<PAGE>
MUTUAL
OF
AMERICA
SEPARATE ACCOUNT NO. 2
SEMI-ANNUAL REPORT
&
THE SEMI-ANNUAL REPORTS OF
MUTUAL OF AMERICA INVESTMENT CORPORATION
SCUDDER VARIABLE LIFE INVESTMENT FUND
TCI PORTFOLIOS, INC.
ACACIA CAPITAL CORPORATION
FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS FUND
FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS FUND II
JUNE 30, 1995
This report is not to be construed as an offering for sale of any Variable
Policy. No offering is made except in conjunction with a prospectus which must
precede or accompany this report.
<PAGE>
MUTUAL OF AMERICA
SEPARATE ACCOUNT NO. 2
SEMI-ANNUAL REPORT
JUNE 30, 1995
Dear Participant:
We are pleased to send you the 1995 Semi-Annual Report of Mutual of
America's Separate Account No. 2. This Account is an investment vehicle for
participants in our Tax-Deferred Annuity, Voluntary Employee Contributions,
and Individual Retirement Annuity programs, Thrift and Section 457 Deferred
Compensation Plans, as well as for Flexible Premium Annuity policyholders.
Separate Account No. 2 consists of sixteen distinct Funds: the Mutual of
America Money Market, All America (formerly the Stock Fund), Equity Index,
Bond, Short-Term Bond, Mid-Term Bond, Composite and Aggressive Equity Funds,
the Scudder Bond, Capital Growth and International Funds, the TCI Growth Fund,
the Calvert Responsibly Invested Balanced Portfolio (formerly "Calvert
Socially Responsible Series"), and three portfolios of Fidelity Investments:
Equity-Income, Contrafund and Asset Manager Funds.
Each of the Funds of Separate Account No. 2 owns shares in a similarly named
Fund of the Mutual of America Investment Corporation ("Investment Company"),
Portfolio of Scudder Variable Life Investment Fund ("Scudder"), Fund of TCI
Portfolios, Inc. ("TCI"), the Calvert Responsibly Invested Balanced Portfolio
of Acacia Capital Corporation ("Calvert") and Fidelity Investments Variable
Insurance Products Fund and Variable Insurance Products Fund II ("Fidelity").
The investment results of each of the Funds of Separate Account No. 2 are
based on the performance of the corresponding Funds or Portfolios of the
Investment Company, Scudder, TCI, Calvert and Fidelity.
The Separate Account Funds invest in Funds and Portfolios which have the
following investment objectives:
THE MUTUAL OF AMERICA MONEY MARKET FUND: This Fund seeks to obtain high
current income to the extent consistent with the maintenance of liquidity,
investment quality and stability of capital through investments in money
market instruments and other short-term debt securities.
THE MUTUAL OF AMERICA ALL AMERICA FUND: The investment objective for
approximately 60% of the assets of this Fund (the "Indexed Assets") is to
provide investment results that to the extent practical corresponds to the
performance of the Standard & Poor's 500 Composite Index. The Indexed
Assets are invested in the same manner as the Equity Index Fund described
below. The investment objective for the remaining approximately 40% of the
assets (the "Active Assets") is to achieve a high level of total return
through both appreciation of capital and, to a lesser extent, current
income, by means of a diversified portfolio of securities that may include
common stocks, securities convertible into common stocks, bonds and money
market instruments.
THE MUTUAL OF AMERICA EQUITY INDEX FUND: This Fund seeks to duplicate, as
closely as possible, the investment performance of the Standard & Poor's
500 Composite Index ("S&P 500") by investing in approximately 500 publicly
traded stocks that comprise the S&P 500 ("Standard & Poor's 500", "S&P" and
"S&P 500" are trademarks of Standard & Poor's Corporation.)
THE MUTUAL OF AMERICA BOND FUND: This Fund seeks a high level of current
income, together with preservation of capital, through investments in such
securities as U.S. Government, corporate and other notes and bonds.
THE MUTUAL OF AMERICA SHORT-TERM BOND FUND: This Fund seeks a high level
of current income, together with preservation of capital, through
investments in such securities as U.S. Government, corporate and other
notes and bonds with an average maturity of one to three years.
THE MUTUAL OF AMERICA MID-TERM BOND FUND: This Fund seeks a high level of
current income, together with preservation of capital, through investments
in such securities as U.S. Government, corporate and other notes and bonds
with an average maturity of three to seven years.
THE MUTUAL OF AMERICA COMPOSITE FUND: This Fund seeks a high total rate
of return on investments, through both growth of capital and current
income, through investments in a diversified portfolio of common stocks,
bonds and money market instruments.
THE MUTUAL OF AMERICA AGGRESSIVE EQUITY FUND: The investment objective
for approximately half of the assets of the Fund (the "Aggressive Growth
Portfolio") is to achieve capital appreciation by investing in companies
believed to possess above-average growth potential. Growth can be in the
areas of earnings or gross sales which can be measured in either dollars or
in unit volume. The Aggressive Growth Portfolio assets are invested by a
subadviser. The investment objective for the other half of the assets of
the Fund (the "Aggressive Value Portfolio") is to achieve capital
I
<PAGE>
appreciation by investing in companies believed to possess valuable assets
or whose securities are undervalued in the marketplace in relation to
factors such as a company's assets, earnings or growth potential.
THE SCUDDER BOND PORTFOLIO: This Portfolio seeks a high level of income
consistent with a high quality portfolio of debt securities.
THE SCUDDER CAPITAL GROWTH PORTFOLIO: This Portfolio seeks long-term
capital growth through a broad and flexible investment program. The
Portfolio invests in marketable securities, principally common stocks and,
consistent with its objective of long-term capital growth, preferred
stocks.
THE SCUDDER INTERNATIONAL PORTFOLIO: This Portfolio seeks long-term
capital growth through investing primarily in diversified holdings of
marketable foreign equity investments in companies, wherever organized,
that do business primarily outside the United States and which are listed
on foreign exchanges.
THE TCI GROWTH FUND: This Fund seeks capital growth by investing
primarily in common stocks (including securities convertible into common
stocks) that meet certain fundamental and technical standards of selection
and, in management's opinion, have better than average potential for
appreciation. All securities must be listed on major stock exchanges or
traded over-the-counter.
THE CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO: This Fund seeks to
achieve a total return above the rate of inflation through an actively
managed portfolio of stocks, bonds and money market instruments which offer
income and capital growth opportunity and satisfy established social
concern criteria.
THE FIDELITY EQUITY-INCOME PORTFOLIO: Seeks reasonable income by
investing mainly in income producing equity securities while also
considering the potential for capital appreciation.
THE FIDELITY CONTRAFUND PORTFOLIO: Seeks to increase the value of
investments over the long term by investing in securities of companies that
are undervalued or out-of-favor.
THE FIDELITY ASSET MANAGER PORTFOLIO: Seeks high total return with
reduced risk over the long term by investing in domestic and foreign
stocks, bonds and short-term instruments.
For the six months ended June 30, 1995, the following total returns were
experienced in these sixteen Separate Account Funds:
<TABLE>
<S> <C>
Mutual of America Money Market Fund(1)............................. + 2.0%
Mutual of America All America Fund................................. +19.7%
Mutual of America Equity Index Fund................................ +18.8%
Mutual of America Bond Fund........................................ +11.2%
Mutual of America Short-Term Bond Fund............................. + 3.5%
Mutual of America Mid-Term Bond Fund............................... + 9.8%
Mutual of America Composite Fund................................... +11.1%
Mutual of America Aggressive Equity Fund........................... +17.3%
Scudder Bond Fund.................................................. + 9.4%
Scudder Capital Growth Fund........................................ +15.5%
Scudder International Fund......................................... + 3.3%
TCI Growth Fund.................................................... +18.6%
Calvert Responsibly Invested Fund.................................. +16.3%
Fidelity Equity-Income Fund(2)..................................... + 3.8%
Fidelity Contrafund(2)............................................. + 9.0%
Fidelity Asset Manager Fund(2)..................................... + 1.7%
</TABLE>
-------
(1) The seven day current yield as of 8/15/95 was 4.41%.
(2) These funds were offered as investment alternatives beginning May
1, 1995; total returns are from that date.
Total return is equal to the changes in the value of a unit of participation
in a Fund from the beginning to the end of the specified period. It reflects
investment income earned and reinvested plus the changes in the market value
(whether realized or unrealized) of the securities in the respective Fund or
Portfolio of the Investment Company, Scudder, TCI, Calvert or Fidelity during
the indicated period. Results are net of all charges, including a monthly
service charge based upon a
II
<PAGE>
hypothetical $1,000 invested at the beginning of the period. These returns are
not guaranteed and are not necessarily indicative of the future investment
performance of the particular Fund. Withdrawals made within a period would
experience different rates of return based on the unit values on the dates of
such transactions.
This report includes financial statements for each Fund of Separate Account
No. 2. Attached at the end of this report are the financial statements for
each similarly named Fund of the Investment Company, Portfolios of Scudder,
Fund of TCI, Portfolio of Calvert and Portfolios of Fidelity Investments.
I hope you will find this report helpful and informative.
Sincerely,
/s/Manfred Altstadt
Manfred Altstadt
Senior Executive Vice President
and Chief Financial Officer,
Mutual of America Life Insurance Company
III
<PAGE>
CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
SEMI-ANNUAL REPORT OF MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2............ I
Statement of Assets and Liabilities as of June 30, 1995.................. VI
Statement of Operations for the Six Months ended June 30, 1995 for Mutual
of America Money Market Fund, All America Fund (formerly the Stock
Fund), Equity Index Fund, Bond Fund, Short-Term Bond Fund, Mid-Term Bond
Fund, Composite Fund, Aggressive Equity Fund, Scudder Bond Fund, Scudder
Capital Growth Fund, Scudder International Fund, TCI Growth Fund,
Calvert Responsibly Invested Fund, and for the Period May 1, 1995
(Commencement of Operations) to June 30, 1995 for the Fidelity VIP
Equity-Income Fund, VIP II Contra Fund and VIP II Asset Manager Fund.... VIII
Statements of Changes in Net Assets for the Six Months ended June 30,
1995 and the year ended December 31, 1994 for Mutual of America Money
Market Fund, All America Fund, (formerly the Stock Fund), Bond Fund,
Composite Fund, Aggressive Equity Fund, Equity Index Fund, Short-Term
Bond Fund, Mid-Term Bond Fund, Scudder Bond Fund, Scudder Capital Growth
Fund, Scudder International Fund, TCI Growth Fund, Calvert Responsibly
Invested Fund, and for the Period May 1, 1995 (Commencement of
Operations) to June 30, 1995 for the Fidelity VIP Equity-Income Fund,
VIP II Contra Fund and VIP II Asset Manager Fund........................ XI
Notes to Financial Statements............................................ XIV
SEMI-ANNUAL REPORT OF MUTUAL OF AMERICA INVESTMENT CORPORATION............ 1
President's Message...................................................... 1
Portfolio Management Discussions......................................... 2
Statement of Assets and Liabilities as of June 30, 1995.................. 9
Portfolio of Investments in Securities:
Money Market Fund...................................................... 10
All America Fund....................................................... 11
Equity Index Fund...................................................... 17
Bond Fund.............................................................. 22
Short-Term Bond Fund................................................... 24
Mid-Term Bond Fund..................................................... 25
Composite Fund......................................................... 26
Aggressive Equity Fund................................................. 31
Statement of Operations for the Six Months ended June 30, 1995 for Mutual
of America Money Market Fund, All America Fund (formerly the Stock
Fund), Equity Index Fund, Bond Fund, Short-Term Bond Fund, Mid-Term Bond
Fund, Composite Fund and Aggressive Equity Fund......................... 33
Statements of Changes in Net Assets for the Six Months ended June 30,
1995 and for the Year ended December 31, 1994 for Mutual of America
Money Market Fund, All America Fund (formerly the Stock Fund), Equity
Index Fund, Bond Fund, Short-Term Bond Fund, Mid-Term Bond Fund,
Composite Fund and Aggressive Equity Fund............................... 34
Financial Highlights..................................................... 36
Notes to Financial Statements............................................ 41
SEMI-ANNUAL REPORT OF SCUDDER VARIABLE LIFE INVESTMENT FUND............... 45
Letter from the Fund's President......................................... 45
Portfolio Management Discussions......................................... 46
Portfolio of Investments, Statement of Assets and Liabilities as of June
30, 1995, Statement of Operations for the six months ended June 30,
1995, Statements of Changes in Net Assets for the six months ended June
30, 1995 and the year end December 31, 1994 and Financial Highlights:
Bond Portfolio......................................................... 52
Capital Growth Portfolio............................................... 58
International Portfolio................................................ 65
Notes to Financial Statements............................................ 74
SEMI-ANNUAL REPORT OF TCI PORTFOLIOS, INC................................. 77
Executive Message and Investment Review.................................. 78
Statement of Assets and Liabilities as of June 30, 1995.................. 80
Statement of Operations for the Six Months ended June 30, 1995........... 81
Statements of Changes in Net Assets for the Six Months ended June 30,
1995 and for the Year ended December 31, 1994........................... 82
Notes to Financial Statements............................................ 83
Schedule of Investments.................................................. 85
Financial Highlights..................................................... 87
</TABLE>
IV
<PAGE>
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
SEMI-ANNUAL REPORT OF CALVERT RESPONSIBLY BALANCED PORTFOLIO OF ACACIA
CAPITAL CORPORATION...................................................... 88
President's Letter....................................................... 89
Portfolio of Investments................................................. 91
Statement of Assets and Liabilities as of June 30, 1995.................. 95
Statement of Operations for the Six Months ended June 30, 1995........... 96
Statements of Changes in Net Assets for the Six Months ended June 30,
1995 and the Year ended December 31, 1994............................... 96
Notes to Financial Statements............................................ 97
Financial Highlights..................................................... 99
SEMI-ANNUAL REPORT OF FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS
FUND..................................................................... 100
Equity-Income Portfolio.................................................. 101
Performance and Investment Summary, Portfolio Manager's Overview....... 101
Investments............................................................ 103
Financial Statements................................................... 107
Notes to Financial Statements--Variable Insurance Products Fund.......... 109
SEMI-ANNUAL REPORT OF FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS
FUND II.................................................................. 113
Asset Manager Portfolio.................................................. 114
Performance and Investment Summary, Portfolio Manager's Overview....... 114
Investments............................................................ 116
Financial Statements................................................... 125
Contrafund Portfolio..................................................... 127
Performance and Investment Summary, Portfolio Manager's Overview....... 127
Investments............................................................ 129
Financial Statements................................................... 133
Notes to Financial Statements--Variable Insurance Products Fund II....... 135
</TABLE>
V
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MUTUAL OF AMERICA
----------------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Assets:
Investments in Mutual of
America Investment
Corporation at market
value
(Cost:
Money Market Fund --
$32,076,528
All America Fund --
$151,465,039
Equity Index Fund --
$11,031,210
Bond Fund --
$28,104,211)
(Notes 1 and 2)........ $33,014,748 $159,884,388 $ 12,159,926 $28,593,684
Due From (To) Mutual of
America General
Account................ (525,213) 5,761 2,243,864 (1,044,725)
----------- ------------ ------------ -----------
Net Assets.............. $32,489,535 $159,890,149 $ 14,403,790 $27,548,959
=========== ============ ============ ===========
Unit Value at June 30,
1995 (Note 5).......... $1.76 $4.02 $1.25 $2.54
=========== ============ ============ ===========
Number of Units
Outstanding at June 30,
1995
(Note 5)............... 18,430,945 39,738,221 11,523,889 10,845,633
=========== ============ ============ ===========
<CAPTION>
MUTUAL OF AMERICA
----------------------------------------------------
AGGRESSIVE
SHORT-TERM MID-TERM COMPOSITE EQUITY
BOND FUND BOND FUND FUND FUND
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Assets:
Investments in Mutual of
America Investment
Corporation at market
value
(Cost:
Short-Term Bond Fund --
$1,736,386
Mid-Term Bond Fund --
$1,959,034
Composite Fund --
$218,325,628
Aggressive Equity
Fund -- $9,402,835)
(Notes 1 and 2)........ $ 1,768,724 $ 2,012,329 $229,716,217 $11,341,035
Due From (To) Mutual of
America General
Account................ (4,652) 11,738 (674,546) 2,483,211
----------- ------------ ------------ -----------
Net Assets.............. $ 1,764,072 $ 2,024,067 $229,041,671 $13,824,246
=========== ============ ============ ===========
Unit Value at June 30,
1995 (Note 5).......... $1.07 $1.11 $3.14 $1.24
=========== ============ ============ ===========
Number of Units
Outstanding at June 30,
1995
(Note 5)............... 1,646,625 1,823,040 72,939,700 11,191,936
=========== ============ ============ ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
VI
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SCUDDER TCI CALVERT
---------------------------------------- ----------- -----------
CAPITAL RESPONSIBLY
BOND GROWTH INTERNATIONAL GROWTH INVESTED
FUND FUND FUND FUND FUND
----------- ------------ ------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Assets:
Investments in Scudder
Portfolios, TCI Growth
Fund and Calvert
Socially Responsible
Invested Portfolio at
market value
(Cost:
Scudder Bond Fund --
$13,532,008
Scudder Capital Growth
Fund -- $123,125,085
Scudder International
Fund -- $76,449,162
TCI Growth Fund --
$57,154,142
Calvert Responsibly
Invested Balanced
Portfolio --
$10,609,344)
(Notes 1 and 2)........ $13,337,011 $137,130,270 $84,376,322 $74,225,865 $12,027,933
Due From (To) Mutual of
America General
Account................ (37,420) (940,340) 490,125 180,162 113,246
----------- ------------ ----------- ----------- -----------
Net Assets.............. $13,299,591 $136,189,930 $84,866,447 $74,406,027 $12,141,179
=========== ============ =========== =========== ===========
Unit Value at June 30,
1995................... $10.63 $16.98 $11.18 $11.16 $1.83
=========== ============ =========== =========== ===========
Number of Units
Outstanding at June 30,
1995 (Note 5).......... 1,251,460 8,021,090 7,587,781 6,669,905 6,646,306
=========== ============ =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY
---------------------------------
VIP
EQUITY- VIP II VIP II
INCOME CONTRA ASSET MANAGER
FUND FUND FUND
-------- ---------- -------------
<S> <C> <C> <C>
Assets:
Investments in Fidelity Portfolios at market
value
(Cost:
VIP Equity-Income Fund -- $531,167
VIP II Contra Fund -- $1,074,014
VIP II Asset Manager Fund -- $304,467)
(Notes 1 and 2)............................. $533,954 $1,092,919 $304,621
Due From Mutual of America General Account... 47,982 169,412 65,199
-------- ---------- --------
Net Assets................................... $581,936 $1,262,331 $369,820
======== ========== ========
Unit Value at June 30, 1995 (Note 5)......... $16.96 $12.47 $14.30
======== ========== ========
Number of Units Outstanding at June 30, 1995
(Note 5).................................... 34,322 101,197 25,861
======== ========== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
VII
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MUTUAL OF AMERICA
-------------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ ----------
<S> <C> <C> <C> <C>
Investment Income and
Expenses:
Income (Notes 1 and 4):
Dividends.............. $ -- $ -- $ -- $ --
--------- ----------- ---------- ----------
Total income............ -- -- -- --
--------- ----------- ---------- ----------
Expenses (Note 3):
Fees................... 196,627 838,522 32,590 167,552
Administrative Ex-
penses................ 39,848 47,105 3,787 25,956
--------- ----------- ---------- ----------
Total Expenses.......... 236,475 885,627 36,377 193,508
--------- ----------- ---------- ----------
Net Investment Income
(Loss)................. (236,475) (885,627) (36,377) (193,508)
--------- ----------- ---------- ----------
Net Realized and
Unrealized Gain (Loss)
On Investments (Note
1):
Net realized gain
(loss) on investments: 36,515 (425,338) 35,292 (44,846)
Net unrealized appreci-
ation of investments.. 862,285 26,898,508 1,347,572 3,122,576
--------- ----------- ---------- ----------
Net Realized and
Unrealized Gain On
Investments............ 898,800 26,473,170 1,382,864 3,077,730
--------- ----------- ---------- ----------
Net Increase in Net
Assets Resulting from
Operations............. $ 662,325 $25,587,543 $1,346,487 $2,884,222
========= =========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA
---------------------------------------------
SHORT- AGGRESSIVE
TERM MID-TERM COMPOSITE EQUITY
BOND FUND BOND FUND FUND FUND
--------- --------- ----------- ----------
<S> <C> <C> <C> <C>
Investment Income and
Expenses:
Income (Notes 1 and 4):
Dividends.................. $ -- $ -- $ -- $ --
-------- --------- ----------- ----------
Total income................ -- -- -- --
-------- --------- ----------- ----------
Expenses (Note 3):
Fees....................... 8,892 11,143 1,274,040 49,996
Administrative Expenses.... 1,831 1,980 125,779 5,470
-------- --------- ----------- ----------
Total Expenses.............. 10,723 13,123 1,399,819 55,466
-------- --------- ----------- ----------
Net Investment Income
(Loss)..................... (10,723) (13,123) (1,399,819) (55,466)
-------- --------- ----------- ----------
Net Realized and Unrealized
Gain (Loss) On Investments
(Note 1):
Net realized gain (loss) on
investments: (1,064) (16,290) (138,194) 159,528
Net unrealized appreciation
of investments............ 64,087 201,018 24,495,495 1,458,377
-------- --------- ----------- ----------
Net Realized and Unrealized
Gain On Investments........ 63,023 184,728 24,357,301 1,617,905
-------- --------- ----------- ----------
Net Increase in Net Assets
Resulting from Operations.. $ 52,300 $ 171,605 $22,957,482 $1,582,439
======== ========= =========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
VIII
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SCUDDER TCI CALVERT
------------------------------------- ----------- -----------
CAPITAL RESPONSIBLY
BOND GROWTH INTERNATIONAL GROWTH INVESTED
FUND FUND FUND FUND FUND
---------- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Investment Income and
Expenses:
Income (Notes 1 and 4):
Dividends.............. $ 450,358 $ 4,439,042 $ 413,372 $ -- $ --
---------- ----------- ---------- ----------- ----------
Total income............ 450,358 4,439,042 413,372 -- --
---------- ----------- ---------- ----------- ----------
Expenses (Note 3):
Fees................... 75,521 773,294 546,307 339,775 65,609
Administrative Ex-
penses................ 16,930 51,623 17,047 12,264 10,278
---------- ----------- ---------- ----------- ----------
Total Expenses.......... 92,451 824,917 563,354 352,039 75,887
---------- ----------- ---------- ----------- ----------
Net Investment Income
(Loss)................. 357,907 3,614,125 (149,982) (352,039) (75,887)
---------- ----------- ---------- ----------- ----------
Net Realized and
Unrealized Gain On
Investments (Note 1):
Net realized gain
(loss) on investments: (35,782) 133,773 1,162,362 790,890 5,508
Net unrealized
appreciation of
investments........... 1,067,164 14,783,636 273,426 10,948,007 1,681,137
---------- ----------- ---------- ----------- ----------
Net Realized and
Unrealized Gain On
Investments............ 1,031,382 14,917,409 1,435,788 11,738,897 1,686,645
---------- ----------- ---------- ----------- ----------
Net Increase in Net
Assets Resulting from
Operations............. $1,389,289 $18,531,534 $1,285,806 $11,386,858 $1,610,758
========== =========== ========== =========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
IX
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
STATEMENTS OF OPERATIONS
FOR THE PERIOD MAY 1, 1995 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
FIDELITY
------------------------------------
VIP VIP II VIP II
EQUITY-INCOME CONTRA ASSET MANAGER
FUND FUND FUND
------------- ------- -------------
<S> <C> <C> <C>
Investment Income and Expenses:
Income (Notes 1 and 4):
Dividends................................ $1,443 $ -- $ --
------ ------- -----
Total income.............................. 1,443 -- --
------ ------- -----
Expenses (Note 3):
Fees..................................... 388 103 911
Administrative Expenses.................. 54 64 39
------ ------- -----
Total Expenses............................ 442 167 950
------ ------- -----
Net Investment Income (Loss).............. 1,001 (167) (950)
------ ------- -----
Net Realized and Unrealized Gain On
Investments (Note 1):
Net realized gain on investments: -- 1,642 --
Net unrealized appreciation of
investments............................. 2,787 18,905 154
------ ------- -----
Net Realized and Unrealized Gain On
Investments.............................. 2,787 20,547 154
------ ------- -----
Net Increase (Decrease) in Net Assets
Resulting from Operations................ $3,788 $20,380 $(796)
====== ======= =====
</TABLE>
The accompanying notes are an integral part of these financial statements.
