<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
We are pleased to report that performance of the funds offered by Mutual of
America Investment Corporation for the six months ended June 30, 1997 was,
overall, quite positive.
The US economy has continued to grow over the last six months. The first
quarter was characterized by a rapid expansion, which prompted the Federal
Reserve to raise rates in March. Growth continued in the second quarter,
although at a slower pace, as the torrid spending habits demonstrated by
consumers in the earlier quarter were quelled somewhat. The most important
variable has been the absence of inflationary pressures. Despite record levels
of employment and high capacity utilization, there has been little, if any,
pricing pressure.
Strong corporate earnings and cash flows into the equity market have
propelled the S&P 500 up 20.6% for the period. The Dow Jones Industrial
Average rose twelve hundred points or 20% for the same period. In the debt
markets, rates have responded to concerns over the pace of economic expansion.
Rates rose over the first quarter with the strong economic expansion but
retreated in the second quarter as it was evident the pace of the economy's
growth had slowed.
For the remainder of the year, we expect some pick-up in consumer spending
that will support continued economic expansion with few inflationary
pressures. Should the low unemployment levels finally cause companies to
increase prices due to wage pressures, or should consumer spending habits
become overheated, we would expect the Federal Reserve to act immediately with
a rate increase to keep inflation at bay.
Shown below are the total return figures for each fund of the Mutual of
America Investment Corporation.
SIX MONTHS TO JUNE 30, 1997
<TABLE>
<S> <C>
Money Market Fund................................................... + 2.6%
All America Fund.................................................... +17.0%
Equity Index Fund................................................... +20.5%
Bond Fund........................................................... + 2.9%
Short-Term Bond Fund................................................ + 2.8%
Mid-Term Bond Fund.................................................. + 2.8%
Composite Fund...................................................... + 7.2%
Aggressive Equity Fund.............................................. +13.2%
</TABLE>
Please note that the above total return performance figures do not reflect the
deduction of Separate Account fees and expenses which are imposed by Mutual of
America Life Insurance Company and The American Life Insurance Company of New
York, respectively.
On the pages which immediately follow are brief presentations for each fund
and (excepting the Money Market Fund) graphs which illustrate each fund's
respective:
. historical total return achieved over specified periods, expressed as an
average annual rate and as a cumulative rate;
. equivalent in dollars of a $10,000 hypothetical investment at the
beginning of each specified period; and
. historical performance compared with appropriate indices.
The portfolios of each fund and financial statements are presented in the
pages which then 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>
MONEY MARKET FUND
The Money Market Fund returned 2.6% for the first half of 1997. The Salomon
Brothers three-month Treasury Bill Index returned 2.6% for this same period.
The seven-day annualized yield as of 8/19/97 was 5.49%.
ALL AMERICA FUND
The All America Fund is 60% invested in a portfolio designed to provide
investment results which match, to the extent practical, the performance of
the S&P 500 Index. The remaining 40% of the assets are managed by three
outside subadvisors: Fred Alger Management, Palley-Needelman Asset Management,
Oak Associates, Inc. and by Mutual of America Capital Management. This
actively managed portion has an objective of achieving a high level of return
through investment of a diversified portfolio.
For the half year ended June 30th, the All America Fund returned 17.0%,
compared with the S&P 500 return of 20.6%.
<TABLE>
<CAPTION>
ALL AMERICA S & P
FUND 500
SEMI
ANNUAL
SEMI 10 YR S & P
ANNUAL 100%
10 YR
- ----------- ----- ------
<S> <C> <C>
01/85
06/85
06/86
06/87 10,000 10,000
06/88 9,563 9,290
06/89 10,820 11,184
06/90 12,329 13,010
06/91 12,992 13,972
06/92 14,276 15,854
06/93 16,231 18,009
05/94 16,672 18,508
06/94 16,296 18,248
06/95 20,805 23,013
06/96 25,951 29,024
06/97 33,236 39,095
</TABLE>
2
<PAGE>
EQUITY INDEX FUND
For the first half of 1997 the Equity Index Fund had a total return of
20.5%, virtually matching the return for the S&P 500 Index which returned
20.6%. The stock market's appreciation has been driven by a very favorable
macroeconomic environment. In response to this, investors have continued their
historic pace of new investment and savings witnessed in recent years.
Considering the outlook for moderate inflation and improved fiscal discipline
exercised by the federal government, the market's current upward trend could
continue as well, despite record performance which has surprised many market
watchers.
The market suffered a brief correction near the end of the first quarter,
however, it quickly recovered and has since enjoyed a very broad based rally.
Year to date, stocks in all major economic sectors, on average, have enjoyed
double digit returns. The sectors which were leading contributors to
performance were healthcare, finance and capital goods. Pharmaceutical
companies led the rally in healthcare. Finance and capital goods companies
benefited largely from falling interest rates and continued low inflation.
Technology stocks showed strength in the second quarter. The sectors which
have lagged the market were electric utilities, autos and retail.
<TABLE>
<CAPTION>
EQUITY INDEX S&P 500
SINCE SINCE
SEMI INCEPTION INCEPTION
ANNUAL
- ----------------------------------
<S> <C> <C>
2/93 10,000 10,000
6/93 10,116 10,140
6/94 10,266 10,280
6/95 12,915 12,961
6/96 16,183 16,346
6/97 21,789 22,018
</TABLE>
3
<PAGE>
BOND FUND
The Bond Fund seeks a high level of return consistent with preservation of
capital through investment in publicly traded debt securities. Over time, the
Fund's return has been enhanced by its focus on corporate bonds which yield
more than comparable segments of the Lehman Brothers Government/Corporate Bond
Index. During the past year, however, yield spreads between government bonds
and corporate securities have tightened to the point where an overweighting in
high quality bonds and cash was warranted. Hence, the Fund's return matched
the Index while maintaining a much higher quality portfolio.
<TABLE>
<CAPTION>
LEHMAN
BOND FUND GOV'T CORP
SEMI 10 YR 10 YR
ANNUAL
- ------ ----- ----------
<S> <C> <C>
01/85
06/85
06/86
06/87 10,000 10,000
06/88 10,322 10,748
06/89 11,484 12,074
06/90 12,086 12,932
06/91 13,010 14,254
06/92 14,836 16,274
06/93 17,119 18,414
06/94 17,073 18,147
06/95 19,311 20,464
06/96 20,337 21,418
06/97 21,895 23,078
</TABLE>
4
<PAGE>
SHORT-TERM BOND FUND
The Short-Term Bond Fund maintains an average maturity between one and three
years. Its objectives are to achieve a high total return within this maturity
constraint and to maintain principal value. In time, the Fund will emphasize
higher yielding corporate bonds. However, the lack of an appropriate premium
in these issues has resulted in an over-weighting in U.S. Treasury issues. The
conservative maturity of the Fund also contributed to its slight under
performance over the year ended June, 1997.
<TABLE>
<CAPTION>
SHORT TERM SALAMON
BOND FUND BROS 1-3
SEMI SINCE SINCE
ANNUAL INCEPTION INCEPTION
- ----------------------------------------------------------------------
<S> <C> <C>
02/93 10,000 10,000
06/93 10,240 10,232
06/94 10,439 10,406
06/95 11,066 11,206
06/96 11,625 11,898
06/97 12,324 12,685
</TABLE>
5
<PAGE>
MID-TERM BOND FUND
The average maturity of this Fund will be between three and seven years.
Investment grade securities must be purchased with 80% of its assets and a
broad industry diversification is permitted. The Fund has continued to
emphasize U.S. Treasury securities due to the historically narrow spreads
between corporate and government debt in its maturity range. When an
appropriate premium is available, the Fund is expected to focus on higher
yielding corporate bonds in order to enhance its return.
<TABLE>
<CAPTION>
MID TERM SALOMON
BOND FUND BROS 3-7
SEMI SINCE SINCE
ANNUAL INCEPTION INCEPTION
- -------------------------------------------------------------------------------
<S> <C> <C>
02/93 10,000 10,000
06/93 10,457 10,460
06/94 10,302 10,399
06/95 11,469 11,561
06/96 11,947 12,122
06/97 12,864 13,025
</TABLE>
6
<PAGE>
COMPOSITE FUND
The Fund returned 7.2% for the six months ended June 30, 1997 compared to a
blended index (stocks, bonds and Treasury bills) return of 11.6%. The equity
portion of the Fund increased by 11.2% for the period compared to a total
return for the S&P 500 of 20.6%. The bond portion of the Fund increased by
2.9% for the first half year compared to a 2.7% return for the Lehman Brothers
Government/Corporate Index. The asset allocation remains the same since August
of 1996 when it was changed to 50% stocks, 35% bonds, and 15% money market
instruments. Strong performance in energy-related and transportation stocks
was partially offset by weakness in health care and finance related issues.
<TABLE>
<CAPTION>
LEHMAN S&P SAL.BROS
COMPOSITE FUND BROS 500 3 MO. T-BILL
SEMI 10 YR 10 YR 10 YR INDEX
ANNUAL 10 YR
- ------------- ----- ------ ----- ------------
<S> <C> <C> <C> <C>
1/85
6/85
6/86
6/87 10,000 10,000 10,000 10,000
6/88 10,033 10,748 9,290 10,605
6/89 11,174 12,074 11,184 11,476
6/90 12,421 12,932 13,010 12,419
6/91 13,417 14,254 13,972 13,283
6/92 14,738 16,274 15,854 13,901
6/93 17,458 18,414 18,009 14,339
6/94 17,212 18,147 18,248 14,819
6/95 19,614 20,464 23,013 15,617
6/96 22,313 21,418 29,024 16,466
6/97 25,601 23,078 39,095 17,331
</TABLE>
7
<PAGE>
AGGRESSIVE EQUITY FUND
The Fund has approximately 50% of its assets in value stocks and 50% in
growth stocks. The Fund seeks to offer an above average overall long-term
return recognizing that, at times, Value will out perform Growth and vice
versa. The first six months of 1997 produced a Fund return of 13.2% compared
to a 10.2% return for the Russell 2000 Index. The return for the Value segment
of the Fund was 18.3% compared to 14.8% for the Russell 2000 Value Index. The
return for the Growth segment of the Fund was 8.1% compared to 5.2% in the
Russell 2000 Growth Index. Positive contributors to first half-year
performance included the technology and capital goods sectors.
<TABLE>
<CAPTION>
6/30/97 RUSSELL
AGGRESSIVE EQUITY 2000
SEMI SINCE SINCE
ANNUAL INCEPTION INCEPTION
- ------------------------------------
<S> <C> <C>
5/94 10,000 10,000
6/94 9,781 9,459
6/95 12,541 11,356
6/96 16,930 13,632
6/97 21,068 15,858
</TABLE>
8
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATING* RATE(%) MATURITY AMOUNT($) COST($)
------- -------- -------- --------- -----------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper
Abbott Laboratories........... A1+/P1 5.48 08/05/97 3,000,000 2,983,965
Air Products & Chemicals
Corp......................... A1/P1 5.57 07/03/97 3,600,000 3,598,878
Alabama Power Co.............. A1/P1 5.59 07/10/97 1,020,000 1,018,563
Alabama Power Co.............. A1/P1 5.56 07/08/97 2,373,000 2,370,412
Alabama Power Co.............. A1/P1 5.60 07/08/97 458,000 457,497
Allied Signal, Inc............ A1/P1 5.50 07/10/97 2,615,000 2,611,393
American Express Credit
Corp. ....................... A1/P1 5.56 07/02/97 1,180,000 1,179,818
American Express Credit
Corp. ....................... A1/P1 5.54 08/12/97 2,820,000 2,801,723
Banc One Funding.............. A1/P1 5.55 08/08/97 3,180,000 3,161,336
Bell Atlantic Capital Funding. A1+/P1 5.55 07/01/97 1,325,000 1,325,000
Bell Atlantic Capital Funding. A1+/P1 5.57 07/10/97 1,565,000 1,562,819
Bemis Co., Inc................ A1/P1 5.55 07/14/97 850,000 848,283
Carolina Power & Light Corp... A1/P1 5.53 07/24/97 2,700,000 2,690,442
Carolina Power & Light Corp... A1/P1 5.54 08/25/97 1,300,000 1,288,988
Dupont El Nemour.............. A1+/P1 5.52 07/21/97 3,000,000 2,990,765
Ford Motor Credit Corp........ A1/P1 5.58 07/07/97 1,500,000 1,498,593
Ford Motor Credit Corp........ A1/P1 5.54 08/22/97 2,000,000 1,983,976
General Electric Capital
Corp. ....................... A1+/P1 5.56 07/07/97 2,500,000 2,497,682
General Electric Co........... A1+/P1 5.56 07/11/97 1,400,000 1,397,821
General Electric Co........... A1+/P1 5.56 07/01/97 137,000 137,000
Great Lakes Chemical Corp..... A1/P1 5.52 07/22/97 2,265,000 2,257,690
Interstate Power Corp......... A1/P1 5.55 08/19/97 2,000,000 1,984,866
Interstate Power Corp......... A1/P1 5.60 07/08/97 819,000 818,100
Interstate Power Corp......... A1/P1 5.62 07/17/97 800,000 797,986
Lucent Technologies........... A1/P1 5.54 07/07/97 1,000,000 999,069
Lucent Technologies........... A1/P1 5.55 07/10/97 1,000,000 998,602
Merrill Lynch & Co., Inc...... A1/P1 5.53 07/02/97 3,009,000 3,008,536
National Rural Utilities...... A1+/P1 5.55 08/25/97 1,200,000 1,189,819
Pacific Gas & Electric........ A1/P1 5.55 08/26/97 3,845,000 3,811,774
Pepsico, Inc.................. A1/P1 5.48 07/09/97 3,900,000 3,895,235
Petrofina Delaware, Inc. ..... A1/P1 6.22 07/01/97 2,002,000 2,002,000
PHH Corp. .................... A1/P1 5.57 07/08/97 1,000,000 998,907
Sony Capital Corp............. A1/P1 5.54 07/17/97 3,448,000 3,439,493
Sony Capital Corp............. A1/P1 5.55 07/24/97 255,000 254,095
South Carolina Elec & Gas Co.. A1/P1 5.53 07/17/97 3,670,000 3,660,961
Toyota Credit Puerto Rico..... A1+/P1 5.58 07/02/97 1,450,000 1,449,774
Toyota Motor Credit Corp...... A1+/P1 5.55 07/16/97 1,910,000 1,905,554
UBS Finance Delw. Inc......... A1/P1 6.15 07/01/97 4,000,000 4,000,000
Walt Disney Company........... A1/P1 5.57 07/03/97 4,000,000 3,998,760
Weyerhaeuser Co. ............. A1/P1 5.58 07/15/97 2,000,000 1,995,623
Weyerhaeuser Co. ............. A1/P1 5.54 07/18/97 1,045,000 1,042,262
Xerox Credit.................. A1/P1 5.55 07/08/97 809,000 808,120
-----------
TOTAL SHORT-TERM DEBT
SECURITIES
(Cost: $83,722,180) 100%.......................................... $83,722,180
===========
</TABLE>
- -------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investors
Services, Inc.
