highlights for
each of the four years in the period then ended. We have also audited the
statement of assets and liabilities, including the portfolio of investments in
securities, of Mutual of America Institutional Funds, Inc. comprising the Equity
Index Fund as of December 31, 1999 and the related statement of operations,
statement of changes in net assets and the financial highlights for the period
May 3, 1999 (commencement of operations) to December 31, 1999. These financial
statements and financial highlights are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of December 31, 1999 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
All America, Bond and Money Market Funds of Mutual America Institutional Funds,
Inc. as of December 31, 1999, the results of their operations for the year then
ended, the changes in their net assets for each of the two years in the period
then ended and their financial highlights for each of the four years in the
period then ended in conformity with generally accepted accounting principles.
Also, in our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
Equity Index Fund of Mutual of America Institutional Funds, Inc. as of December
31, 1999, and the results of its operations, changes in net assets and its
financial highlights for the period May 3, 1999 (commencement of operations) to
December 31, 1999 in conformity with generally accepted accounting principles.
/s/ Arthur Andersen LLP
- -----------------------
New York, New York
February 21, 2000
27
<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