X
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MUTUAL OF AMERICA
--------------------------------------------------------------------------------
MONEY MARKET FUND ALL AMERICA FUND EQUITY INDEX FUND
------------------------- -------------------------- -------------------------
FOR THE FOR THE FOR THE
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED FOR THE YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1995 DECEMBER 31, 1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED) 1994
----------- ------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income
(loss)................ $ (236,475) $ 291,756 $ (885,627) $ 13,645,961 $ (36,377) $ 16,086
Net realized gain
(loss) on investments. 36,515 (38,466) (425,338) (592,774) 35,292 (59,579)
Net unrealized
appreciation
(depreciation) of
investments........... 862,285 759,856 26,898,508 (12,850,247) 1,347,572 36,617
----------- ----------- ------------ ------------ ----------- ----------
Net Increase (Decrease)
in net assets resulting
from operations........ 662,325 1,013,146 25,587,543 202,940 1,346,487 (6,876)
----------- ----------- ------------ ------------ ----------- ----------
From Unit Transactions:
Contributions.......... 3,357,941 6,073,509 9,370,181 19,674,339 1,208,250 1,098,680
Withdrawals............ (1,986,189) (2,623,780) (5,596,170) (8,268,470) (706,878) (234,018)
Net Transfers.......... 36,856 (604,009) 833,867 (4,505,657) 7,679,446 1,779,248
----------- ----------- ------------ ------------ ----------- ----------
Net Increase (Decrease)
from unit transactions. 1,408,608 2,845,720 4,607,878 6,900,212 8,180,818 2,643,910
----------- ----------- ------------ ------------ ----------- ----------
Net Increase (Decrease)
in Net Assets.......... 2,070,933 3,858,866 30,195,421 7,103,152 9,527,305 2,637,034
Net Assets:
Beginning of Year....... 30,418,602 26,559,736 129,694,728 122,591,576 4,876,485 2,239,451
----------- ----------- ------------ ------------ ----------- ----------
End of Period/Year...... $32,489,535 $30,418,602 $159,890,149 $129,694,728 $14,403,790 $4,876,485
=========== =========== ============ ============ =========== ==========
<CAPTION>
MUTUAL OF AMERICA
--------------------------------------------------------------------------------
BOND FUND SHORT-TERM BOND FUND MID-TERM BOND FUND
------------------------- -------------------------- -------------------------
FOR THE FOR THE FOR THE
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED FOR THE YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1995 DECEMBER 31, 1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED) 1994
----------- ------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income
(loss)................ $ (193,508) $ 1,261,184 $ (10,723) $ 28,571 $ (13,123) $ 41,132
Net realized gain
(loss) on investments. (44,846) (302,472) (1,064) (6,494) (16,290) (50,900)
Net unrealized
appreciation
(depreciation) of
investments........... 3,122,576 (1,816,698) 64,087 (17,177) 201,018 (58,646)
----------- ----------- ------------ ------------ ----------- ----------
Net Increase (Decrease)
in net assets resulting
from operations........ 2,884,222 (857,986) 52,300 4,900 171,605 (68,414)
----------- ----------- ------------ ------------ ----------- ----------
From Unit Transactions:
Contributions.......... 2,110,804 4,675,807 236,025 270,055 212,128 320,857
Withdrawals............ (1,247,795) (2,006,232) (61,876) (36,489) (111,799) (63,445)
Net Transfers.......... (360,405) (6,857,983) 369,030 159,174 295,195 (227,052)
----------- ----------- ------------ ------------ ----------- ----------
Net Increase (Decrease)
from unit transactions. 502,604 (4,188,408) 543,179 392,740 395,524 30,360
----------- ----------- ------------ ------------ ----------- ----------
Net Increase (Decrease)
in Net Assets.......... 3,386,826 (5,046,394) 595,479 397,640 567,129 (38,054)
Net Assets:
Beginning of Year....... 24,162,133 29,208,527 1,168,593 770,953 1,456,938 1,494,992
----------- ----------- ------------ ------------ ----------- ----------
End of Period/Year...... $27,548,959 $24,162,133 $ 1,764,072 $ 1,168,593 $ 2,024,067 $1,456,938
=========== =========== ============ ============ =========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
XI
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MUTUAL OF AMERICA
-----------------------------------------------------
AGGRESSIVE EQUITY
COMPOSITE FUND FUND
-------------------------- -------------------------
FOR THE FOR THE FOR THE
SIX MONTHS SIX MONTHS PERIOD
ENDED FOR THE YEAR ENDED MAY 2,
JUNE 30, ENDED JUNE 30, 1994* TO
1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income... $ (1,399,819) $ 8,133,172 $ (55,466) $ (22,089)
Net realized gain (loss)
on investments......... (138,194) (144,879) 159,528 (17,738)
Net unrealized apprecia-
tion (depreciation) of
investments............ 24,495,495 (17,831,209) 1,458,377 438,279
------------ ------------ ----------- ----------
Net Increase (Decrease)
in net assets resulting
from operations......... 22,957,482 (9,842,916) 1,562,439 398,452
------------ ------------ ----------- ----------
From Unit Transactions:
Contributions........... 15,005,233 34,731,678 2,228,427 830,201
Withdrawals............. (9,706,948) (15,888,891) (32,670) (91)
Net Transfers........... (5,715,628) (12,539,959) 461,620 8,375,868
------------ ------------ ----------- ----------
Net Increase (Decrease)
from unit transactions.. (417,343) 6,302,828 2,657,377 9,205,978
------------ ------------ ----------- ----------
Net Increase (Decrease)
in Net Assets........... 22,540,139 (3,540,088) 4,219,816 9,604,430
Net Assets:
Beginning of Year........ 206,501,532 210,041,620 9,604,430 --
------------ ------------ ----------- ----------
End of Period/Year....... $229,041,671 $206,501,532 $13,824,246 $9,604,430
============ ============ =========== ==========
</TABLE>
<TABLE>
<CAPTION>
SCUDDER
---------------------------------------------------------------------------------
BOND FUND CAPITAL GROWTH FUND INTERNATIONAL FUND
------------------------- -------------------------- --------------------------
FOR THE FOR THE FOR THE
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED FOR THE YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1995 DECEMBER 31, 1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED) 1994
----------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In
Net Assets:
From Operations:
Net investment income
(loss)................ $ 357,907 $ 4,959,973 $ 3,614,125 $ 9,047,262 $ (149,982) $ (699,709)
Net realized gain
(loss) on investments. (35,782) (105,216) 133,773 (2,311,123) 1,162,362 861,109
Net unrealized
appreciation
(depreciation) of
investments........... 1,067,164 (5,945,712) 14,783,636 (19,609,493) 273,426 (1,272,208)
----------- ----------- ------------ ------------ ------------ -----------
Net Increase (Decrease)
in net assets resulting
from operations........ 1,389,289 (1,090,955) 18,531,534 (12,873,354) 1,285,806 (1,110,808)
----------- ----------- ------------ ------------ ------------ -----------
From Unit Transactions:
Contributions.......... 1,202,383 2,733,263 11,939,055 26,710,616 8,253,580 17,970,684
Withdrawals............ (631,285) (1,070,007) (5,388,618) (8,092,050) (4,055,479) (4,975,428)
Net Transfers.......... 19,837 (2,427,078) (7,999,313) 4,995,108 (13,567,309) 21,339,268
----------- ----------- ------------ ------------ ------------ -----------
Net Increase (Decrease)
from unit transactions. 590,935 (763,822) (1,448,876) 23,613,674 (9,369,208) 34,334,524
----------- ----------- ------------ ------------ ------------ -----------
Net Increase (Decrease)
In Net Assets.......... 1,980,224 (1,854,777) 17,082,658 10,740,320 (8,083,402) 33,223,716
Net Assets:
Beginning of Year....... 11,319,367 13,174,144 119,107,272 108,366,952 92,949,849 59,726,133
----------- ----------- ------------ ------------ ------------ -----------
End of Period/Year...... $13,299,591 $11,319,367 $136,189,930 $119,107,272 $84,866,447 $92,949,849
=========== =========== ============ ============ ============ ===========
</TABLE>
- -------
* Commencement of Operations.
The accompanying notes are an integral part of these financial statements.
XII
<PAGE>
MUTUAL OF AMERICA LIFE SEPARATE ACCOUNT NO. 2
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CALVERT
TCI GROWTH FUND RESPONSIBLY INVESTED FUND
------------------------- ----------------------------
FOR THE FOR THE
SIX MONTHS SIX MONTHS
ENDED FOR THE YEAR ENDED FOR THE YEAR
JUNE 30, ENDED JUNE 30, ENDED
1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
----------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
Increase (Decrease) In
Net Assets:
From Operations:
Net investment income.. $ (352,039) $ (690,450) $ (75,887) $ 151,210
Net realized gain on
investments........... 790,890 1,389,395 5,508 21,357
Net unrealized
appreciation
(depreciation) of
investments........... 10,948,007 (1,785,436) 1,681,137 (668,145)
----------- ----------- ------------- ------------
Net Increase (Decrease)
in net assets resulting
from operations........ 11,386,858 (1,086,491) 1,610,758 (495,578)
----------- ----------- ------------- ------------
From Unit Transactions:
Contributions.......... 6,042,221 12,706,848 1,393,699 2,861,238
Withdrawals............ (3,111,820) (3,670,340) (387,068) (602,657)
Net Transfers.......... 374,084 (5,384,026) 146,749 (834,622)
----------- ----------- ------------- ------------
Net Increase from unit
transactions........... 3,304,485 3,652,482 1,153,380 1,423,959
----------- ----------- ------------- ------------
Net Increase In Net
Assets................. 14,691,343 2,565,991 2,764,138 928,381
----------- ----------- ------------- ------------
Net Assets:
Beginning of Year....... 59,714,684 57,148,693 9,377,041 8,448,660
----------- ----------- ------------- ------------
End of Period/Year...... $74,406,027 $59,714,684 $ 12,141,179 $ 9,377,041
=========== =========== ============= ============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY
-----------------------------------------
VIP VIP II
EQUITY-INCOME VIP II ASSET MANAGER
FUND CONTRA FUND FUND
------------- ------------- -------------
FOR THE FOR THE FOR THE
PERIOD PERIOD PERIOD
MAY 1, MAY 1, MAY 1,
1995* TO 1995* TO 1995* TO
JUNE 30, 1995 JUNE 30, 1995 JUNE 30, 1995
(UNAUDITED) (UNAUDITED) (UNAUDITED)
------------- ------------- -------------
<S> <C> <C> <C>
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)........ $ 1,001 $ (167) $ (950)
Net realized gain on investments.... -- 1,642 --
Net unrealized appreciation of in-
vestments.......................... 2,787 18,905 154
-------- ---------- --------
Net Increase (Decrease) in net assets
resulting from operations........... 3,788 20,380 (796)
-------- ---------- --------
From Unit Transactions:
Contributions....................... 63,383 38,209 15,596
Withdrawals......................... -- -- --
Net Transfers....................... 514,765 1,203,742 355,020
-------- ---------- --------
Net Increase from unit transactions.. 578,148 1,241,951 370,616
-------- ---------- --------
Net Increase in Net Assets........... 581,936 1,262,331 369,820
Net Assets:
Beginning of Period.................. -- -- --
-------- ---------- --------
End of Period........................ $581,936 $1,262,331 $369,820
======== ========== ========
</TABLE>
- -------
* Commencement of Operations.
The accompanying notes are an integral part of the financial statements.
XIII
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Separate Account No. 2 of Mutual of America Life Insurance Company ("the
Company") was established in conformity with New York Insurance Law and
commenced operations on June 4, 1984. On October 31, 1986, Separate Account
No. 2 was reorganized into a unit investment trust consisting of four Funds:
the Money Market Fund, the All America Fund, the Bond Fund and the Composite
Fund. These Funds invest in corresponding Funds of Mutual of America
Investment Corporation ("Investment Company"). Prior to May 2, 1994, the All
America Fund was known as the Stock Fund and had different investment
objectives and no sub-advisors.
On January 3, 1989, the following Funds became available to Separate Account
No. 2 as investment options: Scudder Bond, Scudder Capital Growth, Scudder
International and TCI Growth. The Scudder Funds invest in corresponding
Portfolios of Scudder Variable Life Investment Fund ("Scudder"). The TCI Fund
invests in a corresponding Fund of TCI Portfolios Inc. ("TCI"). Effective May
13, 1991, the Calvert Responsibly Invested Balanced Portfolio became available
as an investment option. The Calvert Responsibly Invested Balanced Portfolio
(formerly "Calvert Socially Responsible Series") invests in a corresponding
Fund of the Calvert Responsibly Invested Balanced Portfolio of Acacia Capital
Corporation ("Calvert").
On February 5, 1993 the Mutual of America Equity Index, Short-Term Bond and
Mid-Term Bond Funds became available to Separate Account No. 2 as investment
options. On May 2, 1994 the Mutual of America Aggressive Equity Fund became
available as an investment option. These Funds invest in corresponding Funds
of the Investment Company.
On May 1, 1995, Fidelity Investments Equity-Income, Contrafund and Asset
Manager Portfolios became available to Separate Account No. 2 as investment
options. The Fidelity Equity-Income Portfolio invests in the corresponding
Portfolio of the Fidelity Variable Insurance Products Fund and the Contrafund
and Asset Manager Portfolios invest in the corresponding Portfolios of the
Fidelity Variable Insurance Products Fund II (collectively "Fidelity").
Separate Account No. 2 was formed by the Company to support the operations
of the Company's group and individual variable accumulation annuity contracts
("Contracts"). The assets of Separate Account No. 2 are the property of the
Company. The portion of Separate Account No. 2's assets applicable to the
Contracts will not be charged with liabilities arising out of any other
business the Company may conduct.
The significant accounting policies of Separate Account No. 2 are as
follows:
Investment Valuation -- Investments are made in shares of the Investment
Company, Scudder, TCI, Calvert and Fidelity and are valued at the reported net
asset values of the respective Funds or Portfolios.
Investment Transactions -- Investment transactions are recorded on the trade
date. Realized gains and losses on sales of investments are determined based
on the average cost of the investment sold.
Federal Income Taxes -- Separate Account No. 2 and its operations are
treated as part of the Company which is exempt from federal income taxes under
Section 501(c)(4) of the Internal Revenue Code.
2. INVESTMENTS
The number of shares owned by Separate Account No. 2 and the respective net
asset values per share at June 30, 1995 of the respective Funds and Portfolios
of the Investment Company, Scudder, TCI, Calvert and Fidelity are as follows:
<TABLE>
<CAPTION>
NUMBER OF NET ASSET
SHARES VALUE
---------- ---------
<S> <C> <C>
Investment Company Funds:
Money Market Fund................................ 26,944,282 $1.23
All America Fund................................. 82,383,041 1.94
Equity Index Fund................................ 9,959,723 1.22
Bond Fund........................................ 20,049,928 1.43
Short-Term Bond Fund............................. 1,692,641 1.05
Mid-Term Bond Fund............................... 1,989,344 1.01
</TABLE>
XIV
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<TABLE>
<CAPTION>
NUMBER OF NET ASSET
SHARES VALUE
----------- ---------
<S> <C> <C>
Composite Fund.................................... 130,662,525 1.76
Aggressive Equity Fund............................ 9,108,101 1.25
Scudder Portfolios:
Bond Portfolio.................................... 1,924,533 6.93
Capital Growth Portfolio.......................... 9,994,918 13.72
International Portfolio........................... 7,608,325 11.09
TCI Growth Fund.................................... 6,753,945 10.99
Calvert Responsibly Invested Portfolio............. 7,112,911 1.69
Fidelity Portfolios:
Equity-Income..................................... 31,614 16.89
Contrafund........................................ 87,434 12.50
Asset Manager..................................... 21,258 14.33
</TABLE>
3. EXPENSES
Administrative Charges -- In connection with its administrative functions,
the Company deducts daily, at an annual rate of .40% (.65% before 8/2/94 and
..30% before 2/5/93), an amount from the value of the net assets of each Fund
for the Mutual of America Money Market Fund, All America Fund, Equity Index
Fund, Bond Fund, Short-Term Bond Fund, Mid-Term Bond Fund, Composite Fund,
Aggressive Equity Fund, Scudder Bond Fund, Scudder Capital Growth Fund,
Scudder International Fund, Calvert Responsibly Invested Fund and .20% (.45%
before 8/2/94 and .10% before 2/5/93)for the TCI Growth Fund.
In addition, a deduction of up to $2.00 is made at the end of each month
from a participant's account, except that such charge shall not exceed 1/12 of
1% of the balance in such account in any month.
Distribution Expense Charge -- As principal underwriter, the Company
performs all distribution and sales functions and bears all distribution and
sales expenses relative to the Contracts. For providing these services, the
Company deducts daily, at an annual rate of .35%, an amount from the value of
the net assets of each Fund to cover distribution expenses.
Mortality and Expense Risk Charge -- The Company assumes the risk to make
annuity payments in accordance with annuity tables provided in the Contracts
regardless of how long a participant lives and also assumes certain expense
risks associated with such annuity payments. For assuming this risk, the
Company deducts daily, at an annual rate of .50%, an amount from the value of
the net assets of each Fund (.35% before November 22, 1993).
4. DIVIDENDS
All dividend distributions are reinvested in additonal shares of the
respective Funds or Portfolios at net asset value. No dividend distributions
have been declared and none have been paid by the Investment Company during
the first six months of 1995. It is the Investment Company's practice to
declare and pay dividends at the end of the year.
On January 27, 1995, and April 26, 1995, dividends were paid by the Scudder
Bond Portfolio. The combined amount of the dividends was $450,358.
On January 27, 1995, February 24, 1995 and April 26, 1995, dividends were
paid by the Scudder Capital Growth Portfolio. The combined amount of the
dividends was $4,439,042.
On February 24, 1995, a dividend was paid by the Scudder International
Portfolio. The amount of the dividend was $413,372.
On June 16, 1995, a dividend was paid by the Fidelity Equity-Income
Portfolio. The amount of the dividend was $1,443.
XV
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
5. FINANCIAL HIGHLIGHTS
Shown below are financial highlights for a Unit outstanding throughout the
six months ended June 30, 1995 and each of the five years ended December 31,
1994. Mutual of America Equity Index, Short-Term Bond and Mid-Term Bond Funds
are shown for the six months ended June 30, 1995 and for the year ended
December 31, 1994 and for the period February 5, 1993 (commencement of
operations) to December 31, 1993. Mutual of America Aggressive Equity Fund is
shown for the six months ended June 30, 1995 and the period May 2, 1994
(commencement of operations) to December 31, 1994. Calvert is shown for the
six months ended June 30, 1995 and the three years ended December 31, 1994 and
for the period May 13, 1991 (commencement of operations) to December 31, 1991.
The Fidelity Equity-Income, Contrafund and Asset Manager Funds are shown for
the period May 1, 1995 (commencement of operations) to June 30, 1995.
<TABLE>
<CAPTION>
MUTUAL OF AMERICA MONEY MARKET FUND
-----------------------------------------
1995 1994 1993 1992 1991 1990
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Unit value, beginning of year/period. $1.72 $1.68 $1.65 $1.62 $1.54 $1.44
====== ====== ====== ====== ====== ======
Unit value, end of year/period....... $1.76 $1.72 $1.68 $1.65 $1.62 $1.54
====== ====== ====== ====== ====== ======
Thousands of units outstanding, end
of year/period...................... 18,431 17,653 15,815 16,545 15,656 13,972
====== ====== ====== ====== ====== ======
<CAPTION>
MUTUAL OF AMERICA ALL AMERICA FUND
-----------------------------------------
1995 1994 1993 1992 1991 1990
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Unit value, beginning of year/period. $3.35 $3.36 $3.03 $2.97 $2.41 $2.47
====== ====== ====== ====== ====== ======
Unit value, end of year/period....... $4.02 $3.35 $3.36 $3.03 $2.97 $2.41
====== ====== ====== ====== ====== ======
Thousands of units outstanding, end
of year/period...................... 39,738 38,669 36,510 32,352 26,173 20,973
====== ====== ====== ====== ====== ======
<CAPTION>
MUTUAL OF AMERICA BOND FUND
-----------------------------------------
1995 1994 1993 1992 1991 1990
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Unit value, beginning of year/period. $2.28 $2.39 $2.13 $1.99 $1.73 $1.67
====== ====== ====== ====== ====== ======
Unit value, end of year/period....... $2.54 $2.28 $2.39 $2.13 $1.99 $1.73
====== ====== ====== ====== ====== ======
Thousands of units outstanding, end
of year/period...................... 10,846 10,601 12,244 9,203 6,152 5,235
====== ====== ====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA COMPOSITE FUND
-----------------------------------------
1995 1994 1993 1992 1991 1990
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Unit value, beginning of year/period. $2.82 $2.95 $2.55 $2.43 $2.08 $2.04
====== ====== ====== ====== ====== ======
Unit value, end of year/period....... $3.14 $2.82 $2.95 $2.55 $2.43 $2.08
====== ====== ====== ====== ====== ======
Thousands of units outstanding, end
of year/period...................... 72,940 73,239 71,215 50,944 43,115 37,461
====== ====== ====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA MUTUAL OF AMERICA MUTUAL OF AMERICA MUTUAL OF AMERICA
EQUITY SHORT-TERM MID-TERM AGGRESSIVE
INDEX FUND BOND FUND BOND FUND EQUITY FUND
------------------ ----------------- ----------------- ------------------
1995 1994 1993 1995 1994 1993 1995 1994 1993 1995 1994
------ ----- ----- ----- ----- ----- ----- ----- ----- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning of
year/period............ $1.05 $1.03 $1.00 $1.03 $1.06 $1.00 $1.01 $1.06 $1.00 $1.05 $ 1.00
====== ===== ===== ===== ===== ===== ===== ===== ===== ========= ========
Unit value, end of
year/period............ $1.25 $1.05 $1.03 $1.07 $1.03 $1.06 $1.11 $1.01 $1.06 $1.24 $ 1.05
====== ===== ===== ===== ===== ===== ===== ===== ===== ========= ========
Thousands of units out-
standing, end of
year/period............ 11,524 4,644 2,135 1,647 1,132 747 1,823 1,444 1,411 11,192 9,145
====== ===== ===== ===== ===== ===== ===== ===== ===== ========= ========
</TABLE>
XVI
<PAGE>
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<TABLE>
<CAPTION>
SCUDDER
--------------------------------------------------------------------------------
BOND FUND CAPITAL GROWTH FUND
-------------------------------------- -----------------------------------------
1995 1994 1993 1992 1991 1990 1995 1994 1993 1992 1991 1990
------ ------ ------ ----- ----- ----- ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning of
year/period............ $ 9.69 $10.32 $ 9.30 $8.78 $7.54 $7.05 $14.67 $16.46 $13.80 $13.09 $ 9.48 $10.35
====== ====== ====== ===== ===== ===== ====== ====== ====== ====== ====== ======
Unit value, end of
year/period............ $10.63 $ 9.69 $10.32 $9.30 $8.78 $7.54 $16.98 $14.67 $16.46 $13.80 $13.09 $ 9.48
====== ====== ====== ===== ===== ===== ====== ====== ====== ====== ====== ======
Thousands of units
outstanding, end of
year/period............ 1,251 1,169 1,277 1,053 600 354 8,021 8,121 6,582 3,698 2,138 1,103
====== ====== ====== ===== ===== ===== ====== ====== ====== ====== ====== ======
<CAPTION>
SCUDDER TCI
INTERNATIONAL FUND GROWTH FUND
-------------------------------------- -----------------------------------------
1995 1994 1993 1992 1991 1990 1995 1994 1993 1992 1991 1990
------ ------ ------ ----- ----- ----- ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning of
year/period............ $10.80 $11.06 $ 8.13 $8.48 $7.68 $8.41 $ 9.39 $9.61 $8.81 $9.01 $6.40 $6.53
====== ====== ====== ===== ===== ===== ====== ====== ====== ====== ====== ======
Unit value, end of
year/period............ $11.18 $10.80 $11.06 $8.13 $8.48 $7.68 $11.16 $9.39 $9.61 $8.81 $9.01 $6.40
====== ====== ====== ===== ===== ===== ====== ====== ====== ====== ====== ======
Thousands of units
outstanding, end of
year/period............ 7,588 8,610 5,400 2,262 1,849 1,644 6,670 6,361 5,946 5,280 3,056 1,518
====== ====== ====== ===== ===== ===== ====== ====== ====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
CALVERT
RESPONSIBLY INVESTED FUND
-----------------------------
1995 1994 1993 1992 1991
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
Unit value, beginning of year/period............. $1.57 $1.64 $1.54 $1.44 $1.32
===== ===== ===== ===== =====
Unit value, end of year/period................... $1.83 $1.57 $1.64 $1.54 $1.44
===== ===== ===== ===== =====
Thousands of units outstanding, end of
year/period..................................... 6,646 5,986 5,151 2,742 678
===== ===== ===== ===== =====
</TABLE>
<TABLE>
<CAPTION>
FIDELITY
--------------------------------
EQUITY CONTRA ASSET MANAGER
INCOME FUND FUND FUND
1995 1995 1995
----------- ------ -------------
<S> <C> <C> <C>
Unit value, beginning of
period................. $16.30 $11.43 $10.58
====== ====== ======
Unit value, end of peri-
od..................... $16.96 $12.47 $14.30
====== ====== ======
Thousands of units out-
standing, end of peri-
od..................... 34 101 26
====== ====== ======
</TABLE>
XVII
<PAGE>
[THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
The first half of 1995 saw weak growth in the economy but with a long term
positive outlook. The bear market of 1994 set the stage for the bull market of
the first two quarters of this year. Both the S&P 500 Index and the Dow Jones
Industrial Average (DJIA) were up over 18% in the first six months. Long-Term
treasury yields were still down from 1994 highs.
At the beginning of this year, the Federal Reserve was still raising rates
to slow the economy. With moderate growth still the goal of the Fed, many see
a soft landing, not recession, on the horizon. In July, the Fed reinforced its
easing to lower Fed Fund rates.
The stock market continues its rise with many speculating on the DJIA
reaching 5,000 before a correction, particularly since foreign investors have
not participated in this run-up. The fixed income segment remains fairly
steady with spreads between the three and thirty year treasuries in the range
of 50-70 basis points.
We are pleased to provide you with the Semi-Annual report of the Mutual of
America Investment Corporation for the six months ended June 30, 1995. Shown
below are the total return figures for each of the Funds of the Mutual of
America Investment Corporation.
SIX MONTHS TO JUNE 30, 1995
<TABLE>
<S> <C>
Money Market Fund.................................................. + 2.9%
All America Fund................................................... +20.7%
Equity Index Fund.................................................. +19.8%
Bond Fund.......................................................... +12.1%
Short-Term Bond Fund............................................... + 4.4%
Mid-Term Bond Fund................................................. +10.8%
Composite Fund..................................................... +12.1%
Aggressive Equity Fund............................................. +18.3%
</TABLE>
The respective portfolios of each Fund, including financial statements, are
presented in the pages which follow.
Your participation in these Funds is appreciated.
Sincerely,
/s/ Dolores J. Morrissey
Dolores J. Morrissey
Chairman of the Board and President,
Mutual of America Investment Corporation
1
<PAGE>
THE MONEY MARKET FUND
The investment objective of the Money Market Fund is the realization of high
current income to the extent consistent with the maintenance of liquidity,
investment quality and stability of capital. The Fund will invest only in
money market instruments and other short-term debt securities. The Money
Market Fund met our performance expectations in the first half of 1995,
outperforming the Donohue Money Fund average yield.