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
INDEXED ASSETS:
- ---------------
COMMON STOCKS
3Com Corp. ................................................. 20,351 915,795
Abbott Laboratories......................................... 47,414 3,164,884
Adobe Systems, Inc. ........................................ 4,387 153,819
Advanced Micro Devices, Inc. ............................... 8,600 309,600
Aeroquip-Vickers Inc. ...................................... 1,713 80,939
Aetna, Inc. ................................................ 9,251 947,071
Ahmanson (H.F.) & Co. ...................................... 6,166 265,138
Air Products & Chemicals Corp. ............................. 6,723 546,243
Airtouch Communications, Inc. .............................. 30,839 844,217
Alberto Culver Co. Cl B..................................... 3,435 96,180
Albertson's, Inc. .......................................... 15,371 561,041
Alcan Aluminum Ltd. ........................................ 13,915 482,676
Allegheny Teledyne Inc ..................................... 10,783 291,141
Allergan, Inc. ............................................. 4,015 127,727
AlliedSignal, Inc. ......................................... 17,348 1,457,232
Allstate Corp. ............................................. 27,028 1,973,044
Alltel Corp. ............................................... 11,435 382,357
Aluminum Co. of America..................................... 10,643 802,216
Alza Corp. ................................................. 5,208 151,032
Amdahl Corp. ............................................... 7,519 66,261
Amerada Hess Corp. ......................................... 5,689 316,095
American Electric Power Co. ................................ 11,567 485,814
American Express Co. ....................................... 28,989 2,159,680
American General Corp. ..................................... 14,798 706,627
American Greetings Corp. Cl A............................... 4,596 170,626
American Home Products Corp. ............................... 39,459 3,018,613
American Int'l. Group, Inc. ................................ 28,783 4,299,460
American Stores Co. ........................................ 8,945 441,659
Ameritech Corp. ............................................ 33,657 2,286,572
Amgen, Inc. ................................................ 16,236 943,717
Amoco Corp. ................................................ 30,291 2,633,423
Amp, Inc. .................................................. 13,463 562,080
AMR Corp. .................................................. 5,590 517,075
Andrew Corp. ............................................... 5,583 157,021
Anheuser Busch Cos., Inc. .................................. 30,412 1,275,403
Aon Corp. .................................................. 10,201 527,901
Apple Computer, Inc. ....................................... 7,745 110,366
Applied Materials, Inc. .................................... 11,100 786,018
Archer Daniels Midland Co. ................................. 32,697 768,379
Armco, Inc. ................................................ 6,562 25,427
Armstrong World Inds., Inc. ................................ 2,503 183,657
Asarco, Inc. ............................................... 2,632 80,605
Ashland, Inc. .............................................. 4,551 211,052
AT&T Corp. ................................................. 99,595 3,492,049
Atlantic Richfield Co. ..................................... 19,738 1,391,529
Autodesk, Inc. ............................................. 2,927 112,140
Automatic Data Processing, Inc ............................. 17,950 843,650
AutoZone, Inc. ............................................. 9,245 217,835
Avery Dennison Corp. ....................................... 6,342 254,472
Avon Products, Inc. ........................................ 8,097 571,344
Baker Hughes, Inc. ......................................... 8,929 345,440
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
Ball Corp. ................................................. 1,854 55,735
Baltimore Gas & Electric Co. ............................... 9,052 241,575
Banc One Corp. ............................................. 35,200 1,705,000
Bank of New York, Inc. ..................................... 23,727 1,032,124
BankAmerica Corp. .......................................... 43,471 2,806,596
BankBoston Corp. ........................................... 9,003 648,778
Bankers Trust New York Corp. ............................... 4,757 413,859
Bard (C.R.), Inc. .......................................... 3,500 127,093
Barnett Banks, Inc. ........................................ 12,187 639,817
Barrick Gold Corp. ......................................... 22,848 502,656
Battle Mountain Gold Co. ................................... 14,080 80,080
Bausch & Lomb, Inc. ........................................ 3,404 160,413
Baxter International, Inc. ................................. 17,038 890,235
Bay Networks, Inc. ......................................... 12,189 323,770
Becton Dickinson & Co. ..................................... 7,483 378,826
Bell Atlantic Corp. ........................................ 26,834 2,036,029
BellSouth Corp. ............................................ 60,841 2,821,501
Bemis Co. .................................................. 3,249 140,519
Beneficial Corp. ........................................... 3,292 233,937
Bethlehem Steel Corp. ...................................... 6,874 71,747
Beverly Enterprises, Inc. .................................. 6,071 98,653
Biomet, Inc. ............................................... 6,819 127,003
Black & Decker Corp. ....................................... 5,788 215,241
Block (H & R), Inc. ........................................ 6,378 205,690
Boeing Co. ................................................. 44,183 2,344,460
Boise Cascade Corp. ........................................ 2,975 105,054
Boston Scientific Corp. .................................... 11,941 733,625
Briggs & Stratton Corp. .................................... 1,553 77,650
Bristol-Myers Squibb Co. ................................... 61,290 4,964,490
Brown-Forman Corp. Cl B..................................... 4,229 206,428
Browning Ferris Inds., Inc. ................................ 13,025 433,081
Brunswick Corp. ............................................ 6,073 189,781
Burlington Northern Santa Fe................................ 9,446 848,959
Burlington Resources, Inc. ................................. 7,636 336,938
Cabletron Systems, Inc. .................................... 9,551 270,412
Caliber System, Inc ........................................ 2,386 88,878
Campbell Soup Co. .......................................... 28,502 1,425,100
Cardinal Health, Inc. ...................................... 6,653 380,884
Carolina Power & Light Co. ................................. 9,259 332,166
Case Corp. ................................................. 4,553 313,587
Caterpillar, Inc. .......................................... 11,579 1,243,295
Centex Corp. ............................................... 1,771 71,946
Central & South West Corp. ................................. 13,009 276,441
Ceridian Corp. ............................................. 4,926 208,123
Champion International Corp. ............................... 5,862 323,875
Charles Schwab Corp. ....................................... 10,731 436,617
Charming Shoppes, Inc. ..................................... 6,465 33,739
Chase Manhattan Corp. ...................................... 26,426 2,564,973
Chevron Corp. .............................................. 40,056 2,961,640
Chrysler Corp. ............................................. 42,168 1,383,637
Chubb Corp. ................................................ 10,719 716,833
CIGNA Corp. ................................................ 4,537 805,317
Cincinnati Milacron, Inc. .................................. 2,441 63,313
</TABLE>
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 (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ----------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
- ------------------------
Cinergy Corp. ............................................. 9,665 336,462
Circuit City Group, Inc. .................................. 6,008 213,659
Cisco Systems, Inc. ....................................... 40,680 2,730,645
Citicorp .................................................. 28,394 3,423,251
Clorox Co. ................................................ 3,168 418,176
Coastal Corp. ............................................. 6,488 345,080
Coca-Cola Co. ............................................. 151,958 10,257,165
Cognizant Corp. ........................................... 10,265 415,732
Colgate-Palmolive Co. ..................................... 18,094 1,180,633
Columbia Gas System, Inc. ................................. 3,393 221,393
Columbia HCA Healthcare Corp. ............................. 40,934 1,609,217
Comcast Corp. Cl A......................................... 19,958 426,602
Comerica, Inc. ............................................ 6,475 440,300
Compaq Computer Corp. ..................................... 16,826 1,669,980
Computer Associates Intl., Inc ............................ 22,259 1,239,548
Computer Sciences Corp. ................................... 4,689 338,194
Conagra, Inc. ............................................. 14,638 938,661
Conseco, Inc. ............................................. 11,228 415,436
Consolidated Edison Co NY, Inc. ........................... 14,406 424,076
Consolidated Natural Gas Co. .............................. 5,824 313,404
Cooper Industries.......................................... 7,254 360,886
Cooper Tire & Rubber Co. .................................. 4,823 106,106
Coors (Adolph) Co. Cl B.................................... 2,291 60,997
CoreStates Financial Corp. ................................ 12,662 680,582
Corning, Inc. ............................................. 14,064 782,310
Costco Co ................................................. 12,942 425,468
Countrywide Credit Industries.............................. 6,404 199,724
CPC International, Inc. ................................... 8,790 811,426
Crane Co. ................................................. 2,807 117,367
Crown Cork & Seal Co., Inc. ............................... 7,881 421,140
CSX Corp. ................................................. 13,342 740,481
CUC International, Inc. ................................... 25,038 646,293
Cummins Engine, Inc. ...................................... 2,345 165,469
CVS Corp. ................................................. 10,246 525,107
Cyprus Amax Minerals Co. .................................. 5,721 140,164
Dana Corp. ................................................ 6,323 240,274
Darden Restaurants, Inc. .................................. 9,377 84,979
Data General Corp. ........................................ 2,482 64,532
Dayton Hudson Corp. ....................................... 13,297 707,234
Deere & Co. ............................................... 15,648 858,684
Dell Computer Corp. ....................................... 10,266 1,205,613
Delta Air Lines, Inc. ..................................... 4,503 369,246
Deluxe Corp. .............................................. 5,040 171,990
Digital Equipment Corp. ................................... 9,367 331,943
Dillard Inc. .............................................. 6,962 241,059
Disney (Walt) Co. ......................................... 41,382 3,320,905
Dominion Resources, Inc. .................................. 11,306 414,082
Donnelley (R.R.) & Sons Co. ............................... 8,971 328,562
Dover Corp. ............................................... 6,877 422,935
Dow Chemical Co. .......................................... 14,301 1,245,974
Dow Jones & Co., Inc. ..................................... 5,869 235,860
Dresser Industries, Inc. .................................. 10,804 402,449
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ----------
<S> <C> <C>
DSC Communications Corp. .................................. 7,193 160,044
DTE Energy Co. ............................................ 8,894 245,696
Du Pont (E.I.) De Nemours.................................. 69,202 4,351,075
Duke Energy Corp. ......................................... 22,028 1,055,984
Dun & Bradstreet Corp. .................................... 10,485 275,231
Eastern Enterprises........................................ 1,247 43,255
Eastman Chemical Co. ...................................... 4,803 304,990
Eastman Kodak Co. ......................................... 20,168 1,547,894
Eaton Corp. ............................................... 4,732 413,162
Echlin, Inc. .............................................. 3,827 137,772
Echo Bay Mines, Ltd. ...................................... 8,543 49,122
Ecolab, Inc. .............................................. 3,977 189,901
Edison International....................................... 25,140 625,357
EG&G, Inc. ................................................ 2,822 63,495
EMC Corp. ................................................. 15,088 588,432
Emerson Electric Co. ...................................... 27,293 1,502,820
Engelhard Corp. ........................................... 8,840 185,087
Enron Corp. ............................................... 15,639 638,266
Enserch Corp. ............................................. 4,321 96,142
Entergy Corp. ............................................. 14,568 398,799
Equifax, Inc. ............................................. 9,261 344,393
Exxon Corp. ............................................... 152,203 9,360,484
Fannie Mae................................................. 65,037 2,837,239
Federal Express Corp. ..................................... 7,013 405,000
Federal Home Loan Mtge Corp. .............................. 42,602 1,464,443
Federated Department Stores................................ 12,747 442,958
Fifth Third Bancorp........................................ 6,491 532,667
First Bank System, Inc. ................................... 8,173 697,769
First Chicago NBD Corp. ................................... 19,147 1,158,393
First Data Corp. .......................................... 27,504 1,208,457
First Union Corp. ......................................... 17,543 1,622,727
Fleet Financial Group, Inc. ............................... 16,059 1,015,731
Fleetwood Enterprises, Inc. ............................... 2,180 64,991
Fleming Cos., Inc. ........................................ 2,316 41,688
Fluor Corp. ............................................... 5,157 284,601
FMC Corp. ................................................. 2,284 181,435
Ford Motor Co. ............................................ 72,926 2,752,956
Fortune Brands, Inc. ...................................... 10,539 393,236
Foster Wheeler Corp. ...................................... 2,491 100,885
FPL Group, Inc. ........................................... 11,183 515,116
Freeport-McMoran Copper Cl B............................... 12,289 382,495
Frontier Corp. ............................................ 10,059 200,551
Fruit of the Loom, Inc. ................................... 4,673 144,863
Gannett, Inc. ............................................. 8,677 856,853
Gap, Inc. ................................................. 16,777 652,205
General Dynamics Corp. .................................... 3,828 287,100
General Electric Co. ...................................... 201,078 13,145,703
General Instrument Corp. .................................. 8,394 209,850
General Mills, Inc. ....................................... 9,880 643,435
General Motors Corp. ...................................... 44,693 2,488,841
General Re Corp. .......................................... 4,963 903,266
General Signal Corp. ...................................... 3,077 134,234
Genuine Parts Co. ......................................... 11,035 373,810
</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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
- ------------------------
Georgia Pacific Corp. ...................................... 5,608 478,783
Giant Food, Inc. ........................................... 3,670 119,733
Giddings & Lewis, Inc. ..................................... 1,959 40,894
Gillette Co. ............................................... 34,152 3,235,902
Golden West Financial Corp. ................................ 3,513 245,910
Goodrich (B.F.) Co. ........................................ 3,307 143,234
Goodyear Tire & Rubber Co. ................................. 9,561 605,330
GPU Inc. ................................................... 7,385 264,936
Grainger (W.W.), Inc. ...................................... 3,169 247,776
Great Atl. & Pac. Tea Co. .................................. 2,345 63,754
Great Lakes Chemical Corp. ................................. 3,670 192,216
Great Western Financial Corp. .............................. 8,432 453,220
Green Tree Financial Corp. ................................. 8,326 296,613
GTE Corp. .................................................. 58,536 2,568,267
Guidant Corp. .............................................. 4,543 386,155
Halliburton Co. ............................................ 7,752 614,346
Harcourt General, Inc. ..................................... 4,336 206,502
Harland (John H.) Co. ...................................... 1,895 43,229
Harnischfeger Industries, Inc. ............................. 3,027 125,620
Harrah's Entertainment, Inc. ............................... 6,297 113,346
Harris Corp. ............................................... 2,439 204,876
Hartford Financial Svs Grp, Inc ............................ 7,224 597,786
Hasbro, Inc. ............................................... 7,851 222,772
HealthSouth Corp. .......................................... 21,026 524,335
Heinz (H.J.) Co. ........................................... 22,536 1,039,473
Helmerich & Payne, Inc. .................................... 1,528 88,051
Hercules, Inc. ............................................. 6,156 294,718
Hershey Foods Corp. ........................................ 9,364 517,946
Hewlett-Packard Co. ........................................ 62,289 3,488,184
HFS Inc. ................................................... 9,691 562,078
Hilton Hotels Corp. ........................................ 15,290 406,140
Home Depot, Inc. ........................................... 29,770 2,052,269
Homestake Mining Co. ....................................... 9,006 117,640
Honeywell, Inc. ............................................ 7,792 591,218
Household International, Inc. .............................. 5,963 700,279
Houston Industries, Inc. ................................... 14,333 307,263
Humana, Inc. ............................................... 9,988 230,972
Ikon Office Solutions....................................... 8,123 202,567
Illinois Tool Works, Inc. .................................. 15,276 762,845
Inco Ltd. .................................................. 10,204 306,757
Ingersoll Rand Co. ......................................... 6,645 410,328
Inland Steel, Inc. ......................................... 2,998 78,322
Intel Corp. ................................................ 50,203 7,119,412
Intergraph Corp. ........................................... 2,932 24,922
International Paper Co. .................................... 18,441 895,541
Interpublic Group of Cos., Inc ............................. 5,032 308,524
Intl. Business Machines Corp. .............................. 60,878 5,490,434
Intl. Flavors & Fragrances.................................. 6,689 337,794
ITT Corp. .................................................. 7,138 435,864
ITT Industries, Inc. ....................................... 7,260 186,945
James River Corp. of VA..................................... 5,293 195,841
Jefferson-Pilot Corp. ...................................... 4,337 303,047
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
Johnson & Johnson........................................... 81,642 5,255,703
Johnson Controls, Inc. ..................................... 5,132 210,732
Jostens, Inc. .............................................. 2,378 63,611
Kaufman & Broad Home Corp. ................................. 2,380 41,798
Kellogg Co. ................................................ 12,737 1,090,605
Kerr-McGee Corp. ........................................... 2,938 186,195
KeyCorp..................................................... 13,697 765,319
Kimberly Clark Corp. ....................................... 34,305 1,706,673
King World Productions, Inc. ............................... 2,293 80,255
Kmart Corp. ................................................ 29,729 364,180
Knight-Ridder, Inc. ........................................ 5,584 273,965
Kroger Corp. ............................................... 15,570 451,530
Laidlaw, Inc. Cl B.......................................... 19,248 265,863
Lilly (Eli) & Co. .......................................... 34,044 3,721,434
Limited (The), Inc. ........................................ 16,615 336,453
Lincoln National Corp. ..................................... 6,325 407,171
Liz Claiborne, Inc. ........................................ 4,330 201,886
Lockheed Martin Corp. ...................................... 11,838 1,225,972
Loews Corp. ................................................ 7,049 705,781
Longs Drug Stores, Inc. .................................... 2,389 62,561
Louisiana Land & Exploration................................ 2,101 120,019
Louisiana-Pacific Corp. .................................... 6,698 141,495
Lowe's Companies, Inc. ..................................... 10,606 393,747
LSI Logic Corp. ............................................ 8,676 277,632
Lucent Technologies, Inc. .................................. 39,226 2,826,723
Mallinckrodt, Inc. ......................................... 4,498 170,924
Manor Care, Inc. ........................................... 3,887 126,813
Marriott International, Inc. ............................... 7,761 476,331
Marsh & McLennan Cos., Inc. ................................ 10,251 731,665
Masco Corp. ................................................ 9,885 412,698
Mattel, Inc. ............................................... 17,870 605,346
May Department Stores Co. .................................. 14,528 686,448
Maytag Corp. ............................................... 5,985 156,358
MBIA Inc. .................................................. 2,656 299,630
MBNA Corp. ................................................. 20,481 750,116
McDermott International Inc. ............................... 3,367 98,274
McDonald's Corp. ........................................... 42,285 2,042,894
McDonnell Douglas Corp. .................................... 12,870 881,595
McGraw-Hill Cos., Inc. ..................................... 6,130 360,520
MCI Communications Corp. ................................... 42,116 1,612,255
Mead Corp. ................................................. 3,200 199,200
Medtronic, Inc. ............................................ 14,603 1,182,843
Mellon Bank Corp. .......................................... 15,864 715,863
Mercantile Stores, Inc. .................................... 2,258 142,112
Merck & Co., Inc. .......................................... 73,993 7,658,275
Meredith Corp. ............................................. 3,281 95,149
Merrill Lynch & Co., Inc. .................................. 20,305 1,210,685
MGIC Investment Corp ....................................... 7,237 346,923
Micron Technology, Inc. .................................... 12,884 514,554
Microsoft Corp. ............................................ 73,455 9,282,875
Millipore Corp. ............................................ 2,667 117,348
Minnesota Mining & Mfg. Co. ................................ 25,515 2,602,530
Mobil Corp. ................................................ 48,228 3,369,931
</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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
- ------------------------
Monsanto Co. ............................................... 36,263 1,561,575
Moore Corp., Ltd. .......................................... 5,394 106,194
Morgan (J.P.) & Co., Inc. .................................. 11,293 1,178,706
Morgan St Dean Witter Discover.............................. 35,125 1,512,570
Morton International, Inc. ................................. 8,584 259,129
Motorola, Inc. ............................................. 36,427 2,768,452
NACCO Industries, Inc. Cl A................................. 503 28,388
Nalco Chemical Co. ......................................... 4,092 158,053
National City Corp. ........................................ 13,522 709,905
National Semiconductor Corp. ............................... 8,663 265,304
National Service Industries................................. 2,766 134,669
NationsBank Corp. .......................................... 44,747 2,886,181
Navistar International Corp. ............................... 4,499 77,607
New York Times Co. Cl A .................................... 5,866 290,367
Newell Co. ................................................. 9,750 386,343
Newmont Mining Corp. ....................................... 9,570 373,230
Niagara Mohawk Power Corp. ................................. 8,851 75,786
Nicor, Inc. ................................................ 2,998 107,553
Nike, Inc. Cl B............................................. 17,698 1,033,120
NorAm Energy Corp. ......................................... 8,474 129,228
Nordstrom, Inc. ............................................ 4,881 239,474
Norfolk Southern Corp. ..................................... 7,690 774,767
Northern States Power Co. .................................. 4,233 219,057
Northern Telecom, Ltd. ..................................... 15,937 1,450,267
Northrop Grumman Corp. ..................................... 3,557 312,349
Norwest Corp. .............................................. 22,903 1,288,293
Novell, Inc. ............................................... 21,263 147,512
Nucor Corp. ................................................ 5,385 304,252
NYNEX Corp. ................................................ 26,988 1,555,183
Occidental Petroleum Corp. ................................. 20,216 506,663
Ohio Edison Co. ............................................ 9,352 203,990
Oneok, Inc. ................................................ 1,705 54,879
Oracle Corp. ............................................... 40,052 2,017,619
Oryx Energy Co. ............................................ 6,456 136,383
Owens Corning............................................... 3,265 140,803
Paccar, Inc. ............................................... 4,767 221,367
Pacific Enterprises......................................... 5,107 171,722