THE ALL AMERICA FUND
The All America Fund, composed two-thirds of investments planned to produce
a market return, benefitted from the incremental excess performance
contributed by the four sub-managers of the Fund, several of whose portfolios
are heavily weighted in technology. As a result, the total return of the All
America Fund, at 20.7% for the first six months of 1995, moderately
outperformed the Index for that period. The Index returned 20.2%. Technology
stocks have also increased the lead of the All America Fund over the Index in
the third quarter thus far.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
All America Blended
Fund Index
----------- -------
<S> <C> <C>
Measurement PT -
01/85 $ 10,000 $ 10,000
06/85 11,911 11,714
06/86 17,319 15,862
06/87 20,078 19,842
06/88 19,204 18,432
06/89 21,709 22,192
06/90 24,507 25,815
06/91 25,822 27,723
06/92 28,365 31,458
06/93 32,222 35,734
05/94 33,104 36,722
06/94 32,655 35,854
06/95 41,469 45,279
</TABLE>
2
<PAGE>
THE EQUITY INDEX FUND
Having produced a total return of 19.8% for the first half of 1995 versus a
return of 20.2% for the S&P 500 Index, The Equity-Index Fund performed well as
a surrogate of the Index itself. During the first half, the "driver" of the
market, as represented by the S&P 500, has been the technology sector.
Technology stocks as a group led the market in the first half of the year and
have increased their lead in the third quarter to date.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Equity Index
Fund S & P 500
------------ ---------
<S> <C> <C>
Measurement PT -
02/93 $ 10,000 $ 10,000
06/93 10,116 10,140
06/94 10,266 10,280
06/95 12,914 12,961
</TABLE>
3
<PAGE>
THE BOND FUND
The Fund outperformed the Lehman Government/Corporate Index for the year
ended 6/30/95. This was accomplished by underweighting shorter maturities and
slightly overweighting longer dated assets. Holdings of U.S. Government
securities were reduced and corporate bonds were emphasized.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Lehman Bros. Gov't./
Bond Fund Corp. Bond Index
--------- --------------------
<S> <C> <C>
Measurement PT -
02/93 $ 10,000 $ 10,000
06/93 10,240 10,232
06/94 10,439 10,406
06/95 11,066 11,206
</TABLE>
4
<PAGE>
THE SHORT-TERM BOND FUND
The Fund underperformed the Salomon Brothers 1-3 Year Bond Index for the
year ended 6/30/95. Investments were almost exclusively in U.S. Government
securities with an average life shorter than that of the Index. The 1-3 year
yield curve flattened during the year with longer maturities moving to lower
yields, thus causing the Index to exceed the Fund's performance.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Short-Term Solomon Bros. 1-3
Bond Fund Year Bond Index
---------- -----------------
<S> <C> <C>
Measurement PT -
02/93 $ 10,000 $ 10,000
06/93 10,457 10,460
06/94 10,349 10,399
06/95 11,521 11,561
</TABLE>
5
<PAGE>
THE MID-TERM BOND FUND
The Fund slightly outperformed the Salomon Brothers 3-7 Year Bond Index for
the year ended 6/30/95. Corporate bonds were heavily weighted in the portfolio
and U.S. Treasury holdings were gradually reduced during the year. The
volatility of the portfolio was approximately that of the Index throughout the
year.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Mid-Term Solomon Bros. 3-7
Bond Fund Year Bond Index
--------- -----------------
<S> <C> <C>
Measurement PT -
01/85 $ 10,000 $ 10,000
06/85 11,370 11,385
06/86 14,910 14,576
06/87 16,629 16,747
06/88 16,685 16,778
06/89 18,584 19,525
06/90 20,580 21,812
06/91 22,238 23,733
06/92 24,433 27,013
06/93 28,944 30,625
06/94 28,531 30,606
06/95 32,522 36,556
</TABLE>
6
<PAGE>
COMPOSITE FUND
The first half of 1995, given the outstanding performance of both the stock
and bond markets, was a satisfactory period for the Composite Fund. Equities
gained 17 percent while bonds increased by 12.2 percent. The overall portfolio
appreciated by 12.1 percent including cash and equivalents held throughout the
period.
Bonds out-performed the Lehman Brothers Government/Corporate Index which
increased by 11.8 percent. The equity market advance was heavily dominated by
the richly valued technology stocks causing the vast majority of managers to
underperform the S&P 500 which increased 20.2 percent.
The absence of a material representation in the technology group due to the
more value-oriented approach of the Fund, along with a conservative asset
allocation were limiting factors during the first half.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
50% S & P 500 Index
Composite 50% Lehman Bros. Gov't/
Fund Corp Bond Index
--------- -----------------------
<S> <C> <C>
Measurement PT -
05/94 $ 10,000 $ 10,000
06/94 9,781 9,866
06/95 12,540 12,438
</TABLE>
7
<PAGE>
THE AGGRESSIVE EQUITY FUND
In the first half of 1995, both the value and growth segments of the
Aggressive Equity Fund increased close to the stellar performance of the S&P
500. For the period, the fund advanced in value by 18.3 percent. Technology
stocks, which are well represented in the Fund, have allowed the Fund to lead
the S&P 500 thus far in the third quarter.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Aggressive
Equity
Fund S & P 500
--------- ---------
<S> <C> <C>
Measurement PT -
01/85 $ 10,000 $ 10,000
06/85 11,023 11,056
06/86 13,372 13,339
06/87 13,694 13,965
06/88 14,139 15,009
06/89 15,723 16,861
06/90 16,548 18,059
06/91 17,815 19,906
06/92 20,314 22,726
06/93 23,440 25,715
06/94 23,377 25,342
06/95 26,433 28,578
</TABLE>
8
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Assets:
Investments at market value
(Cost:
Money Market Fund --
$91,282,360
All America Fund --
$367,916,931
Equity Index Fund --
$25,815,253
Bond Fund -- $266,709,084)
(Notes 1 and 3)........... $91,282,360 $445,413,705 $30,474,616 $276,873,293
Cash....................... 21,547 3,309,780 577,712 3,195
Interest and dividends
receivable................ 115 708,090 61,688 4,975,563
Receivable for securities
sold...................... -- 1,035,677 -- --
----------- ------------ ----------- ------------
Total Assets............... 91,304,022 450,467,252 31,114,016 281,852,051
Payable for securities
purchased................. -- 1,195,238 30,145 --
----------- ------------ ----------- ------------
Net Assets................. $91,304,022 $449,272,014 $31,083,871 $281,852,051
=========== ============ =========== ============
Number of Shares
Outstanding (Note 4)...... 74,512,512 231,385,834 25,458,688 197,523,295
=========== ============ =========== ============
Net Asset Values, offering
and redemption price per
share..................... $1.23 $1.94 $1.22 $1.43
===== ===== ===== =====
</TABLE>
<TABLE>
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE EQUITY
BOND FUND BOND FUND FUND FUND
---------- ----------- ------------ -----------------
<S> <C> <C> <C> <C>
Assets:
Investments at market
value
(Cost:
Short-Term Bond Fund --
$3,199,961
Mid-Term Bond Fund --
$25,577,281
Composite Fund --
$251,052,303
Aggressive Equity
Fund -- $30,641,281)
(Notes 1 and 3)......... $3,216,919 $25,524,891 $262,565,254 $36,346,451
Cash..................... 102,516 53,517 -- --
Interest and dividends
receivable.............. 4,049 599,441 2,143,976 15,050
Receivable for securities
sold.................... -- -- 146,216 124,574
---------- ----------- ------------ -----------
Total Assets............. 3,323,484 26,177,849 264,855,446 36,486,075
Payable for securities
purchased............... -- -- 1,758,856 385,120
Call options written, at
market value
(Premium received:
Composite Fund --
$1,728,117
Aggressive Equity
Fund -- $221,436)...... -- -- 2,498,831 199,844
---------- ----------- ------------ -----------
Net Assets............... $3,323,484 $26,177,849 $260,597,759 $35,901,111
========== =========== ============ ===========
Number of Shares
Outstanding (Note 4).... 3,152,572 25,794,305 148,138,499 28,825,541
========== =========== ============ ===========
Net Asset Values,
offering and redemption
price per share......... $1.05 $1.01 $1.76 $1.25
===== ===== ===== =====
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATING* RATE MATURITY AMOUNT COST
------- -------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (100%):
AT & T Capital Corp.......... A1+/P1 5.85% 07/06/95 $5,000,000 $ 4,995,920
Baltimore Gas & Electric..... A1+/P1 5.94 07/26/95 2,995,000 2,982,629
Canadian Wheat Board......... A1+/P1 5.91 08/04/95 3,000,000 2,983,250
Chevron Oil Finance.......... A1+/P1 5.92 08/11/95 3,500,000 3,476,390
Du Pont (E.I.) De Numours &
Co.......................... A1+/P1 5.93 07/14/95 3,400,000 3,392,698
Duke Power Co................ A1+/P1 5.92 07/12/95 4,000,000 3,992,742
Emerson Electric............. A1+/P1 5.90 07/28/95 4,700,000 4,679,165
Ford Motor Credit............ A1/P1 5.93 08/07/95 945,000 939,239
Ford Motor Credit............ A1/P1 5.96 08/10/95 3,365,000 3,342,713
General Electric Capital
Corp........................ A1+/P1 5.87 08/21/95 3,000,000 2,975,016
GTE North.................... A1+/P1 5.95 07/10/95 2,100,000 2,096,872
Heinz (H.J.) Co.............. A1/P1 5.94 08/01/95 4,385,000 4,362,526
Hubbell Inc.................. A1+/P1 5.90 07/06/95 5,000,000 4,995,886
International Lease Fin
Corp........................ A1/P1 5.90 08/07/95 4,000,000 3,975,669
Kimberly Clark............... A1+/P1 5.93 07/26/95 2,000,000 1,991,723
Minnesota Mining & Mfg. Co... A1+/P1 5.90 07/25/95 4,500,000 4,482,288
Motorola Credit Corp......... A1+/P1 5.94 07/07/95 4,400,000 4,395,631
National Rural Utilities..... A1+/P1 5.90 08/11/95 4,000,000 3,973,038
Nestle Capital Corp.......... A1+/P1 5.85 07/05/95 5,000,000 4,996,737
Northern States Power........ A1+/P1 5.95 07/05/95 3,400,000 3,397,747
PHH Corp..................... A1/P1 5.90 07/06/95 2,000,000 1,998,353
PHH Corp..................... A1/P1 5.95 08/04/95 1,000,000 994,379
Sony Capital Corp............ A1/P1 5.95 07/19/95 2,270,000 2,263,204
Toyota Motor Credit Corp..... A1+/P1 5.90 07/06/95 4,000,000 3,996,706
Toys 'R' Us, Inc............. A1+/P1 5.95 07/31/95 1,210,000 1,203,997
U S Leasing Cap Corp......... A1+/P1 5.94 07/24/95 4,600,000 4,582,479
U.S. West, Inc............... A1+/P1 5.93 07/20/95 720,000 717,735
Unilever Capital............. A1+/P1 5.90 08/04/95 3,115,000 3,097,628
-----------
TOTAL SHORT-TERM DEBT
SECURITIES
(Cost: $91,282,360) 100%..... $91,282,360
===========
</TABLE>
- -------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investors
Services, Inc.
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
INDEX PORTION:
COMMON STOCKS:
Abbott Laboratories..................................... 51,700 $ 2,093,850
Advanced Micro Devices, Inc. ........................... 6,700 243,713
Aetna Life & Casualty Co. .............................. 7,300 458,988
Ahmanson (H.F.) & Co. .................................. 7,600 167,200
Air Products & Chemicals Corp. ......................... 7,200 401,400
Airtouch Communications................................. 32,000 912,000
Alberto Culver Co. Class B.............................. 1,800 54,450
Albertson's, Inc. ...................................... 16,500 490,875
Alcan Aluminum Ltd. .................................... 14,600 441,650
Alco Standard Corp. .................................... 3,600 287,550
Alexander & Alexander Svcs., Inc. ...................... 2,900 69,238
Allergan, Inc. ......................................... 4,200 113,925
Allied Signal, Inc. .................................... 18,400 818,800
Alltel Corp. ........................................... 12,200 309,575
Aluminum Co. of America................................. 11,500 576,438
Alza Corp. ............................................. 5,300 123,888
Amdahl Corp. ........................................... 7,600 84,550
Amerada Hess Corp. ..................................... 6,000 293,250
American Brands, Inc. .................................. 12,200 484,950
American Electric Power Co. ............................ 12,000 421,500
American Express Co. ................................... 32,100 1,127,513
American General Corp. ................................. 13,300 448,875
American Greetings Class A.............................. 4,800 141,000
American Home Products Corp. ........................... 20,000 1,547,500
American Intl Group, Inc. .............................. 20,500 2,337,000
American Stores Co. .................................... 9,600 270,000
Ameritech Corp. ........................................ 35,800 1,575,200
Amgen, Inc. ............................................ 8,600 691,763
Amoco Corp. ............................................ 32,200 2,145,325
Amp, Inc. .............................................. 14,076 594,711
AMR Corp. .............................................. 4,900 365,663
Andrew Corp. ........................................... 2,500 144,688
Anheuser Busch Cos., Inc. .............................. 16,600 944,125
Apple Computer, Inc. ................................... 7,800 362,213
Applied Materials....................................... 5,500 476,438
Archer Daniels Midland.................................. 33,400 622,075
Armco, Inc. ............................................ 6,900 46,575
Armstrong World Inds., Inc. ............................ 2,400 120,300
Asarco, Inc. ........................................... 2,700 82,350
Ashland, Inc. .......................................... 4,000 140,500
AT&T Corp. ............................................. 102,500 5,445,313
Atlantic Richfield Co. ................................. 10,400 1,141,400
Autodesk, Inc. ......................................... 3,100 133,300
Automatic Data Processing............................... 9,300 584,738
Avery Dennison Corp. ................................... 3,500 140,000
Avon Products, Inc. .................................... 4,400 294,800
Baker Hughes, Inc. ..................................... 9,100 186,550
Ball Corp. ............................................. 2,000 69,750
Bally Entertainment Corp. .............................. 3,000 36,750
Baltimore Gas & Electric Co. ........................... 9,600 240,000
Banc One Corp. ......................................... 25,600 825,600
Bank of Boston Corp. ................................... 7,200 270,000
Bank of New York, Inc. ................................. 12,400 500,650
BankAmerica Corp. ...................................... 24,200 1,273,525
Bankers Trust New York Corp. ........................... 5,100 316,200
Bard (C.R.), Inc. ...................................... 3,400 102,000
Barnett Banks, Inc. .................................... 6,300 322,875
Barrick Gold Corp. ..................................... 22,900 578,225
Bassett Furniture Inds. ................................ 900 25,200
Bausch & Lomb, Inc. .................................... 3,800 157,700
Baxter International, Inc. ............................. 18,100 658,388
Becton Dickinson & Co. ................................. 4,300 250,475
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
Bell Atlantic Corp. .................................... 28,300 $ 1,584,800
BellSouth Corp. ........................................ 32,200 2,044,700
Bemis Company........................................... 3,300 85,800
Beneficial Corp. ....................................... 3,400 149,600
Bethlehem Steel Corp. .................................. 7,100 115,375
Beverly Enterprises, Inc. .............................. 6,500 80,438
Biomet, Inc. ........................................... 7,500 116,250
Black & Decker Corp. ................................... 5,500 169,813
Block H & R, Inc. ...................................... 6,800 279,650
Boatmen's Bancshares, Inc. ............................. 8,200 289,050
Boeing Co. ............................................. 22,100 1,384,013
Boise Cascade Corp. .................................... 3,100 125,550
Boston Scientific Corp. ................................ 9,700 309,188
Briggs & Stratton Corp. ................................ 1,900 65,550
Bristol-Myers Squibb Co. ............................... 32,800 2,234,500
Brown Group, Inc. ...................................... 1,200 27,300
Brown-Forman Corp. ..................................... 4,500 150,188
Browning Ferris Inds., Inc. ............................ 13,800 498,525
Brunos, Inc. ........................................... 5,100 59,288
Brunswick Corp. ........................................ 6,200 105,400
Burlington Northern Corp. .............................. 5,800 367,575
Burlington Resources, Inc. ............................. 8,200 302,375
Cabletron Systems, Inc. ................................ 4,600 244,950
Campbell Soup Co. ...................................... 16,100 788,900
Capital Cities/ABC, Inc. ............................... 10,000 1,080,000
Carolina Power & Light Co. ............................. 10,100 305,525
Caterpillar, Inc. ...................................... 13,000 835,250
CBS, Inc. .............................................. 4,000 268,000
Centex Corp. ........................................... 1,800 50,850
Central & South West Corp. ............................. 12,400 325,500
Ceridian Corp. ......................................... 3,000 110,625
Champion International Corp. ........................... 6,100 317,963
Charming Shoppes, Inc. ................................. 6,700 35,175
Chase Manhattan Bank.................................... 11,500 540,500
Chemical Banking Corp. ................................. 15,600 737,100
Chevron Corp. .......................................... 42,200 1,967,575
Chrysler Corp. ......................................... 23,900 1,144,213
Chubb Corp. ............................................ 5,600 448,700
CIGNA Corp. ............................................ 4,700 364,838
Cincinnati Milacron, Inc. .............................. 2,200 59,400
Cinergy Corp. .......................................... 10,100 265,125
Circuit City Stores, Inc. .............................. 6,300 199,238
Cisco Systems, Inc. .................................... 17,400 879,788
Citicorp................................................ 25,700 1,487,388
Clorox Co. ............................................. 3,400 221,850
Coastal Corp. .......................................... 6,800 206,550
Coca-Cola Co. .......................................... 82,100 5,233,875
Colgate-Palmolive Co. .................................. 9,400 687,375
Columbia Gas System, Inc. .............................. 3,300 104,775
Columbia HCA Healthcare Corp. .......................... 28,700 1,241,275
Comcast Corp. Class A................................... 15,500 287,719
Community Psychiatric Centers........................... 2,800 31,500
Compaq Computer Corp. .................................. 17,000 771,375
Computer Assoc. Intl., Inc. ............................ 10,400 704,600
Computer Sciences Corp. ................................ 3,600 204,750
Conagra, Inc. .......................................... 15,900 554,513
Conrail, Inc. .......................................... 5,100 283,688
Consolidated Edison Co. NY, Inc. ....................... 15,200 448,400
Consolidated Freightways, Inc. ......................... 2,800 61,950
Consolidated Natural Gas Co. ........................... 6,000 226,500
Cooper Industries....................................... 7,600 300,200
Cooper Tire & Rubber Co. ............................... 5,400 131,625
Coors (Adolph) Class B.................................. 2,500 40,938
Corestates Financial Corp. ............................. 9,400 327,825
Corning, Inc. .......................................... 14,800 484,700
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
INDEX PORTION (CONT'D)
CPC International, Inc. ................................ 9,500 $ 586,625
Crane Co. .............................................. 2,000 72,500
Cray Research, Inc. .................................... 1,600 39,000
Crown Cork & Seal Co., Inc. ............................ 5,800 290,725
CSX Corp. .............................................. 6,800 510,850
CUC International, Inc. ................................ 7,500 315,938
Cummins Engine, Inc. ................................... 2,600 113,425
Cyprus Amax Minerals Co. ............................... 6,000 171,000
Dana Corp. ............................................. 6,600 188,925
Darden Restaurants Inc. ................................ 10,200 110,925
Data General Corp. ..................................... 2,400 23,100
Dayton Hudson Corp. .................................... 4,600 330,050
Dean Witter Discover & Co. ............................. 10,900 512,300
Deere & Co. ............................................ 5,600 479,500
Delta Air Lines, Inc. .................................. 3,300 243,375
Deluxe Corp. ........................................... 5,300 175,563
Detroit Edison Co. ..................................... 9,400 277,300
Dial Corp. ............................................. 6,000 148,500
Digital Equipment Corp. ................................ 9,500 387,125
Dillard Dept. Stores, Inc. ............................. 7,300 214,438
The Walt Disney Co. .................................... 33,700 1,874,563
Dominion Resources, Inc. ............................... 11,200 408,800
Donnelley (R.R.) & Sons Co. ............................ 9,900 356,400
Dover Corp. ............................................ 3,700 269,175
Dow Chemical Co. ....................................... 17,900 1,286,563
Dow Jones & Co., Inc. .................................. 6,300 232,313
Dresser Industries, Inc. ............................... 11,800 262,550
DSC Communications Corp. ............................... 7,400 344,100
Du Pont (E.I.) De Nemours............................... 35,200 2,420,000
Duke Power Co. ......................................... 13,300 551,950
Dun & Bradstreet Corp. ................................. 11,000 577,500
Eastern Enterprises..................................... 1,300 38,838
Eastman Chemical Co. ................................... 5,400 321,300
Eastman Kodak Co. ...................................... 22,000 1,333,750
Eaton Corp. ............................................ 5,000 290,625
Echlin, Inc. ........................................... 3,900 135,525
Echo Bay Mines, Ltd. ................................... 7,300 65,700
Ecolab, Inc. ........................................... 4,400 107,800
EG&G, Inc. ............................................. 3,400 56,950
Emerson Electric Co. ................................... 15,100 1,079,650
Engelhard Corp. ........................................ 6,200 265,825
Enron Corp. ............................................ 16,300 572,538
Enserch Corp. .......................................... 4,300 73,638
Entergy Corp. .......................................... 14,800 357,050
Exxon Corp. ............................................ 80,500 5,685,313
Federal Express Corp. .................................. 3,600 218,700
Federal Home Loan Mortgage.............................. 11,700 804,375
Federal National Mtge Assn. ............................ 17,700 1,670,438
Federal Paper Board Co. ................................ 2,800 99,050
First Chicago Corp. .................................... 5,800 347,275
First Data Corp. ....................................... 7,800 443,625
First Fidelity Bancorp. ................................ 5,200 306,800
First Interstate Bancorp. .............................. 4,900 393,225
First Mississippi Corp. ................................ 1,300 44,363
First Union Corp. ...................................... 11,100 502,275
Fleet Financial Group, Inc. ............................ 9,100 337,838
Fleetwood Enterprises, Inc. ............................ 3,000 59,250
Fleming Companies, Inc. ................................ 2,400 63,600
Fluor Corp. ............................................ 5,400 280,800
FMC Corp. .............................................. 2,400 161,400
Ford Motor Co. ......................................... 66,500 1,978,375
Foster Wheeler Corp. ................................... 2,300 81,075
FPL Group, Inc. ........................................ 12,000 463,500
Fruit of the Loom, Inc. ................................ 4,900 103,513
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
Gannett, Inc. .......................................... 9,100 $ 493,675
Gap, Inc. .............................................. 9,300 324,338
General Dynamics Corp. ................................. 4,100 181,938
General Electric Co. ................................... 109,700 6,184,338
General Mills, Inc. .................................... 10,200 524,025
General Motors Corp. ................................... 48,400 2,268,750
General Public Utilities Corp. ......................... 7,500 223,125
General Re Corp. ....................................... 5,300 709,538
General Signal Corp. ................................... 3,100 123,225
Genuine Parts Co. ...................................... 8,000 303,000
Georgia Pacific Corp. .................................. 5,900 511,825
Giant Food, Inc. ....................................... 3,800 107,825
Giddings & Lewis, Inc. ................................. 2,200 39,325
Gillette Co. ........................................... 28,800 1,285,200
Golden West Financial Corp. ............................ 3,800 179,075
Goodrich (B.F.) Co. .................................... 1,700 91,163
Goodyear Tire & Rubber Co. ............................. 9,800 404,250
Grainger (W.W.), Inc. .................................. 3,300 193,875
Great Atl & Pac Tea Co.(A&P)............................ 2,500 65,938
Great Lakes Chemical Corp. ............................. 4,300 259,075
Great Western Financial Corp. .......................... 8,800 181,500
GTE Corp. .............................................. 62,800 2,143,050
Halliburton Co. ........................................ 7,400 264,550
Handleman Co. .......................................... 2,200 21,175
Harcourt General, Inc. ................................. 4,700 199,750
Harland (John H.) Co. .................................. 2,000 45,750
Harnischfeger Inds., Inc. .............................. 3,000 103,875
Harrah's Entertainment, Inc. ........................... 6,600 257,400
Harris Corp. ........................................... 2,500 129,063
Hasbro, Inc. ........................................... 5,700 180,975
Heinz (H.J.) Co. ....................................... 15,800 701,125
Helmerich & Payne, Inc. ................................ 1,600 47,200
Hercules, Inc. ......................................... 7,600 370,500
Hershey Foods Corp. .................................... 5,600 309,400
Hewlett-Packard Co. .................................... 33,100 2,465,950
Hilton Hotels Corp. .................................... 3,100 217,775
Home Depot, Inc. ....................................... 29,400 1,194,375
Homestake Mining Co. ................................... 8,900 146,850
Honeywell, Inc. ........................................ 8,200 353,625
Household International, Inc. .......................... 6,300 311,850
Houston Industries, Inc. ............................... 8,500 358,063
Illinois Tool Works, Inc. .............................. 7,400 407,000
Inco, Ltd. ............................................. 7,600 214,700
Ingersoll Rand Co. ..................................... 6,800 260,100
Inland Steel, Inc. ..................................... 3,100 94,550
Intel Corp. ............................................ 53,600 3,393,550
Intergraph Corp. ....................................... 3,000 33,375
International Paper Co. ................................ 8,200 703,150
Interpublic Group of Comp. ............................. 5,100 191,250
Intl Business Machines Corp. ........................... 37,600 3,609,600
Intl Flavors & Fragrances............................... 7,200 358,200
ITT Corp. .............................................. 6,800 799,000
James River Corp. of VA................................. 5,300 146,413
Jefferson-Pilot Corp. .................................. 3,100 169,725
Johnson & Johnson....................................... 41,800 2,826,725
Johnson Controls, Inc. ................................. 2,600 146,900
Jostens, Inc. .......................................... 2,900 61,625
K Mart Corp............................................. 29,600 432,900
Kaufman & Broad Home Corp. ............................. 2,100 30,450
Kellogg Co. ............................................ 14,200 1,013,525
Kerr-McGee Corp. ....................................... 3,400 182,325
KeyCorp................................................. 15,400 483,175
Kimberly Clark Corp. ................................... 10,400 622,700
King World Productions, Inc. ........................... 2,400 97,200
Knight-Ridder, Inc. .................................... 3,200 182,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
INDEX PORTION (CONT'D)
Kroger Corp. ........................................... 7,200 $ 193,500
Laidlaw, Inc. .......................................... 18,000 171,000
Lilly (Eli) & Co. ...................................... 18,900 1,483,650
Limited (The), Inc. .................................... 23,100 508,200
Lincoln National Corp. ................................. 6,100 266,875
Liz Claiborne, Inc. .................................... 4,900 104,125
Lockheed Martin Corp. .................................. 12,900 814,313
Loews Corporation....................................... 3,800 459,800
Longs Drug Stores, Inc. ................................ 1,300 48,750
Loral Corp. ............................................ 5,500 284,625
Lotus Development Corp. ................................ 3,100 197,625
Louisiana Land & Exploration............................ 2,200 87,725
Louisiana-Pacific Corp. ................................ 7,000 183,750
Lowe's Companies, Inc. ................................. 10,400 310,700
Luby's Cafeteria, Inc. ................................. 1,500 30,188
Mallinckrodt Group, Inc. ............................... 5,000 177,500
Manor Care, Inc. ....................................... 4,000 116,500
Marriott International, Inc. ........................... 7,900 283,413
Marsh & McLennan Cos., Inc. ............................ 4,700 381,288
Masco Corp. ............................................ 10,200 275,400
Mattel, Inc. ........................................... 14,300 371,800
May Department Stores Co. .............................. 16,100 670,163
Maytag Corp. ........................................... 7,000 112,000
MBNA Corp. ............................................. 9,600 324,000
McDermott International, Inc. .......................... 3,500 84,438
McDonald's Corp. ....................................... 44,900 1,756,713
McDonnell Douglas Corp. ................................ 7,400 567,950
McGraw-Hill Cos., Inc. ................................. 3,200 242,800
MCI Communications Corp. ............................... 44,000 968,000
Mead Corp. ............................................. 3,600 213,750
Medtronic, Inc. ........................................ 7,500 578,438
Mellon Bank Corp. ...................................... 9,500 395,438
Melville Corp. ......................................... 6,800 232,900
Mercantile Stores, Inc. ................................ 2,400 111,600
Merck & Co., Inc. ...................................... 80,100 3,924,900
Meredith Corp. ......................................... 1,800 45,675
Merrill Lynch & Co., Inc. .............................. 11,400 598,500
Micron Technology, Inc. ................................ 13,300 731,500
Microsoft Corp. ........................................ 37,700 3,407,138
Millipore Corp. ........................................ 1,500 101,250
Minnesota Mining & Mfg. Co. ............................ 27,200 1,557,200
Mobil Corp. ............................................ 25,600 2,457,600
Monsanto Co. ........................................... 7,400 666,925
Moore Corp. Ltd. ....................................... 6,500 143,813
Morgan J.P. & Co., Inc. ................................ 12,200 855,525
Morrison Knudsen Corp. ................................. 2,100 14,175
Morton International, Inc. ............................. 9,600 280,800
Motorola, Inc. ......................................... 38,100 2,557,463
NACCO Industries Class A................................ 600 35,925
Nalco Chemical Co. ..................................... 4,400 160,050
National City Corp. .................................... 9,500 279,063
National Semiconductor Corp. ........................... 8,000 222,000
National Service Industries............................. 3,100 89,513
Nationsbank Corp. ...................................... 17,600 943,800
Navistar International Corp. ........................... 4,900 74,113
NBD Bancorp, Inc. ...................................... 10,400 332,800
New York Times Co. Class A.............................. 6,300 148,050
Newell Co. ............................................. 10,200 249,900
Newmont Mining Corp. ................................... 5,600 234,500
Niagara Mohawk Power Corp. ............................. 9,400 138,650
Nicor, Inc. ............................................ 3,300 88,688
Nike, Inc. Class B...................................... 4,700 394,800
NorAm Energy Corp. ..................................... 8,000 52,000
Nordstrom, Inc. ........................................ 5,300 219,288
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
Norfolk Southern Corp. ................................. 8,500 $ 572,688
Northern States Power Co. .............................. 4,400 202,950
Northern Telecom Ltd. .................................. 16,400 598,600
Northrop Grumman Corp. ................................. 3,200 166,800
Norwest Corp. .......................................... 21,000 603,750
Novell, Inc. ........................................... 23,700 472,519
Nucor Corp. ............................................ 5,700 304,950
NYNEX Corp. ............................................ 27,600 1,110,900
Occidental Petroleum Corp. ............................. 20,600 471,225
Ogden Corp. ............................................ 3,200 70,000
Ohio Edison Co. ........................................ 9,900 223,988
Oneok, Inc. ............................................ 1,800 38,475
Oracle Corp. ........................................... 27,900 1,077,638
Oryx Energy Co. ........................................ 6,700 92,125
Outboard Marine Corp. .................................. 1,300 25,513
Owens-Corning Fiberglass................................ 3,100 114,313
Paccar, Inc. ........................................... 2,500 116,875
Pacific Enterprises..................................... 5,300 129,850
Pacific Gas & Electric Co. ............................. 27,900 809,100
Pacific Telesis Group................................... 27,500 735,625
PacifiCorp.............................................. 18,400 345,000
Pall Corp. ............................................. 7,500 166,875
Panhandle Eastern Corp. ................................ 9,700 236,438
Parker Hannifin Corp. .................................. 4,800 174,000
Peco Energy Co. ........................................ 14,400 397,800
Penney J.C. Co., Inc. .................................. 15,100 724,800
Pennzoil Co. ........................................... 3,000 141,375
Peoples Energy Corp. ................................... 2,300 59,513
Pep Boys-Manny, Moe & Jack.............................. 4,000 107,000
Pepsico, Inc. .......................................... 51,000 2,326,875
Perkin-Elmer Corp. ..................................... 2,700 95,850
Pfizer, Inc. ........................................... 20,500 1,893,688
Phelps Dodge Corp. ..................................... 4,500 265,500
Phillip Morris Cos., Inc. .............................. 54,700 4,068,313
Phillips Petroleum Co. ................................. 17,000 567,375
Pioneer Hi-Bred Intl, Inc. ............................. 5,500 231,000
Pitney Bowes, Inc. ..................................... 9,800 376,075
Pittston Services Group................................. 2,700 64,800
Placer Dome, Inc. ...................................... 15,400 402,325
PNC Bank Corp. ......................................... 14,800 390,350
Polaroid Corp. ......................................... 2,900 118,175
Potlatch Corp. ......................................... 1,900 79,325
PPG Industries, Inc. ................................... 13,400 576,200
Praxair, Inc. .......................................... 8,900 222,500
Premark International, Inc. ............................ 3,900 202,313
Price/Costco, Inc. ..................................... 12,600 204,750
Proctor & Gamble Co. ................................... 44,500 3,198,438
Providian Corp. ........................................ 6,200 224,750
Public Svc Enterprise Group............................. 15,900 441,225
Pulte Corp. ............................................ 1,700 47,600
Quaker Oats Co. ........................................ 8,700 286,013
Ralston Purina Co. ..................................... 6,500 331,500
Raychem Corp. .......................................... 2,800 107,450
Raytheon Co. ........................................... 8,000 621,000
Reebok International Ltd. .............................. 5,200 176,800
Reynold's Metals Co. ................................... 4,100 212,175
Rite-Aid Corp. ......................................... 5,500 140,938
Roadway Services, Inc. ................................. 2,500 118,125
Rockwell International Corp. ........................... 14,000 640,500
Rohm & Haas Co. ........................................ 4,400 241,450
Rowan Cos., Inc. ....................................... 5,500 44,688
Royal Dutch Petroleum Co. .............................. 34,700 4,229,063
Rubbermaid, Inc. ....................................... 10,400 288,600
Russell Corp. .......................................... 2,500 71,875
Ryan's Family Steak Houses Inc. ........................ 3,500 27,563
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
INDEX PORTION (CONT'D)
Ryder System, Inc. ..................................... 5,100 $ 121,763
Safeco Corp. ........................................... 4,100 235,494
Safety Kleen Corp. ..................................... 3,700 59,663
Salomon, Inc............................................ 6,900 276,863
Santa Fe Energy Res., Inc. ............................. 5,800 55,100
Santa Fe Pacific Corp. ................................. 9,900 252,450
Sante Fe Pacific Gold Corp. ............................ 8,500 103,063
Sara Lee Corp. ......................................... 31,100 886,350
SBC Communications, Inc. ............................... 39,400 1,876,425
Scecorp................................................. 29,000 496,625
Schering Plough......................................... 24,200 1,067,825
Schlumberger, Ltd. ..................................... 15,700 975,363
Scientific-Atlanta, Inc. ............................... 5,000 110,000
Scott Paper Co. ........................................ 9,800 485,100
Seagram, Ltd. .......................................... 24,200 837,925
Sears Roebuck & Co. .................................... 25,200 1,508,850
Service Corp. International............................. 6,200 196,075
Shared Medical Systems Corp. ........................... 1,500 60,188
Shawmut National Corp. ................................. 7,900 251,813
Sherwin-Williams Co. ................................... 5,500 195,938
Shoney's, Inc. ......................................... 2,700 31,725
Sigma Aldrich Corp. .................................... 3,200 157,200
Silicon Graphics, Inc. ................................. 10,300 410,713
Skyline Corp. .......................................... 700 12,688
Snap-On, Inc. .......................................... 2,600 100,750
Sonat, Inc. ............................................ 5,600 170,800
Southern Co. ........................................... 43,100 964,363
Southwest Airlines...................................... 9,300 222,038
Springs Industries, Inc. Cl A........................... 1,300 48,425
Sprint Corp. ........................................... 22,600 759,925
SPX, Inc. .............................................. 800 9,100
St. Jude Medical, Inc. ................................. 3,000 150,375
St. Paul Companies (The)................................ 5,500 270,875
Stanley Works........................................... 2,900 109,838
Stone Container Corp. .................................. 5,900 125,375
Stride Rite Corp. ...................................... 3,200 33,200
Sun Co., Inc. .......................................... 6,900 188,888
Sun Microsystems, Inc. ................................. 6,200 300,700
Suntrust Banks, Inc. ................................... 7,500 436,875
Supervalu, Inc. ........................................ 4,500 131,063
Sysco Corp. ............................................ 11,800 348,100
Tandem Computers, Inc. ................................. 7,500 120,938
Tandy Corp. ............................................ 4,800 249,000
Tektronix, Inc. ........................................ 2,100 103,425
Tele-Communications, Inc. Cl A.......................... 42,300 991,406
Teledyne, Inc. ......................................... 3,600 88,200
TELLABS................................................. 5,600 269,500
Temple-Inland, Inc. .................................... 3,600 171,450
Tenet Healthcare Corp. ................................. 12,900 185,438
Tenneco, Inc. .......................................... 11,700 538,200
Texaco, Inc. ........................................... 16,800 1,102,500
Texas Instruments, Inc. ................................ 6,000 803,250
Texas Utilities Co. .................................... 14,600 501,875
Textron, Inc. .......................................... 5,500 319,688
Thomas & Betts Corp. ................................... 1,300 88,888
Time Warner, Inc. ...................................... 24,600 1,011,675
Times Mirror Co. Cl A................................... 7,300 174,288
Timken Co. ............................................. 2,000 92,250
TJX Cos., Inc. ......................................... 4,700 62,275
Torchmark Corp. ........................................ 4,600 173,650
Toys 'R' Us, Inc. ...................................... 18,000 526,500
Transamerica Corp. ..................................... 4,500 262,125
Travelers Group, Inc. .................................. 20,700 905,625
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
Tribune Co. ............................................ 4,300 $ 263,913
Trinova Corp. .......................................... 1,900 66,500
TRW, Inc. .............................................. 4,200 335,475
Tyco Labs, Inc. ........................................ 4,900 264,600
U.S. Bancorp............................................ 6,400 154,000
U.S. Life Corp. ........................................ 1,500 60,375
U.S. Surgical Corp. .................................... 3,700 77,238
U.S. West, Inc. ........................................ 30,500 1,269,563
Unicom Corp. ........................................... 13,900 370,088
Unilever N.V. .......................................... 10,400 1,353,300
Union Camp Corp......................................... 4,500 260,438
Union Carbide Corp...................................... 8,900 297,038
Union Electric Co....................................... 6,600 245,850
Union Pacific Corp...................................... 13,300 736,488
Unisys Corp............................................. 11,100 120,713
United Healthcare Corp.................................. 11,200 463,400
United Technologies Corp................................ 8,000 625,000
Unocal Corp............................................. 15,800 436,475
Unum Corp............................................... 4,700 220,313
Upjohn Co............................................... 11,200 424,200
US Healthcare, Inc...................................... 10,400 318,500
USAir Group, Inc........................................ 3,800 44,175
USF&G Corp.............................................. 6,400 104,000
UST, Inc................................................ 12,700 377,825
USX-Marathon Group, Inc................................. 19,300 381,175
USX-U.S. Steel Group, Inc............................... 4,900 168,438
V F Corp................................................ 4,100 220,375
Varity Corp............................................. 2,700 118,800
Viacom, Inc............................................. 23,300 1,080,556
W.R. Grace & Co......................................... 6,100 374,388
Wachovia Corp........................................... 11,100 396,825
Wal-Mart Stores, Inc.................................... 148,800 3,980,340
Walgreen Co............................................. 8,000 401,000
Warner-Lambert Co....................................... 8,700 751,463
Wells Fargo & Co........................................ 3,200 576,800
Wendy's International, Inc.............................. 6,600 117,975
Western Atlas, Inc...................................... 3,400 150,875
Westinghouse Electric Corp.............................. 23,200 339,300
Westvaco Corp........................................... 4,400 194,700
Weyerhaeuser Co......................................... 13,300 626,763
Whirlpool Corp.......................................... 4,800 264,000
Whitman Corp............................................ 6,800 131,750
Williams Cos., Inc...................................... 6,600 230,175
Winn-Dixie Stores, Inc.................................. 4,900 282,975
WMX Technologies, Inc................................... 31,300 888,138
Woolworth Corp.......................................... 8,600 130,075
Worthington Industruies, Inc............................ 5,900 120,581
Wrigley Wm. Jr. Co...................................... 7,500 347,813
Xerox Corp.............................................. 6,900 809,025
Yellow Corp............................................. 1,800 32,625
Zenith Electronics Corp................................. 3,000 22,125
Zurn Industries, Inc.................................... 800 16,000
------------
TOTAL INDEX
(Cost: $216,804,449) 58.2%............................. 259,261,986
------------
ACTIVE PORTION:
COMMON STOCKS:
Basic Materials (0.8%):
Apogee Enterprises..................................... 56,250 998,438
Foster Wheeler Corp. .................................. 31,500 1,110,375
International Paper Co. ............................... 13,600 1,166,200
U.S. Home Corp.*....................................... 10,000 230,000
------------
3,505,013
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
ACTIVE PORTION (CONT'D)
Computers/Software (9.6%):
Act Networks Inc.*..................................... 20,000 $ 345,000
ADC Telecommunications, Inc.*.......................... 20,000 715,000
Adflex Solutions, Inc.*................................ 5,000 122,500
Adobe Systems Inc. .................................... 35,000 2,030,000
AG Associates, Inc.*................................... 15,000 262,500
Alliance Semiconductor Corp.*.......................... 15,000 735,000
Altera Corp.*.......................................... 35,000 1,513,750
Dentrite International, Inc.*.......................... 5,000 80,625
Diamond Multimedia Systems Inc.*....................... 30,000 615,000
DSC Communications Corp.*.............................. 71,000 3,301,500
First Financial Mgmt. Corp. ........................... 34,000 2,907,000
FSI International, Inc.*............................... 7,500 174,844
Glenayre Technologies, Inc.*........................... 48,375 2,467,125
HBO & Co. ............................................. 15,000 817,500
Informix Corp.*........................................ 48,600 1,233,225
Integrated Device Tech Inc.*........................... 28,000 1,295,000
Integrated Silicon Solution*........................... 10,000 522,500
Intel Corp. ........................................... 64,000 4,052,000
LSI Logic Corp.*....................................... 36,000 1,408,500
Maxim Integrated Products, Inc*........................ 40,000 2,040,000
Medic Computer Systems Inc.*........................... 13,000 500,500
Microchip Technology, Inc.*............................ 48,900 1,778,738
Motorola, Inc. ........................................ 40,000 2,685,000
National Service Industries............................ 46,000 1,328,250
Newbridge Networks Corp.* ............................. 50,000 1,762,500
Opal, Inc.*............................................ 22,000 407,000
Parametric Technical Corp.*............................ 15,000 746,250
Sanmina Corp.*......................................... 42,500 1,615,000
Softkey Int'l., Inc.*.................................. 25,000 796,875
Sybase, Inc.*.......................................... 40,000 1,175,000
TELLABS*............................................... 41,000 1,973,125
Triquint Semiconductor Inc*............................ 25,000 403,125
Videoserver, Inc*...................................... 20,400 795,600
Wonderware Corp*....................................... 7,000 281,749
------------
42,887,281
------------
Consumer Cyclical (4.9%):
American Greetings Class A............................. 33,000 969,375
Applebees Intl Inc. ................................... 15,000 386,250
Bassett Furniture Inds. ............................... 43,992 1,231,776
Boise Cascade Office Prod.*............................ 25,000 556,250
Cinar Films Inc. Class B*.............................. 40,000 392,500
DF&R Restaurants, Inc.*................................ 11,900 263,288
Fabri-Centers of America*.............................. 5,000 103,750
Gannett, Inc. ......................................... 17,600 954,800
General Motors Corp. .................................. 22,200 1,040,625
Guilford Mills, Inc. .................................. 43,000 1,048,125
Home Depot, Inc. ...................................... 40,000 1,625,000
La-Z-Boy Chair Co. .................................... 40,500 1,068,188
Landry's Seafood Restaurant*........................... 79,600 1,592,000
Lone Star Steakhouse*.................................. 40,000 1,212,500
Masco Corp. ........................................... 38,500 1,039,500
May Department Stores Co. ............................. 26,100 1,086,413
Movie Gallery, Inc.*................................... 10,000 350,625
O'Charleys, Inc.*...................................... 58,000 754,000
OfficeMax, Inc.*....................................... 46,500 1,296,188
Omnicare, Inc. ........................................ 13,000 352,625
Outback Steak House *.................................. 46,000 1,328,250
Smith (A.O.) Corp ..................................... 53,000 1,245,500
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
Sports & Recreation, Inc.*............................. 40,000 $ 525,000
Tommy Hilfiger Corp.*.................................. 6,600 184,800
U.S. Industries, Inc.*................................. 2,386 32,509
UNO Restaurant Corp*................................... 21,000 217,875
V F Corp. ............................................. 17,500 940,623
------------
21,798,335
------------
Consumer Non-Cyclical (6.0%):
Abbey Healthcare Group, Inc.*.......................... 15,000 384,375
American Oncology Resources*........................... 19,100 530,025
Church & Dwight........................................ 58,000 1,203,500
Ciba Geigy A G ADR*.................................... 31,000 1,131,500
Crompton & Knowles..................................... 6,900 97,463
Dexter Corp. .......................................... 54,000 1,275,750
Ferro Corp. ........................................... 43,200 1,144,800
Flowers Industries, Inc. .............................. 60,000 1,170,000
Forest Laboratories, Inc. Class A...................... 40,000 1,775,000
Giant Food, Inc.*...................................... 56,000 1,589,000
Guest Supply, Inc.*.................................... 44,800 1,164,800
Hanson PLC-ADR......................................... 47,738 835,415
Health Management Associates*.......................... 23,500 687,375
J.M. Smucker Co. Class B............................... 41,600 837,200
J.M. Smucker Co. Class A............................... 12,000 265,500
McCormick & Co., Inc. ................................. 48,000 1,032,000
Monsanto Co. .......................................... 13,000 1,171,625
OccuSystems, Inc.*..................................... 20,000 342,500
Pepsico, Inc. ......................................... 24,938 1,137,796
Pfizer, Inc. .......................................... 24,000 2,217,000
Phillip Morris Cos., Inc. ............................. 14,900 1,108,188
PhyCor, Inc.* ......................................... 10,000 351,250
Proctor & Gamble Co. .................................. 7,200 517,500
RJR Nabisco Holdings................................... 30,800 854,700
Ruddick Corp. ......................................... 22,500 466,875
Smithkline Beecham PLC................................. 27,689 1,252,927
Stanhome, Inc. ........................................ 37,500 1,237,500
Universal Foods Corp. ................................. 35,000 1,133,125
------------
26,914,689
------------
Energy (0.9%):
Elf Aquitaine-ADR...................................... 24,601 916,387
Repsol S.A. ADR........................................ 31,775 1,004,884
Royal Dutch Petroleum Co. ............................. 8,100 987,188
USX-Marathon Group, Inc. .............................. 52,000 1,027,000
------------
3,935,459
------------
Environmental Control (0.5%):
Browning Ferris Inds., Inc. ........................... 31,000 1,119,875
USA Waste Services, Inc.*.............................. 75,000 1,162,500
------------
2,282,375
------------
Financial (4.3%):
Ahmanson (H.F.) & Co. ................................. 34,951 768,922
American General Corp. ................................ 24,000 810,000
American Intl Group, Inc. ............................. 20,000 2,280,000
Aon Corp. ............................................. 21,000 782,250
Bank of New York, Inc. ................................ 16,433 663,482
Bankers Trust New York Corp. .......................... 20,300 1,258,600
Chubb Corp. ........................................... 12,244 981,051
Citicorp............................................... 49,000 2,835,875
Corestates Financial Corp. ............................ 33,900 1,182,263
Crawford & Company Class A............................. 9,000 155,250
Keystone Financial, Inc. .............................. 15,700 442,544
Lehman Brothers Holdings Inc. ......................... 32,000 700,000
Nationsbank Corp. ..................................... 35,000 1,876,875
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
ACTIVE PORTION (CONT'D)
Providian Corp. ....................................... 27,375 $ 992,344
Shawmut National Corp. ................................ 23,800 758,624
United Healthcare Corp. ............................... 30,000 1,241,250
Value Health, Inc.*.................................... 40,000 1,290,000
------------
19,019,330
------------
Industrial (1.4%):
Brown Group, Inc....................................... 38,000 864,500
Goodyear Tire & Rubber Co. ............................ 24,900 1,027,125
Minnesota Mining & Mfg. Co. ........................... 16,490 944,053
Tenneco, Inc. ......................................... 21,400 984,400
Timken Co. ............................................ 33,000 1,522,125
West Company, Inc. .................................... 32,000 896,000
------------
6,238,203
------------
Miscellaneous (0.6%):
EG&G, Inc.............................................. 83,000 1,390,250
Hunt Manufacturing Co. ................................ 48,500 739,625
Loewen Group, Inc. .................................... 20,000 712,500
------------
2,842,375
------------
Technology (9.1%):
Adaptec, Inc.*......................................... 20,000 740,000
Applied Materials*..................................... 17,000 1,472,625
AT&T Corp. ............................................ 21,328 1,133,050
Bay Networks, Inc.*.................................... 93,200 3,856,150
C.P. Clare Corporation*................................ 38,000 760,000
Cisco Systems, Inc.*................................... 80,000 4,045,000
Commercial Intertech Corp. ............................ 28,700 459,200
Compaq Computer Corp.*................................. 63,500 2,881,312
Dell Computer Corp.*................................... 8,700 523,088
Duriron Co., Inc. ..................................... 56,000 1,260,000
Eastman Kodak Co. ..................................... 18,555 1,124,896
Electroglas Inc.*...................................... 31,000 1,774,750
Electronics For Imaging Inc.*.......................... 15,000 783,750
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
EMC Corporation*....................................... 100,000 $ 2,425,000
Graco, Inc. ........................................... 28,000 752,500
Helix Technology Corporation*.......................... 6,000 258,000
Intl Business Machines Corp. .......................... 10,276 986,496
Lam Research Corp.*.................................... 20,000 1,280,000
Loral Corp. ........................................... 22,000 1,138,500
Network Equipment Tech.*............................... 20,500 486,875
Pinnacle Systems, Inc.*................................ 10,000 225,000
Pitney Bowes, Inc. .................................... 26,964 1,034,744
Raytheon Co. .......................................... 13,288 1,031,480
S3, Inc.*.............................................. 45,000 1,620,000
Semitool, Inc.*........................................ 27,500 880,000
Silicon Valley Group, Inc.*............................ 15,000 543,750
SYBRON Corp.*.......................................... 10,000 398,750
Tencor Instruments*.................................... 14,000 574,000
Tennant Co. ........................................... 20,000 540,000
Three Com Corp.*....................................... 82,000 5,494,000
------------
40,482,916
------------
Transportation Services (0.7%):
Burlington Northern Corp. ............................. 17,711 1,122,435
Ryder System, Inc. .................................... 39,500 943,063
Union Pacific Corp. ................................... 18,300 1,013,362
------------
3,078,860
------------
Utilities (0.5%):
American Radio Systems Corp.*.......................... 15,000 341,250
Nextel Communications, Inc.*........................... 60,000 847,500
Pinnacle West Capital Corp. ........................... 41,900 1,026,550
------------
2,215,300
------------
Total Active Portion Common Stocks
(Cost: $140,160,889) 39.3%............................. $175,200,136
============
</TABLE>
- -------
*Non-income producing security.