PacifiCorp ................................................. 18,123 398,706
Pall Corp. ................................................. 7,752 180,234
Parametric Technology Co. .................................. 7,819 332,796
Parker Hannifin Corp. ...................................... 4,564 276,977
Peco Energy Co. ............................................ 13,641 286,461
Penney (J.C.) Co., Inc. .................................... 15,141 790,170
Pennzoil Co. ............................................... 2,878 220,886
Peoples Energy Corp. ....................................... 2,144 80,266
Pep Boys-Manny, Moe & Jack.................................. 3,732 127,121
Pepsico, Inc. .............................................. 93,930 3,528,245
Perkin-Elmer Corp. ......................................... 2,685 213,625
Pfizer, Inc. ............................................... 39,575 4,729,212
PG & E Corp. ............................................... 25,062 607,753
Pharmacia & Upjohn, Inc. ................................... 31,111 1,081,107
Phelps Dodge Corp. ......................................... 3,796 323,371
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
Phillip Morris Cos., Inc. .................................. 148,879 6,606,505
Phillips Petroleum Co. ..................................... 16,159 706,956
Pioneer Hi-Bred Intl., Inc. ................................ 5,040 403,200
Pitney Bowes, Inc. ......................................... 8,934 620,913
Placer Dome, Inc. .......................................... 14,681 240,401
PNC Bank Corp. ............................................. 19,721 820,886
Polaroid Corp. ............................................. 2,753 152,791
Potlatch Corp. ............................................. 1,771 80,137
PP&L Resources, Inc. ....................................... 10,064 200,651
PPG Industries, Inc. ....................................... 11,050 642,281
Praxair, Inc. .............................................. 9,666 541,296
Proctor & Gamble Co. ....................................... 41,521 5,864,841
Providian Financial Corp. .................................. 5,748 184,654
Public Svc. Enterprise Group................................ 14,218 355,450
Pulte Corp. ................................................ 1,284 44,378
Quaker Oats Co. ............................................ 8,361 375,199
Ralston Purina Co. ......................................... 6,521 535,944
Raychem Corp. .............................................. 2,674 198,878
Raytheon Co. ............................................... 14,484 738,684
Reebok International Ltd. .................................. 3,441 161,511
Republic New York Corp. .................................... 3,334 358,405
Reynold's Metals Co. ....................................... 4,479 319,128
Rite-Aid Corp. ............................................. 7,528 375,459
Rockwell Intl., Corp. ...................................... 13,061 773,047
Rohm & Haas Co. ............................................ 3,807 342,867
Rowan Cos., Inc. ........................................... 5,256 148,153
Royal Dutch Petro Co.--NY Shr .............................. 133,150 7,240,031
Rubbermaid, Inc. ........................................... 9,190 273,402
Russell Corp. .............................................. 2,235 66,211
Ryder System, Inc. ......................................... 4,682 154,506
Safeco Corp. ............................................... 7,743 361,501
Safety-Kleen Corp. ......................................... 3,572 60,277
Salomon, Inc. .............................................. 6,627 368,626
Santa Fe Energy Resources, Inc ............................. 6,118 89,858
Sara Lee Corp. ............................................. 29,443 1,225,564
SBC Communications, Inc. ................................... 55,917 3,459,864
Schering-Plough Corp. ...................................... 44,852 2,147,289
Schlumberger, Ltd. ......................................... 15,131 1,891,375
Scientific-Atlanta, Inc. ................................... 4,753 103,971
Seagate Technology, Inc. ................................... 15,032 528,938
Seagram, Ltd. .............................................. 22,727 914,761
Sears Roebuck & Co. ........................................ 24,028 1,291,505
Service Corp. International................................. 14,672 482,342
Shared Medical Systems Corp. ............................... 1,525 82,350
Sherwin-Williams Co. ....................................... 10,564 326,163
Sigma Aldrich Corp. ........................................ 6,137 215,178
Silicon Graphics, Inc. ..................................... 10,850 162,750
Snap-On, Inc. .............................................. 3,733 146,986
Sonat, Inc. ................................................ 5,274 270,292
Southern Co. ............................................... 41,785 914,046
Southwest Airlines Co. ..................................... 8,924 230,908
Springs Industries, Inc. Cl A............................... 1,236 65,199
Sprint Corp. ............................................... 26,393 1,388,931
</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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
- ------------------------
St. Jude Medical, Inc. ..................................... 5,603 218,517
St. Paul Companies (The).................................... 5,125 390,781
Stanley Works............................................... 5,451 218,040
Stone Container Corp. ...................................... 6,088 87,134
Stride Rite Corp. .......................................... 3,000 38,625
Sun Co., Inc. .............................................. 4,474 138,694
Sun Microsystems, Inc. ..................................... 22,611 841,554
Suntrust Banks, Inc. ....................................... 13,514 744,114
Supervalu, Inc. ............................................ 4,102 141,519
Sysco Corp. ................................................ 10,691 390,221
Tandem Computers, Inc. ..................................... 7,102 143,815
Tandy Corp. ................................................ 3,328 186,368
Tektronix, Inc. ............................................ 2,040 122,400
Tele-Communications, Inc. Cl A.............................. 40,705 605,486
Tellabs, Inc. .............................................. 11,074 618,759
Temple-Inland, Inc. ........................................ 3,398 183,492
Tenet Healthcare Corp. ..................................... 18,480 546,315
Tenneco, Inc. .............................................. 10,496 474,288
Texaco, Inc. ............................................... 16,160 1,757,400
Texas Instruments, Inc. .................................... 11,716 984,876
Texas Utilities Co. ........................................ 13,768 474,135
Textron, Inc. .............................................. 10,109 670,984
Thermo Electron Corp. ...................................... 9,204 316,387
Thomas & Betts Corp. ....................................... 3,311 174,034
Time Warner, Inc. .......................................... 34,265 1,653,286
Times Mirror Co. Cl A....................................... 5,861 323,820
Timken Co. ................................................. 3,830 136,204
TJX Cos., Inc. ............................................. 9,614 253,569
Torchmark Corp. ............................................ 4,281 305,021
Toys R Us, Inc. ............................................ 17,515 613,025
Transamerica Corp. ......................................... 4,062 380,050
Travelers Group, Inc. ...................................... 39,315 2,479,302
Tribune Co. ................................................ 7,524 361,622
TRW, Inc. .................................................. 7,662 435,297
Tupperware Corp ............................................ 3,775 137,787
Tyco International Ltd. .................................... 10,320 717,885
U.S. Bancorp................................................ 9,043 579,882
U.S. Surgical Corp. ........................................ 4,483 166,991
U.S. West Communications Group.............................. 37,171 752,712
U.S. West Communications Group.............................. 29,381 1,107,296
Unicom Corp. ............................................... 13,258 294,990
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- -----------
<S> <C> <C>
Unilever N.V. ............................................ 9,810 2,138,580
Union Camp Corp. ......................................... 4,245 212,250
Union Carbide Corp. ...................................... 7,692 362,004
Union Electric Co. ....................................... 6,260 235,923
Union Pacific Corp. ...................................... 15,135 1,067,017
Union Pacific Resources Grp .............................. 15,556 386,955
Unisys Corp. ............................................. 10,717 81,717
United Healthcare Corp. .................................. 11,416 593,632
United Technologies Corp. ................................ 14,521 1,205,243
Unocal Corp. ............................................. 15,302 593,908
UNUM Corp. ............................................... 8,554 359,268
US Airways Group Inc. .................................... 4,820 168,700
USF&G Corp. .............................................. 6,767 162,408
UST, Inc. ................................................ 11,256 312,354
USX-Marathon Group ....................................... 17,638 509,297
USX-U.S. Steel Group, Inc. ............................... 5,248 184,008
V F Corp. ................................................ 3,918 332,050
Viacom, Inc. ............................................. 21,612 648,360
W.R. Grace & Co. ......................................... 4,451 245,361
Wachovia Corp. ........................................... 9,903 577,468
Wal-Mart Stores, Inc. .................................... 138,872 4,695,609
Walgreen Co. ............................................. 15,088 809,094
Warner-Lambert Co. ....................................... 16,634 2,066,774
Waste Management Inc. .................................... 27,768 892,047
Wells Fargo & Co. ........................................ 5,481 1,477,129
Wendy's International, Inc. .............................. 8,051 208,822
Western Atlas, Inc. ...................................... 3,296 241,432
Westinghouse Electric Corp. .............................. 38,959 900,926
Westvaco Corp. ........................................... 6,249 196,452
Weyerhaeuser Co. ......................................... 12,152 631,904
Whirlpool Corp. .......................................... 4,565 249,077
Whitman Corp. ............................................ 6,227 149,448
Willamette Industries, Inc. .............................. 3,394 237,580
Williams Cos., Inc. ...................................... 9,717 425,118
Winn-Dixie Stores, Inc. .................................. 9,134 340,241
Woolworth Corp. .......................................... 8,224 197,376
WorldCom, Inc. ........................................... 54,728 1,751,296
Worthington Industries, Inc. ............................. 5,923 108,464
Wrigley (Wm.) Jr. Co. .................................... 7,123 477,241
Xerox Corp. .............................................. 19,839 1,564,801
-----------
TOTAL INDEXED ASSETS--
COMMON STOCKS
(Cost: $231,909,977) 59.9%......................................... 416,382,502
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE
RATE(%) MATURITY VALUE($) VALUE($)
-------- -------- -------- -----------
<S> <C> <C> <C> <C>
INDEXED ASSETS (CONT'D):
- ------------------------
SHORT-TERM DEBT SECURITIES
U.S. Government (0.1%)
U.S. Treasury Bill...................... 4.93 9/25/97 75,000 74,086
U.S. Treasury Bill...................... 5.02 8/14/97 310,000 308,085
U.S. Treasury Bill...................... 4.75 7/31/97 320,000 318,729
-----------
700,900
-----------
Commercial Paper (0.1%)
Merrill Lynch & Co., Inc................ 6.20 7/1/97 440,000 440,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,140,929) 0.2%............................................ 1,140,900
-----------
TOTAL INDEXED ASSETS
(Cost: $233,050,906) 60.1%......................................... 417,523,402
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ----------
<S> <C> <C>
ACTIVE ASSETS:
- --------------
COMMON STOCKS
Basic Materials (0.9%)
Atchison Casting Corp.*................................... 46,000 764,750
Delta & Pine Land Co. .................................... 85,000 3,028,125
Kaiser Aluminum Corp.*.................................... 25,000 306,250
Morton International, Inc.*............................... 51,800 1,563,712
Titanium Metals Corporation............................... 11,900 376,337
----------
6,039,174
----------
Consumer, Cyclical (10.1%)
American Greetings Corp. Cl A............................. 56,300 2,090,137
Barnes & Noble, Inc.*..................................... 8,100 348,300
Big Flower Press Hldgs, Inc.*............................. 14,900 309,175
Borg-Warner Automotive, Inc. ............................. 89,000 4,811,562
Callaway Golf Co. ........................................ 165,000 5,857,500
Cinar Films, Inc. Cl B.................................... 35,300 1,147,250
Coach USA, Inc.*.......................................... 42,000 1,115,625
Coleman Company, Inc.*.................................... 73,600 1,269,600
Eastman Kodak Co. ........................................ 18,555 1,424,096
Fairfield Communities, Inc.*.............................. 35,000 1,176,875
Fine Host Corp.*.......................................... 29,000 913,500
Finlay Enterprises, Inc.*................................. 101,000 1,780,125
Fred Meyer, Inc.*......................................... 13,700 708,118
Gannett, Inc. ............................................ 17,600 1,738,000
Golden Bear Golf, Inc.*................................... 74,500 884,687
Gymboree Corp. ........................................... 10,000 240,000
Jones Apparel Group, Inc.*................................ 13,800 658,950
Masco Corp. .............................................. 39,300 1,640,775
May Department Stores Co. ................................ 30,100 1,422,225
Michaels Stores, Inc.*.................................... 14,500 307,218
Midwest Express Holdings, Inc.*........................... 97,500 2,669,062
Nautica Enterprises, Inc.*................................ 39,000 1,031,062
Nordstrom, Inc. .......................................... 43,000 2,109,687
Prime Hospitality Corp.*.................................. 35,000 691,250
Ryanair Holdings PLC--ADR*................................ 50,500 1,369,812
Ryder System, Inc. ....................................... 39,500 1,303,500
Sotheby's Holdings*....................................... 20,500 345,937
St. John Knits, Inc. ..................................... 191,200 10,324,800
Stage Stores, Inc.*....................................... 14,400 376,200
Sunbeam, Corp. ........................................... 28,800 1,087,200
The Men's Wearhouse, Inc. ................................ 15,000 472,500
Tiffany & Co. ............................................ 165,000 7,620,937
TJX Cos., Inc. ........................................... 39,000 1,028,625
Tommy Hilfiger Corp.*..................................... 21,400 860,012
Tower Automotive, Inc.*................................... 127,000 5,461,000
Wendy's International, Inc.*.............................. 72,000 1,867,500
Xerox Corp. .............................................. 25,100 1,979,762
----------
70,442,564
----------
Consumer, Non-Cyclical (2.6%)
American Stores Co. ...................................... 47,800 2,360,125
Anheuser Busch Cos., Inc. ................................ 37,500 1,572,656
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ----------
<S> <C> <C>
Bed Bath & Beyond, Inc.*.................................. 33,500 1,017,562
Biochem Pharma, Inc. ..................................... 5,000 111,250
Chiquita Brands Intl., Inc. .............................. 28,500 391,875
Conagra, Inc. ............................................ 32,000 2,052,000
Dominick's Supermarkets, Inc.*............................ 29,500 785,437
DURA Pharmaceuticals, Inc.*............................... 15,000 598,125
ESC Medical Systems Ltd.*................................. 21,200 540,600
Express Scripts, Inc-CL A*................................ 18,400 768,200
Helen of Troy Ltd.*....................................... 12,500 320,312
Hologic, Inc.*............................................ 11,200 298,200
JP Foodservice, Inc.*..................................... 23,000 659,812
Kellwood, Co.*............................................ 20,500 568,875
Lincare Holdings, Inc. ................................... 14,000 602,000
Mentor Corp. ............................................. 27,200 805,800
Morningstar Group, Inc. .................................. 19,000 558,125
Phillip Morris Cos., Inc. ................................ 62,100 2,755,687
Warnaco Group, Inc. Cl A.................................. 20,300 647,062
Whole Foods Marker, Inc.*................................. 25,900 857,937
----------
18,271,640
----------
Energy (2.0%)
Elf Aquitaine--ADR........................................ 45,500 2,476,906
Global Industries Ltd. ................................... 14,400 336,375
Kerr-McGee Corp. ......................................... 19,200 1,216,800
Mobil Corp. .............................................. 22,000 1,537,250
Newpark Resources Inc. ................................... 60,000 2,025,000
Oceaneering Int'l, Inc.*.................................. 130,000 2,405,000
Repsol S.A. ADR........................................... 34,600 1,468,337
Union Pacific Resources Grp .............................. 57,000 1,417,875
Varco International, Inc.* ............................... 28,800 928,800
----------
13,812,343
----------
Financial (4.9%)
Aegon N.V. ............................................... 12,642 885,697
Ahmanson (H.F.) & Co. .................................... 34,951 1,502,893
American Int'l. Group, Inc. .............................. 29,300 4,376,687
Aon Corp. ................................................ 31,500 1,630,125
Beneficial Corp. ......................................... 17,000 1,208,062
Citicorp.................................................. 49,000 5,907,562
CMAC Investment Corporation............................... 24,000 1,146,000
First Bank System, Inc. .................................. 20,000 1,707,500
INMC Mortgage Holdings, Inc. ............................. 55,600 1,330,925
Keystone Financial, Inc. ................................. 74,750 2,335,937
Loews Corp. .............................................. 15,900 1,591,987
National Golf Properties, Inc. ........................... 50,000 1,737,500
NationsBank Corp. ........................................ 36,000 2,322,000
Patriot American Hospitality.............................. 30,000 765,000
Providian Financial Corp.* ............................... 29,100 934,837
Summit Bancorp............................................ 30,600 1,533,825
The Money Store, Inc. .................................... 39,500 1,133,156
Vesta Insurance Group, Inc. .............................. 17,000 735,250
Weeks Corp.*.............................................. 45,000 1,406,250
----------
34,191,193
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ----------
<S> <C> <C>
ACTIVE ASSETS (CONT'D):
- -----------------------
Industrial (5.9%)
AGCO Corp. ............................................... 80,000 2,875,000
American Disposal Serv., Inc. ............................ 15,200 342,000
Applied Materials, Inc. .................................. 47,300 3,349,431
Aviall, Inc. ............................................. 81,900 1,146,600
Burlington Northern Santa Fe.............................. 17,711 1,591,776
Cambridge Tech. Partners, Inc. ........................... 11,600 371,200
Checkfree Corp.*.......................................... 70,000 1,233,750
COLTEC INDS.*............................................. 15,000 292,500
Comfort Systems USA, Inc.*................................ 24,900 389,062
Crown Cork & Seal Co., Inc. .............................. 26,400 1,410,750
Expeditors Int'l Wash., Inc. ............................. 10,000 283,750
First Data Corp. ......................................... 71,000 3,119,562
Foster Wheeler Corp. ..................................... 38,500 1,559,250
G & K Services, Inc. Cl A................................. 35,000 1,303,750
Greenfield Industries Inc. ............................... 49,000 1,323,000
Hardinge, Inc. ........................................... 90,000 2,632,500
Hvide Marine, Inc.*....................................... 15,400 340,725
Keane, Inc.*.............................................. 12,400 644,800
Knightsbridge Tankers Ltd. ............................... 37,500 946,875
Kulicke and Soffa Industries*............................. 18,200 590,932
Morrison Knudsen, Corp.*.................................. 45,500 619,937
New Holland NV ........................................... 67,000 1,834,125
Ogden Corp.*.............................................. 22,500 489,375
Pall Corp................................................. 65,000 1,511,250
Pameco Corp.*............................................. 36,300 644,325
QuickResponse Services, Inc.*............................. 32,900 1,192,625
Sealed Air Corp.*......................................... 60,000 2,850,000
Union Pacific Corp. ...................................... 24,200 1,706,100
United Waste Systems, Inc. ............................... 18,300 750,300
USA Waste Services, Inc. ................................. 17,100 660,487
Valmont Industries........................................ 42,700 811,300
Whittman-Hart, Inc.*...................................... 14,600 410,625
Wyman-Gordon Co.*......................................... 24,000 648,000
York International Corp. ................................. 32,000 1,472,000
----------
41,347,662
----------
Technology (11.6%)
3Com Corp.*............................................... 180,475 8,121,375
Acuson Corp.*............................................. 34,000 782,000
Adaptec, Inc.*............................................ 8,800 305,800
Advancrd Fibre Comm, Inc.*................................ 11,500 694,312
ASM Lithography Holding NV*............................... 15,400 900,900
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- -----------
<S> <C> <C>
Atmel Corp. ............................................. 100,600 2,816,800
Auspex Systems, Inc.*.................................... 17,800 171,325
Ballard Medical Products*................................ 55,000 1,103,437
BE Aerospace, Inc.*...................................... 27,400 866,525
Boston Technology Inc.*.................................. 70,000 2,069,375
CBT Group PLC*........................................... 25,800 1,628,625
Cisco Systems, Inc. ..................................... 142,500 9,565,312
Citrix Systems, Inc.*.................................... 10,000 438,750
Compaq Computer Corp. ................................... 62,500 6,203,125
Curative Health Services Inc.*........................... 25,200 724,500
Digital Microwave Corp.*................................. 34,400 1,032,000
E*Trade Group, Inc.*..................................... 51,800 1,016,575
Electronics For Imaging, Inc.*........................... 31,000 1,464,750
Hooper Holmes, Inc.*..................................... 34,000 779,875
INCYTE Pharmaceuticals, Inc.*............................ 19,000 1,273,000
Intel Corp. ............................................. 62,000 8,792,375
Intl. Business Machines Corp. ........................... 26,552 2,394,658
Linear Technology Corp. ................................. 88,700 4,590,225
Logicon, Inc. ........................................... 15,100 800,300
Maxim Integrated Products, Inc .......................... 64,500 3,668,437
Parametric Technology Co.*............................... 58,000 2,468,625
Raytheon Co.*............................................ 46,576 2,375,376
Saville Systems Irel- SP ADR*............................ 15,800 821,600
Structural Dynamics Research*............................ 51,000 1,338,750
Sun Microsystems, Inc. .................................. 200,000 7,443,770
Sungard Data Sys Inc.*................................... 16,200 753,300
Technology Solutions Company*............................ 17,000 671,500
Tellabs, Inc. ........................................... 26,000 1,452,750
Waters Corp.*............................................ 6,000 215,250
Xilinx, Inc. ............................................ 17,000 834,062
-----------
80,579,339
-----------
Utilities (1.2%)
British Telecom PLC-Spon ADR............................. 10,000 742,500
Duke Energy Corp. ....................................... 50,236 2,408,171
Edison International..................................... 38,000 945,250
MCI Communications Corp. ................................ 48,300 1,848,986
SBC Communications, Inc. ................................ 27,000 1,670,625
Tele Danmark A/S-ADR..................................... 22,500 587,812
-----------
8,203,344
-----------
TOTAL ACTIVE ASSETS--
COMMON STOCKS
(Cost: $178,761,032) 39.2%......................................... 272,887,259
-----------
</TABLE>
- -------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE(%) MATURITY VALUE($) VALUE($)
------- -------- --------- ------------
<S> <C> <C> <C> <C>
ACTIVE ASSETS (CONT'D):
- -----------------------
SHORT-TERM DEBT SECURITIES:
U.S. Government (0.4%)
U.S. Treasury Bill................... 5.00 7/31/97 2,000,000 1,991,660
U.S. Treasury Bill................... 4.81 7/10/97 101,000 100,879
U.S. Treasury Bill................... 4.82 7/24/97 600,000 598,149
------------
2,690,688
------------
Commercial Paper (0.3%)
Merrill Lynch & Co., Inc............. 5.56 7/2/97 600,000 599,907
Merrill Lynch & Co., Inc............. 6.20 7/1/97 128,000 128,000
Sony Capital Corp.................... 6.20 7/1/97 1,738,000 1,738,000
------------
2,465,907
------------
TOTAL ACTIVE ASSETS--SHORT-TERM DEBT
SECURITIES
(Cost: $5,156,595) 0.7%......................................... 5,156,595
------------
TOTAL ACTIVE ASSETS
(Cost: $183,917,627) 39.9%...................................... 278,043,854
------------
TOTAL INVESTMENTS
(Cost: $416,968,533) 100.0%..................................... $695,567,256
============
</TABLE>
- -------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1997
<TABLE>
<CAPTION>
UNDERLYING FACE UNREALIZED
EXPIRATION DATE AMOUNT AT VALUE (LOSS)
--------------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
15 SP 500 Stock Index Futures
Contracts.......................... September 1997 $6,676,875 $(61,425)
========== ========
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities--1.0%.
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
INDEXED ASSETS:
- ---------------
COMMON STOCKS
3Com Corp. ................................................ 8,460 380,700
Abbott Laboratories........................................ 19,720 1,316,310
Adobe Systems, Inc. ....................................... 1,820 63,813
Advanced Micro Devices, Inc. .............................. 3,580 128,880
Aeroquip-Vickers Inc. ..................................... 710 33,547
Aetna, Inc. ............................................... 3,850 394,143
Ahmanson (H.F.) & Co. ..................................... 2,560 110,080
Air Products & Chemicals Corp. ............................ 2,800 227,500
Airtouch Communications, Inc. ............................. 12,820 350,947
Alberto Culver Co. Cl B.................................... 1,430 40,040
Albertson's, Inc. ......................................... 6,390 233,235
Alcan Aluminum Ltd. ....................................... 5,790 200,840
Allegheny Teledyne Inc. ................................... 4,480 120,960
Allergan, Inc. ............................................ 1,670 53,126
AlliedSignal, Inc. ........................................ 7,210 605,640
Allstate Corp. ............................................ 11,240 820,520
Alltel Corp. .............................................. 4,750 158,828
Aluminum Co. of America.................................... 4,430 333,911
Alza Corp. ................................................ 2,170 62,930
Amdahl Corp. .............................................. 3,130 27,583
Amerada Hess Corp. ........................................ 2,370 131,683
American Electric Power Co. ............................... 4,810 202,020
American Express Co. ...................................... 12,050 897,725
American General Corp. .................................... 6,156 293,926
American Greetings Corp. Cl A.............................. 1,910 70,908
American Home Products Corp. .............................. 16,410 1,255,365
American Int'l. Group, Inc. ............................... 11,970 1,788,018
American Stores Co. ....................................... 3,720 183,675
Ameritech Corp. ........................................... 14,000 951,125
Amgen, Inc. ............................................... 6,750 392,343
Amoco Corp. ............................................... 12,600 1,095,412
Amp, Inc. ................................................. 5,600 233,800
AMR Corp. ................................................. 2,320 214,600
Andrew Corp. .............................................. 2,320 65,250
Anheuser Busch Cos., Inc. ................................. 12,650 530,509
Aon Corp. ................................................. 4,240 219,420
Apple Computer, Inc. ...................................... 3,220 45,885
Applied Materials, Inc. ................................... 4,620 327,153
Archer Daniels Midland Co. ................................ 13,600 319,600
Armco, Inc. ............................................... 2,730 10,578
Armstrong World Inds., Inc. ............................... 1,040 76,310
Asarco, Inc. .............................................. 1,090 33,381
Ashland, Inc. ............................................. 1,890 87,648
AT&T Corp. ................................................ 41,420 1,452,288
Atlantic Richfield Co. .................................... 8,210 578,805
Autodesk, Inc. ............................................ 1,220 46,741
Automatic Data Processing, Inc. ........................... 7,460 350,620
AutoZone, Inc. ............................................ 3,840 90,480
Avery Dennison Corp. ...................................... 2,640 105,930
Avon Products, Inc. ....................................... 3,370 237,795
Baker Hughes, Inc. ........................................ 3,710 143,530
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
Ball Corp. ................................................. 770 23,148
Baltimore Gas & Electric Co. ............................... 3,760 100,345
Banc One Corp. ............................................. 14,600 707,187
Bank of New York, Inc. ..................................... 9,870 429,345
BankAmerica Corp. .......................................... 18,080 1,167,290
BankBoston Corp. ........................................... 3,740 269,513
Bankers Trust New York Corp. ............................... 1,980 172,260
Bard (C.R.), Inc. .......................................... 1,460 53,016
Barnett Banks, Inc. ........................................ 5,070 266,175
Barrick Gold Corp. ......................................... 9,500 209,000
Battle Mountain Gold Co. ................................... 5,850 33,271
Bausch & Lomb, Inc. ........................................ 1,420 66,917
Baxter International, Inc. ................................. 7,080 369,930
Bay Networks, Inc. ......................................... 5,070 134,671
Becton Dickinson & Co. ..................................... 3,110 157,443
Bell Atlantic Corp. ........................................ 11,160 846,765
BellSouth Corp. ............................................ 25,300 1,173,287
Bemis Co. .................................................. 1,350 58,387
Beneficial Corp. ........................................... 1,370 97,355
Bethlehem Steel Corp. ...................................... 2,860 29,851
Beverly Enterprises, Inc. .................................. 2,520 40,950
Biomet, Inc. ............................................... 2,840 52,895
Black & Decker Corp. ....................................... 2,410 89,621
Block (H & R), Inc. ........................................ 2,650 85,462
Boeing Co. ................................................. 18,370 974,758
Boise Cascade Corp. ........................................ 1,240 43,787
Boston Scientific Corp. .................................... 4,970 305,344
Briggs & Stratton Corp. .................................... 650 32,500
Bristol-Myers Squibb Co. ................................... 25,490 2,064,690
Brown-Forman Corp. Cl B..................................... 1,760 85,910
Browning Ferris Inds., Inc. ................................ 5,420 180,215
Brunswick Corp. ............................................ 2,530 79,062
Burlington Northern Santa Fe................................ 3,929 353,118
Burlington Resources, Inc. ................................. 3,180 140,317
Cabletron Systems, Inc. .................................... 3,970 112,400
Caliber System, Inc. ....................................... 990 36,877
Campbell Soup Co. .......................................... 11,850 592,500
Cardinal Health, Inc. ...................................... 2,770 158,582
Carolina Power & Light Co. ................................. 3,850 138,118
Case Corp. ................................................. 1,890 130,173
Caterpillar, Inc. .......................................... 4,810 516,473
Centex Corp. ............................................... 740 30,062
Central & South West Corp. ................................. 5,410 114,962
Ceridian Corp. ............................................. 2,050 86,612
Champion International Corp. ............................... 2,440 134,810
Charles Schwab Corp. ....................................... 4,460 181,466
Charming Shoppes, Inc. ..................................... 2,690 14,038
Chase Manhattan Corp. ...................................... 10,990 1,066,716
Chevron Corp. .............................................. 16,660 1,231,798
Chrysler Corp. ............................................. 17,540 575,531
Chubb Corp. ................................................ 4,460 298,262
CIGNA Corp. ................................................ 1,890 335,475
Cincinnati Milacron, Inc. .................................. 1,010 26,196
</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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- -----------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
- ------------------------
Cinergy Corp. ............................................ 4,020 139,946
Circuit City Group, Inc. ................................. 2,500 88,906
Cisco Systems, Inc. ...................................... 16,920 1,135,755
Citicorp ................................................. 11,810 1,423,843
Clorox Co. ............................................... 1,320 174,240
Coastal Corp. ............................................ 2,700 143,606
Coca-Cola Co. ............................................ 63,190 4,265,325
Cognizant Corp. .......................................... 4,270 172,935
Colgate-Palmolive Co. .................................... 7,520 490,680
Columbia Gas System, Inc. ................................ 1,410 92,002
Columbia HCA Healthcare Corp. ............................ 17,020 669,098
Comcast Corp. Cl A........................................ 8,300 177,412
Comerica, Inc. ........................................... 2,690 182,920
Compaq Computer Corp. .................................... 7,000 694,750
Computer Associates Intl., Inc ........................... 9,260 515,666
Computer Sciences Corp. .................................. 1,950 140,643
Conagra, Inc. ............................................ 6,090 390,521
Conseco, Inc. ............................................ 4,670 172,790
Consolidated Edison Co NY, Inc. .......................... 5,990 176,330
Consolidated Natural Gas Co. ............................. 2,420 130,226
Cooper Industries......................................... 3,020 150,245
Cooper Tire & Rubber Co. ................................. 2,010 44,220
Coors (Adolph) Co. Cl B................................... 950 25,293
CoreStates Financial Corp. ............................... 5,270 283,262
Corning, Inc. ............................................ 5,850 325,406
Costco Co ................................................ 5,380 176,867
Countrywide Credit Industries............................. 2,660 82,958
CPC International, Inc. .................................. 3,660 337,863
Crane Co. ................................................ 1,170 48,920
Crown Cork & Seal Co., Inc. .............................. 3,280 175,275
CSX Corp. ................................................ 5,550 308,025
CUC International, Inc. .................................. 10,410 268,708
Cummins Engine, Inc. ..................................... 970 68,445
CVS Corp. ................................................ 4,260 218,325
Cyprus Amax Minerals Co. ................................. 2,380 58,310
Dana Corp. ............................................... 2,630 99,940
Darden Restaurants, Inc. ................................. 3,900 35,343
Data General Corp. ....................................... 1,030 26,780
Dayton Hudson Corp. ...................................... 5,530 294,126
Deere & Co. .............................................. 6,510 357,236
Dell Computer Corp. ...................................... 4,270 501,458
Delta Air Lines, Inc. .................................... 1,870 153,340
Deluxe Corp. ............................................. 2,100 71,662
Digital Equipment Corp. .................................. 3,900 138,206
Dillard Inc. ............................................. 2,900 100,412
Disney (Walt) Co. ........................................ 17,210 1,381,102
Dominion Resources, Inc. ................................. 4,700 172,137
Donnelley (R.R.) & Sons Co. .............................. 3,730 136,611
Dover Corp. .............................................. 2,860 175,890
Dow Chemical Co. ......................................... 5,950 518,393
Dow Jones & Co., Inc. .................................... 2,440 98,057
Dresser Industries, Inc. ................................. 4,490 167,252
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- -----------
<S> <C> <C>
DSC Communications Corp. ................................. 2,990 66,527
DTE Energy Co. ........................................... 3,700 102,212
Du Pont (E.I.) De Nemours................................. 28,780 1,809,542
Duke Energy Corp. ........................................ 9,160 439,099
Dun & Bradstreet Corp. ................................... 4,360 114,450
Eastern Enterprises....................................... 520 18,037
Eastman Chemical Co. ..................................... 2,000 127,000
Eastman Kodak Co. ........................................ 8,390 643,932
Eaton Corp. .............................................. 1,970 172,005
Echlin, Inc. ............................................. 1,590 57,240
Echo Bay Mines, Ltd. ..................................... 3,550 20,412
Ecolab, Inc. ............................................. 1,650 78,787
Edison International...................................... 10,450 259,943
EG&G, Inc. ............................................... 1,170 26,325
EMC Corp. ................................................ 6,270 244,530
Emerson Electric Co. ..................................... 11,350 624,959
Engelhard Corp. .......................................... 3,680 77,050
Enron Corp. .............................................. 6,500 265,281
Enserch Corp. ............................................ 1,800 40,050
Entergy Corp. ............................................ 6,060 165,892
Equifax, Inc. ............................................ 3,850 143,171
Exxon Corp. .............................................. 63,290 3,892,335
Fannie Mae ............................................... 27,040 1,179,620
Federal Express Corp. .................................... 2,920 168,630
Federal Home Loan Mtge Corp. ............................. 17,720 609,125
Federated Department Stores............................... 5,300 184,175
Fifth Third Bancorp ...................................... 2,700 221,568
First Bank System, Inc. .................................. 3,400 290,275
First Chicago NBD Corp. .................................. 7,960 481,580
First Data Corp. ......................................... 11,440 502,645
First Union Corp. ........................................ 7,300 675,250
Fleet Financial Group, Inc. .............................. 6,680 422,510
Fleetwood Enterprises, Inc. .............................. 910 27,129
Fleming Cos., Inc. ....................................... 960 17,280
Fluor Corp. .............................................. 2,140 118,101
FMC Corp. ................................................ 950 75,465
Ford Motor Co. ........................................... 30,330 1,144,957
Fortune Brands, Inc. ..................................... 4,380 163,428
Foster Wheeler Corp. ..................................... 1,040 42,120
FPL Group, Inc. .......................................... 4,650 214,190
Freeport-McMoran Copper Cl B ............................. 5,110 159,048
Frontier Corp. ........................................... 4,180 83,338
Fruit of the Loom, Inc. .................................. 1,940 60,140
Gannett, Inc. ............................................ 3,610 356,487
Gap, Inc. ................................................ 6,980 271,347
General Dynamics Corp. ................................... 1,590 119,250
General Electric Co. ..................................... 83,620 5,466,940
General Instrument Corp. ................................. 3,490 87,250
General Mills, Inc. ...................................... 4,110 267,663
General Motors Corp. ..................................... 18,580 1,034,673
General Re Corp. ......................................... 2,060 374,920
General Signal Corp. ..................................... 1,280 55,840
Genuine Parts Co. ........................................ 4,590 155,486
</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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
- ------------------------
Georgia Pacific Corp. ...................................... 2,330 198,923
Giant Food, Inc. ........................................... 1,530 49,916
Giddings & Lewis, Inc. ..................................... 810 16,908
Gillette Co. ............................................... 14,200 1,345,450
Golden West Financial Corp. ................................ 1,460 102,200
Goodrich (B.F.) Co. ........................................ 1,380 59,771
Goodyear Tire & Rubber Co. ................................. 3,980 251,983
GPU Inc. ................................................... 3,070 110,136
Grainger (W.W.), Inc. ...................................... 1,320 103,207
Great Atl. & Pac. Tea Co. .................................. 970 26,371
Great Lakes Chemical Corp. ................................. 1,530 80,133
Great Western Financial Corp. .............................. 3,510 188,662
Green Tree Financial Corp. ................................. 3,460 123,262
GTE Corp. .................................................. 24,340 1,067,917
Guidant Corp. .............................................. 1,890 160,650
Halliburton Co. ............................................ 3,220 255,185
Harcourt General, Inc. ..................................... 1,800 85,725
Harland (John H.) Co. ...................................... 790 18,021
Harnischfeger Industries, Inc. ............................. 1,260 52,290
Harrah's Entertainment, Inc. ............................... 2,620 47,160
Harris Corp. ............................................... 1,010 84,840
Hartford Financial Svs Grp, Inc ............................ 3,000 248,250
Hasbro, Inc. ............................................... 3,260 92,502
HealthSouth Corp. .......................................... 8,740 217,953
Heinz (H.J.) Co. ........................................... 9,370 432,191
Helmerich & Payne, Inc. .................................... 640 36,880
Hercules, Inc. ............................................. 2,560 122,560
Hershey Foods Corp. ........................................ 3,890 215,165
Hewlett-Packard Co. ........................................ 25,900 1,450,400
HFS Inc. ................................................... 4,030 233,740
Hilton Hotels Corp. ........................................ 6,360 168,937
Home Depot, Inc. ........................................... 12,380 853,446
Homestake Mining Co. ....................................... 3,750 48,984
Honeywell, Inc. ............................................ 3,240 245,835
Household International, Inc. .............................. 2,480 291,245
Houston Industries, Inc. ................................... 5,960 127,767
Humana, Inc. ............................................... 4,150 95,968
Ikon Office Solutions ...................................... 3,380 84,288
Illinois Tool Works, Inc. .................................. 6,350 317,103
Inco Ltd. .................................................. 4,240 127,465
Ingersoll Rand Co. ......................................... 2,760 170,430
Inland Steel, Inc. ......................................... 1,250 32,656
Intel Corp. ................................................ 20,880 2,961,045
Intergraph Corp. ........................................... 1,220 10,370
International Paper Co. .................................... 7,670 372,474
Interpublic Group of Cos., Inc ............................. 2,090 128,143
Intl. Business Machines Corp. .............................. 25,320 2,283,547
Intl. Flavors & Fragrances.................................. 2,780 140,390
ITT Corp. .................................................. 2,970 181,355
ITT Industries, Inc. ....................................... 3,020 77,765
James River Corp. of VA .................................... 2,200 81,400
Jefferson-Pilot Corp. ...................................... 1,800 125,775
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
Johnson & Johnson .......................................... 33,950 2,185,531
Johnson Controls, Inc. ..................................... 2,130 87,463
Jostens, Inc. .............................................. 990 26,482
Kaufman & Broad Home Corp. ................................. 990 17,386
Kellogg Co. ................................................ 5,300 453,812
Kerr-McGee Corp. ........................................... 1,220 77,317
KeyCorp .................................................... 5,700 318,487
Kimberly Clark Corp. ....................................... 14,270 709,932
King World Productions, Inc. ............................... 950 33,250
Kmart Corp. ................................................ 12,360 151,410
Knight-Ridder, Inc. ........................................ 2,320 113,825
Kroger Corp. ............................................... 6,470 187,630
Laidlaw, Inc. Cl B ......................................... 8,000 110,500
Lilly (Eli) & Co. .......................................... 14,160 1,547,865
Limited (The), Inc. ........................................ 6,910 139,927
Lincoln National Corp. ..................................... 2,630 169,306
Liz Claiborne, Inc. ........................................ 1,800 83,925
Lockheed Martin Corp. ...................................... 4,920 509,527
Loews Corp. ................................................ 2,930 293,366
Longs Drug Stores, Inc. .................................... 990 25,925
Louisiana Land & Exploration................................ 870 49,698
Louisiana-Pacific Corp. .................................... 2,790 58,938
Lowe's Companies, Inc. ..................................... 4,410 163,721
LSI Logic Corp. ............................................ 3,610 115,520
Lucent Technologies, Inc. .................................. 16,310 1,175,339
Mallinckrodt, Inc. ......................................... 1,870 71,060
Manor Care, Inc. ........................................... 1,620 52,852
Marriott International, Inc. ............................... 3,230 198,241
Marsh & McLennan Cos., Inc. ................................ 4,220 301,202
Masco Corp. ................................................ 4,110 171,592
Mattel, Inc. ............................................... 7,430 251,691
May Department Stores Co. .................................. 6,040 285,390
Maytag Corp. ............................................... 2,490 65,051
MBIA Inc. .................................................. 1,100 124,093
MBNA Corp. ................................................. 8,520 312,045
McDermott International Inc. ............................... 1,400 40,862
McDonald's Corp. ........................................... 17,580 849,333
McDonnell Douglas Corp. .................................... 5,350 366,475
McGraw-Hill Cos., Inc. ..................................... 2,550 149,971
MCI Communications Corp. ................................... 17,510 670,305
Mead Corp. ................................................. 1,330 82,792
Medtronic, Inc. ............................................ 6,070 491,670
Mellon Bank Corp. .......................................... 6,600 297,825
Mercantile Stores, Inc. .................................... 940 59,161