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE MATURITY VALUE COST
-------- -------- ---------- ------------
<S> <C> <C> <C> <C>
ACTIVE PORTION:
SHORT-TERM DEBT SECURITIES:
U.S. Government (0.3%):
U.S. Treasury Bills................. Various 07/06/95 $1,175,000 $ 1,174,199
Commercial Paper (2.2%):
Kimberly Clark...................... 6.13 07/05/95 3,285,000 3,282,764
Wal-Mart Stores, Inc................ 5.95 07/06/95 6,500,000 6,494,620
------------
9,777,384
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $10,951,583) 2.5%......................................... 10,951,583
------------
TOTAL ACTIVE SECURITIES
(Cost: $151,112,482) 41.8%....................................... 186,151,719
------------
TOTAL INVESTMENTS
(Cost: $367,916,931) 100%........................................ $445,413,705
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
COMMON STOCKS:
Abbott Laboratories...................................... 6,200 $ 251,100
Advanced Micro Devices, Inc. ............................ 800 29,100
Aetna Life & Casualty Co. ............................... 900 56,588
Ahmanson (H.F.) & Co. ................................... 900 19,800
Air Products & Chemicals Corp. .......................... 900 50,175
Airtouch Communications.................................. 3,700 105,450
Alberto Culver Co. Class B............................... 200 6,050
Albertson's, Inc. ....................................... 2,000 59,500
Alcan Aluminum Ltd. ..................................... 1,800 54,450
Alco Standard Corp. ..................................... 400 31,950
Alexander & Alexander Svcs., Inc. ....................... 300 7,163
Allergan, Inc. .......................................... 400 10,850
Allied Signal, Inc. ..................................... 2,200 97,900
Alltel Corp. ............................................ 1,400 35,525
Aluminum Co. of America.................................. 1,300 65,163
Alza Corp. .............................................. 700 16,363
Amdahl Corp. ............................................ 900 10,013
Amerada Hess Corp. ...................................... 700 34,213
American Brands, Inc. ................................... 1,400 55,650
American Electric Power Co. ............................. 1,400 49,175
American Express Co. .................................... 3,700 129,963
American General Corp. .................................. 1,500 50,625
American Greetings Class A............................... 500 14,688
American Home Products Corp. ............................ 2,300 177,963
American Intl Group, Inc. ............................... 2,400 273,600
American Stores Co. ..................................... 1,100 30,938
Ameritech Corp. ......................................... 4,200 184,800
Amgen, Inc. ............................................. 1,000 80,438
Amoco Corp. ............................................. 3,800 253,175
Amp, Inc. ............................................... 1,656 69,966
AMR Corp. ............................................... 500 37,313
Andrew Corp. ............................................ 300 17,363
Anheuser Busch Cos., Inc. ............................... 2,000 113,750
Apple Computer, Inc. .................................... 900 41,794
Applied Materials........................................ 700 60,638
Archer Daniels Midland................................... 4,000 74,500
Armco, Inc. ............................................. 800 5,400
Armstrong World Inds., Inc. ............................. 300 15,038
Asarco, Inc. ............................................ 300 9,150
Ashland, Inc. ........................................... 400 14,050
AT&T Corp. .............................................. 12,100 642,813
Atlantic Richfield Co. .................................. 1,200 131,700
Autodesk, Inc. .......................................... 300 12,900
Automatic Data Processing................................ 1,100 69,163
Avery Dennison Corp. .................................... 400 16,000
Avon Products, Inc. ..................................... 500 33,500
Baker Hughes, Inc. ...................................... 1,100 22,550
Ball Corp. .............................................. 200 6,975
Bally Entertainment Corp. ............................... 300 3,675
Baltimore Gas & Electric Co. ............................ 1,100 27,500
Banc One Corp. .......................................... 3,000 96,750
Bank of Boston Corp. .................................... 900 33,750
Bank of New York, Inc. .................................. 1,400 56,525
BankAmerica Corp. ....................................... 2,900 152,613
Bankers Trust New York Corp. ............................ 500 31,000
Bard (C.R.), Inc. ....................................... 400 12,000
Barnett Banks, Inc. ..................................... 800 41,000
Barrick Gold Corp. ...................................... 2,700 68,175
Bassett Furniture Inds. ................................. 100 2,800
Bausch & Lomb, Inc. ..................................... 400 16,600
Baxter International, Inc. .............................. 2,100 76,388
Becton Dickinson & Co. .................................. 500 29,125
Bell Atlantic Corp. ..................................... 3,300 184,800
BellSouth Corp. ......................................... 3,800 241,300
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
Bemis Company............................................ 400 $ 10,400
Beneficial Corp. ........................................ 400 17,600
Bethlehem Steel Corp. ................................... 900 14,625
Beverly Enterprises, Inc. ............................... 800 9,900
Biomet, Inc. ............................................ 900 13,950
Black & Decker Corp. .................................... 700 21,613
Block H & R, Inc. ....................................... 800 32,900
Boatmen's Bancshares, Inc. .............................. 1,000 35,250
Boeing Co. .............................................. 2,600 162,825
Boise Cascade Corp. ..................................... 300 12,150
Boston Scientific Corp. ................................. 1,100 35,063
Briggs & Stratton Corp. ................................. 200 6,900
Bristol-Myers Squibb Co. ................................ 3,800 258,875
Brown Group, Inc. ....................................... 100 2,275
Brown-Forman Corp. ...................................... 500 16,688
Browning Ferris Inds., Inc. ............................. 1,600 57,800
Brunos, Inc. ............................................ 500 5,813
Brunswick Corp. ......................................... 800 13,600
Burlington Northern Corp. ............................... 700 44,363
Burlington Resources, Inc. .............................. 1,000 36,875
Cabletron Systems, Inc. ................................. 500 26,625
Campbell Soup Co. ....................................... 1,900 93,100
Capital Cities/ABC, Inc. ................................ 1,200 129,600
Carolina Power & Light Co. .............................. 1,200 36,300
Caterpillar, Inc. ....................................... 1,500 96,375
CBS, Inc. ............................................... 400 26,800
Centex Corp. ............................................ 200 5,650
Central & South West Corp. .............................. 1,400 36,750
Ceridian Corp. .......................................... 300 11,063
Champion International Corp. ............................ 800 41,700
Charming Shoppes, Inc. .................................. 800 4,200
Chase Manhattan Bank..................................... 1,300 61,100
Chemical Banking Corp. .................................. 1,900 89,775
Chevron Corp. ........................................... 4,900 228,463
Chrysler Corp. .......................................... 2,900 138,838
Chubb Corp. ............................................. 700 56,088
CIGNA Corp. ............................................. 500 38,813
Cincinnati Milacron, Inc. ............................... 200 5,400
Cinergy Corp. ........................................... 1,200 31,505
Circuit City Stores, Inc. ............................... 800 25,300
Cisco Systems, Inc. ..................................... 2,100 106,181
Citicorp................................................. 3,100 179,413
Clorox Co. .............................................. 400 26,100
Coastal Corp. ........................................... 800 24,300
Coca-Cola Co. ........................................... 9,700 618,375
Colgate-Palmolive Co. ................................... 1,100 80,438
Columbia Gas System, Inc. ............................... 400 12,700
Columbia HCA Healthcare Corp. ........................... 3,400 147,050
Comcast Corp. Class A.................................... 1,900 35,269
Community Psychiatric Centers............................ 300 3,375
Compaq Computer Corp. ................................... 2,000 90,750
Computer Assoc. Intl., Inc. ............................. 1,200 81,300
Computer Sciences Corp. ................................. 400 22,750
Conagra, Inc. ........................................... 1,900 66,263
Conrail, Inc. ........................................... 500 27,813
Consolidated Edison Co NY, Inc. ......................... 1,800 53,100
Consolidated Freightways, Inc. .......................... 300 6,638
Consolidated Natural Gas Co. ............................ 700 26,425
Cooper Industries........................................ 900 35,550
Cooper Tire & Rubber Co. ................................ 700 17,063
Coors (Adolph) Class B................................... 300 4,913
Corestates Financial Corp. .............................. 1,100 38,363
Corning, Inc. ........................................... 1,800 58,950
CPC International, Inc. ................................. 1,100 67,925
Crane Co. ............................................... 200 7,250
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
Cray Research, Inc. ..................................... 200 $ 4,875
Crown Cork & Seal Co., Inc. ............................. 700 35,088
CSX Corp. ............................................... 800 60,100
CUC International, Inc. ................................. 900 37,913
Cummins Engine, Inc. .................................... 300 13,088
Cyprus Amax Minerals Co. ................................ 700 19,950
Dana Corp. .............................................. 800 22,900
Darden Restaurants Inc .................................. 1,200 13,050
Data General Corp. ...................................... 300 2,888
Dayton Hudson Corp. ..................................... 500 35,875
Dean Witter Discover & Co. .............................. 1,300 61,100
Deere & Co. ............................................. 700 59,938
Delta Air Lines, Inc. ................................... 400 29,500
Deluxe Corp. ............................................ 700 23,188
Detroit Edison Co. ...................................... 1,100 32,450
Dial Corp. .............................................. 700 17,325
Digital Equipment Corp. ................................. 1,100 44,825
Dillard Dept. Stores, Inc. .............................. 900 26,438
The Walt Disney Co. ..................................... 4,000 222,500
Dominion Resources, Inc. ................................ 1,300 47,450
Donnelley (R.R.) & Sons Co. ............................. 1,200 43,200
Dover Corp. ............................................. 400 29,100
Dow Chemical Co. ........................................ 2,100 150,938
Dow Jones & Co., Inc. ................................... 800 29,500
Dresser Industries, Inc. ................................ 1,400 31,150
DSC Communications Corp. ................................ 900 41,850
Du Pont (E.I.) De Nemours................................ 4,200 288,750
Duke Power Co. .......................................... 1,500 62,250
Dun & Bradstreet Corp. .................................. 1,300 68,250
Eastern Enterprises...................................... 100 2,988
Eastman Chemical Co. .................................... 700 41,650
Eastman Kodak Co. ....................................... 2,600 157,625
Eaton Corp. ............................................. 500 29,063
Echlin, Inc. ............................................ 400 13,900
Echo Bay Mines, Ltd. .................................... 900 8,100
Ecolab, Inc. ............................................ 500 12,250
EG&G, Inc. .............................................. 400 6,700
Emerson Electric Co. .................................... 1,800 128,700
Engelhard Corp. ......................................... 800 34,300
Enron Corp. ............................................. 2,000 70,250
Enserch Corp. ........................................... 500 8,563
Entergy Corp. ........................................... 1,800 43,425
Exxon Corp. ............................................. 9,500 670,938
Federal Express Corp. ................................... 400 24,300
Federal Home Loan Mortgage............................... 1,400 96,250
Federal National Mtge Assn. ............................. 2,100 198,188
Federal Paper Board Co. ................................. 300 10,613
First Chicago Corp. ..................................... 700 41,913
First Data Corp. ........................................ 900 51,188
First Fidelity Bancorp. ................................. 700 41,300
First Interstate Bancorp. ............................... 500 40,125
First Mississippi Corp. ................................. 100 3,413
First Union Corp. ....................................... 1,300 58,825
Fleet Financial Group, Inc. ............................. 1,100 40,838
Fleetwood Enterprises, Inc. ............................. 300 5,925
Fleming Companies, Inc. ................................. 300 7,950
Fluor Corp. ............................................. 700 36,400
FMC Corp. ............................................... 300 20,175
Ford Motor Co. .......................................... 7,800 232,050
Foster Wheeler Corp. .................................... 200 7,050
FPL Group, Inc. ......................................... 1,400 54,075
Fruit of the Loom, Inc. ................................. 500 10,563
Gannett, Inc. ........................................... 1,100 59,675
Gap, Inc. ............................................... 1,100 38,363
General Dynamics Corp. .................................. 400 17,750
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
General Electric Co. .................................... 13,000 $ 732,875
General Mills, Inc. ..................................... 1,200 61,650
General Motors Corp. .................................... 5,700 267,188
General Public Utilities Corp. .......................... 900 26,775
General Re Corp. ........................................ 700 93,713
General Signal Corp. .................................... 300 11,925
Genuine Parts Co. ....................................... 1,000 37,875
Georgia Pacific Corp. ................................... 700 60,725
Giant Food, Inc. ........................................ 400 11,350
Giddings & Lewis, Inc. .................................. 200 3,575
Gillette Co. ............................................ 3,200 142,800
Golden West Financial Corp. ............................. 400 18,850
Goodrich (B.F.) Co. ..................................... 200 10,725
Goodyear Tire & Rubber Co................................ 1,200 49,500
Grainger (W.W.), Inc. ................................... 400 23,500
Great Atl & Pac Tea Co.(A&P)............................. 300 7,913
Great Lakes Chemical Corp. .............................. 500 30,125
Great Western Financial Corp. ........................... 1,000 20,625
GTE Corp. ............................................... 7,400 252,525
Halliburton Co. ......................................... 900 32,175
Handleman Co. ........................................... 200 1,925
Harcourt General, Inc. .................................. 500 21,250
Harland (John H.) Co. ................................... 200 4,575
Harnischfeger Inds., Inc. ............................... 300 10,388
Harrah's Entertainment, Inc. ............................ 800 31,200
Harris Corp. ............................................ 300 15,488
Hasbro, Inc. ............................................ 700 22,225
Heinz (H.J.) Co. ........................................ 1,900 84,313
Helmerich & Payne, Inc. ................................. 200 5,900
Hercules, Inc. .......................................... 900 43,875
Hershey Foods Corp. ..................................... 700 38,675
Hewlett-Packard Co. ..................................... 3,800 283,100
Hilton Hotels Corp. ..................................... 300 21,075
Home Depot, Inc. ........................................ 3,500 142,188
Homestake Mining Co. .................................... 1,100 18,150
Honeywell, Inc. ......................................... 1,000 43,125
Household International, Inc. ........................... 800 39,600
Houston Industries, Inc. ................................ 1,000 42,125
Illinois Tool Works, Inc. ............................... 900 49,500
Inco, Ltd. .............................................. 900 25,425
Ingersoll Rand Co. ...................................... 800 30,600
Inland Steel, Inc. ...................................... 300 9,150
Intel Corp. ............................................. 6,400 405,200
Intergraph Corp. ........................................ 300 3,338
International Paper Co. ................................. 1,000 85,750
Interpublic Group of Comp. .............................. 500 18,750
Intl Business Machines Corp. ............................ 4,400 422,400
Intl Flavors & Fragrances................................ 900 44,775
ITT Corp. ............................................... 800 94,000
James River Corp. of VA.................................. 700 19,338
Jefferson-Pilot Corp. ................................... 300 16,425
Johnson & Johnson........................................ 4,900 331,363
Johnson Controls, Inc. .................................. 300 16,950
Jostens, Inc. ........................................... 300 6,375
K Mart Corp.............................................. 3,500 51,188
Kaufman & Broad Home Corp. .............................. 200 2,900
Kellogg Co. ............................................. 1,600 114,200
Kerr-McGee Corp. ........................................ 400 21,450
KeyCorp.................................................. 1,900 59,613
Kimberly Clark Corp. .................................... 1,200 71,850
King World Productions, Inc.............................. 300 12,150
Knight-Ridder, Inc....................................... 300 17,063
Kroger Corp. ............................................ 900 24,188
Laidlaw, Inc. ........................................... 2,100 19,950
Lilly (Eli) & Co. ....................................... 2,200 172,700
</TABLE>
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
Limited (The), Inc. ..................................... 2,700 $ 59,400
Lincoln National Corp. .................................. 800 35,000
Liz Claiborne, Inc. ..................................... 500 10,625
Lockheed Martin Corp. ................................... 1,500 94,688
Loews Corporation........................................ 400 48,400
Longs Drug Stores, Inc. ................................. 100 3,750
Loral Corp. ............................................. 700 36,225
Lotus Development Corp. ................................. 300 19,125
Louisiana Land & Exploration............................. 200 7,975
Louisiana-Pacific Corp. ................................. 800 21,000
Lowe's Companies, Inc. .................................. 1,200 35,850
Luby's Cafeteria, Inc. .................................. 200 4,025
Mallinckrodt Group, Inc. ................................ 500 17,750
Manor Care, Inc. ........................................ 400 11,650
Marriott International, Inc. ............................ 1,000 35,875
Marsh & McLennan Cos., Inc. ............................. 500 40,563
Masco Corp. ............................................. 1,200 32,400
Mattel, Inc. ............................................ 1,600 41,600
May Department Stores Co. ............................... 1,900 79,088
Maytag Corp. ............................................ 800 12,800
MBNA Corp. .............................................. 1,100 37,125
McDermott International, Inc. ........................... 400 9,650
McDonald's Corp. ........................................ 5,300 207,363
McDonnell Douglas Corp. ................................. 900 69,075
McGraw-Hill Cos., Inc. .................................. 300 22,763
MCI Communications Corp. ................................ 5,200 114,400
Mead Corp. .............................................. 400 23,750
Medtronic, Inc. ......................................... 900 69,413
Mellon Bank Corp. ....................................... 1,100 45,788
Melville Corp. .......................................... 800 27,400
Mercantile Stores, Inc. ................................. 300 13,950
Merck & Co., Inc. ....................................... 9,500 465,500
Meredith Corp. .......................................... 200 5,075
Merrill Lynch & Co., Inc. ............................... 1,300 68,250
Micron Technology, Inc. ................................. 1,500 82,500
Microsoft Corp. ......................................... 4,400 397,650
Millipore Corp. ......................................... 200 13,500
Minnesota Mining & Mfg. Co. ............................. 3,200 183,200
Mobil Corp. ............................................. 3,100 297,600
Monsanto Co. ............................................ 900 81,113
Moore Corp. Ltd. ........................................ 800 17,700
Morgan J.P. & Co., Inc. ................................. 1,400 98,175
Morrison Knudsen Corp. .................................. 200 1,350
Morton International, Inc. .............................. 1,100 32,175
Motorola, Inc. .......................................... 4,500 302,063
NACCO Industries Class A................................. 100 5,988
Nalco Chemical Co. ...................................... 500 18,188
National City Corp. ..................................... 1,100 32,313
National Semiconductor Corp. ............................ 1,000 27,750
National Service Industries.............................. 300 8,663
Nationsbank Corp. ....................................... 2,100 112,613
Navistar International Corp. ............................ 500 7,563
NBD Bancorp, Inc. ....................................... 1,200 38,400
New York Times Co. Class A............................... 800 18,800
Newell Co. .............................................. 1,200 29,400
Newmont Mining Corp. .................................... 700 29,313
Niagara Mohawk Power Corp. .............................. 1,100 16,225
Nicor, Inc. ............................................. 400 10,750
Nike, Inc. Class B....................................... 500 42,000
NorAm Energy Corp. ...................................... 1,000 6,500
Nordstrom, Inc. ......................................... 700 28,963
Norfolk Southern Corp. .................................. 1,000 67,375
Northern States Power Co. ............................... 500 23,063
Northern Telecom Ltd. ................................... 2,000 73,000
Northrop Grumman Corp. .................................. 300 15,638
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
Norwest Corp. ........................................... 2,500 $ 71,875
Novell, Inc. ............................................ 2,700 53,831
Nucor Corp. ............................................. 700 37,450
NYNEX Corp. ............................................. 3,300 132,825
Occidental Petroleum Corp. .............................. 2,400 54,900
Ogden Corp. ............................................. 300 6,563
Ohio Edison Co. ......................................... 1,200 27,150
Oneok, Inc. ............................................. 200 4,275
Oracle Corp. ............................................ 3,300 127,463
Oryx Energy Co. ......................................... 800 11,000
Outboard Marine Corp. ................................... 100 1,963
Owens-Corning Fiberglass................................. 300 11,063
Paccar, Inc. ............................................ 300 14,025
Pacific Enterprises...................................... 700 17,150
Pacific Gas & Electric Co. .............................. 3,300 95,700
Pacific Telesis Group.................................... 3,300 88,275
PacifiCorp............................................... 2,200 41,250
Pall Corp. .............................................. 900 20,025
Panhandle Eastern Corp. ................................. 1,100 26,813
Parker Hannifin Corp. ................................... 500 18,125
Peco Energy Co. ......................................... 1,600 44,200
Penney J.C. Co., Inc. ................................... 1,800 86,400
Pennzoil Co. ............................................ 300 14,138
Peoples Energy Corp. .................................... 200 5,175
Pep Boys-Manny, Moe & Jack............................... 400 10,700
Pepsico, Inc. ........................................... 6,000 273,750
Perkin-Elmer Corp. ...................................... 300 10,650
Pfizer, Inc. ............................................ 2,400 221,700
Phelps Dodge Corp. ...................................... 500 29,500
Phillip Morris Cos., Inc. ............................... 6,500 483,438
Phillips Petroleum Co. .................................. 2,000 66,750
Pioneer Hi-Bred Intl, Inc. .............................. 700 29,400
Pitney Bowes, Inc. ...................................... 1,200 46,050
Pittston Services Group.................................. 300 7,200
Placer Dome, Inc. ....................................... 1,900 49,638
PNC Bank Corp. .......................................... 1,800 47,475
Polaroid Corp. .......................................... 300 12,225
Potlatch Corp. .......................................... 200 8,350
PPG Industries, Inc. .................................... 1,500 64,500
Praxair, Inc. ........................................... 1,100 27,500
Premark International, Inc. ............................. 400 20,750
Price/Costco, Inc. ...................................... 1,500 24,375
Proctor & Gamble Co. .................................... 5,300 380,938
Providian Corp. ......................................... 800 29,000
Public Svc Enterprise Group.............................. 1,900 52,725
Pulte Corp. ............................................. 200 5,600
Quaker Oats Co. ......................................... 1,000 32,875
Ralston Purina Co. ...................................... 800 40,800
Raychem Corp. ........................................... 300 11,513
Raytheon Co. ............................................ 1,000 77,625
Reebok International Ltd. ............................... 700 23,800
Reynold's Metals Co. .................................... 400 20,700
Rite-Aid Corp. .......................................... 700 17,938
Roadway Services, Inc. .................................. 300 14,175
Rockwell International Corp. ............................ 1,600 73,200
Rohm & Haas Co. ......................................... 500 27,438
Rowan Cos., Inc. ........................................ 700 5,688
Royal Dutch Petroleum Co. ............................... 4,100 499,617
Rubbermaid, Inc. ........................................ 1,200 33,300
Russell Corp. ........................................... 300 8,625
Ryan's Family Steak Houses Inc. ......................... 400 3,150
Ryder System, Inc. ...................................... 500 11,938
Safeco Corp. ............................................ 400 22,975
Safety Kleen Corp. ...................................... 400 6,450
Salomon, Inc. ........................................... 800 32,100
</TABLE>
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
Santa Fe Energy Res., Inc. .............................. 700 $ 6,650
Santa Fe Pacific Corp. .................................. 1,200 30,600
Sante Fe Pacific Gold Corp. ............................. 1,000 12,125
Sara Lee Corp. .......................................... 3,600 102,600
SBC Communications, Inc. ................................ 4,600 219,075
Scecorp.................................................. 3,400 58,225
Schering Plough.......................................... 2,900 127,963
Schlumberger, Ltd. ...................................... 1,900 118,038
Scientific-Atlanta, Inc. ................................ 500 11,000
Scott Paper Co. ......................................... 1,200 59,400
Seagram, Ltd. ........................................... 2,900 100,413
Sears Roebuck & Co. ..................................... 3,000 179,625
Service Corp. International.............................. 800 25,300
Shared Medical Systems Corp. ............................ 200 8,025
Shawmut National Corp. .................................. 900 28,688
Sherwin-Williams Co. .................................... 700 24,938
Shoney's, Inc. .......................................... 300 3,525
Sigma Aldrich Corp. ..................................... 300 14,738
Silicon Graphics, Inc. .................................. 1,200 47,850
Skyline Corp. ........................................... 100 1,813
Snap-On, Inc. ........................................... 300 11,625
Sonat, Inc. ............................................. 700 21,350
Southern Co. ............................................ 5,100 114,113
Southwest Airlines....................................... 1,100 26,263
Springs Industries, Inc. Cl A............................ 100 3,725
Sprint Corp. ............................................ 2,600 87,425
SPX, Inc. ............................................... 100 1,138
St. Jude Medical, Inc. .................................. 300 15,038
St. Paul Companies (The)................................. 700 34,475
Stanley Works............................................ 300 11,363
Stone Container Corp. ................................... 700 14,875
Stride Rite Corp. ....................................... 300 3,113
Sun Co., Inc. ........................................... 800 21,900
Sun Microsystems, Inc. .................................. 800 38,800
Suntrust Banks, Inc. .................................... 900 52,425
Supervalu, Inc. ......................................... 500 14,563
Sysco Corp. ............................................. 1,400 41,300
Tandem Computers, Inc. .................................. 900 14,513
Tandy Corp. ............................................. 500 25,938
Tektronix, Inc. ......................................... 200 9,850
Tele-Communications, Inc. Cl A........................... 4,900 114,844
Teledyne, Inc. .......................................... 400 9,800
TELLABS.................................................. 600 28,875
Temple-Inland, Inc. ..................................... 400 19,050
Tenet Healthcare Corp. .................................. 1,500 21,563
Tenneco, Inc. ........................................... 1,400 64,400
Texaco, Inc. ............................................ 2,000 131,250
Texas Instruments, Inc. ................................. 700 93,713
Texas Utilities Co. ..................................... 1,800 61,875
Textron, Inc. ........................................... 700 40,688
Thomas & Betts Corp. .................................... 100 6,838
Time Warner, Inc. ....................................... 2,900 119,263
Times Mirror Co. Cl A.................................... 900 21,488
Timken Co. .............................................. 200 9,225
TJX Cos., Inc. .......................................... 500 6,625
Torchmark Corp. ......................................... 500 18,875
Toys 'R' Us, Inc. ....................................... 2,100 61,425
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
Transamerica Corp. ...................................... 500 $ 29,125
Travelers Group, Inc. ................................... 2,400 105,000
Tribune Co. ............................................. 500 30,688
Trinova Corp. ........................................... 200 7,000
TRW, Inc. ............................................... 500 39,938
Tyco Labs, Inc. ......................................... 500 27,000
U.S. Bancorp............................................. 800 19,250
U.S. Life Corp. ......................................... 200 8,050
U.S. Surgical Corp. ..................................... 400 8,350
U.S. West, Inc. ......................................... 3,600 149,850
Unicom Corp. ............................................ 1,600 42,600
Unilever N.V. ........................................... 1,200 156,150
Union Camp Corp. ........................................ 500 28,938
Union Carbide Corp. ..................................... 1,100 36,713
Union Electric Co. ...................................... 800 29,800
Union Pacific Corp. ..................................... 1,500 83,063
Unisys Corp. ............................................ 1,300 14,138
United Healthcare Corp. ................................. 1,300 53,788
United Technologies Corp. ............................... 1,000 78,125
Unocal Corp. ............................................ 1,900 52,488
Unum Corp. .............................................. 500 23,438
Upjohn Co. .............................................. 1,300 49,238
US Healthcare, Inc. ..................................... 1,200 36,750
USAir Group, Inc. ....................................... 400 4,650
USF&G Corp. ............................................. 800 13,000
UST, Inc. ............................................... 1,500 44,625
USX-Marathon Group, Inc. ................................ 2,300 45,425
USX-U.S. Steel Group, Inc. .............................. 500 17,188
V F Corp. ............................................... 400 21,500
Varity Corp. ............................................ 300 13,200
Viacom, Inc. ............................................ 2,700 125,198
W.R. Grace & Co. ........................................ 800 49,100
Wachovia Corp. .......................................... 1,300 46,475
Wal-Mart Stores, Inc. ................................... 17,600 470,800
Walgreen Co. ............................................ 1,000 50,125
Warner-Lambert Co. ...................................... 1,000 86,375
Wells Fargo & Co. ....................................... 300 54,075
Wendy's International, Inc. ............................. 800 14,300
Western Atlas, Inc. ..................................... 400 17,750
Westinghouse Electric Corp. ............................. 2,700 39,488
Westvaco Corp. .......................................... 500 22,125
Weyerhaeuser Co. ........................................ 1,500 70,688
Whirlpool Corp. ......................................... 500 27,500
Whitman Corp. ........................................... 800 15,500
Williams Cos., Inc. ..................................... 800 27,900
Winn-Dixie Stores, Inc. ................................. 500 28,875
WMX Technologies, Inc. .................................. 3,700 104,988
Woolworth Corp. ......................................... 1,000 15,125
Worthington Industries, Inc. ............................ 700 14,306
Wrigley Wm. Jr. Co. ..................................... 900 41,738
Xerox Corp. ............................................. 800 93,800
Yellow Corp. ............................................ 200 3,625
Zenith Electronics Corp. ................................ 300 2,213
Zurn Industries, Inc. ................................... 100 2,000
-----------
TOTAL COMMON STOCKS (Cost: $25,767,594) 99.8%............ $30,426,957
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE MATURITY AMOUNT COST
-------- -------- ------- -----------
<S> <C> <C> <C> <C>
SHORT--TERM DEBT SECURITIES:
U.S. Treasury (0.2%)
U.S. Treasury Bills...................... 5.25% 05/02/96 $10,000 $ 9,553
U.S. Treasury Bills...................... 5.33 05/02/96 10,000 9,546
U.S. Treasury Bills...................... 5.62 05/02/96 30,000 28,560
-----------
47,659
-----------
TOTAL SHORT TERM DEBT SECURITIES
(Cost: $47,659) 0.2%..................... 47,659
-----------
TOTAL INVESTMENTS
(Cost: $25,815,253) 100%................. $30,474,616
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE MATURITY AMOUNT VALUE
------ -------- ----------- -----------
<S> <C> <C> <C> <C>
BOND FUND (LONG-TERM SECURITIES):
U.S Treasuries (5.1%):
Federal Home Loan Mtge Corp. .......... 8.50% 02/15/21 $ 3,500,000 $ 3,608,780
Federal Home Loan Mtge Corp. .......... 7.55 05/15/20 477,581 475,560
U.S. Certificate of Accrual............ 10.38* 11/15/12 19,750,000 8,706,788
US Treasury Callable Receipt........... 10.38* 11/15/12 3,000,000 1,322,550
-----------
14,113,678
-----------
Basic Materials (2.6%):
Centex Corp. .......................... 7.38 06/01/05 5,000,000 4,917,320
Fletcher Challenge Inds. Fin. ......... 9.00 09/15/99 2,000,000 2,172,192
-----------
7,089,512
-----------
Consumer Cyclical (7.7%):
Costco Wholesale Corp.................. 5.75 05/15/02 1,000,000 928,750
Dillard Dept. Stores, Inc.............. 9.63 09/15/97 1,000,000 1,069,348
Fruit of the Loom, Inc................. 7.88 10/15/99 1,000,000 1,044,681
Gannett, Inc........................... 5.85 05/01/00 3,500,000 3,422,720
General Motors Corp.................... 9.75 05/15/99 1,500,000 1,546,692
Nordstrom, Inc. ....................... 8.88 02/15/98 1,500,000 1,591,281
Penney J.C. Co., Inc. ................. 10.00 10/15/97 1,500,000 1,609,871
Rite-Aid Corp. ........................ 6.88 08/15/13 5,000,000 4,663,075
Shopko Stores, Inc. ................... 9.00 11/15/04 5,000,000 5,482,010
-----------
21,358,428
-----------
Consumer Non-Cyclical (9.5%):
Dow Corning............................ 8.38 11/01/96 2,500,000 2,566,478
McKesson Corp. ........................ 8.63 02/01/98 1,000,000 1,058,674
Methanex Corp.......................... 8.88 11/15/01 5,000,000 5,250,000
Ralston Purina Co. ................... 8.63 02/15/22 7,500,000 8,174,918
Rhone-Poulenc S A...................... 7.75 01/15/02 3,000,000 3,151,320
Rhone-Poulenc S A...................... 6.75 10/15/99 2,500,000 2,514,355
Whitman Corp. ......................... 7.63 06/15/15 3,500,000 3,444,024
-----------
26,159,769
-----------
Energy (2.8%):
BP North America, Inc. ................ 9.88 03/15/04 2,000,000 2,409,820
Tosco Corp. ........................... 8.25 05/15/03 5,000,000 5,335,085
-----------
7,744,905
-----------
Financial (26.8%):
Aristar, Inc. ......................... 8.88 08/15/98 2,000,000 2,136,250
BankAmerica Corp. ..................... 7.75 07/15/02 2,500,000 2,614,745
Berkley W R Corp....................... 8.70 01/01/22 5,000,000 5,517,015
British Gas Financial, Inc. ........... 8.75 03/15/98 3,000,000 3,171,483
Chase Manhattan Bank................... 7.50 12/01/97 5,000,000 5,128,340
CIT Group Holdings, Inc. .............. 8.75 04/15/98 2,000,000 2,120,490
Citicorp............................... 10.75 12/15/15 5,994,000 6,349,972
General Electric Capital Corp. ........ 8.75 05/21/07 7,500,000 8,717,678
General Motors Acceptance Corp......... 7.88 03/04/97 2,500,000 2,541,875
General Motors Acceptance Corp......... 8.38 05/01/97 5,000,000 5,162,875
Heller Financial, Inc. ................ 9.13 08/01/99 2,000,000 2,182,078
ITT Corp. ............................. 6.50 05/01/11 1,500,000 1,421,309
Kemper Corp. .......................... 8.80 11/01/98 2,500,000 2,593,680
Progressive Corp. of Ohio.............. 10.00 12/15/00 1,500,000 1,713,215
Rodamco NV............................. 7.75 05/15/15 5,000,000 5,290,975
Roosevelt Fed Svgs & Ln Assn........... 10.13 04/15/18 3,000,000 3,265,965
Ryland Acceptance Corp................. 7.95 08/20/19 4,000,000 4,077,800
Sun America, Inc. ..................... 9.95 02/01/12 5,000,000 6,035,610
</TABLE>
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE MATURITY AMOUNT VALUE
-------- -------- ----------- ------------
<S> <C> <C> <C> <C>
Sun America, Inc. .................. 9.00% 01/15/99 $ 4,000,000 $ 4,281,946
------------
74,323,301
------------
Government/Agencies (10.0%):
Connecticut Housing Fin. Auth. ..... 7.63 05/15/21 2,500,000 2,405,150
Connecticut Yankee Atomic Pwr....... 12.00 06/01/00 4,186,000 4,479,330
Republic of Iceland................. 6.13 02/01/04 5,000,000 4,776,965
Republic of Ireland................. 7.13 07/15/02 2,000,000 2,053,706
Republic of Ireland................. 7.88 12/01/01 3,000,000 3,193,626
State of California................. 8.15 09/01/01 1,000,000 1,066,490
Suffolk County NY Pension NY........ 5.88 11/01/05 4,000,000 3,705,960
Suffolk County NY Pension NY........ 5.80 11/01/04 4,000,000 3,720,960
Tennessee Valley Authority.......... 6.88 12/15/43 2,500,000 2,294,397
------------
27,696,584
------------
Industrial (4.3%):
McDonnell Douglas Corp. ............ 9.75 04/01/12 10,000,000 11,970,380
------------
11,970,380
------------
Miscellaneous (2.0%):
Valassis Communication Inc. ........ 9.55 12/01/03 5,000,000 5,607,220
------------
5,607,220
------------
Transportation Services (3.1%):
Penske Truck Leasing Co. LP......... 8.25 11/01/99 5,000,000 5,285,200
Union Pacific Corp. ................ 8.50 01/15/98 3,000,000 3,145,500
------------
8,430,700
------------
Utilities (25.7%):
Bellsouth Telecommunication......... 7.50 06/15/33 7,500,000 7,499,295
Big River Electric Coopertive....... 9.50 02/15/17 6,500,000 7,230,217
Big River Electric Coopertive....... 10.70 09/15/17 10,000,000 11,305,290
Big River Electric Coopertive....... 9.52 03/15/19 12,500,000 13,927,500
Equitable Resources, Inc. .......... 8.25 07/01/96 2,000,000 2,037,056
Houston Lighting & Power Co. ....... 8.63 01/15/96 2,000,000 2,025,008
Laclede Gas Co. .................... 8.50 11/15/04 2,000,000 2,225,100
New York Telephone Co. ............. 6.70 11/01/23 2,500,000 2,277,378
Pacific Gas & Electric Co. ......... 8.75 01/01/01 2,000,000 2,177,990
PacifiCorp.......................... 8.57 02/01/96 1,000,000 1,014,991
Philadelphia Electric Co. .......... 7.13 08/15/23 5,000,000 4,731,250
Portland General Electric Co. ...... 8.88 11/28/95 2,000,000 2,023,856
Southern Bell Tel & Teleg Co........ 8.63 09/01/26 3,000,000 3,127,116
Southern Union Co. ................. 7.60 02/01/24 10,000,000 9,617,558
------------
71,219,605
------------
TOTAL LONG-TERM DEBT SECURITIES:
- -------(Cost: $265,549,873) 99.6%.......... $275,714,082
============
* Bond equivalent yield to maturity; not a coupon rate.
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE MATURITY AMOUNT COST
-------- -------- ----------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (0.4%):
Warner Lambert Co. ................. 6.12 07/05/95 1,160,000 1,159,211
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,159,211) 0.4%............. 1,159,211
------------
TOTAL INVESTMENTS
(Cost: $266,709,084) 100%........... $276,873,293
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE MATURITY AMOUNT VALUE
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT SECURITIES:
U.S Government (72.1%):
U.S. Treasury Note.................... 4.25% 12/31/95 $1,250,000 $1,241,406
U.S. Treasury Note.................... 4.63 02/15/96 100,000 99,344
U.S. Treasury Note.................... 5.13 06/30/98 1,000,000 978,437
----------
2,319,187
----------
Industrial (3.2%):
McDonnell Douglas Corp................ 8.63 04/01/97 100,000 103,711
----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost: $2,405,940) 75.3%.............. 2,422,898
----------
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE MATURITY AMOUNT COST
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S Treasury (24.7%):
U.S. Treasury Bills................... 5.56 07/06/95 150,000 149,883
U.S. Treasury Bills................... 5.85 07/27/95 100,000 99,570
U.S. Treasury Bills................... 5.86 07/27/95 60,000 59,741
U.S. Treasury Bills................... 5.54 08/31/95 440,000 435,851
U.S. Treasury Bills................... 5.34 11/16/95 50,000 48,976
----------
794,021
----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: 794,021) 24.7%................. 794,021
----------
TOTAL INVESTMENTS
(Cost: $3,199,961) 100%............... $3,216,919
==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATES MATURITY AMOUNT VALUE
-------- -------- ----------- -----------
<S> <C> <C> <C> <C>
MID-TERM BOND FUND (LONG-TERM
SECURITIES):
U.S. Treasuries (50.4%):
U.S. Treasury Note................. 8.75% 08/15/00 $11,500,000 $12,876,401
-----------
12,876,401
-----------
Computers/Software (3.0%):
Comdisco, Inc. .................... 7.75 09/01/99 750,000 779,504
-----------
779,504
-----------
Consumers Cyclical (9.2%):
Albertson's, Inc. ................. 5.65 03/26/98 500,000 492,480
Fruit of the Loom, Inc. ........... 7.88 10/15/99 600,000 626,809
Gannett, Inc. ..................... 5.85 05/01/00 500,000 488,960
Lockheed Corp. .................... 5.88 03/15/98 250,000 247,672
Sears Roebuck & Co. ............... 5.49 09/28/98 500,000 487,005
-----------
2,342,926
-----------
Financial (10.2%):
American Express Credit Corp. ..... 6.13 06/15/00 500,000 493,542
BankAmerica Corp. ................. 7.75 07/15/02 500,000 522,949
Chemical Bank...................... 7.25 09/15/02 500,000 512,724
General Motors Acceptance Corp. ... 8.38 05/01/97 250,000 258,144
Sun America, Inc. ................. 9.00 01/15/99 500,000 535,244
Tenneco Credit Corp. .............. 9.63 08/15/01 240,000 273,516
-----------
2,596,119
-----------
Government/Agencies (1.8%):
Connecticut Yankee Atomic Pwr...... 12.00 06/01/00 419,000 448,361
-----------
448,361
-----------
Industrial (4.0%):
Monsanto Co. ...................... 6.00 07/01/00 500,000 491,665
Tenneco, Inc. ..................... 8.00 11/15/99 500,000 524,789
-----------
1,016,454
-----------
Transportation Services (2.1%):
Penske Truck Leasing Co. LP........ 8.25 11/01/99 500,000 528,520
-----------
528,520
-----------
Utilities (16.5%):
Alabama Power Co. ................. 6.00 03/01/00 500,000 491,138
Baltimore Gas & Electric Co. ...... 6.13 07/01/03 750,000 720,968
Commonwealth Edison Co. ........... 7.50 01/01/01 500,000 507,195
Connecticut Lt & Pwr Co. 5.50 02/01/99 500,000 486,175
Iowa Illinois Gas & Electric....... 5.05 10/15/98 500,000 481,448
Pennsylvania Power & Light Co. .... 6.00 06/01/00 750,000 731,714
Public Svc. Electric & Gas Co. .... 7.88 11/01/01 750,000 790,148
-----------
4,208,786
-----------
TOTAL INTERMEDIATE-TERM DEBT
SECURITIES
(Cost: $24,849,461) 97.2%.......... $24,797,071
===========
<CAPTION>
DISCOUNT FACE AMORTIZED
RATES MATURITY AMOUNT COST
-------- -------- ----------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES
U.S Treasury (0.3%):
U.S Treasury Bills................. 5.34 11/16/95 80,000 78,362
-----------
Commercial Paper (2.5%):
Ford Motor Credit.................. 6.00 07/06/95 650,000 649,458
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $727,820) 2.8%.............. 727,820
-----------
TOTAL INVESTMENTS
(Cost: $25,577,281) 100%........... $25,524,891
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
25
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
COMMON STOCKS:
Basic Materials (3.9%):
Barrick Gold Corp. .................................... 30,000 $ 757,500
Centex Corp. .......................................... 35,500 1,002,875
Fluor Corp. ........................................... 79,400 4,128,800
Fort Howard Corp.*..................................... 40,000 565,000
Halliburton Co. ....................................... 20,000 715,000
Hecla Mining Co. *..................................... 60,000 622,500
Newmont Mining Corp. .................................. 15,000 628,125
Weyerhaeuser Co. ...................................... 40,000 1,885,000
------------
10,304,800
------------
Capital Goods (1.4%):
Georgia Pacific Corp. ................................. 41,200 3,574,100
------------
3,574,100
------------
Computers/Software (1.6%):
Cooper Industries...................................... 35,000 1,382,500
General Electric Co. .................................. 30,000 1,691,250
Juno Lighting, Inc. ................................... 20,000 320,000
Triad Systems Corp.*................................... 98,000 704,375
------------
4,098,125
------------
Consumer Cyclical (5.8%):
Chrysler Corp. ........................................ 45,000 2,154,375
Fleetwood Enterprises, Inc. ........................... 15,000 296,250
FRIEDMAN'S INC
-CLASS A*............................................. 25,000 475,000
Gencorp, Inc. ......................................... 135,500 1,456,625
General Motors Corp. .................................. 108,000 5,062,500
Magna International Inc.
CL A.................................................. 15,000 661,875
Sears Roebuck & Co. ................................... 79,600 4,766,050
Tultex corp.*.......................................... 50,000 281,250
------------
15,153,925
------------
Consumer Non-Cyclical (1.2%):
Dow Chemical Co. ...................................... 22,500 1,617,187
Methanex Corp.*........................................ 70,000 586,250
Ralcorp Holdings, Inc. ................................ 15,000 343,125
Terra Industries, Inc. ................................ 60,000 727,500
------------
3,274,062
------------
Energy (8.0%):
Amoco Corp. ........................................... 35,000 2,331,875
Atlantic Richfield Co. ................................ 25,000 2,743,750
Chieftan International,
Inc.*................................................. 47,400 645,825
Lomak Petroleum, Inc.*................................. 60,000 457,500
Nabors Industries, Inc.*............................... 270,500 2,231,625
Occidental Petroleum
Corp. ................................................ 85,000 1,944,375
Oceaneering Int'l, Inc.*............................... 205,000 1,819,375
Parker & Parsley Petroleum............................. 15,000 294,375
Pride Petroleum Svcs., Inc. ........................... 255,000 1,912,500
Unocal Corp. .......................................... 70,000 1,933,750
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- ------------
<S> <C> <C>
USX-Marathon Group, Inc................................ 147,000 $ 2,903,250
Weatherford Int'l., Inc.*.............................. 50,000 637,500
Western Atlas, Inc.*................................... 25,000 1,109,375
------------
20,965,075
------------
Environmental Control (1.4%):
Waste Management Inc.*................................. 51,000 484,500
WMX Technologies, Inc. ................................ 110,000 3,121,250
------------
3,605,750
------------
Financial (1.8%):
First Chicago Corp. ................................... 35,000 2,095,625
Horace Mann Educators Corp. ........................... 67,000 1,541,000
St. Paul Companies (The)............................... 20,000 985,000
------------
4,621,625
------------
Industrial (3.8%):
Brockway Standard Holdings*............................ 40,000 585,000
Inland Steel, Inc. .................................... 40,000 1,220,000
Lafarge Corp. ......................................... 98,700 1,850,625
LTV Corp.*............................................. 65,000 950,625
Manitowoc Company Inc. ................................ 16,500 476,438
Mark IV Industries, Inc. .............................. 46,550 1,000,825
Tecumseh Products Co. ................................. 20,000 880,000
Tenneco, Inc. ......................................... 20,000 920,000
USX-U.S. Steel Group, Inc. ............................ 60,000 2,062,500
------------
9,946,013
------------
Technology (4.9%):
AT&T Corp. ............................................ 126,800 6,736,250
Dresser Industries, Inc. .............................. 84,000 1,869,000
Eastman Kodak Co. ..................................... 50,000 3,031,250
Tandem Computers, Inc.*................................ 85,000 1,370,625
------------
13,007,125
------------
Transportation Services (1.1%):
Covenant Trans Inc Cl A*............................... 40,000 520,000
Landstar System, Inc.*................................. 40,000 1,030,000
Sea Containers, Ltd. Cl A.............................. 80,000 1,340,000
------------
2,890,000
------------
Utilities (3.7%):
BellSouth Corp. ....................................... 13,700 869,950
GTE Corp. ............................................. 60,000 2,047,500
New Jersey Resources Corp. ............................ 15,000 346,875
SBC Communications, Inc. .............................. 54,700 2,605,088
Telefonos de Mexico SA................................. 135,000 3,999,375
------------
9,868,788
------------
Total Common Stocks
(Cost: $92,804,584) 38.6%.............................. $101,309,388
============
</TABLE>
- -------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE MATURITY AMOUNT VALUE
------ -------- ----------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. Treasuries (14.9%):
U.S. Certificate of Accrual**......... 10.38% 11/15/12 $17,500,000 $ 7,714,875
U.S. Treasury Bond.................... 10.38 11/15/12 11,500,000 15,233,900
U.S. Treasury Note.................... 4.00 01/31/96 13,000,000 12,874,056
U.S. Treasury Note.................... 5.13 06/30/98 3,500,000 3,424,530
------------
39,247,361
------------
Basic Materials (0.8%):
Centex Corp........................... 7.38 06/01/05 2,000,000 1,966,928
------------
1,966,928
------------
Consumer Cyclical (2.7%):
Dillard Dept. Stores, Inc............. 9.63 09/15/97 500,000 534,674
Fruit of the Loom, Inc................ 7.88 10/15/99 500,000 522,340
Gannett, Inc. ........................ 5.85 05/01/00 1,000,000 977,920
General Motors Corp. ................. 9.75 05/15/99 500,000 515,564
Nordstrom, Inc........................ 8.88 02/15/98 500,000 530,427
Penney J.C. Co., Inc. ................ 10.00 10/15/97 500,000 536,624
Rite-Aid Corp......................... 6.88 08/15/13 2,500,000 2,331,538
Shopko Stores, Inc.................... 9.00 11/15/04 1,000,000 1,096,402
------------
7,045,489
------------
Consumer Non-Cyclical (3.4%):
Dow Corning........................... 8.38 11/01/96 500,000 513,296
Methanex Corp. ....................... 8.88 11/15/01 2,500,000 2,625,000
Ralston Purina Co. ................... 8.63 02/15/22 2,500,000 2,724,972
Rhone-Poulenc SA...................... 7.75 01/15/02 1,000,000 1,050,440
Rhone-Poulenc SA...................... 6.75 10/15/99 1,000,000 1,005,742
Whitman Corp. ........................ 7.63 06/15/15 1,000,000 984,007
------------
8,903,457
------------
Energy (1.5%):
BP North America, Inc................. 9.88 03/15/04 1,000,000 1,204,910
Tosco Corp............................ 8.25 05/15/03 2,500,000 2,667,543
------------
3,872,453
------------
Financial (7.7%):
Aristar, Inc.......................... 8.88 08/15/98 500,000 534,063
BankAmerica Corp. .................... 7.75 07/15/02 500,000 522,949
Berkley W R Corp ..................... 8.70 01/01/22 1,500,000 1,655,105
Chase Manhattan Bank.................. 7.50 12/01/97 1,000,000 1,025,668
CIT Group Holdings, Inc. ............. 8.75 04/15/98 500,000 530,123
Citicorp.............................. 10.75 12/15/15 1,387,000 1,469,370
Commercial Credit Corp................ 9.88 12/01/95 500,000 507,421
Federal National Mtge Assn............ 9.50 11/10/20 1,000,000 1,061,638
General Electric Capital Corp. ....... 8.75 05/21/07 2,000,000 2,324,714
General Motors Accept Corp............ 7.88 03/04/97 500,000 508,375
General Motors Acceptance Corp........ 8.38 05/01/97 750,000 774,430
Heller Financial, Inc. ............... 9.13 08/01/99 500,000 545,520
ITT Corp. ............................ 6.50 05/01/11 1,000,000 947,539
Kemper Corp. ......................... 8.80 11/01/98 500,000 518,736
Progressive Corp. of Ohio............. 10.00 12/15/00 500,000 571,072
Rodamco NV............................ 7.75 05/15/15 2,000,000 2,116,390
Roosevelt Fed Svgs & Ln Assn.......... 10.13 04/15/18 1,000,000 1,088,655
Sun America, Inc...................... 9.95 02/01/12 2,000,000 2,414,244
Sun America, Inc...................... 9.00 01/15/99 1,000,000 1,070,487
------------
20,186,499
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
27
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE MATURITY AMOUNT VALUE
------ -------- ---------- -----------
<S> <C> <C> <C> <C>
Government/Agencies (3.0%):
Connecticut Housing Fin. Auth........... 7.63% 05/15/21 $1,000,000 $ 962,060
Connecticut Yankee Atomic Pwr........... 12.00 06/01/00 1,674,000 1,791,304
Republic of Iceland..................... 6.13 02/01/04 2,500,000 2,388,482
State of California..................... 8.15 09/01/01 500,000 533,245
Suffolk County NY....................... 5.80 11/01/04 250,000 232,560
Suffolk County NY....................... 5.88 11/01/05 750,000 694,867
Tennessee Valley Authority.............. 6.88 12/15/43 1,500,000 1,376,639
-----------
7,979,157
-----------
Industrial (1.8%):
McDonnell Douglas Corp. ................ 9.75 04/01/12 4,000,000 4,788,152
-----------
4,788,152
-----------
Miscellaneous (0.9%):
Valassis Communication Inc.............. 9.55 12/01/03 2,000,000 2,242,888
-----------
2,242,888
-----------
Transportation Services (0.6%):
British Gas Financial, Inc. ............ 8.75 03/15/98 500,000 528,580
Penske Truck Leasing Co. LP............. 8.25 11/01/99 1,000,000 1,057,040
-----------
1,585,620
-----------
Utilities (8.7%):
Bellsouth Telecommunication............. 7.50 06/15/33 2,500,000 2,499,765
Big River Electric Coopertive........... 10.70 09/15/17 4,000,000 4,522,116
Big River Electric Coopertive........... 9.50 02/15/17 2,000,000 2,224,682
Big River Electric Coopertive........... 9.52 03/15/19 2,500,000 2,785,500
Central Telephone Co. .................. 9.28 11/27/00 1,000,000 1,119,850
New York Telephone Co................... 6.70 11/01/23 2,000,000 1,821,902
Pacific Gas & Electric Co............... 8.75 01/01/01 1,000,000 1,088,995
PacifiCorp.............................. 8.73 02/12/98 1,000,000 1,059,150
Philadelphia Electric Co. .............. 7.13 08/15/23 1,000,000 946,250
Southern Union Co. ..................... 7.60 02/01/24 5,000,000 4,808,780
-----------
22,876,990
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $117,686,847) 46.0%.............. 120,694,994