Merck & Co., Inc. .......................................... 30,770 3,184,695
Meredith Corp. ............................................. 1,360 39,440
Merrill Lynch & Co., Inc. .................................. 8,440 503,235
MGIC Investment Corp ....................................... 3,010 144,291
Micron Technology, Inc. .................................... 5,360 214,065
Microsoft Corp. ............................................ 30,550 3,860,756
Millipore Corp. ............................................ 1,110 48,840
Minnesota Mining & Mfg. Co. ................................ 10,610 1,082,220
Mobil Corp. ................................................ 20,060 1,401,692
</TABLE>
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- -----------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
- ------------------------
Monsanto Co. ............................................. 15,080 649,382
Moore Corp., Ltd. ........................................ 2,240 44,100
Morgan (J.P.) & Co., Inc. ................................ 4,700 490,562
Morgan St Dean Witter Discover............................ 14,605 628,927
Morton International, Inc. ............................... 3,570 107,769
Motorola, Inc. ........................................... 15,150 1,151,400
NACCO Industries, Inc. Cl A............................... 210 11,851
Nalco Chemical Co. ....................................... 1,700 65,662
National City Corp. ...................................... 5,620 295,050
National Semiconductor Corp. ............................. 3,600 110,250
National Service Industries............................... 1,150 55,990
NationsBank Corp. ........................................ 18,610 1,200,345
Navistar International Corp. ............................. 1,870 32,257
New York Times Co. Cl A................................... 2,440 120,780
Newell Co. ............................................... 4,050 160,481
Newmont Mining Corp. ..................................... 3,983 155,337
Niagara Mohawk Power Corp. ............................... 3,680 31,510
Nicor, Inc. .............................................. 1,250 44,843
Nike, Inc. Cl B .......................................... 7,360 429,640
NorAm Energy Corp. ....................................... 3,520 53,680
Nordstrom, Inc. .......................................... 2,030 99,596
Norfolk Southern Corp. ................................... 3,200 322,400
Northern States Power Co. ................................ 1,760 91,080
Northern Telecom, Ltd. ................................... 6,630 603,330
Northrop Grumman Corp. ................................... 1,480 129,962
Norwest Corp. ............................................ 9,520 535,500
Novell, Inc. ............................................. 8,840 61,327
Nucor Corp. .............................................. 2,240 126,560
NYNEX Corp. .............................................. 11,220 646,552
Occidental Petroleum Corp. ............................... 8,410 210,775
Ohio Edison Co. .......................................... 3,890 84,850
Oneok, Inc. .............................................. 710 22,853
Oracle Corp. ............................................. 16,660 839,247
Oryx Energy Co. .......................................... 2,680 56,615
Owens Corning ............................................ 1,360 58,650
Paccar, Inc. ............................................. 1,980 91,946
Pacific Enterprises ...................................... 2,120 71,285
PacifiCorp ............................................... 7,540 165,880
Pall Corp. ............................................... 3,220 74,865
Parametric Technology Co. ................................ 3,250 138,328
Parker Hannifin Corp. .................................... 1,900 115,306
Peco Energy Co. .......................................... 5,670 119,070
Penney (J.C.) Co., Inc. .................................. 6,300 328,781
Pennzoil Co. ............................................. 1,200 92,100
Peoples Energy Corp. ..................................... 890 33,319
Pep Boys-Manny, Moe & Jack................................ 1,550 52,796
Pepsico, Inc. ............................................ 39,060 1,467,191
Perkin-Elmer Corp. ....................................... 1,120 89,110
Pfizer, Inc. ............................................. 16,460 1,966,970
PG & E Corp. ............................................. 10,420 252,685
Pharmacia & Upjohn, Inc. ................................. 12,940 449,665
Phelps Dodge Corp. ....................................... 1,580 134,596
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- -----------
<S> <C> <C>
Phillip Morris Cos., Inc. ................................ 61,910 2,747,256
Phillips Petroleum Co. ................................... 6,720 294,000
Pioneer Hi-Bred Intl., Inc. .............................. 2,100 168,000
Pitney Bowes, Inc. ....................................... 3,720 258,540
Placer Dome, Inc. ........................................ 6,100 99,887
PNC Bank Corp. ........................................... 8,200 341,325
Polaroid Corp. ........................................... 1,140 63,270
Potlatch Corp. ........................................... 740 33,485
PP&L Resources, Inc. ..................................... 4,190 83,538
PPG Industries, Inc. ..................................... 4,600 267,375
Praxair, Inc. ............................................ 4,020 225,120
Proctor & Gamble Co. ..................................... 17,270 2,439,387
Providian Financial Corp. ................................ 2,390 76,778
Public Svc. Enterprise Group ............................. 5,910 147,750
Pulte Corp. .............................................. 530 18,318
Quaker Oats Co. .......................................... 3,480 156,165
Ralston Purina Co. ....................................... 2,710 222,728
Raychem Corp. ............................................ 1,110 82,556
Raytheon Co. ............................................. 6,020 307,020
Reebok International Ltd. ................................ 1,430 67,120
Republic New York Corp. .................................. 1,390 149,425
Reynold's Metals Co. ..................................... 1,860 132,525
Rite-Aid Corp. ........................................... 3,130 156,108
Rockwell Intl., Corp. .................................... 5,430 321,388
Rohm & Haas Co. .......................................... 1,580 142,298
Rowan Cos., Inc. ......................................... 2,190 61,730
Royal Dutch Petro Co.--NY Shr ............................ 54,640 2,971,050
Rubbermaid, Inc. ......................................... 3,820 113,645
Russell Corp. ............................................ 930 27,551
Ryder System, Inc. ....................................... 1,950 64,350
Safeco Corp. ............................................. 3,220 150,333
Safety-Kleen Corp. ....................................... 1,490 25,143
Salomon, Inc. ............................................ 2,760 153,525
Santa Fe Energy Resources, Inc ........................... 2,540 37,306
Sara Lee Corp. ........................................... 12,240 509,490
SBC Communications, Inc. ................................. 23,255 1,438,903
Schering-Plough Corp. .................................... 18,650 892,868
Schlumberger, Ltd. ....................................... 6,290 786,250
Scientific-Atlanta, Inc. ................................. 1,980 43,312
Seagate Technology, Inc. ................................. 6,250 219,921
Seagram, Ltd. ............................................ 9,450 380,362
Sears Roebuck & Co. ...................................... 9,990 536,962
Service Corp. International............................... 6,100 200,537
Shared Medical Systems Corp. ............................. 630 34,020
Sherwin-Williams Co. ..................................... 4,390 135,541
Sigma Aldrich Corp. ...................................... 2,550 89,409
Silicon Graphics, Inc. ................................... 4,510 67,650
Snap-On, Inc. ............................................ 1,550 61,031
Sonat, Inc. .............................................. 2,190 112,237
Southern Co. ............................................. 17,380 380,187
Southwest Airlines Co. ................................... 3,710 95,996
Springs Industries, Inc. Cl A............................. 510 26,902
Sprint Corp. ............................................. 10,980 577,822
</TABLE>
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ---------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
- ------------------------
St. Jude Medical, Inc. ..................................... 2,330 90,870
St. Paul Companies (The).................................... 2,130 162,412
Stanley Works............................................... 2,270 90,800
Stone Container Corp. ...................................... 2,530 36,210
Stride Rite Corp. .......................................... 1,250 16,093
Sun Co., Inc. .............................................. 1,860 57,660
Sun Microsystems, Inc. ..................................... 9,400 349,856
Suntrust Banks, Inc. ....................................... 5,620 309,451
Supervalu, Inc. ............................................ 1,710 58,995
Sysco Corp. ................................................ 4,450 162,425
Tandem Computers, Inc. ..................................... 2,950 59,737
Tandy Corp. ................................................ 1,380 77,280
Tektronix, Inc. ............................................ 850 51,000
Tele-Communications, Inc. Cl A.............................. 16,930 251,833
Tellabs, Inc. .............................................. 4,600 257,025
Temple-Inland, Inc. ........................................ 1,410 76,140
Tenet Healthcare Corp. ..................................... 7,680 227,040
Tenneco, Inc. .............................................. 4,360 197,017
Texaco, Inc. ............................................... 6,720 730,800
Texas Instruments, Inc. .................................... 4,870 409,384
Texas Utilities Co. ........................................ 5,730 197,326
Textron, Inc. .............................................. 4,200 278,775
Thermo Electron Corp. ...................................... 3,830 131,656
Thomas & Betts Corp. ....................................... 1,380 72,536
Time Warner, Inc. .......................................... 14,250 687,562
Times Mirror Co. Cl A....................................... 2,440 134,810
Timken Co. ................................................. 1,590 56,544
TJX Cos., Inc. ............................................. 3,960 104,445
Torchmark Corp. ............................................ 1,780 126,825
Toys R Us, Inc. ............................................ 7,280 254,800
Transamerica Corp. ......................................... 1,690 158,120
Travelers Group, Inc. ...................................... 16,350 1,031,071
Tribune Co. ................................................ 3,130 150,435
TRW, Inc. .................................................. 3,190 181,231
Tupperware Corp ............................................ 1,570 57,305
Tyco International Ltd. .................................... 4,290 298,423
U.S. Bancorp ............................................... 3,760 241,110
U.S. Surgical Corp. ........................................ 1,860 69,285
U.S. West Communications Group.............................. 15,460 313,065
U.S. West Communications Group.............................. 12,220 460,541
Unicom Corp. ............................................... 5,510 122,597
Unilever N.V. .............................................. 4,080 889,440
Union Camp Corp. ........................................... 1,770 88,500
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- -----------
<S> <C> <C>
Union Carbide Corp. ..................................... 3,200 150,600
Union Electric Co. ...................................... 2,600 97,987
Union Pacific Corp. ..................................... 6,290 443,445
Union Pacific Resources Grp ............................. 6,470 160,941
Unisys Corp. ............................................ 4,460 34,007
United Healthcare Corp. ................................. 4,750 247,000
United Technologies Corp. ............................... 6,040 501,320
Unocal Corp. ............................................ 6,360 246,847
UNUM Corp. .............................................. 3,560 149,520
US Airways Group Inc. ................................... 2,000 70,000
USF&G Corp. ............................................. 2,810 67,440
UST, Inc. ............................................... 4,680 129,870
USX-Marathon Group ...................................... 7,330 211,653
USX-U.S. Steel Group, Inc. .............................. 2,180 76,436
V F Corp. ............................................... 1,630 138,142
Viacom, Inc. ............................................ 8,990 269,700
W.R. Grace & Co. ........................................ 1,850 101,981
Wachovia Corp. .......................................... 4,120 240,247
Wal-Mart Stores, Inc. ................................... 57,750 1,952,671
Walgreen Co. ............................................ 6,270 336,228
Warner-Lambert Co. ...................................... 6,920 859,810
Waste Management Inc. ................................... 11,550 371,043
Wells Fargo & Co. ....................................... 2,281 614,729
Wendy's International, Inc. ............................. 3,350 86,890
Western Atlas, Inc. ..................................... 1,370 100,352
Westinghouse Electric Corp. ............................. 16,200 374,625
Westvaco Corp. .......................................... 2,600 81,737
Weyerhaeuser Co. ........................................ 5,050 262,600
Whirlpool Corp. ......................................... 1,900 103,668
Whitman Corp. ........................................... 2,590 62,160
Willamette Industries, Inc. ............................. 1,410 98,700
Williams Cos., Inc. ..................................... 4,040 176,750
Winn-Dixie Stores, Inc. ................................. 3,800 141,550
Woolworth Corp. ......................................... 3,420 82,080
WorldCom, Inc. .......................................... 22,760 728,320
Worthington Industries, Inc. ............................ 2,460 45,048
Wrigley (Wm.) Jr. Co. ................................... 2,960 198,320
Xerox Corp. ............................................. 8,250 650,718
-----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $128,628,822) 98.9%.............................. 173,111,394
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE
RATE(%) MATURITY AMOUNT($) VALUE($)
-------- -------- --------- ------------
<S> <C> <C> <C> <C>
ACTIVE PORTION:
- ---------------
SHORT-TERM DEBT SECURITIES:
U.S. Government (0.3%)
U.S. Treasury Bill................... 5.34 09/18/97 50,000 49,425
U.S. Treasury Bill................... 5.34 09/19/97 15,000 14,825
U.S. Treasury Bill................... 4.90 09/18/97 50,000 49,430
U.S. Treasury Bill................... 5.04 07/17/97 50,000 49,887
U.S. Treasury Bill................... 4.68 07/31/97 115,000 114,550
U.S. Treasury Bill................... 5.02 08/14/97 135,000 134,166
U.S. Treasury Bill................... 4.93 09/25/97 150,000 148,172
------------
560,455
------------
Commercial Paper (0.8%)
Merrill Lynch & Co., Inc. ........... 6.20 07/01/97 1,434,000 1,434,000
------------
TOTAL ACTIVE PORTION--SHORT-TERM DEBT SECURITIES
(Cost: $1,994,524) 1.1%.......................................... 1,994,455
------------
TOTAL INVESTMENTS
(Cost: $130,623,346) 100.0%...................................... $175,105,849
============
</TABLE>
- -------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1997
<TABLE>
<CAPTION>
UNDERLYING FACE UNREALIZED
EXPIRATION DATE AMOUNT AT VALUE (LOSS)
--------------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
8 S&P 500 Stock Index Futures
Contracts.......................... September 1997 $3,561,000 $(26,600)
========== ========
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities--2.0%.
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE(%) MATURITY AMOUNT($) VALUE($)
------- -------- ---------- -----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. Government (7.2%)
U.S. Treasury Bond.................... 6.75 08/15/26 6,500,000 6,432,985
U.S. Treasury Note.................... 6.25 02/28/02 1,000,000 994,370
U.S. Treasury Note.................... 6.63 04/30/02 4,000,000 4,036,880
U.S. Treasury Note.................... 6.50 08/15/05 25,000,000 24,929,750
-----------
36,393,985
-----------
Agencies/Government--Other (38.4%)
City of New York...................... 10.00 08/01/05 2,000,000 2,252,600
City of New York...................... 9.50 06/01/09 5,000,000 5,533,500
Connecticut Housing Fin. Auth. ....... 7.63 05/15/21 2,500,000 2,528,500
Fannie Mae............................ 0.00 07/13/17 200,000,00 41,350,000
Fed Home Loan Bank.................... 0.00 07/07/17 125,000,00 25,663,750
Fed Home Loan Bank.................... 0.00 06/26/17 50,000,000 10,289,000
Fed Home Loan Bank.................... 0.00 07/02/12 90,000,000 27,787,500
Fed Home Loan Bank.................... 0.00 07/02/12 100,000,00 31,109,000
Fed Home Loan Bank.................... 0.00 07/07/22 50,000,000 6,679,500
Fed Home Loan Bank.................... 0.00 07/14/17 25,000,000 5,093,750
Federal Home Loan Mortgage............ 7.50 04/01/07 510,435 514,457
FHLMC................................. 8.00 07/15/06 847,428 868,613
FHLMC................................. 8.50 02/15/21 2,478,112 2,520,685
FHLMC................................. 7.95 02/15/20 836,959 850,291
FHLMC................................. 7.50 07/15/20 550,000 559,278
FHLMC................................. 6.75 05/15/18 500,000 500,625
FHLMC................................. 7.75 07/15/05 415,453 422,590
FHLMC................................. 7.25 02/15/19 441,904 442,314
FNMA.................................. 7.00 05/25/20 1,092,809 1,100,655
FNMA.................................. 7.95 11/25/19 523,045 526,475
FNMA.................................. 9.30 05/25/19 410,412 422,724
FNMA.................................. 7.50 01/25/19 303,868 305,007
FNMA.................................. 8.95 09/25/19 422,887 429,890
FNMA.................................. 8.15 08/25/05 800,000 813,000
FNMA.................................. 7.75 10/25/00 673,270 672,003
FNMA.................................. 7.50 04/25/20 1,013,580 1,019,276
FNMA.................................. 7.00 08/25/20 429,733 432,956
FNMA.................................. 7.50 06/25/20 998,897 1,006,698
Pulaski County Arkansas PFB........... 7.50 11/01/07 396,608 409,933
Republic of Iceland................... 6.13 02/01/04 5,000,000 4,803,950
Suffolk County, New York.............. 5.88 11/01/05 4,000,000 3,749,960
Suffolk County, New York.............. 5.80 11/01/04 4,000,000 3,760,320
Tennessee Valley Authority............ 7.85 06/15/44 10,000,000 10,108,600
-----------
194,527,400
-----------
Basic Materials (2.0%)
Fletcher Challenge Ltd. .............. 9.00 09/15/99 2,000,000 2,099,060
Inco Ltd. ............................ 9.60 06/15/22 7,500,000 8,134,050
-----------
10,233,110
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
25
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE(%) MATURITY AMOUNT($) VALUE($)
------- -------- ---------- -----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONT'D):
Consumer, Cyclical (5.5%)
Centex Corp. ......................... 8.75 03/01/07 2,000,000 2,115,400
Centex Corp. ......................... 7.38 06/01/05 5,000,000 4,945,600
Dillard Inc. ......................... 9.63 09/15/97 1,000,000 1,007,380
Fruit of the Loom, Inc. .............. 7.88 10/15/99 1,000,000 1,030,000
Fruit of the Loom, Inc. .............. 7.00 03/15/11 2,500,000 2,301,000
Gannett, Inc. ........................ 5.85 05/01/00 3,500,000 3,433,360
Penney (J.C.) Co., Inc. .............. 10.00 10/15/97 1,500,000 1,517,235
Shopko Stores, Inc. .................. 9.00 11/15/04 5,000,000 5,130,200
V F Corp. ............................ 9.25 05/01/22 1,000,000 1,084,690
Valassis Communication, Inc. ......... 9.55 12/01/03 5,000,000 5,325,850
-----------
27,890,715
-----------
Consumer, Non-Cyclical (2.9%)
Ralston Purina Co. ................... 8.63 02/15/22 7,500,000 8,222,925
Rhone-Poulenc S A..................... 7.75 01/15/02 3,000,000 3,090,660
Whitman Corp. ........................ 7.63 06/15/15 3,500,000 3,497,165
-----------
14,810,750
-----------
Energy (3.0%)
Southern Union Co. ................... 7.60 02/01/24 10,000,000 9,776,000
Tosco Corp. .......................... 8.25 05/15/03 5,000,000 5,257,000
-----------
15,033,000
-----------
Financial (8.0%)
Berkley (W.R.) Corp. ................. 8.70 01/01/22 5,000,000 5,480,150
Citicorp Mortgage Sec. Inc. .......... 6.25 03/25/24 891,946 887,762
Fairfax Financial Holdings............ 8.25 10/01/15 2,500,000 2,566,175
Progressive Corp. of Ohio............. 10.00 12/15/00 1,500,000 1,647,480
Prudential Home Mtg Secs Co........... 7.00 06/25/23 4,784,828 4,801,240
Rodamco NV............................ 7.75 05/15/15 5,000,000 5,134,800
Roosevelt Fed Svgs & Ln Assn.......... 10.13 04/15/18 3,000,000 3,082,110
Ryland Acceptance Corp. .............. 7.95 08/20/19 1,411,245 1,422,266
Sun America, Inc. .................... 9.00 01/15/99 4,000,000 4,146,160
Sun America, Inc. .................... 9.95 02/01/12 5,000,000 5,919,550
Vesta Insurance Group, Inc. .......... 8.75 07/15/25 5,000,000 5,403,000
-----------
40,490,693
-----------
Utilities (3.6%)
New Orleans Public Service............ 8.00 03/01/06 4,000,000 3,936,720
Oklahoma Gas & Elec Co. .............. 8.88 12/01/20 7,500,000 7,667,775
Pacific Gas & Electric Co. ........... 8.75 01/01/01 2,000,000 2,128,460
Philadelphia Electric Co. ............ 7.13 08/15/23 5,000,000 4,687,811
-----------
18,420,766
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $356,215,419) 70.6%........................................ 357,800,419
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE(%) MATURITY AMOUNT($) COST($)
-------- -------- ---------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Agencies/Other Governments (6.2%)
Federal Home Loan Bank.............. 5.37 07/02/97 20,000,000 19,997,013
Federal Home Loan Bank.............. 5.34 07/02/97 11,315,000 11,313,320
------------
31,310,333
------------
Commercial Paper (23.2%)
American Express Credit Corp........ 5.53 07/21/97 5,186,000 5,170,031
Associates Corp. ................... 5.55 07/11/97 9,000,000 8,986,123
Banc One Funding.................... 5.58 07/02/97 2,550,000 2,549,604
Cargill, Inc. ...................... 5.47 07/07/97 6,095,000 6,089,438
Chevron Oil Finance Co. ............ 5.55 07/07/97 9,000,000 8,991,674
CIT Group Holdings.................. 5.50 07/14/97 5,015,000 5,005,031
Ford Motor Credit Corp. ............ 5.52 07/15/97 4,886,000 4,875,482