-----------
</TABLE>
- -------
** Bond equivalent yield to maturity; not a coupon rate.
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE MATURITY AMOUNT COST
-------- -------- ---------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (15.4%):
Campbell Soup Co..................... 5.93% 07/07/95 $4,900,000 $ 4,895,150
Cargill Financial Svcs. Corp......... 5.95 07/12/95 5,895,000 5,884,263
Ciba-Geigy CP........................ 6.00 07/13/95 4,030,000 4,021,939
Dow Chemical Co...................... 5.95 07/14/95 6,000,000 5,987,085
Export Development Corp.............. 5.92 07/19/95 6,755,000 6,734,995
Ford Motor Credit.................... 5.93 07/05/95 2,770,000 2,768,173
Ford Motor Credit.................... 5.96 07/20/95 3,285,000 3,274,646
General Electric Capital Corp........ 5.95 07/06/95 4,000,000 3,996,688
International Lease Fin Corp......... 6.20 07/05/95 3,000,000 2,997,933
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $40,560,872) 15.4%............ 40,560,872
------------
TOTAL INVESTMENTS
(Cost: $251,052,303) 100%............ $262,565,254
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT MARKET
DATE PRICE TO CALL VALUE
---------- -------- ------- -----------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN:
Amoco Corp. ........................... 08/19/95 $ 65.00 10,000 $ (25,625)
Amoco Corp. ........................... 08/19/95 70.00 5,000 (2,500)
AT&T Corp. ............................ 07/22/95 50.00 14,800 (48,100)
AT&T Corp. ............................ 10/21/95 55.00 11,000 (13,063)
Atlantic Richfield Co. ................ 07/22/95 110.00 5,000 (10,000)
Barrick Gold Corp. .................... 07/22/95 22.50 5,000 (14,688)
Barrick Gold Corp. .................... 07/22/95 25.00 5,000 (4,063)
Barrick Gold Corp. .................... 08/19/95 25.00 10,000 (12,500)
Barrick Gold Corp. .................... 10/21/95 22.50 5,000 (18,125)
BellSouth Corp. ....................... 07/22/95 55.00 1,700 (14,769)
BellSouth Corp. ....................... 07/22/95 60.00 12,000 (42,000)
Centex Corp. .......................... 07/22/95 25.00 14,500 (48,031)
Chrysler Corp. ........................ 07/22/95 45.00 15,000 (46,875)
Cooper Industries...................... 10/21/95 40.00 5,000 (6,875)
Dresser Industries, Inc. .............. 07/22/95 20.00 20,000 (47,500)
Dresser Industries, Inc. .............. 07/22/95 22.50 5,000 (1,875)
Eastman Kodak Co. ..................... 07/22/95 50.00 3,000 (32,250)
Eastman Kodak Co. ..................... 07/22/95 55.00 3,000 (17,625)
Eastman Kodak Co. ..................... 07/22/95 60.00 5,000 (8,125)
Eastman Kodak Co. ..................... 10/21/95 50.00 10,000 (110,000)
First Chicago Corp. ................... 07/22/95 50.00 5,000 (49,688)
First Chicago Corp. ................... 07/22/95 60.00 5,000 (8,750)
First Chicago Corp. ................... 10/21/95 60.00 3,000 (12,000)
Fleetwood Enterprises, Inc. ........... 08/19/95 20.00 5,000 (3,750)
Fleetwood Enterprises, Inc. ........... 11/18/95 20.00 5,000 (6,875)
Fluor Corp. ........................... 07/22/95 45.00 9,400 (66,975)
Fluor Corp. ........................... 07/22/95 50.00 5,000 (9,063)
Fluor Corp. ........................... 10/21/95 50.00 5,000 (17,500)
General Electric Co. .................. 09/16/95 55.00 8,000 (24,000)
General Motors Corp. .................. 07/22/95 45.00 15,000 (37,500)
General Motors Corp. .................. 09/16/95 45.00 20,000 (82,500)
Georgia Pacific Corp. ................. 07/22/95 70.00 11,200 (189,000)
Georgia Pacific Corp. ................. 07/22/95 75.00 10,000 (117,500)
Halliburton Co. ....................... 07/22/95 35.00 15,000 (27,500)
Inland Steel, Inc. .................... 09/16/95 25.00 20,000 (115,000)
Inland Steel, Inc. .................... 09/16/95 30.00 5,000 (10,000)
Landstar System, Inc. ................. 07/22/95 22.50 5,000 (16,563)
Landstar System, Inc. ................. 07/22/95 25.00 6,500 (6,906)
Landstar System, Inc. ................. 10/21/95 22.50 2,500 (11,094)
Landstar System, Inc. ................. 10/21/95 25.00 10,000 (25,625)
Landstar System, Inc. ................. 11/18/95 25.00 3,500 (8,969)
LTV Corp............................... 08/19/95 15.00 12,000 (6,000)
Magna International Inc. Cl A.......... 08/19/95 35.00 10,000 (93,750)
Magna International Inc. Cl A.......... 08/19/95 40.00 5,000 (22,500)
Mark IV Industries, Inc. .............. 08/19/95 17.50 5,000 (20,313)
Methanex Corp.......................... 07/22/95 10.00 10,000 (938)
Newmont Mining Corp. .................. 08/19/95 40.00 5,000 (15,625)
Newmont Mining Corp. .................. 09/16/95 40.00 5,000 (18,125)
Parker & Parsley Petroleum............. 09/16/95 20.00 10,000 (9,375)
Ralcorp Holdings, Inc. ................ 09/16/95 22.50 15,000 (21,563)
SBC Communications, Inc. .............. 07/22/95 40.00 9,700 (75,175)
Sears Roebuck & Co. ................... 07/22/95 30.25 27,000 (141,750)
Sears Roebuck & Co. ................... 07/22/95 45.00 9,600 (144,000)
Sears Roebuck & Co. ................... 07/22/95 50.00 13,000 (126,750)
Tandem Computers, Inc. ................ 07/22/95 15.00 20,000 (30,000)
Tandem Computers, Inc. ................ 08/19/95 15.00 5,000 (7,500)
</TABLE>
The accompanying notes are an integral part of these financial statements.
29
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT MARKET
DATE PRICE TO CALL VALUE
---------- -------- ------- -----------
<S> <C> <C> <C> <C>
Tandem Computers, Inc. ................ 08/19/95 $17.50 5,000 $ (2,500)
Tecumseh Products Co. ................. 07/22/95 40.00 5,000 (20,313)
Tecumseh Products Co. ................. 07/22/95 45.00 12,000 (9,750)
Telefonos de Mexico SA................. 08/19/95 25.00 10,000 (50,000)
Telefonos de Mexico SA................. 08/19/95 30.00 10,000 (13,750)
Telefonos de Mexico SA................. 11/18/95 30.00 5,000 (13,125)
Tenneco, Inc. ......................... 08/19/95 45.00 20,000 (38,750)
USX-U.S. Steel Group, Inc. ............ 07/22/95 30.00 10,000 (43,750)
USX-U.S. Steel Group, Inc. ............ 10/21/95 30.00 5,000 (24,682)
USX-U.S. Steel Group, Inc. ............ 10/21/95 35.00 10,000 (17,500)
Weatherford Int'l., Inc. .............. 07/22/95 10.00 10,000 (26,875)
Weyerhaeuser Co. ...................... 07/22/95 40.00 15,000 (110,625)
Weyerhaeuser Co. ...................... 07/22/95 45.00 10,000 (22,500)
-----------
TOTAL OPTIONS WRITTEN
(Premiums Received: $1,728,117)....... $(2,498,831)
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
30
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
COMMON STOCKS:
Basic Materials (3.9%):
Centex Corp. ........................................... 15,000 $ 423,750
Halliburton Co. ........................................ 8,000 286,000
Hecla Mining Co.*....................................... 15,000 155,625
Watsco, Inc. ........................................... 40,500 546,750
-----------
1,412,125
-----------
Capital Goods (1.8%):
ABT Building Products Corp.* ........................... 37,500 665,625
-----------
665,625
-----------
Computers/Software (27.9%):
Adobe Systems Inc. ..................................... 12,000 696,000
Cambridge Tech Partners Inc.*........................... 18,000 594,000
Computer Assoc. Intl., Inc. ............................ 12,000 813,000
First Financial Mgmt. Corp. ............................ 8,000 684,000
General Instrument Corp.*............................... 16,000 614,000
Glenayre Technologies, Inc.*............................ 19,750 1,007,250
HBO & Co. .............................................. 16,000 872,000
HNC Software*........................................... 2,500 53,125
Inference Corp.*........................................ 5,000 70,625
LSI Logic Corp.*........................................ 16,000 626,000
Medic Computer Systems Inc.*............................ 11,000 423,500
Molex Inc-CL A.......................................... 10,250 374,125
Stratacom, Inc.*........................................ 14,000 682,500
TELLABS*................................................ 16,000 770,000
Triad Systems Corp.*.................................... 90,000 646,875
VLSI Technology Inc.*................................... 23,000 692,875
Xilinx, Inc.*........................................... 5,500 517,000
-----------
10,136,875
-----------
Consumer Cyclical (9.5%):
Catherines Stores Corp.*................................ 27,000 300,375
Gencorp, Inc. .......................................... 35,000 376,250
General Motors Corp. ................................... 15,000 703,125
Lowe's Companies, Inc. ................................. 14,000 418,250
Micro Warehouse, Inc.*.................................. 20,000 920,000
Mohawk Industries, Inc.*................................ 13,000 191,750
Scholastic Corp.*....................................... 6,000 325,500
Shopko Stores, Inc. .................................... 20,000 217,500
-----------
3,452,750
-----------
Consumer Non-Cyclical (0.7%):
Mississippi Chemical Corp. ............................. 12,000 239,250
-----------
239,250
-----------
Energy (12.6%):
Chieftan International, Inc.*........................... 50,000 681,250
Nabors Industries, Inc.*................................ 122,000 1,006,500
Oceaneering, Int'l, Inc.*............................... 60,000 532,500
Pride Petroleum Svcs., Inc. ............................ 125,000 937,500
Sonat Offshore Drilling Inc. ........................... 15,000 431,250
USX-Marathon Group, Inc. ............................... 40,000 790,000
Weatherford Int'l., Inc.*............................... 16,000 204,000
-----------
4,583,000
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
Environmental Control (1.0%):
Browning Ferris Inds., Inc. ............................ 10,000 $ 361,250
-----------
361,250
-----------
Financial (3.0%):
American Eagle Group, Inc. ............................. 45,100 541,200
Commerce Bancorp, Inc. NJ............................... 15,000 290,625
Mutual Risk Management, Ltd. ........................... 8,000 268,000
-----------
1,099,825
-----------
Industrial (13.0%):
AFC Cable Systems, Inc. ................................ 25,000 487,500
Applied Power, Inc.-CL A................................ 18,000 519,750
Ascend Communications, Inc.*............................ 11,100 560,550
Brockway Standard Holdings*............................. 10,000 146,250
Giddings & Lewis, Inc. ................................. 10,000 178,750
Lufkin Industries Inc. ................................. 25,500 478,125
Manitowoc Company Inc. ................................. 10,000 288,750
Silicon Graphics, Inc.*................................. 14,400 574,200
Tandem Computers, Inc.*................................. 60,000 967,500
Zero Corp. ............................................. 35,000 525,000
-----------
4,726,375
-----------
Miscellaneous (6.2%):
Alternative Resources Corp.*............................ 30,000 795,000
Corrections Corp of
America*............................................... 8,300 285,313
Manpower Inc. .......................................... 19,500 497,250
Quintiles Transnational
Corp.*................................................. 14,500 652,500
-----------
2,230,063
-----------
Technology (3.2%):
Medtronic, Inc. ........................................ 12,000 925,500
Protocol Systems, Inc.*................................. 25,000 250,000
-----------
1,175,500
-----------
Transportation Services (4.1%):
Celadon Group*.......................................... 37,500 571,875
PST Vans Inc.*.......................................... 25,000 157,812
Sea Containers, Ltd. CL A............................... 31,400 525,950
Team Rental Group, Inc.*................................ 5,000 36,250
TNT Freightways Corp. .................................. 10,500 208,688
-----------
1,500,575
-----------
Utilities (2.7%):
American Radio Systems Corp.*........................... 5,500 125,125
New Jersey Resources
Corp. ................................................. 18,000 416,250
Telefonos de Mexico SA ................................. 15,000 444,375
-----------
985,750
-----------
Total Common Stocks
(Cost: $26,863,793) 89.6%............................... $32,568,963
===========
</TABLE>
- -------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
31
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE MATURITY AMOUNT COST
-------- -------- -------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM SECURITIES:
U.S. Government/Agencies (5.2%):
Federal Farm Credit Disc Note........... 5.88% 07/24/95 $700,000 $ 697,367
Federal National Mtge Assoc. ........... 5.90 07/11/95 950,000 948,442
U.S. Treasury Bills..................... 5.34 08/17/95 250,000 248,256
-----------
1,894,065
-----------
Commercial Paper (5.2%):
American Express Credit Corp. .......... 6.00 07/06/95 685,000 684,429
Chevron Oil Finance..................... 5.92 07/05/95 555,000 554,635
Ford Motor Credit....................... 5.96 07/07/95 645,000 644,359
-----------
1,883,423
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $3,777,488) 10.4%................ 3,777,488
-----------
TOTAL INVESTMENTS
(Cost: $30,641,281) 100%................ $36,346,451
===========
</TABLE>
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT MARKET
DATE PRICE TO CALL VALUE
---------- -------- ------- ---------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN:
Centex Corp. .......................... 07/22/95 $22.50 5,000 $ (30,000)
Centex Corp. .......................... 07/22/95 25.00 5,000 (16,563)
Centex Corp. .......................... 08/19/95 30.00 5,000 (3,438)
General Motors Corp. .................. 07/22/95 45.00 5,000 (12,500)
Giddings & Lewis, Inc. ................ 08/19/95 17.50 10,000 (11,250)
Halliburton Co. ....................... 07/22/95 35.00 8,000 (11,000)
Mohawk Industries, Inc. ............... 08/19/95 15.00 8,000 (6,500)
Mohawk Industries, Inc. ............... 11/18/95 15.00 50,000 (7,188)
Shopko Stores, Inc. ................... 09/16/95 10.00 60,000 (8,250)
Tandem Computers, Inc. ................ 07/22/95 12.50 2,000 (7,125)
Tandem Computers, Inc. ................ 07/22/95 15.00 13,000 (19,500)
Tandem Computers, Inc. ................ 08/19/95 15.00 25,000 (37,500)
Tandem Computers, Inc. ................ 08/19/95 17.50 1,000 (500)
Telefonos de Mexico SA................. 08/19/95 30.00 5,000 (6,875)
Telefonos de Mexico SA................. 11/18/95 30.00 5,000 (13,125)
TNT Freightways Corp. ................. 07/22/95 20.00 10,500 (8,530)
---------
TOTAL OPTIONS WRITTEN
(Premiums Received: $221,436).......... $(199,844)
=========
</TABLE>
The accompanying notes are an integral part of these financial statements.
32
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ------------ ------------ -----------------
<S> <C> <C> <C> <C>
Investment Income and
Expenses:
Income:
Dividends.............. $ -- $ 4,360,033 $ 355,415 $ --
Interest............... 2,827,403 242,508 243 9,307,586
------------ ------------ ------------ ------------
Total income............ 2,827,403 4,602,541 355,658 9,307,586
------------ ------------ ------------ ------------
Expenses:
Investment advisory
fees (Note 2)......... 117,946 1,008,727 17,039 659,313
------------ ------------ ------------ ------------
Net Investment Income... 2,709,457 3,593,814 338,619 8,648,273
------------ ------------ ------------ ------------
Net Realized and
Unrealized Gain (Loss)
on Investments (Note 1)
Net realized gain (loss)
on investments:
Net proceeds from sales
and maturities........ 554,184,665 697,291,584 3,286,660 521,868,925
Cost of securities sold
or matured............ 554,185,047 691,543,725 2,950,727 527,271,936
------------ ------------ ------------ ------------
Net realized gain
(loss)................. (382) 5,747,859 335,933 (5,403,011)
Net unrealized
appreciation of
investments............ -- 66,094,647 4,191,053 27,053,259
------------ ------------ ------------ ------------
Net Realized and
Unrealized Gain (Loss)
on Investments......... (382) 71,842,506 4,526,986 21,650,248
------------ ------------ ------------ ------------
Net Increase in Net
Assets Resulting From
Operations............. $ 2,709,075 $ 75,436,320 $ 4,865,605 $ 30,298,521
============ ============ ============ ============
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE EQUITY
BOND FUND BOND FUND FUND FUND
------------ ------------ ------------ -----------------
<S> <C> <C> <C> <C>
Investment Income and
Expenses:
Income:
Dividends.............. $ -- $ -- $ 1,239,411 $ 71,955
Interest............... 74,343 766,775 4,631,191 119,433
------------ ------------ ------------ ------------
Total income............ 74,343 766,775 5,870,602 191,388
------------ ------------ ------------ ------------
Expenses:
Investment advisory
fees (Note 2)......... 7,259 61,624 612,713 128,807
------------ ------------ ------------ ------------
Net Investment Income... 67,084 705,151 5,257,889 62,581
------------ ------------ ------------ ------------
Net Realized and
Unrealized Gain (Loss)
on Investments
Net realized gain (loss)
on investments:
Net proceeds from sales
and maturities........ 2,351,673 24,213,857 753,851,100 98,194,370
Cost of securities sold
or matured............ 2,351,177 24,406,655 753,171,185 97,150,916
------------ ------------ ------------ ------------
Net realized gain
(loss)................. 496 (192,798) 679,915 1,043,454
Net unrealized
appreciation of
investments............ 58,227 2,000,240 21,913,639 4,209,873
------------ ------------ ------------ ------------
Net Realized and
Unrealized Gain on
Investments............ 58,723 1,807,442 22,593,554 5,253,327
------------ ------------ ------------ ------------
Net Increase in Net
Assets Resulting From
Operations............. $ 125,807 $ 2,512,593 $ 27,851,443 $ 5,315,908
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONEY MARKET FUND ALL AMERICA FUND
--------------------------- ---------------------------
FOR THE SIX FOR THE SIX
MONTHS FOR THE YEAR MONTHS FOR THE YEAR
ENDED JUNE 30, ENDED ENDED JUNE 30, ENDED
1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
-------------- ------------ -------------- ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income.. $ 2,709,457 $ 1,990,270 $ 3,593,814 $ 8,183,579
Net realized gain
(loss) on investments. (382) (2,108) 5,747,859 26,416,088
Net unrealized
appreciation
(depreciation) of
investments........... -- -- 66,094,647 (28,919,738)
----------- ----------- ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 2,709,075 1,988,162 75,436,320 5,679,929
----------- ----------- ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............. 29,560,781 94,487,674 22,440,954 39,275,910
Dividends reinvested... -- 1,985,341 -- 44,786,526
Cost of shares
redeemed.............. (22,333,326) (52,763,640) (23,634,052) (94,291,315)
Dividend distributions. -- (1,985,341) -- (44,786,526)
----------- ----------- ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... 7,227,455 41,724,034 (1,193,098) (55,015,405)
----------- ----------- ------------ ------------
Increase (Decrease) in
Net Assets............. 9,936,530 43,712,196 74,243,222 (49,335,476)
Net Assets, Beginning of
Period................. 81,367,492 37,655,296 375,028,792 424,364,268
----------- ----------- ------------ ------------
Net Assets, End of
Period................. $91,304,022 $81,367,492 $449,272,014 $375,028,792
=========== =========== ============ ============
Components of Net
Assets:
Paid-in capital........ $88,496,742 $81,269,287 $368,122,418 $369,315,516
Accumulated
undistributed net
investment income
(loss)................ 2,811,842 102,385 3,433,228 (160,586)
Accumulated
undistributed net
realized gain (loss)
on investments........ (4,562) (4,180) 219,594 (5,528,265)
Net unrealized
appreciation of
investments........... -- -- 77,496,774 11,402,127
----------- ----------- ------------ ------------
Net Assets, End of
Period................. $91,304,022 $81,367,492 $449,272,014 $375,028,792
=========== =========== ============ ============
<CAPTION>
EQUITY INDEX FUND BOND FUND
--------------------------- ---------------------------
FOR THE SIX FOR THE SIX
MONTHS FOR THE YEAR MONTHS FOR THE
ENDED JUNE 30, ENDED ENDED JUNE 30, YEAR ENDED
1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
-------------- ------------ -------------- ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income.. $ 338,619 $ 704,355 $ 8,648,273 $ 16,647,416
Net realized gain
(loss) on investments. 335,933 46,675 (5,403,011) (812,116)
Net unrealized
appreciation
(depreciation) of
investments........... 4,191,053 (441,894) 27,053,259 (24,049,488)
----------- ----------- ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 4,865,605 309,136 30,298,521 (8,214,188)
----------- ----------- ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............. 15,389,710 15,548,022 18,953,264 39,754,856
Dividends reinvested... -- 844,140 -- 16,671,114
Cost of shares
redeemed.............. (15,223,929) (16,513,187) (16,052,916) (46,228,281)
Dividend distributions. -- (844,140) -- (16,671,114)
----------- ----------- ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... 165,781 (965,165) 2,900,348 (6,473,425)
----------- ----------- ------------ ------------
Increase (Decrease) in
Net Assets............. 5,031,386 (656,029) 33,198,869 (14,687,613)
Net Assets, Beginning of
Period................. 26,052,485 26,708,514 248,653,182 263,340,795
----------- ----------- ------------ ------------
Net Assets, End of
Period................. $31,083,871 $26,052,485 $281,852,051 $248,653,182
=========== =========== ============ ============
Components of Net
Assets:
Paid-in capital........ $25,816,433 $25,650,652 $272,679,019 $269,778,671
Accumulated
undistributed net
investment income
(loss)................ 324,166 (14,453) 7,934,372 (713,901)
Accumulated
undistributed net
realized (loss) on
investments........... 285,284 (50,649) (8,925,549) (3,522,538)
Net unrealized
appreciation
(depreciation) of
investments........... 4,657,988 466,935 10,164,209 (16,889,050)
----------- ----------- ------------ ------------
Net Assets, End of
Period................. $31,083,871 $26,052,485 $281,852,051 $248,653,182
=========== =========== ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
34
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SHORT-TERM BOND FUND MID-TERM BOND FUND
--------------------------- -------------------------------
FOR THE SIX
MONTHS FOR THE FOR THE YEAR
ENDED JUNE 30, YEAR ENDED ENDED JUNE 30, ENDED
1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
-------------- ------------ -------------- ----------------
<S> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income.. $ 67,084 $ 82,996 $ 705,151 $ 951,542
Net realized gain
(loss) on investments. 496 (10,738) (192,798) (631)
Net unrealized
appreciation
(depreciation) of
investments........... 58,227 (40,540) 2,000,240 (1,599,232)
------------ ------------ ----------- ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 125,807 31,718 2,512,593 (648,321)
------------ ------------ ----------- ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............. 1,186,495 1,405,816 2,209,740 11,061,483
Dividends reinvested... -- 85,096 -- 994,698
Cost of shares
redeemed.............. (415,690) (1,643,065) (2,272,904) (5,641,705)
Dividend distributions. -- (85,096) -- (994,698)
------------ ------------ ----------- ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... 770,805 (237,249) (63,164) 5,419,778
------------ ------------ ----------- ------------
Increase (Decrease) in
Net Assets............. 896,612 (205,531) 2,449,429 4,771,457
Net Assets, Beginning of
Period................. 2,426,872 2,632,403 23,728,420 18,956,963
------------ ------------ ----------- ------------
Net Assets, End of
Period................. $ 3,323,484 $ 2,426,872 $26,177,849 $ 23,728,420
============ ============ =========== ============
Components of Net
Assets:
Paid-in capital........ $ 3,251,891 $ 2,481,086 $25,767,108 $ 25,830,272
Accumulated
undistributed net
investment income
(loss)................ 64,987 (2,097) 658,535 (46,616)
Accumulated
undistributed net
realized (loss) on
investments........... (10,351) (10,847) (195,403) (2,605)
Net unrealized
appreciation
(depreciation) of
investments........... 16,957 (41,270) (52,391) (2,052,631)
------------ ------------ ----------- ------------
Net Assets, End of
Period................. $ 3,323,484 $ 2,426,872 $26,177,849 $ 23,728,420
============ ============ =========== ============
<CAPTION>
COMPOSITE FUND AGGRESSIVE EQUITY FUND
--------------------------- -------------------------------
FOR THE FOR THE FOR THE PERIOD
SIX MONTHS SIX MONTHS MAY 2, 1994
ENDED FOR THE YEAR ENDED (COMMENCEMENT OF
JUNE 30, ENDED JUNE 30, OPERATIONS) TO
1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
-------------- ------------ -------------- ----------------
<S> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income.. $ 5,257,889 $ 8,928,117 $ 62,581 $ 185,830
Net realized gain
(loss) on investments. 679,915 219,212 1,043,454 (230,159)
Net unrealized
appreciation
(depreciation) of
investments........... 21,913,639 (16,490,980) 4,209,873 1,516,889
------------ ------------ ----------- ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 27,851,443 (7,343,651) 5,315,908 1,472,560
------------ ------------ ----------- ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............. 8,871,707 27,671,789 7,974,937 36,684,132
Dividends reinvested... -- 12,622,992 -- 191,593
Cost of shares
redeemed.............. (8,663,718) (15,500,590) (3,952,026) (11,594,400)
Dividend distributions. -- (12,622,992) -- (191,593)
------------ ------------ ----------- ------------
Net Increase in Net
Assets From Capital
Share Transactions 207,989 12,171,199 4,022,911 25,089,732
------------ ------------ ----------- ------------
Increase in Net Assets.. 28,059,432 4,827,548 9,338,819 26,562,292
Net Assets, Beginning of
Period................. 232,538,327 227,710,779 26,562,292 --
------------ ------------ ----------- ------------
Net Assets, End of
Period................. $260,597,759 $232,538,327 $35,901,111 $ 26,562,292
============ ============ =========== ============
Components of Net
Assets:
Paid-in capital........ $243,808,324 $243,600,335 $29,315,336 $ 25,292,425
Accumulated
undistributed net
investment income
(loss)................ 6,088,697 830,808 45,718 (16,863)
Accumulated
undistributed net
realized gain (loss)
on investments........ (41,498) (721,413) 813,295 (230,159)
Net unrealized
appreciation
(depreciation) of
investments........... 10,742,236 (11,171,403) 5,726,762 1,516,889
------------ ------------ ----------- ------------
Net Assets, End of
Period................. $260,597,759 $232,538,327 $35,901,111 $ 26,562,292
============ ============ =========== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
35
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a Fund
share outstanding during the six months ended June 30, 1995 and throughout
each of the nine years ended December 31, 1994 and other supplementary data
with respect to the Funds are presented as if the Funds of the Investment
Company succeeded Mutual of America Life's Separate Account No. 2 before
January 1, 1986. The financial highlights for the years 1986 through 1991 are
presented from the perspective of the Separate Accounts, which are the
ultimate holders of the shares of the Investment Company. Effective in 1992
the financial highlights are being presented from the perspective of the
Funds.
<TABLE>
<CAPTION>
MONEY MARKET FUND
---------------------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30, YEARS ENDED DECEMBER 31,
1995 ---------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990 1989 1988 1987 1986
----------- ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $ 1.19 $ 1.17 $ 1.17 $ 1.18 $ 1.23 $ 1.23 $ 1.22 $ 1.25 $ 1.18 $ 1.12
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations
Net Investment Income.. 0.04 0.03 0.04 0.04 0.12 0.10 0.12 0.08 0.07 0.06
Net Gains or Losses on
Securities
(both realized and
unrealized)........... -- 0.02 -- -- (0.05) -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............. 0.04 0.05 0.04 0.04 0.07 0.10 0.12 0.08 0.07 0.06
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less Dividend
Distributions From Net
Investment Income...... -- (0.03) (0.04) (0.05) (0.12) (0.10) (0.11) (0.11) -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions..... -- (0.03) (0.04) (0.05) (0.12) (0.10) (0.11) (0.11) -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period/Year............ $ 1.23 $ 1.19 $ 1.17 $ 1.17 $ 1.18 $ 1.23 $ 1.23 $ 1.22 $ 1.25 $ 1.18
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 2.9 4.1 2.9 3.3 4.4 6.8 2.6 5.9 5.7 4.8
Net Assets, End of
Period/Year ($
millions).............. 91 81 38 39 43 89 81 6 3 2
Ratio of Expenses to
Average Net Assets..... 0.12% 0.25% 0.26% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40%
Ratio of Net Income to
Average Net Assets..... 2.86% 4.15% 2.90% 3.33% 5.73% 7.79% 8.90% 6.85% 5.99% 5.90%
Portfolio Turnover
Rate(a)................ N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
</TABLE>
- -------
(a) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
36
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
ALL AMERICA FUND(B)
----------------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
----------------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30,
1995
(UNAUDITED) 1994(C) 1993 1992 1991 1990 1989 1988 1987 1986
----------- ------- ------ ------- ------- ------- ------- ------ ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $1.61 $ 1.80 $ 1.79 $ 1.93 $ 1.70 $ 1.81 $ 1.69 $ 1.82 $1.67 $1.49
------ ------- ------ ------- ------- ------- ------- ------ ------- -------
Income From Investment
Operations
Net Investment Income.. 0.01 0.04 0.04 0.04 0.18 0.08 0.28 0.06 0.02 0.01
Net Gains or Losses on
Securities (both
realized and
unrealized)........... 0.32 (0.01) 0.18 0.03 0.23 (0.11) 0.14 0.10 0.13 0.17
------ ------- ------ ------- ------- ------- ------- ------ ------- -------
Total From Investment
Operations............. 0.33 0.03 0.22 0.07 0.41 (0.03) 0.42 0.16 0.15 0.18
Less Dividend Distributions
From Net Investment
Income................ -- (0.04) (0.04) (0.04) (0.05) (0.06) (0.05) (0.09) -- --
From Capital Gains..... -- (0.18) (0.17) (0.17) (0.13) (0.02) (0.25) (0.20) -- --
------ ------- ------ ------- ------- ------- ------- ------ ------- -------
Total Distributions..... -- (0.22) (0.21) (0.21) (0.18) (0.08) (0.30) (0.29) -- --
------ ------- ------ ------- ------- ------- ------- ------ ------- -------
Net Asset Value, End of
Period/Year............ $1.94 $ 1.61 $ 1.80 $ 1.79 $ 1.93 $ 1.70 $ 1.81 $ 1.69 $1.82 $1.67
====== ======= ====== ======= ======= ======= ======= ====== ======= =======
Total Return (%)........ 20.7 (d)3.7 12.0 3.2 22.6 (3.8) 24.1 8.7 8.3 11.3
Net Assets, End of
Period Year
($ millions)........... 449 375 424 398 434 377 437 40 43 29
Ratio of Expenses to
Average Net Assets..... 0.25% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.51%
Ratio of Net Income to
Average Net Assets..... 0.89% 2.11% 1.92% 2.02% 2.49% 3.33% 2.54% 3.07% 1.97% 2.03%
Portfolio Turnover
Rate(a)................ 13.58% 129.80% 93.86% 129.40% 158.35% 108.75% 117.60% 56.94% 150.74% 141.40%
</TABLE>
- -------
(a) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
(b) On May 2, 1994 the Stock Fund was renamed the All America Fund with
different investment objectives.
(c) Reflects the combined data of this Fund and that of its predecessor.
(d) Total return reflects performance from May 2, 1994 and is not annualized.
37
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
BOND FUND
-------------------------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30, YEARS ENDED DECEMBER 31,
1995 -------------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990 1989 1988 1987 1986
----------- ------ ------- ------- ------ ------- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $1.27 $ 1.41 $ 1.41 $ 1.41 $ 1.33 $ 1.37 $ 1.27 $ 1.40 $ 1.42 $1.28
------ ------ ------- ------- ------ ------- ------ ------ ------ ------
Income From Investment
Operations
Net Investment Income.. 0.05 0.09 0.09 0.09 0.13 0.09 -- 0.09 0.07 0.06
Net Gains or Losses on
Securities (both
realized and
unrealized)........... 0.11 (0.14) 0.09 0.03 0.08 (0.02) 0.16 (0.01) (0.09) 0.08
------ ------ ------- ------- ------ ------- ------ ------ ------ ------
Total From Investment
Operations............. 0.16 (0.05) 0.18 0.12 0.21 0.07 0.16 0.08 (0.02) 0.14
------ ------ ------- ------- ------ ------- ------ ------ ------ ------
Less Dividend
Distributions
From Net Investment
Income................ -- (0.09) (0.09) (0.09) (0.11) (0.11) (0.06) (0.21) -- --
From Capital Gains..... -- (0.09) (0.03) (0.02) -- -- -- -- -- --
------ ------ ------- ------- ------ ------- ------ ------ ------ ------
Total Distributions..... -- (0.09) (0.18) (0.12) (0.13) (0.11) (0.06) (0.21) -- --
------ ------ ------- ------- ------ ------- ------ ------ ------ ------
Net Asset Value, End of
Period/Year............ $1.43 $ 1.27 $ 1.41 $ 1.41 $ 1.41 $ 1.33 $ 1.37 $ 1.27 $ 1.40 $1.42
====== ====== ======= ======= ====== ======= ====== ====== ====== ======
Total Return (%)........ 12.1 (3.2) 13.1 8.6 14.0 3.5 11.1 6.2 (1.9) 10.5
Net Assets, End of
Period/Year
($ millions)........... 282 249 263 233 187 163 109 5 4 3
Ratio of Expenses to
Average Net Assets..... 0.25% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.51%
Ratio of Net Income to
Average Net Assets..... 3.27% 6.32% 6.30% 6.93% 7.59% 8.57% 8.55% 8.25% 7.97% 8.26%
Portfolio Turnover
Rate(a)................ 31.79% 51.14% 103.16% 112.40% 95.00% 129.02% 47.70% 75.61% 47.41% 63.36%
</TABLE>
- -------
(a) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
38
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
COMPOSITE FUND
---------------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
---------------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30,
1995
(UNAUDITED) 1994 1993 1992 1991 1990 1989 1988 1987 1986
----------- ------- ------- ------- ------- ------- ------ ------ ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $1.57 $ 1.71 $ 1.59 $ 1.61 $ 1.53 $ 1.63 $ 1.46 $ 1.60 $1.51 $ 1.35
------- ------- ------- ------- ------- ------- ------ ------ ------- ------
Income From Investment
Operations
Net Investment Income.. 0.04 0.05 0.05 0.06 0.19 0.14 0.11 0.08 0.05 0.03
Net Gains or Losses on
Securities (both
realized and
unrealized)........... 0.15 (0.10) 0.22 0.03 0.09 (0.09) 0.17 0.05 0.04 0.13
------- ------- ------- ------- ------- ------- ------ ------ ------- ------
Total From Investment
Operations............. 0.19 (0.05) 0.27 0.09 0.28 0.05 0.28 0.13 0.09 0.16
------- ------- ------- ------- ------- ------- ------ ------ ------- ------
Less Dividend
Distributions
From Net Investment
Income................ -- (0.07) (0.05) (0.06) (0.07) (0.10) (0.08) (0.17) -- --
From Capital Gains..... -- (0.02) (0.10) (0.05) (0.13) (0.05) (0.03) (0.10) -- --
------- ------- ------- ------- ------- ------- ------ ------ ------- ------
Total Distributions..... (0.09) (0.15) (0.11) (0.20) (0.15) (0.11) (0.27) -- --
------- ------- ------- ------- ------- ------- ------ ------ ------- ------
Net Asset Value, End of
Period/Year............ $1.76 $ 1.57 $ 1.71 $ 1.59 $ 1.61 $ 1.53 $ 1.63 $ 1.46 $1.60 $ 1.51
======= ======= ======= ======= ======= ======= ====== ====== ======= ======
Total Return (%)........ 12.1 (3.0) 16.9 5.9 16.4 1.5 17.2 7.9 5.2 11.4
Net Assets, End of
Period/Year
($ millions)........... 261 233 228 138 111 79 67 51 45 30
Ratio of Expenses to
Average Net Assets..... 0.25% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.51%
Ratio of Net Income to
Average Net Assets..... 2.14% 3.88% 3.48% 4.01% 4.75% 6.20% 5.48% 5.94% 5.10% 5.35%
Portfolio Turnover
Rate(a)................ 42.82% 113.86% 100.76% 107.69% 134.91% 105.06% 87.32% 50.88% 124.04% 98.74%
</TABLE>
- -------
(a) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
39
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
EQUITY INDEX SHORT-TERM
FUND BOND FUND
--------------------------------------- -----------------------------------------
FOR THE PERIOD FOR THE PERIOD
SIX FEBRUARY 5, SIX FEBRUARY 5,
MONTHS 1993 MONTHS 1993
ENDED YEAR (COMMENCEMENT ENDED YEAR (COMMENCEMENT
JUNE 30, ENDED OF OPERATIONS) JUNE 30, ENDED OF OPERATIONS)
1995 DECEMBER 31, TO DECEMBER 1995 DECEMBER 31, TO DECEMBER 31,
(UNAUDITED) 1994 31, 1993 (UNAUDITED) 1994 1993
----------- ------------ -------------- ----------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period/Year..... $1.02 $ 1.04 $ 1.00 $1.00 $ 1.02 $ 1.00
------ ------ ------ ----- ------ -------
Income From
Investment
Operations
Net Investment
Income......... 0.01 0.03 0.02 0.02 0.04 0.02
Net Gains or
Losses on
Securities
(both realized
and
unrealized).... 0.19 (0.01) 0.04 0.03 (0.02) 0.02
------ ------ ------ ----- ------ -------
Total From
Investment
Operations...... 0.20 0.02 0.06 0.05 0.02 (0.04)
------ ------ ------ ----- ------ -------
Less Dividend
Distributions
From Net
Investment
Income......... -- (0.03) (0.02) -- (0.04) (0.02)
From Capital
Gains.......... -- (0.01) -- -- -- --
------ ------ ------ ----- ------ -------
Total
Distributions... -- (0.04) (0.02) -- (0.04) (0.02)
------ ------ ------ ----- ------ -------
Net Asset Value,
End of Year..... $1.22 $ 1.02 $ 1.04 $1.05 $ 1.00 $ 1.02
====== ====== ====== ===== ====== =======
Total Return (%). 19.8 1.5 (b)6.2 4.4 1.4 (b) 4.6
Net Assets,
End of
Period/Year
($ millions).... 31 26 27 3 2 3
Ratio of Expenses
to Average Net
Assets.......... 0.06% 0.13% 0.11% 0.25% 0.49% 0.45%
Ratio of Net
Income to
Average Net
Assets.......... 1.24% 2.67% 2.43% 2.30% 3.51% 3.09%
Portfolio
Turnover
Rate(a)......... 12.32% 6.59% 1.44% 0.00% 0.00% 122.37%
<CAPTION>
MID-TERM AGGRESSIVE
BOND FUND EQUITY FUND
----------------------------------- -------------------------------
FOR THE PERIOD
FEBRUARY 5,
SIX 1993 SIX FOR THE PERIOD
MONTHS YEAR (COMMENCEMENT MONTHS MAY 2, 1994
ENDED ENDED OF OPERATIONS) ENDED (COMMENCEMENT
JUNE 30, DECEMBER TO DECEMBER JUNE 30, OF OPERATIONS)
1995 31, 31, 1995 TO DECEMBER 31,
(UNAUDITED) 1994 1993 (UNAUDITED) 1994
----------- -------- -------------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period/Year..... $0.91 $ 0.99 $ 1.00 $1.05 $ 1.00
----------- -------- -------------- ----------- ---------------
Income From
Investment
Operations
Net Investment
Income......... 0.03 0.03 0.04 0.01 0.01
Net Gains or
Losses on
Securities
(both realized
and
unrealized).... 0.07 (0.07) 0.04 0.19 0.05
----------- -------- -------------- ----------- ---------------
Total From
Investment
Operations...... 0.10 0.06 0.08 0.20 0.06
----------- -------- -------------- ----------- ---------------
Less Dividend
Distributions
From Net
Investment
Income......... -- (0.04) (0.04) -- (0.01)
From Capital
Gains.......... -- (0.05) -- -- --
----------- -------- -------------- ----------- ---------------
Total
Distributions... -- (0.04) (0.09) -- (0.01)
----------- -------- -------------- ----------- ---------------
Net Asset Value,
End of Year..... $1.01 $ 0.91 $ 0.99 $1.25 $ 1.05
=========== ======== ============== =========== ===============
Total Return (%). 10.8 (3.7) (b) 7.3 18.3 (b)6.0
Net Assets,
End of
Period/Year
($ millions).... 26 25% 24 36 0.42%
Ratio of Expenses
to Average Net
Assets.......... 0.25% 86% 0.50% 0.42% 0.21%
Ratio of Net
Income to
Average Net
Assets.......... 2.86% 4.13% 0.7% 0.21% 0.56%
Portfolio
Turnover
Rate(a)......... 12.34% 7.52% 162.03% 60.88% 60.86%
</TABLE>
- -------
(a)Portfolio turnover rate excludes all U.S. Government and short-term
securities.
40
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Mutual of America Investment Corporation (the "Investment Company") was
incorporated on February 21, 1986 under the laws of Maryland and is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. These financial statements reflect the Money Market, All
America (formerly Stock), Bond and Composite Funds as the respective
successors to Mutual of America Life Insurance Company's ("Mutual of America
Life") Separate Account No. 2 Money Market, Stock, Bond and Composite Funds.
Accordingly, the financial statements present the net assets of the Investment
Company at June 30, 1995, the results of its operations for the six months
then ended and the changes in net assets for the year ended December 31, 1994
of the Money Market, All America, Bond, and Composite Funds under the
continuing entity basis of accounting as if Separate Account No. 2's
investment assets and related liabilities had been invested in the Investment
Company since its inception. The succession or reorganization referred to
above was effected on October 31, 1986 by the exchange of shares of the
Investment Company for the respective net investment assets of Separate
Account No. 2 Funds. At the time of the exchange, the value of an Investment
Company share was established at an amount equal to the value of a respective
unit of Separate Account No. 2.
On January 3, 1989, the net assets of Mutual of America Life's Separate
Account No. 1, available only for qualified pension plans, were invested in
the All America Fund, formerly the Stock Fund, of the Investment Company.
Pursuant to this transaction, approximately 249 million shares of the All
America Fund were issued.
Effective February 5, 1993, the Equity Index Fund, Short-Term Bond Fund and
the Mid-Term Bond Fund commenced operations. On May 2, 1994 the Mutual of
America Aggressive Equity Fund commenced operations and the Stock Fund was
renamed the All America Fund with different investment objectives.
The Investment Company currently sells shares of its eight funds only to the
separate accounts of Mutual of America Life and The American Life Insurance
Company of New York ("American Life"), an indirect, wholly-owned subsidiary of
Mutual of America Life, as a funding medium for variable annuity and variable
life insurance contracts issued by these companies. As of June 30, 1995,
Mutual of America Life owned 99.7% of the Investment Company's outstanding
shares.
The following is a summary of the significant accounting policies of the
Investment Company:
Security Valuation -- Investment securities are valued as follows:
Stocks listed on national security exchanges and certain over-the counter
issues quoted on the National Association of Securities Dealers Automated
Quotation ("NASDAQ") system are valued at the last sale price, or if no
sale, at the latest available bid price.
Debt securities are valued at a composite fair market value "evaluated
bid," which may be the last sale price. Securities for which market
quotations are not readily available will be valued at fair value as
determined in good faith by the Investment Adviser under the direction of
the Board of Directors of the Investment Company.
Short-term investments with a maturity of 60 days or less are valued at
amortized cost, which approximates market value. Short-term debt
securities, which mature in more than 60 days, are stated at market value.
Options purchased by the Investment Company are included in the
investment portfolio and valued at the latest sale or closing price.
Premiums received by the Investment Company upon writing covered call
options are included in the Investment Company's statement of assets and
liabilities as an asset and an equivalent liability. The liability is
adjusted daily to reflect the market value of the options written based on
the latest sale or closing price. If an option expires, or if the
Investment Company enters into a closing purchase transaction, the
Investment Company realizes a gain or, if the cost of a closing purchase
transaction exceeds the premium originally received, a loss, and the
liability related to the option is extinguished. If an option is exercised,
the proceeds of the sale of the underlying security are increased by the
premium originally received when the option was written.
Security Transactions -- Security transactions are recorded on the trade
date. Interest income is accrued as earned. Dividend income is recorded on the
ex-dividend date.
41
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Realized gains and losses on the sale of short and long-term debt securities
are computed on the basis of amortized cost at the time of sale. Realized
gains and losses on the sale of common and preferred stocks are based on the
identified cost basis of the security.
Federal Income Taxes -- The Investment Company intends to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to
shareholders. Therefore, no federal income tax provision is required.
2. EXPENSES
The Investment Company has entered into an Investment Advisory Agreement
with Mutual of America Capital Management Corporation ("the Adviser"), an
indirect wholly-owned subsidiary of Mutual of America Life. For providing
investment management services to each of the Funds of the Investment Company,
the Adviser receives a fee calculated as a daily charge at the annual rate of
..25% of the value of the net assets of the Money Market Fund (.40% before
February 5, 1993), and .50% of the value of the net assets of the All America
Fund, Bond Fund, Short-Term Bond Fund, Mid-Term Bond Fund and Composite Fund,
..125% of the value of the net assets of the Equity Index Fund, and .85% of the
value of the net assets of the Aggressive Equity Fund. Prior to November 3,
1993, Mutual of America Life was the investment adviser to the Investment
Company; Mutual of America Life's obligations under the Agreement were assumed
by the Adviser on that date.
Under subadvisory agreements, the Adviser has delegated its investment
advisory responsibilities to the subadvisers, is responsible for providing
management services to the respective Funds and pays the subadvisors for their
investment advisory services.
The Adviser voluntarily limits the expenses of each Fund, other than for
brokers' commissions, transfer taxes and other fees relating to portfolio
transactions, to the amount of the advisory fee paid by the Funds of the
Investment Company to the Adviser. The Adviser may discontinue this practice
at any time.
Various funds of the Investment Company placed portfolio transactions
through a broker affiliated with the Adviser. The aggregate commissions paid
to this broker for the period was $34,449.
3. PURCHASES AND SALES
The cost of investment purchases and proceeds from sales of investments,
excluding government and short-term securities and options for the six months
ended June 30, 1995 are as follows:
<TABLE>
<CAPTION>
ALL AMERICA EQUITY
FUND INDEX FUND BOND FUND
----------- ---------- ------------
<S> <C> <C> <C>
Cost of investment purchases............... $53,499,641 $3,308,955 $103,382,065
=========== ========== ============
Proceeds from sales of investments......... $62,564,624 $3,293,623 $ 80,278,413
=========== ========== ============
</TABLE>
<TABLE>
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Cost of investment purchases..... $1,051,672 $4,975,471 $91,115,299 $20,130,075
========== ========== =========== ===========
Proceeds from sales of invest-
ments........................... $ -- $2,854,119 $95,649,882 $16,975,399
========== ========== =========== ===========
</TABLE>
The cost of short-term security purchases for the Money Market Fund for the
year was $561,284,289. Net proceeds from sales and redemptions for the year
was $554,184,665.
42
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
At June 30, 1995, net unrealized appreciation (depreciation) of investments,
based on cost for Federal income tax purposes, was as follows:
<TABLE>
<CAPTION>
MONEY ALL AMERICA EQUITY
MARKET FUND FUND INDEX FUND BOND FUND
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Aggregate gross unrealized
appreciation................ $ -- $ 86,703,434 $ 5,542,069 $ 11,849,295
Aggregate gross unrealized
depreciation................ -- 9,206,667 882,706 1,685,087
----------- ------------ ----------- ------------
Net unrealized appreciation
(depreciation).............. $ -- $ 77,496,767 $ 4,659,363 $ 10,164,208
=========== ============ =========== ============
Aggregate cost of investments
for Federal income tax
purposes.................... $91,282,360 $367,916,931 $25,815,253 $266,709,084
=========== ============ =========== ============
</TABLE>
<TABLE>
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
---------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Aggregate gross unrealized
appreciation................. $ 26,867 $ 554,624 $ 13,624,010 $ 6,555,159
Aggregate gross unrealized
depreciation................. 9,910 607,014 2,881,773 828,397
---------- ----------- ------------ -----------
Net unrealized appreciation
(depreciation)............... $ 16,957 $ (52,390) $ 10,742,237 $ 5,726,762
========== =========== ============ ===========
Aggregate cost of investments
for Federal income tax
purposes..................... $3,199,961 $25,577,281 $251,052,303 $30,641,281
========== =========== ============ ===========
</TABLE>
4. CAPITAL SHARE ACTIVITY
At June 30, 1995 there were 3 billion shares of $.01 par value capital stock
authorized for the Investment Company. The shares are allocated into the eight
series of funds as follows.
<TABLE>
<CAPTION>
NAME OF FUND AUTHORIZED NO. OF SHARES
------------ ------------------------
<S> <C>
Money Market Fund..................................... 100,000,000
All America Fund...................................... 500,000,000
Equity Index Fund..................................... 75,000,000
Bond Fund............................................. 250,000,000
Short-Term Bond Fund.................................. 50,000,000
Mid-Term Bond Fund.................................... 75,000,000
Composite Fund........................................ 200,000,000
Aggressive Equity Fund................................ 500,000,000
-------------
Sub Total........................................... 1,750,000,000
Shares to be allocated at the discretion of the Board
of Directors......................................... 1,250,000,000
-------------
Total............................................... 3,000,000,000
=============
</TABLE>
Transactions in shares were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30, 1995
--------------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Shares sold.................. 24,547,871 12,363,997 13,843,952 13,981,295
Shares issued to shareholders
as reinvestment of
dividends................... -- -- -- --
---------- ---------- ---------- ----------
Total........................ 24,547,871 12,363,997 13,843,952 13,981,295
Shares redeemed.............. 18,365,063 13,405,365 13,648,522 11,876,030
---------- ---------- ---------- ----------
Net increase (decrease)...... 6,182,808 (1,041,368) 195,430 2,105,265
---------- ---------- ---------- ----------
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30, 1995
--------------------------------------------------
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Shares sold.................. 1,129,803 2,203,046 5,234,021 6,848,775
Shares issued to shareholders
as reinvestment of
dividends................... -- -- -- --
---------- ---------- ---------- ----------
Total........................ 1,129,803 2,203,046 5,234,021 6,848,775
Shares redeemed.............. 403,617 2,301,654 5,118,585 3,526,654
---------- ---------- ---------- ----------
Net increase (decrease)...... 726,186 (98,608) 115,436 3,322,121
---------- ---------- ---------- ----------
</TABLE>
43
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1994
-----------------------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ --------------------
<S> <C> <C> <C> <C>
Shares sold............. 79,933,378 20,711,423 17,287,744 28,581,354
Shares issued to
shareholders as
reinvestment of
dividends.............. 1,667,580 27,488,908 826,855 13,108,963
---------- ---------- ---------- ----------
Total................... 81,600,958 48,200,331 18,114,599 41,690,317
Shares redeemed......... 45,376,022 51,680,490 17,835,906 33,333,880
---------- ---------- ---------- ----------
Net increase (decrease). 36,224,936 (3,480,159) 278,693 8,356,437
========== ========== ========== ==========
<CAPTION>
FOR THE PERIOD
MAY 2, 1994
(COMMENCEMENT OF
OPERATIONS)
FOR THE YEAR ENDED DECEMBER 31, 1994 TO DECEMBER 31, 1994
-------------------------------------- --------------------
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
------------ ----------- ------------ --------------------
<S> <C> <C> <C> <C>
Shares sold............. 1,473,435 11,788,299 16,926,834 39,569,672
Shares issued to share-
holders as reinvestment
of dividends........... 85,016 1,089,054 7,592,331 182,099
---------- ---------- ---------- ----------
Total................... 1.558,451 12,877,353 24,519,165 39,751,771
Shares redeemed......... 1,704,117 6,094,347 9,579,455 14,502,387
---------- ---------- ---------- ----------
Net increase (decrease). (145,666) 6,783,006 14,939,710 25,249,384
========== ========== ========== ==========
</TABLE>
5. DIVIDENDS
No dividends have been declared or paid as of June 30, 1995. It is the
Investment Company's practice to declare and distribute dividends at the end of
the year.
44
<PAGE>
MUTUAL OF AMERICA
320 Park Avenue
New York, N.Y. 10022
212-224-1600