General Electric Capital Corp....... 5.56 07/02/97 5,000,000 4,999,227
GTE Funding, Inc.................... 5.50 07/07/97 4,500,000 4,495,861
McDonald's Corp..................... 6.15 07/01/97 2,085,000 2,085,000
Merrill Lynch & Co., Inc............ 5.55 07/02/97 10,745,000 10,743,341
Novartis Finance AG................. 5.65 07/08/97 9,000,000 8,990,111
Pepsico, Inc........................ 5.47 07/02/97 10,000,000 9,998,479
Petrofina Delaware, Inc. ........... 5.50 07/08/97 8,500,000 8,490,879
Petrofina Delaware, Inc. ........... 5.53 07/01/97 3,121,000 3,121,000
Schering Corp....................... 5.65 07/02/97 9,000,000 8,998,587
Snap-On, Inc........................ 5.53 07/15/97 4,300,000 4,290,733
Sony Capital Corp. ................. 6.20 07/01/97 9,000,000 9,000,000
------------
116,880,601
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $148,190,934) 29.4%....................................... 148,190,934
------------
TOTAL INVESTMENTS
(Cost: $504,406,353) 100.0%...................................... $505,991,353
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
27
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE(%) MATURITY AMOUNT($) VALUE($)
------- -------- --------- ----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT:
U.S. Government (33.9%)
GNMA.................................... 9.50 12/20/03 109,086 115,834
U.S. Treasury Note...................... 5.13 04/30/98 1,000,000 995,160
U.S. Treasury Note...................... 5.88 11/15/99 750,000 745,192
U.S. Treasury Note...................... 5.00 01/31/98 500,000 498,205
U.S. Treasury Note...................... 5.75 09/30/97 1,000,000 1,000,780
U.S. Treasury Note...................... 4.75 09/30/98 1,000,000 986,410
U.S. Treasury Note...................... 5.13 06/30/98 1,000,000 993,750
----------
5,335,331
----------
Agencies/Other (52.2%)
Federal Home Loan Mtge Corp. ........... 7.75 12/01/02 412,137 415,668
Federal Home Loan Mtge Corp. ........... 8.00 04/01/02 388,368 392,636
FHLMC................................... 7.75 08/15/15 160,714 161,567
FHLMC................................... 7.25 12/15/05 200,000 202,250
FHLMC................................... 7.25 02/15/19 111,437 111,540
FHLMC................................... 6.00 05/15/22 262,459 254,585
FHLMC................................... 7.95 02/15/20 190,685 193,722
FHLMC................................... 7.50 12/15/19 230,000 233,737
FHLMC................................... 8.00 12/15/18 565,964 573,921
FHLMC................................... 7.00 11/15/20 443,000 444,244
FHLMC................................... 8.00 11/15/05 477,682 484,250
FNMA.................................... 7.50 06/25/20 630,074 634,994
FNMA.................................... 7.00 08/25/20 298,426 300,664
FNMA.................................... 7.00 12/25/19 149,696 149,976
FNMA.................................... 7.00 05/25/16 145,766 145,901
FNMA.................................... 8.95 09/25/19 154,263 156,817
FNMA.................................... 7.50 01/25/19 150,841 151,406
FNMA.................................... 7.50 10/25/19 97,657 98,297
FNMA.................................... 7.95 11/25/19 166,685 167,778
FNMA.................................... 7.75 10/25/00 272,947 272,433
FNMA.................................... 7.00 01/25/21 140,364 140,801
FNMA.................................... 7.75 10/25/18 416,047 419,295
FNMA.................................... 8.00 12/25/05 390,473 397,306
FNMA.................................... 7.25 12/25/05 514,936 518,797
FNMA.................................... 8.25 09/25/05 389,728 397,522
FNMA.................................... 7.00 01/15/18 314,760 317,907
FNMA PL................................. 8.25 10/01/05 237,666 241,124
Pulaski County Arkansas PFB............. 7.50 11/01/07 246,778 255,069
----------
8,234,207
----------
Financial (6.7%)
Citicorp Mortgage Sec. Inc.............. 6.25 03/25/24 362,021 360,323
FBC Mortgage Secur. Trust............... 8.30 08/20/09 176,918 180,566
GE Capital Mtge Services, Inc........... 6.00 09/25/08 294,691 293,123
Norwest Asset Securities Corp........... 7.25 11/25/26 215,674 217,286
----------
1,051,298
----------
Utilities (0.6%)
Big Rivers Electric Corp................ 9.50 02/15/17 100,000 106,634
----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost $14,690,641) 93.4%........................................... 14,727,470
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE(%) MATURITY AMOUNT($) COST($)
-------- -------- --------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (6.6%)
GTE Funding, Inc. .................... 5.50 07/07/97 200,000 199,816
Merrill Lynch & Co., Inc. ............ 5.53 07/02/97 375,000 374,942
Sony Capital Corp. ................... 6.20 07/01/97 458,000 458,000
-----------
1,032,758
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,032,758) 6.6%........................................... 1,032,758
-----------
TOTAL INVESTMENTS
(Cost: $15,723,399) 100.0%........................................ $15,760,228
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
29
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
COUPON FACE MARKET
RATE(%) MATURITY AMOUNT($) VALUE($)
------- -------- --------- ----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT:
U.S. Government (36.9%)
U.S. Treasury Note....................... 6.38 09/30/01 3,250,000 3,250,520
U.S. Treasury Note....................... 6.63 04/30/02 250,000 252,305
U.S. Treasury Note....................... 5.88 02/15/04 1,500,000 1,453,365
----------
4,956,190
----------
Agencies/Other Governments (9.8%)
City of New York......................... 9.50 06/01/09 350,000 387,345
FHLMC.................................... 8.00 07/15/06 423,714 434,306
FHLMC.................................... 8.00 04/15/03 480,811 496,586
----------
1,318,237
----------
Consumer, Cyclical (1.9%)
Fruit of the Loom, Inc. ................. 7.88 10/15/99 250,000 257,500
----------
Financial (9.5%)
Bear Stearns Cos., Inc. ................. 9.38 06/01/01 250,000 271,885
Smith Barney Hldgs., Inc. ............... 6.50 10/15/02 500,000 491,710
Sun America, Inc. ....................... 9.00 01/15/99 250,000 518,270
----------
1,281,865
----------
Industrial (3.9%)
Airborne Freight Corp. .................. 8.88 12/15/02 250,000 269,375
Comdisco, Inc. .......................... 7.75 09/01/99 250,000 256,555
----------
525,930
----------
Utilities (12.7%)
Baltimore Gas & Electric Co.............. 6.13 07/01/03 250,000 241,372
Big Rivers Electric Corp. ............... 9.50 02/15/17 200,000 213,268
Commonwealth Edison Co. ................. 7.50 01/01/01 500,000 504,310
Connecticut Light & Power Co. ........... 5.50 02/01/99 500,000 488,115
Public Svc. Electric & Gas Co. .......... 7.88 11/01/01 250,000 258,757
----------
1,705,822
----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost: $10,058,918) 74.7%........................................... 10,045,544
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
30
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE(%) MATURITY AMOUNT($) COST($)
-------- -------- --------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (25.3%)
American Express Credit Corp. ......... 5.54 08/18/97 298,000 295,795
CIT Group Holdings..................... 5.52 07/28/97 400,000 398,343
Duke Power & Light..................... 5.53 07/09/97 200,000 199,753
Florida Power Co. ..................... 5.55 07/29/97 400,000 398,272
Ford Motor Credit Corp. ............... 5.54 08/04/97 370,000 368,060
GTE Funding, Inc. ..................... 5.50 07/07/97 478,000 477,560
IBM Credit Corp. ...................... 5.52 07/18/97 370,000 369,034
Merrill Lynch & Co., Inc. ............. 6.20 07/01/97 402,000 402,000
Sony Capital Corp. .................... 5.57 07/28/97 500,000 497,910
-----------
3,406,727
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $3,406,727) 25.3%........................................... 3,406,727
-----------
TOTAL INVESTMENTS
(Cost: $13,465,645) 100.0%......................................... $13,452,271
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
31
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE($)
------- ----------
<S> <C> <C>
COMMON STOCKS:
Basic Materials (6.3%)
Aluminum Co. of America..................................... 20,000 1,507,500
Birmingham Steel Corp. ..................................... 135,000 2,092,500
Homestake Mining Co. ....................................... 120,000 1,567,500
IMC Global, Inc. ........................................... 70,000 2,450,000
Inland Steel, Inc. ......................................... 56,000 1,463,000
LTV Corp ................................................... 267,000 3,804,750
Methanex Corp.*............................................. 125,000 1,148,437
Nucor Corp. ................................................ 30,000 1,695,000
Reynold's Metals Co. ....................................... 20,000 1,425,000
USX-U.S. Steel Group, Inc. ................................. 110,000 3,856,875
----------
21,010,562
----------
Consumer, Cyclical (4.1%)
Federal-Mogul Corp. ........................................ 65,000 2,275,000
General Motors Corp. ....................................... 102,500 5,707,968
Grupo Televisa S.A.-Spons GDR*.............................. 45,000 1,366,875
OfficeMax, Inc.*............................................ 30,000 433,125
Rollins Truck Leasing Co. .................................. 110,000 1,636,250
Tele-Communications, Inc. Cl A*............................. 135,000 2,008,125
----------
13,427,343
----------
Consumer, Non-Cyclical (0.5%)
Scherer (R.P.) Corp. ....................................... 35,000 1,806,875
----------
Energy (19.1%)
Apache Corp. ............................................... 85,000 2,762,500
Baker Hughes, Inc. ......................................... 70,000 2,708,125
Cairn Energy USA, Inc.*..................................... 50,000 656,250
Chieftan International, Inc.*............................... 110,000 2,413,125
Dresser Industries, Inc. ................................... 100,000 3,725,000
Enron Oil & Gas Co. ........................................ 130,000 2,356,250
Global Industries Ltd.*..................................... 49,000 1,144,610
Lomak Petroleum, Inc. ...................................... 148,200 2,639,812
Marine Drilling Companies, Inc ............................. 35,000 686,875
Nabors Industries, Inc.*.................................... 369,000 9,225,000
Occidental Petroleum Corp. ................................. 120,000 3,007,500
Oceaneering Int'l, Inc.*.................................... 212,900 3,938,650
Pride International, Inc.*.................................. 415,000 9,960,004
Reading & Bates Corp.*...................................... 45,000 1,203,750
Seagull Energy Corp.*....................................... 191,000 3,342,500
Smith International, Inc.*.................................. 37,500 2,278,125
United Meridian Corp. ...................................... 15,000 450,000
USX-Marathon Group.......................................... 245,000 7,074,375
Western Atlas, Inc.*........................................ 50,000 3,662,500
----------
63,234,951
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE($)
------- -----------
<S> <C> <C>
Financial (1.1%)
Horace Mann Educators Corp. ............................... 30,000 1,470,000
New Plan Realty Trust...................................... 95,300 2,102,556
-----------
3,572,556
-----------
Industrial (10.6%)
Anixter International, Inc.*............................... 120,000 2,062,500
BWAY Corp. ................................................ 37,000 860,250
Cooper Industries.......................................... 17,300 860,675
Fingerhut Companies, Inc. ................................. 55,000 959,062
Fluor Corp. ............................................... 105,000 5,794,687
Gorman-Rupp Co. ........................................... 20,400 367,200
Hanson PLC--ADR............................................ 65,000 1,625,000
Interim Services, Inc.*.................................... 36,300 1,615,350
Lafarge Corp. ............................................. 150,000 3,675,000
Pall Corp. ................................................ 40,000 930,000
Railtex, Inc.*............................................. 108,000 1,944,000
Sea Containers, Ltd. Cl A.................................. 105,000 2,375,625
Silicon Valley Group, Inc.*................................ 130,000 3,428,750
USA Waste Services, Inc.*.................................. 25,000 965,625
Vallen Corp.*.............................................. 60,000 1,095,000
Waste Management Inc. ..................................... 150,000 4,818,750
Waste Management Intl. PLC*................................ 185,000 1,688,125
-----------
35,065,599
-----------
Technology (2.9%)
Activision, Inc.*.......................................... 40,000 575,000
Alliance Semiconductor Corp.*.............................. 135,000 1,105,312
AT&T Corp. ................................................ 45,000 1,577,812
BRC Holdings, Inc.*........................................ 35,000 1,330,000
GenCorp, Inc. ............................................. 155,000 3,584,375
LSI Logic Corp. ........................................... 25,000 800,000
Symantec Corp.*............................................ 20,000 390,000
TCI Satellite Entertainment................................ 17,000 133,875
-----------
9,496,374
-----------
Utilities (0.9%)
GTE Corp. ................................................. 25,000 1,096,875
Telephone & Data Systems, Inc. ............................ 50,000 1,896,875
-----------
2,993,750
-----------
TOTAL COMMON STOCKS
(Cost: $120,543,792) 45.5%......................................... 150,608,010
-----------
</TABLE>
- -------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
32
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
RATE(%) MATURITY AMOUNT($) VALUE($)
------- -------- ----------- ----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. Government (2.0%)
U.S. Treasury Bond..................... 6.75 8/15/26 2,500,000 2,474,225
U.S. Treasury Note..................... 6.63 4/30/02 1,000,000 1,009,220
U.S. Treasury Note..................... 5.13 6/30/98 3,000,000 2,981,250
----------
6,464,695
----------
Agencies/Other (14.5%)
City of New York....................... 9.50 6/1/09 2,000,000 2,213,400
City of New York....................... 10.00 8/1/05 500,000 563,150
Connecticut Housing Fin. Auth. ........ 7.63 5/15/21 1,000,000 1,011,400
Fannie Mae............................. 0.00 7/13/17 100,000,000 20,675,000
Fed Home Loan Bank..................... 0.00 7/7/17 25,000,000 5,132,750
Fed Home Loan Bank..................... 0.00 7/2/12 15,000,000 4,631,250
Fed Home Loan Bank..................... 0.00 7/14/17 25,000,000 5,093,750
FHLMC.................................. 8.00 7/15/06 423,714 434,306
Republic of Iceland.................... 6.13 2/1/04 2,500,000 2,401,975
Suffolk County, New York............... 5.88 11/1/05 750,000 703,117
Suffolk County, New York............... 5.80 11/1/04 250,000 235,020
Tennessee Valley Authority............. 7.85 6/15/44 5,000,000 5,054,300
----------
48,149,418
----------
Basic Materials (0.8%)
Inco Ltd. ............................. 9.60 6/15/22 2,500,000 2,711,350
----------
Consumer, Cyclical (2.6%)
Centex Corp. .......................... 7.38 6/1/05 2,000,000 1,978,240
Dillard Inc. .......................... 9.63 9/15/97 500,000 503,690
Fruit of the Loom, Inc. ............... 7.88 10/15/99 500,000 515,000
Fruit of the Loom, Inc. ............... 7.00 3/15/11 1,000,000 920,400
Gannett, Inc. ......................... 5.85 5/1/00 1,000,000 980,960
Penney (J.C.) Co., Inc. ............... 10.00 10/15/97 500,000 505,745
Shopko Stores, Inc. ................... 9.00 11/15/04 1,000,000 1,026,040
Valassis Communication, Inc. .......... 9.55 12/1/03 2,000,000 2,130,340
----------
8,560,415
----------
Consumer, Non-Cyclical (1.4%)
Ralston Purina Co. .................... 8.63 2/15/22 2,500,000 2,740,975
Rhone-Poulenc S A ..................... 7.75 1/15/02 1,000,000 1,030,220
Whitman Corp. ......................... 7.63 6/15/15 1,000,000 999,190
----------
4,770,385
----------
Energy (2.3%)
Southern Union Co. .................... 7.60 2/1/24 5,000,000 4,888,000
Tosco Corp. ........................... 8.25 5/15/03 2,500,000 2,628,500
----------
7,516,500
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
RATE(%) MATURITY AMOUNT($) VALUE($)
------- -------- --------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONT'D):
Financial (3.1%)
Berkley (W.R.) Corp. ................. 8.70 1/1/22 1,500,000 1,644,045
Fairfax Financial Holdings............ 8.25 10/1/15 500,000 513,235
Progressive Corp. of Ohio............. 10.00 12/15/00 500,000 549,160
Rodamco NV............................ 7.75 5/15/15 2,000,000 2,053,920
Roosevelt Fed Svgs & Ln Assn.......... 10.13 4/15/18 1,000,000 1,027,370
Sun America, Inc. .................... 9.95 2/1/12 2,000,000 2,367,820
Sun America, Inc. .................... 9.00 1/15/99 1,000,000 1,036,540
Vesta Insurance Group, Inc. .......... 8.75 7/15/25 1,000,000 1,080,600
------------
10,272,690
------------
Utilities (3.1%)
Central Telephone Co. ................ 9.28 11/27/00 1,000,000 1,074,510
New Orleans Public Service............ 8.00 3/1/06 1,000,000 984,180
Oklahoma Gas & Elec Co. .............. 8.88 12/1/20 5,000,000 5,111,850
Pacific Gas & Electric Co. ........... 8.75 1/1/01 1,000,000 1,064,230
PacifiCorp............................ 8.73 2/12/98 1,000,000 1,015,120
Philadelphia Electric Co. ............ 7.13 8/15/23 1,000,000 937,561
------------
10,187,451
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $98,348,822) 29.8%........................................ 98,632,904
------------
SHORT-TERM DEBT SECURITIES:
Commercial Paper: (24.7%)
American Express Credit Corp. ........ 5.53 7/14/97 3,900,000 3,892,202
American Express Credit Corp. ........ 5.53 7/21/97 1,980,000 1,973,903
Associates Corp. ..................... 5.54 8/4/97 4,440,000 4,416,730
Associates Corp. ..................... 5.55 8/25/97 4,010,000 3,975,967
Banc One Funding...................... 5.65 7/21/97 4,188,000 4,174,846
CIT Group Holdings.................... 5.53 7/29/97 6,050,000 6,023,922
Eaton Corp. .......................... 6.15 7/1/97 5,364,000 5,364,000
Ford Motor Credit Corp. .............. 5.52 7/15/97 3,247,000 3,240,010
General Electric Capital Corp. ....... 5.53 7/18/97 4,267,000 4,255,835
General Electric Capital Corp. ....... 5.53 7/14/97 1,791,000 1,787,413
GTE Funding, Inc. .................... 5.50 7/7/97 3,000,000 2,997,241
IBM Credit Corp. ..................... 5.49 7/11/97 7,775,000 7,763,106
Merrill Lynch & Co., Inc. ............ 5.57 7/14/97 6,000,000 5,987,919
Panasonic Finance, Inc. .............. 5.53 7/14/97 5,000,000 4,990,005
Sony Capital Corp. ................... 5.57 7/14/97 7,000,000 6,985,903
Unilever Capital...................... 5.53 7/7/97 6,280,000 6,274,206
Walt Disney Company................... 5.57 7/3/97 2,000,000 1,999,380
Walt Disney Company................... 5.45 7/14/97 5,430,000 5,419,301
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $81,521,889) (24.7%)...................................... 81,521,889
------------
TOTAL INVESTMENTS
(Cost: $300,414,503) 100.0%...................................... $330,762,803
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
34
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT
DATE PRICE($) TO CALL VALUE($)
---------- -------- ------- --------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN:
Activision, Inc. ......................... 8/16/97 12.50 10,000 (22,188)
Alliance Semiconductor Corp. ............. 10/18/97 12.50 15,000 (5,625)
Alliance Semiconductor Corp. ............. 10/18/97 10.00 2,400 (1,800)
Alliance Semiconductor Corp. ............. 7/19/97 10.00 10,000 (1,250)
Aluminum Co. of America................... 7/19/97 70.00 7,500 (48,750)
Aluminum Co. of America................... 7/19/97 75.00 12,500 (28,125)
Anixter International, Inc. .............. 10/18/97 17.50 7,500 (10,781)
Anixter International, Inc. .............. 10/18/97 15.00 16,300 (47,881)
Anixter International, Inc. .............. 7/19/97 17.50 3,000 (1,500)
Apache Corp. ............................. 10/18/97 40.00 15,000 (6,094)
Apache Corp. ............................. 7/19/97 35.00 10,000 (2,500)
AT&T Corp. ............................... 10/18/97 40.00 5,000 (2,969)
AT&T Corp. ............................... 7/19/97 35.00 5,000 (4,219)
Baker Hughes, Inc. ....................... 10/18/97 40.00 10,000 (25,625)
Cooper Industries......................... 7/19/97 45.00 2,300 (11,356)
Cooper Industries......................... 10/18/97 40.00 15,000 (150,000)
Dresser Industries, Inc. ................. 7/19/97 35.00 10,000 (25,625)
Dresser Industries, Inc. ................. 7/19/97 30.00 15,000 (110,625)
Federal-Mogul Corp. ...................... 7/19/97 25.00 15,000 (150,000)
Federal-Mogul Corp. ...................... 10/18/97 30.00 20,000 (112,500)
Federal-Mogul Corp. ...................... 7/19/97 20.00 5,000 (75,000)
Fingerhut Companies, Inc. ................ 7/19/97 15.00 10,000 (24,688)
Fingerhut Companies, Inc. ................ 7/19/97 17.50 15,000 (7,031)
Fluor Corp. .............................. 7/19/97 50.00 5,000 (25,938)
Fluor Corp. .............................. 7/19/97 65.00 20,000 (1,250)
Fluor Corp. .............................. 7/19/97 70.00 5,000 (625)
Fluor Corp. .............................. 7/19/97 55.00 10,000 (14,375)
Fluor Corp. .............................. 10/18/97 55.00 5,000 (18,438)
Fluor Corp. .............................. 10/18/97 60.00 10,000 (16,250)
Fluor Corp. .............................. 7/19/97 60.00 20,000 (1,875)
GenCorp, Inc. ............................ 9/20/97 20.00 10,000 (36,875)
GenCorp, Inc. ............................ 9/20/97 17.50 10,000 (57,500)
General Motors Corp. ..................... 9/20/97 60.00 30,000 (29,063)
General Motors Corp. ..................... 7/19/97 55.00 30,000 (48,750)
General Motors Corp. ..................... 9/20/97 55.00 15,000 (44,062)
Global Industries Ltd. ................... 9/20/97 25.00 5,000 (5,000)
Global Industries Ltd. ................... 9/20/97 22.50 12,000 (26,250)
Grupo Televisa S.A.-Spons GDR............. 7/19/97 25.00 10,000 (53,750)
Grupo Televisa S.A.-Spons GDR............. 7/19/97 27.50 15,000 (45,938)
GTE Corp. ................................ 9/20/97 47.50 15,000 (9,844)
GTE Corp. ................................ 9/20/97 45.00 10,000 (16,250)
Homestake Mining Co. ..................... 7/19/97 17.50 10,000 (312)
IMC Global, Inc. ......................... 10/18/97 40.00 5,000 (6,250)
IMC Global, Inc. ......................... 7/19/97 35.00 30,000 (41,250)
Inland Steel, Inc. ....................... 12/20/97 25.00 6,000 (18,375)
Inland Steel, Inc. ....................... 7/19/97 25.00 5,000 (7,500)
</TABLE>
The accompanying notes are an integral part of these financial statements.
35
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT
DATE PRICE($) TO CALL VALUE($)
---------- -------- ------- -----------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN (CONT'D):
Interim Services, Inc. ............... 8/16/97 40.00 4,800 (23,100)
Interim Services, Inc. ............... 8/16/97 35.00 31,500 (305,156)
Lafarge Corp. ........................ 8/16/97 25.00 2,500 (1,875)
Lomak Petroleum, Inc. ................ 7/19/97 17.50 15,000 (12,187)
Lomak Petroleum, Inc. ................ 7/19/97 20.00 21,000 (2,625)
LSI Logic Corp. ...................... 8/16/97 30.00 2,500 (9,844)
LSI Logic Corp. ...................... 7/19/97 35.00 17,500 (14,218)
LSI Logic Corp. ...................... 7/19/97 30.00 5,000 (14,688)
Nabors Industries, Inc. .............. 12/20/97 25.00 10,000 (27,500)
Nabors Industries, Inc. .............. 7/19/97 20.00 30,000 (148,125)
Nucor Corp. .......................... 7/19/97 55.00 3,000 (8,343)
Nucor Corp. .......................... 10/18/97 60.00 5,000 (11,094)
Nucor Corp. .......................... 7/19/97 50.00 3,000 (21,937)
Oceaneering Int'l, Inc. .............. 7/19/97 15.00 2,000 (6,875)
Oceaneering Int'l, Inc. .............. 7/19/97 17.50 32,000 (34,000)
Pall Corp. ........................... 9/20/97 22.50 15,000 (22,500)
Pride International, Inc. ............ 7/19/97 20.00 5,000 (19,375)
Reading & Bates Corp. ................ 12/20/97 30.00 5,000 (10,312)
Reynold's Metals Co. ................. 7/19/97 65.00 20,000 (132,500)
Scherer (R.P.) Corp. ................. 10/18/97 50.00 5,000 (20,937)
Scherer (R.P.) Corp. ................. 7/19/97 50.00 5,000 (11,250)
Smith International, Inc. ............ 7/19/97 60.00 5,000 (11,875)
Smith International, Inc. ............ 10/18/97 60.00 5,000 (30,625)
Symantec Corp. ....................... 10/18/97 12.50 5,000 (37,500)
Symantec Corp. ....................... 7/19/97 15.00 10,000 (45,625)
United Meridian Corp. ................ 10/18/97 40.00 6,000 (4,500)
USA Waste Services, Inc. ............. 10/18/97 35.00 10,000 (50,625)
USX-Marathon Group.................... 7/19/97 25.00 15,000 (57,188)
USX-U.S. Steel Group, Inc. ........... 10/18/97 32.50 10,000 (36,875)
Waste Management Inc. ................ 8/16/97 30.00 5,000 (14,688)
Western Atlas, Inc. .................. 8/16/97 70.00 10,000 (44,375)
Western Atlas, Inc. .................. 9/20/97 60.00 2,000 (27,250)
-----------
TOTAL OPTIONS WRITTEN
(Premiums Received: ($2,059,119))................................ $(2,621,419)
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ------------
<S> <C> <C>
COMMON STOCKS:
Basic Materials (6.0%)
Asarco, Inc. ........................................... 46,000 1,408,750
Birmingham Steel Corp. ................................. 150,000 2,325,000
Boise Cascade Office Prod.*............................. 70,000 1,190,000
Commonwealth Industries, Inc. .......................... 50,000 1,018,750
High Plains Corp.*...................................... 200,000 825,000
Lawter International, Inc. ............................. 40,000 500,000
Mississippi Chemical Corp. ............................. 20,000 415,000
Nucor Corp. ............................................ 20,000 1,130,000
Sigma Aldrich Corp. .................................... 85,000 2,980,312
UCAR Int'l., Inc.*...................................... 72,500 3,316,875
------------
15,109,687
------------
Consumer, Cyclical (10.4%)
Alliance Communications Corp. .......................... 100,000 987,500
American Radio Systems Corp.*........................... 59,000 2,352,625
Brookstone, Inc.*....................................... 103,500 879,750
Budget Group, Inc.*..................................... 55,000 1,897,500
Chancellor Broadcasting Cl A*........................... 11,000 440,000
Donnelly Corp. Cl A..................................... 25,000 418,750
General Motors Corp. ................................... 22,500 1,252,968
Grupo Televisa S.A.-Spons GDR........................... 40,000 1,215,000
Haggar Corp. ........................................... 58,000 739,500
Heilig-Meyers Co. ...................................... 80,000 1,570,000
Midwest Express Holdings, Inc.*......................... 15,000 410,625
Nimbus CD International, Inc.*.......................... 110,000 1,210,000
Petroleum Helicopters, Inc. ............................ 14,700 257,250
Petroleum Helicopters, Inc. ............................ 40,000 720,000
Racing Champions Corp.*................................. 40,900 633,950
Shopko Stores, Inc. .................................... 45,000 1,147,500
Southern Energy Homes, Inc.*............................ 67,500 615,937
Synthetics Industries, Inc.*............................ 65,000 1,373,125
TBC Corp.*.............................................. 237,000 1,984,875
Tele-Communications, Inc. Cl A*......................... 115,000 1,710,625
Todd-AO Corp. .......................................... 75,000 730,080
ValueVision Intl., Inc. Cl A*........................... 35,000 137,812
Viacom, Inc.*........................................... 60,000 1,800,000
Wackenhut Corp. ........................................ 75,000 1,495,312
Worldcorp, Inc.*........................................ 160,000 410,000
------------
26,390,684
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ------------
<S> <C> <C>
Consumer, Non-Cyclical (7.7%)
Arrow International, Inc. .............................. 54,500 1,594,125
AVECOR Cardiovascular, Inc.*............................ 175,000 2,143,750
Biomet, Inc. ........................................... 24,000 447,000
Dentsply International, Inc. ........................... 19,000 931,000
Dominick's Supermarkets, Inc.*.......................... 42,500 1,131,562
French Fragrances, Inc.*................................ 40,000 370,000
Home Health Corp. of America*........................... 120,000 1,140,000
Liposome Company, Inc.*................................. 130,000 1,161,875
Matria Healthcare, Inc.*................................ 115,000 460,000
Molecular Dynamics, Inc.*............................... 209,000 2,926,000
Mylan Laboratories, Inc.*............................... 15,000 221,250
Orthodontic Centers of America*......................... 269,000 4,892,437
Protocol Systems, Inc.*................................. 26,800 214,400
Scherer (R.P.) Corp.*................................... 35,000 1,806,875
------------
19,440,274
------------
Energy (20.9%)
Abacan Resource Corp.*.................................. 520,000 1,657,500
American Oilfield Divers, Inc. ......................... 78,000 936,000
Baker Hughes, Inc. ..................................... 170,000 6,576,875
Barrett Resources Corp ................................. 55,000 1,646,562
Brigham Exploration Company*............................ 105,000 879,375
Chieftan International, Inc.*........................... 85,000 1,864,687
ENSCO International, Inc.*.............................. 25,000 1,318,750
Falcon Drilling Co., Inc.*.............................. 44,000 2,535,500
Global Industries Ltd.*................................. 25,300 590,992
HarCor Energy, Inc.*.................................... 25,000 150,000
Marine Drilling Companies, Inc.*........................ 69,000 1,354,125
Nabors Industries, Inc.*................................ 209,900 5,247,500
New Jersey Resources Corp............................... 23,700 743,587
Oceaneering Int'l, Inc.*................................ 195,000 3,607,500
Offshore Logistics, Inc.*............................... 145,000 2,736,875
Oryx Energy Co.*........................................ 50,000 1,056,250
Pride International, Inc.*.............................. 357,500 8,580,000
Ranger Oil Ltd. ........................................ 200,000 1,862,500
Southwest Gas Corp. .................................... 38,500 765,187
Transocean Offshore, Inc. .............................. 22,500 1,634,062
Unit Corp.*............................................. 115,000 1,200,312
USX-Marathon Group...................................... 70,000 2,021,250
Vintage Petroleum, Inc. ................................ 30,000 922,500
Western Atlas, Inc.*.................................... 40,000 2,930,000
------------
52,817,889
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- ----------
<S> <C> <C>
COMMON STOCKS (CONT'D):
Financial (3.3%)
ARM Financial Group, Inc.*................................ 5,000 100,000
Castle & Cooke, Inc.*..................................... 100,000 1,656,250
Delphi Financial Group, Inc.*............................. 46,920 1,806,420
Glenborough Realty Trust, Inc. ........................... 56,000 1,414,000
Gryphon Holdings, Inc.*................................... 97,500 1,486,875
Lexington Corporate
Properties............................................... 131,000 1,834,000
----------
8,297,545
----------
Industrial (16.4%)
Accustaff, Inc.*.......................................... 60,000 1,421,250
AFC Cable Systems, Inc.*.................................. 104,000 2,808,000
Anixter International, Inc. .............................. 60,000 1,031,250
BISYS Group, Inc.*........................................ 14,000 584,500
Boyd Brothers Transportation*............................. 12,500 90,625
Browning Ferris Inds., Inc. .............................. 10,000 332,500
BWAY Corp.*............................................... 24,000 558,000
Celadon Group, Inc. ...................................... 37,000 425,500
Cuno, Inc.*............................................... 57,500 963,125
Daniel Industries......................................... 100,000 1,543,750
Dayton Superior Corp.*.................................... 116,500 1,485,375
Dyersburg Corporation..................................... 45,500 381,062
Empresses ICA Sociedad ADS*............................... 75,000 1,204,687
Interim Services, Inc.*................................... 39,000 1,735,500
Lufkin Industries, Inc. .................................. 102,000 2,677,500
Memtec Ltd. .............................................. 6,000 162,000
OmniQuip International, Inc.*............................. 70,000 1,618,750
Pall Corp. ............................................... 35,000 813,750
Perkin-Elmer Corp. ....................................... 6,500 517,156
Powell Industries, Inc.*.................................. 145,000 2,211,250
Railtex, Inc.*............................................ 160,000 2,880,000
Sea Containers, Ltd. Cl A*................................ 54,000 1,221,750
Silicon Valley Group, Inc.*............................... 230,000 6,066,250
Smithway Motor Xpress Corp.*.............................. 60,000 682,500
Stewart & Stevenson Svcs Inc. ............................ 93,000 2,418,000
Strategic Distribution, Inc.*............................. 140,000 533,750
USFreightways Corporation................................. 55,000 1,423,125
Vallen Corp.*............................................. 87,000 1,587,750
Zero Corp. ............................................... 80,000 2,100,000
----------
41,478,655
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MARKET
SHARES VALUE($)
--------- -----------
<S> <C> <C>
Technology (17.6%)
360 Communications Co.*.................................. 115,000 1,969,375
3Com Corp.*.............................................. 30,000 1,350,000
Adelphia Communications Cl A............................. 60,000 427,500
Alliance Semiconductor Corp.*............................ 80,000 655,000
Andrew Corp.*............................................ 155,000 4,359,375
Ceridian Corp.*.......................................... 80,000 3,380,000
Cisco Systems, Inc.*..................................... 5,000 335,625
Coherent Comm. Systems Corp.*............................ 73,000 1,825,000
Comcast Corp. Cl A*...................................... 40,000 855,000
DSC Communications Corp.*................................ 65,000 1,446,250
DSP Communications, Inc.*................................ 165,000 1,815,000
Durco International, Inc.*............................... 57,500 1,681,875
GenCorp, Inc. ........................................... 50,000 1,156,250
General Instrument Corp.*................................ 100,000 2,500,000
Intermedia Communications*............................... 40,000 1,295,000
Intuit, Inc.*............................................ 65,000 1,490,937
Kimball International, Inc. ............................. 70,000 2,817,500
LSI Logic Corp.*......................................... 25,000 800,000
Lunar Corporation*....................................... 70,000 1,522,500
Maxxim Medical, Inc.*.................................... 90,000 1,563,750
Meridian Diagnostics, Inc................................ 105,000 879,375
Molex Inc., Cl A......................................... 25,000 871,875
National Techteam, Inc.*................................. 55,000 1,175,625
Peak International Ltd.*................................. 30,000 360,000
Symantec Corp.*.......................................... 80,000 1,560,000
TCA Cable TV, Inc. ...................................... 75,000 2,821,875
TCI Satellite Entertainment*............................. 35,000 275,625
Teltrend, Inc.*.......................................... 69,500 1,016,437
Teradyne, Inc.*.......................................... 15,000 588,750
Thiokol Corp. ........................................... 24,000 1,680,000
-----------
44,475,499
-----------
Utilities (2.6%)
Associated Group, Inc.*.................................. 28,000 1,120,000
Citizens Utilities Co. Cl A.............................. 62,926 589,930
LCI International, Inc.*................................. 48,000 1,050,000
Nextel Communications, Inc.*............................. 100,000 1,893,750
WorldCom, Inc.*.......................................... 52,500 1,680,000
-----------
6,333,680
-----------
TOTAL COMMON STOCKS
(Cost: $186,363,584) 84.9%........................................ 214,343,913
-----------
</TABLE>
- -------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATE(%) MATURITY AMOUNT($) COST($)
-------- -------- --------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (15.1%)
Koch Industries....................... 5.50 07/03/97 2,160,000 2,159,338
GTE Funding, Inc. .................... 5.50 07/07/97 4,200,000 4,196,137
Pacific Gas & Electric................ 5.58 07/07/97 2,391,000 2,388,776
Motorola, Inc. ....................... 5.50 07/01/97 1,040,000 1,040,000
Bell Atlantic Capital Funding ........ 5.57 07/10/97 4,975,000 4,968,068
American Express Credit Corp. ........ 5.54 07/11/97 1,169,000 1,167,200
Merrill Lynch & Co., Inc. ............ 5.53 07/02/97 3,000,000 2,999,538
General Electric Capital Corp. ....... 5.55 07/02/97 2,206,000 2,205,660
Ford Motor Credit Corp. .............. 5.50 07/01/97 3,985,000 3,985,000
Cargill Financial Svcs. Corp. ........ 5.45 07/01/97 4,000,000 4,000,000
CIT Group Holdings.................... 5.54 07/08/97 4,137,000 4,132,541
Novartis Finance AG................... 5.65 07/08/97 4,967,000 4,961,550
------------
38,203,808
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $38,203,808) 15.1%......................................... 38,203,808
------------
TOTAL INVESTMENTS
(Cost: $224,567,392) 100.0%....................................... $252,547,721
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT MARKET
DATE PRICE($) TO CALL VALUE($)
---------- -------- ------- --------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN:
3Com Corp. ............................... 07/19/97 30.00 10,000 (149,375)
3Com Corp. ............................... 07/19/97 25.00 5,000 (100,625)
3Com Corp. ............................... 07/19/97 35.00 10,000 (101,250)
3Com Corp. ............................... 10/18/97 30.00 5,000 (80,000)
Abacan Resource Corp. .................... 07/19/97 12.50 20,000 (625)
Abacan Resource Corp. .................... 07/19/97 10.00 10,000 (312)
Accustaff, Inc. .......................... 10/18/97 20.00 5,000 (22,812)
Accustaff, Inc. .......................... 07/19/97 25.00 15,000 (6,094)
Accustaff, Inc. .......................... 07/19/97 17.50 9,000 (55,687)
Accustaff, Inc. .......................... 07/19/97 20.00 8,000 (29,000)
Accustaff, Inc. .......................... 07/19/97 22.50 5,000 (7,656)
Accustaff, Inc. .......................... 10/18/97 22.50 8,000 (24,000)
Accustaff, Inc. .......................... 10/18/97 25.00 10,000 (17,500)
Alliance Semiconductor Corp. ............. 07/19/97 10.00 5,000 (625)
American Radio Systems Corp. ............. 10/18/97 30.00 10,000 (105,000)
American Radio Systems Corp. ............. 10/18/97 40.00 10,000 (35,625)
American Radio Systems Corp. ............. 07/19/97 30.00 23,000 (228,562)
American Radio Systems Corp. ............. 07/19/97 35.00 1,000 (5,062)
American Radio Systems Corp. ............. 07/19/97 40.00 5,000 (6,719)
Andrew Corp. ............................. 10/18/97 25.00 5,000 (14,688)
Andrew Corp. ............................. 07/19/97 25.00 5,000 (36,094)
Andrew Corp. ............................. 07/19/97 35.00 15,000 (1,875)
Andrew Corp. ............................. 10/18/97 30.00 50,000 (115,625)
Andrew Corp. ............................. 10/18/97 35.00 10,000 (10,000)
Anixter International, Inc. .............. 07/19/97 17.50 3,000 (1,500)
Asarco, Inc. ............................. 09/20/97 30.00 21,000 (42,000)
Asarco, Inc. ............................. 07/19/97 30.00 10,000 (12,813)
Associated Group, Inc. ................... 12/20/97 45.00 2,500 (6,718)
Associated Group, Inc. ................... 09/20/97 40.00 6,000 (19,125)
Associated Group, Inc. ................... 06/21/97 45.00 4,500 (6,187)
Baker Hughes, Inc. ....................... 10/18/97 42.50 5,000 (8,437)
Baker Hughes, Inc. ....................... 10/18/97 40.00 5,000 (12,813)
Barrett Resources Corp.................... 09/20/97 40.00 15,000 (5,625)
Barrett Resources Corp.................... 09/20/97 35.00 20,000 (20,000)
Barrett Resources Corp.................... 12/20/97 35.00 5,000 (10,000)
Biomet, Inc. ............................. 07/19/97 17.50 14,000 (17,938)
Biomet, Inc. ............................. 10/18/97 15.00 10,000 (40,000)
Birmingham Steel Corp. ................... 07/19/97 15.00 2,000 (1,750)
BISYS Group, Inc. ........................ 09/20/97 35.00 4,000 (30,500)
BISYS Group, Inc. ........................ 09/20/97 30.00 10,000 (126,250)
Boise Cascade Office Prod. ............... 11/22/97 17.50 6,000 (11,250)
Boise Cascade Office Prod. ............... 11/22/97 20.00 5,000 (5,000)
Boise Cascade Office Prod. ............... 08/16/97 17.50 10,000 (8,750)
Browning Ferris Inds., Inc. .............. 09/20/97 30.00 10,000 (45,625)
Budget Group, Inc. ....................... 08/16/97 35.00 5,000 (9,688)
Budget Group, Inc. ....................... 11/22/97 35.00 5,000 (18,437)
Ceridian Corp. ........................... 11/22/97 35.00 20,000 (177,500)
</TABLE>
The accompanying notes are an integral part of these financial statements.
40
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT MARKET
DATE PRICE($) TO CALL VALUE($)
---------- -------- ------- --------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN (CONT'D):
Ceridian Corp. ........................... 08/16/97 40.00 10,000 (36,875)
Ceridian Corp. ........................... 08/16/97 35.00 45,000 (340,312)
Cisco Systems, Inc. ...................... 07/19/97 50.00 5,000 (85,937)
Coherent Comm. Systems Corp. ............. 08/16/97 15.00 10,000 (99,375)
Coherent Comm. Systems Corp. ............. 11/22/97 17.50 10,000 (80,625)
Coherent Comm. Systems Corp. ............. 08/16/97 17.50 33,000 (253,687)
Coherent Comm. Systems Corp. ............. 08/16/97 20.00 20,000 (102,500)
Comcast Corp. Cl A........................ 10/18/97 22.50 5,000 (6,562)
Comcast Corp. Cl A........................ 07/19/97 17.50 5,000 (19,688)
Comcast Corp. Cl A........................ 07/19/97 20.00 10,000 (15,000)
Commonwealth Industries, Inc. ............ 10/18/97 20.00 5,000 (10,312)
Commonwealth Industries, Inc. ............ 07/19/97 20.00 5,000 (4,219)
Commonwealth Industries, Inc. ............ 10/18/97 22.50 2,500 (2,422)
Commonwealth Industries, Inc. ............ 07/19/97 22.50 5,000 (781)
Dentsply International, Inc. ............. 08/16/97 45.00 10,000 (44,375)
Dentsply International, Inc. ............. 08/16/97 50.00 3,000 (3,750)
DSC Communications Corp. ................. 07/19/97 20.00 15,000 (42,188)
DSC Communications Corp. ................. 07/19/97 25.00 20,000 (6,250)
DSC Communications Corp. ................. 07/19/97 22.50 25,000 (24,219)
DSP Communications, Inc. ................. 08/16/97 7.50 5,000 (18,437)
DSP Communications, Inc. ................. 11/22/97 12.50 40,000 (65,000)
DSP Communications, Inc. ................. 11/22/97 15.00 30,000 (30,000)
DSP Communications, Inc. ................. 08/16/97 10.00 25,000 (46,875)
DSP Communications, Inc. ................. 11/22/97 10.00 20,000 (52,500)
DSP Communications, Inc. ................. 08/16/97 15.00 20,000 (4,376)
DSP Communications, Inc. ................. 08/16/97 17.50 5,000 (625)
DSP Communications, Inc. ................. 08/16/97 12.50 20,000 (10,000)
ENSCO International, Inc. ................ 09/20/97 55.00 10,000 (34,375)
ENSCO International, Inc. ................ 09/20/97 50.00 10,000 (60,000)
ENSCO International, Inc. ................ 09/20/97 45.00 5,000 (46,875)
Falcon Drilling Co., Inc. ................ 08/16/97 50.00 5,000 (44,688)
Falcon Drilling Co., Inc. ................ 11/22/97 50.00 5,000 (61,562)
Falcon Drilling Co., Inc. ................ 08/16/97 40.00 5,000 (90,000)
Falcon Drilling Co., Inc. ................ 08/16/97 45.00 5,000 (66,875)
Falcon Drilling Co., Inc. ................ 07/19/97 25.00 5,000 (39,375)
General Instrument Corp. ................. 09/20/97 25.00 5,000 (8,437)
General Instrument Corp. ................. 09/20/97 27.50 15,000 (11,250)
General Motors Corp. ..................... 09/20/97 60.00 10,000 (9,688)
General Motors Corp. ..................... 07/19/97 55.00 10,000 (16,250)
Global Industries Ltd. ................... 09/20/97 22.50 5,000 (10,937)
Grupo Televisa S.A.-Spons GDR............. 07/19/97 25.00 10,000 (53,750)
Grupo Televisa S.A.-Spons GDR............. 07/19/97 27.50 5,000 (15,312)
Heilig-Meyers Co. ........................ 08/16/97 17.50 20,000 (45,000)
Heilig-Meyers Co. ........................ 11/22/97 20.00 5,000 (8,125)
Interim Services, Inc. ................... 08/16/97 40.00 1,000 (4,813)
Interim Services, Inc. ................... 08/16/97 35.00 38,000 (368,125)
Intermedia Communications, Inc............ 09/20/97 25.00 8,500 (69,062)
</TABLE>
The accompanying notes are an integral part of these financial statements.
41
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT MARKET
DATE PRICE($) TO CALL VALUE($)
---------- -------- ------- --------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN (CONT'D):
Intermedia Communications, Inc............ 09/20/97 20.00 2,500 (31,562)
Intermedia Communications, Inc............ 09/20/97 22.50 24,000 (249,000)
Intermedia Communications, Inc............ 09/20/97 17.50 5,000 (75,625)
Intuit, Inc. ............................. 07/19/97 35.00 10,000 (1,500)
Intuit, Inc. ............................. 10/18/97 25.00 5,000 (10,938)
Intuit, Inc. ............................. 07/19/97 25.00 5,000 (1,563)
Intuit, Inc. ............................. 07/19/97 30.00 15,000 (1,875)
LCI International, Inc. .................. 09/20/97 22.50 7,000 (10,938)
LCI International, Inc. .................. 09/20/97 25.00 12,500 (11,328)
LCI International, Inc. .................. 09/20/97 20.00 7,000 (20,125)
Liposome Company, Inc. ................... 08/16/97 30.00 5,000 (312)
Liposome Company, Inc. ................... 08/16/97 35.00 10,000 (1,562)
Liposome Company, Inc. ................... 08/16/97 25.00 15,000 (1,875)
Liposome Company, Inc. ................... 11/22/97 10.00 50,000 (75,000)
LSI Logic Corp. .......................... 07/19/97 35.00 22,500 (18,281)
LSI Logic Corp. .......................... 08/16/97 30.00 2,500 (9,844)
Molecular Dynamics, Inc. ................. 07/19/97 17.50 2,000 (250)
Molecular Dynamics, Inc. ................. 10/18/97 17.50 5,000 (2,812)
Molecular Dynamics, Inc. ................. 10/18/97 12.50 5,000 (12,187)
Molecular Dynamics, Inc. ................. 07/19/97 15.00 15,000 (4,687)
Nabors Industries, Inc. .................. 12/20/97 25.00 34,900 (95,975)
Nabors Industries, Inc. .................. 12/20/97 22.50 5,000 (21,562)
National Techteam, Inc. .................. 08/16/97 20.00 10,000 (28,750)
National Techteam, Inc. .................. 08/16/97 22.50 15,000 (23,437)
National Techteam, Inc. .................. 08/16/97 25.00 20,000 (18,750)
Nextel Communications, Inc. .............. 08/16/97 15.00 5,000 (21,563)
Nimbus CD International, Inc. ............ 07/19/97 12.50 7,500 (1,406)
Oceaneering Int'l, Inc. .................. 07/19/97 17.50 20,000 (21,250)
Offshore Logistics, Inc. ................. 08/16/97 17.50 3,000 (6,750)
Offshore Logistics, Inc. ................. 08/16/97 20.00 2,000 (1,500)
Orthodontic Centers of America............ 09/20/97 15.00 10,000 (34,375)
Orthodontic Centers of America............ 09/20/97 17.50 15,000 (24,375)
Orthodontic Centers of America............ 12/20/97 17.50 10,000 (23,750)
Oryx Energy Co. .......................... 07/19/97 20.00 10,000 (14,063)
Pall Corp. ............................... 07/19/97 20.00 5,000 (14,687)
Pall Corp. ............................... 07/19/97 22.50 15,000 (12,187)
Pall Corp. ............................... 09/20/97 22.50 15,000 (22,500)
Perkin-Elmer Corp. ....................... 12/20/97 80.00 2,500 (14,687)
Perkin-Elmer Corp. ....................... 07/19/97 75.00 2,500 (12,343)
Pride International, Inc. ................ 07/19/97 20.00 7,000 (27,125)
Pride International, Inc. ................ 10/18/97 22.50 3,000 (9,563)
Scherer (R.P.) Corp. ..................... 10/18/97 55.00 5,000 (7,500)
Scherer (R.P.) Corp. ..................... 10/18/97 50.00 5,000 (20,937)
Shopko Stores, Inc. ...................... 09/20/97 20.00 15,000 (86,250)
Shopko Stores, Inc. ...................... 09/20/97 25.00 3,000 (6,562)
Shopko Stores, Inc. ...................... 07/19/97 25.00 6,000 (7,875)
Shopko Stores, Inc. ...................... 09/20/97 22.50 5,000 (18,437)
</TABLE>
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT MARKET
DATE PRICE($) TO CALL VALUE($)
---------- -------- ------- -----------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN (CONT'D):
Shopko Stores, Inc. ................... 09/20/97 17.50 1,000 (8,125)
Shopko Stores, Inc. ................... 12/20/97 22.50 5,000 (21,562)
Silicon Valley Group, Inc. ............ 09/20/97 30.00 30,000 (52,500)
Stewart & Stevenson Svcs., Inc......... 09/20/97 25.00 20,000 (48,750)
Stewart & Stevenson Svcs., Inc......... 12/20/97 30.00 10,000 (11,250)
Symantec Corp. ........................ 10/18/97 17.50 15,000 (51,562)
Symantec Corp. ........................ 10/18/97 20.00 5,000 (10,000)
Symantec Corp. ........................ 07/19/97 17.50 10,000 (24,375)
Symantec Corp. ........................ 10/18/97 15.00 10,000 (53,750)
TBC Corp. ............................. 09/20/97 10.00 5,000 (2,500)
TCA Cable TV, Inc. .................... 12/20/97 35.00 2,000 (8,125)
TCA Cable TV, Inc. .................... 09/20/97 35.00 2,000 (6,625)
Tele-Communications, Inc. Cl A......... 10/18/97 15.00 5,000 (7,812)
Tele-Communications, Inc. Cl A......... 10/18/97 17.50 1,000 (563)
Teradyne, Inc. ........................ 07/19/97 25.00 5,000 (73,750)
Teradyne, Inc. ........................ 07/19/97 32.50 10,000 (72,500)
Thiokol Corp. ......................... 07/19/97 60.00 5,000 (53,750)
Thiokol Corp. ......................... 07/19/97 45.00 3,000 (76,500)
Thiokol Corp. ......................... 07/19/97 50.00 6,000 (123,000)
Thiokol Corp. ......................... 07/19/97 55.00 10,000 (157,500)
Transocean Offshore, Inc. ............. 11/22/97 65.00 2,600 (27,950)
Transocean Offshore, Inc. ............. 08/16/97 55.00 19,900 (358,200)
UCAR Int'l., Inc. ..................... 11/22/97 45.00 10,000 (31,250)
USX-Marathon Group..................... 07/19/97 25.00 15,000 (57,187)
Viacom, Inc. .......................... 12/20/97 35.00 15,000 (18,750)
Viacom, Inc. .......................... 09/20/97 25.00 10,000 (57,500)
Viacom, Inc. .......................... 09/20/97 30.00 5,000 (10,937)
Western Atlas, Inc. ................... 08/16/97 70.00 5,000 (22,187)
Western Atlas, Inc. ................... 09/20/97 60.00 2,000 (27,250)
WorldCom, Inc. ........................ 09/20/97 27.50 25,000 (134,375)
WorldCom, Inc. ........................ 09/20/97 25.00 27,500 (209,699)
-----------
TOTAL OPTIONS WRITTEN
(Premiums Received: ($4,431,455))................................. $(7,223,313)
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
43
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1997 (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 --
$83,722,180
All America Fund --
$416,968,533
Equity Index Fund --
$130,623,346
Bond Fund --
$504,406,353)
(Notes 1 and 3)........ $83,722,180 $695,567,256 $175,105,849 $505,991,353
Cash.................... -- 2,393,308 30,201 10,980
Interest and dividends
receivable............. -- 676,898 207,588 3,811,891
Receivable for
securities sold........ -- 10,683,819 20,000 3,003,290
Other Assets............ -- -- -- --
----------- ------------ ------------ ------------
Total Assets............ 83,722,180 709,321,281 175,363,638 512,817,514
Payable for securities
purchased.............. -- 1,960,404 176,353 137,975,550
Other liabilities....... 988,718 -- 26,600 20,304
----------- ------------ ------------ ------------
Net Assets.............. $82,733,462 $707,360,877 $175,160,685 $374,821,660
=========== ============ ============ ============
Number of Shares
Outstanding (Note 4)... 67,741,174 248,231,768 91,125,662 263,809,928
=========== ============ ============ ============
Net Asset Values,
offering and redemption
price per share........ $1.22 $2.85 $1.92 $1.42
===== ===== ===== =====
<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 --
$15,723,399
Mid-Term Bond Fund --
$13,465,645
Composite Fund --
$300,414,503
Aggressive Equity
Fund -- $224,567,392)
(Notes 1 and 3)........ $15,760,228 $ 13,452,271 $330,762,803 $252,547,721
Cash.................... 26,009 114 91,513 91,327
Interest and dividends
receivable............. 123,030 186,144 1,246,366 63,904
Receivable for
securities sold........ 533,848 -- 9,612 840,132
Other assets............ -- -- -- --
----------- ------------ ------------ ------------
Total Assets............ 16,443,115 13,638,529 332,110,294 253,543,084
Payable for securities
purchased.............. 88,082 -- 36,431,810 4,198,918
Call options written, at
market value
(Premium received:
Composite Fund --
$2,059,119
Aggressive Equity
Fund -- $4,431,455)... -- -- 2,621,419 7,223,313
Other liabilities....... -- -- -- --
----------- ------------ ------------ ------------
Net Assets.............. $16,355,033 $ 13,638,529 $293,057,065 $242,120,853
=========== ============ ============ ============
Number of Shares
Outstanding (Note 4)... 15,480,362 14,791,257 154,406,845 145,259,861
=========== ============ ============ ============
Net Asset Values,
offering and redemption
price per
share.................. $1.06 $0.92 $1.90 $1.67
===== ===== ===== =====
</TABLE>
The accompanying notes are an integral part of these financial statements.
44
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (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............... $ -- $ 4,926,442 $ 1,244,966 $ --
Interest................ 2,139,494 217,561 192,987 12,318,256
------------ ------------ ------------ ------------
Total income............. 2,139,494 5,144,003 1,437,953 12,318,256
------------ ------------ ------------ ------------
Expenses:
Investment advisory fees
(Note 2)............... 97,260 1,654,713 86,628 867,883
------------ ------------ ------------ ------------
Net Investment Income.... 2,042,234 3,489,290 1,351,325 11,450,373
------------ ------------ ------------ ------------
Net Realized and
Unrealized Gain (Loss)
on Investments (Note 1):
Net realized gain (loss)
on investments:
Net proceeds from sales
and maturities......... 499,208,547 654,560,898 338,140,847 721,778,532
Cost of securities sold
or matured............. 499,211,383 625,464,121 336,589,121 721,335,750
------------ ------------ ------------ ------------
Net realized gain (loss). (2,836) 29,096,777 1,551,726 442,782
Net unrealized
appreciation
(depreciation) of
investments............. -- 72,826,895 23,986,338 (1,682,391)
------------ ------------ ------------ ------------
Net Realized and
Unrealized Gain (Loss)
on Investments.......... (2,836) 101,923,672 25,538,064 (1,239,609)
------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
from Operations......... $ 2,039,398 $105,412,962 $ 26,889,389 $ 10,210,764
============ ============ ============ ============
</TABLE>
<TABLE>
<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............... $ -- $ -- $ 899,684 $ 446,168
Interest................ 500,691 467,250 4,565,163 640,647
---------- ---------- ----------- -----------
Total income............. 500,691 467,250 5,464,847 1,086,815
---------- ---------- ----------- -----------
Expenses:
Investment advisory fees
(Note 2)............... 39,166 37,214 701,489 760,664
---------- ---------- ----------- -----------
Net Investment Income.... 461,525 430,036 4,763,358 326,151
---------- ---------- ----------- -----------
Net Realized and
Unrealized Gain (Loss)
on Investments (Note 1)
Net realized gain (loss)
on investments:
Net proceeds from sales
and maturities......... 41,494,477 68,963,346 666,402,953 806,320,199
Cost of securities sold
or matured.............. 41,493,511 68,947,830 659,779,650 796,967,470
---------- ---------- ----------- -----------
Net realized gain (loss). 966 15,516 6,623,303 9,352,729
Net unrealized
appreciation
(depreciation) of
investments............. (19,522) (37,128) 8,485,365 12,824,338
---------- ---------- ----------- -----------
Net Realized and
Unrealized Gain (Loss)
on Investments.......... (18,556) (21,612) 15,108,668 22,177,067
---------- ---------- ----------- -----------
Net Increase (Decrease)
in Net Assets Resulting
from Operations......... $ 442,969 $ 408,424 $19,872,026 $22,503,218
========== ========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
45
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONEY MARKET FUND ALL AMERICA FUND EQUITY INDEX FUND
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From Operations:
Net investment income.. $ 2,042,234 $ 3,150,513 $ 3,489,290 $ 7,314,135 $ 1,351,325 $ 1,601,372
Net realized gain
(loss) on investments. (2,836) (161) 29,096,777 22,009,984 1,551,726 1,803,064
Unrealized appreciation
(depreciation) of
investments........... -- -- 72,826,895 80,788,691 23,986,338 11,911,735
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 2,039,398 3,150,352 105,412,962 110,112,810 26,889,389 15,316,171
------------ ------------ ------------ ------------ ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............. 15,097,644 61,070,949 23,679,654 67,857,705 52,003,268 60,056,284
Dividends reinvested... -- 3,165,422 -- 32,301,582 -- 3,473,499
Cost of shares
redeemed.............. (12,184,131) (59,846,394) (58,401,088) (74,455,531) (5,580,787) (16,336,002)
Dividend distributions. -- (3,165,422) -- (32,301,582) -- (3,473,499)
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... 2,913,513 1,224,555 (34,721,434) (6,597,826) 46,422,481 43,720,282
------------ ------------ ------------ ------------ ------------ ------------
Increase (Decrease) in
Net Assets............. 4,952,911 4,374,907 70,691,528 103,514,984 73,311,870 59,036,453
Net Assets, Beginning of
Period/Year............ 77,780,551 73,405,644 636,669,349 533,154,365 101,848,815 42,812,362
------------ ------------ ------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $ 82,733,462 $ 77,780,551 $707,360,877 $636,669,349 $175,160,685 $101,848,815
============ ============ ============ ============ ============ ============
Components of Net
Assets:
Paid-in capital........ $ 80,611,337 $ 77,697,824 $399,926,595 $434,648,029 $127,771,066 $ 81,348,585
Accumulated
undistributed net
investment income
(loss)................ 2,130,157 87,923 3,245,168 (244,122) 1,343,270 (8,055)
Accumulated
undistributed net
realized gain (loss)
on investments........ (8,032) (5,196) 25,590,390 (3,506,387) 1,563,846 12,120
Unrealized appreciation
(depreciation) of
investments........... -- -- 278,598,724 205,771,829 44,482,503 20,496,165
------------ ------------ ------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $ 82,733,462 $ 77,780,551 $707,360,877 $636,669,349 $175,160,685 $101,848,815
============ ============ ============ ============ ============ ============
<CAPTION>
BOND FUND SHORT-TERM BOND FUND MID-TERM BOND FUND
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From Operations:
Net investment income.. $ 11,450,373 $ 20,579,562 $ 461,525 $ 617,247 $ 430,036 $ 1,885,137
Net realized gain
(loss) on investments. 442,782 4,996,015 966 363 15,516 (744,597)
Unrealized appreciation
(depreciation) of
investments........... (1,682,391) (14,451,071) (19,522) 16,737 (37,128) (776,280)
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 10,210,764 11,124,506 442,969 634,347 408,424 364,260
------------ ------------ ------------ ------------ ------------ ------------
Capital Share Transactions (Note 4):
Net proceeds from sale
of shares............. 46,172,217 63,334,172 1,865,596 14,156,603 4,799,582 33,969,164
Dividends reinvested... -- 21,664,408 -- 606,778 -- 1,825,609
Cost of shares
redeemed.............. (10,834,768) (56,464,268) (1,467,614) (1,789,353) (4,928,997) (45,471,861)
Dividend distributions. -- (21,664,408) -- (606,778) -- (1,825,609)
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... 35,337,449 6,869,904 397,982 12,367,250 (129,415) (11,502,697)
------------ ------------ ------------ ------------ ------------ ------------
Increase (Decrease) in
Net Assets............. 45,548,213 17,994,410 840,951 13,001,597 279,009 (11,138,437)
Net Assets, Beginning of
Period/Year............ 329,273,447 311,279,037 15,514,082 2,512,485 13,359,520 24,497,957
------------ ------------ ------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $374,821,660 $329,273,447 $ 16,355,033 $ 15,514,082 $ 13,638,529 $ 13,359,520
============ ============ ============ ============ ============ ============
Components of Net
Assets:
Paid-in capital........ $365,845,478 $330,508,029 $ 15,861,155 $ 15,463,173 $ 14,492,026 $ 14,621,441
Accumulated
undistributed net
investment income
(loss)................ 10,427,621 (1,022,752) 466,496 4,971 442,324 12,288
Accumulated
undistributed net
realized gain (loss)
on investments ....... (3,036,439) (3,479,221) (9,447) (10,413) (1,282,447) (1,297,963)
Net unrealized
appreciation
(depreciation) of
investments........... 1,585,000 3,267,391 36,829 56,351 (13,374) 23,754
------------ ------------ ------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $374,821,660 $329,273,447 $ 16,355,033 $ 15,514,082 $ 13,638,529 $ 13,359,520
============ ============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
46
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
COMPOSITE FUND AGGRESSIVE EQUITY FUND
--------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income. $ 4,763,358 $ 10,191,145 $ 326,151 $ 441,513
Net realized gain
(loss) on
investments.......... 6,623,303 19,809,364 9,352,729 17,987,676
Unrealized
appreciation
(depreciation) of
investments.......... 8,485,365 1,412,589 12,824,338 4,633,533
------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 19,872,026 31,413,098 22,503,218 23,062,722
------------ ------------ ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............ 4,913,008 15,736,097 91,819,021 72,571,512
Dividends reinvested.. -- 35,621,387 -- 19,399,095
Cost of shares
redeemed............. (14,659,078) (40,509,708) (8,430,149) (18,033,044)
Dividend
distributions........ -- (35,621,387) -- (19,399,095)
------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... (9,746,070) (24,773,611) 83,388,872 54,538,468
------------ ------------ ------------ ------------
Increase (Decrease) in
Net Assets............. 10,125,956 6,639,487 105,892,090 77,601,190
Net Assets, Beginning of
Period/Year............ 282,931,109 276,291,622 136,228,763 58,627,573
------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $293,057,065 $282,931,109 $242,120,853 $136,228,763
============ ============ ============ ============
Components of Net
Assets:
Paid-in capital....... $253,495,351 $263,241,421 $206,192,019 $122,803,147
Accumulated
undistributed net
investment income
(loss)............... 5,262,900 499,542 309,878 (16,273)
Accumulated
undistributed net
realized gain (loss)
on investments....... 4,512,814 (2,110,489) 10,430,485 1,077,756
Unrealized
appreciation
(depreciation) of
investments.......... 29,786,000 21,300,635 25,188,471 12,364,133
------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $293,057,065 $282,931,109 $242,120,853 $136,228,763
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
47
<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, 1997, and throughout
each of the nine years ended December 31, 1996, or, since the Fund's inception
date if in existence less than nine years and other supplementary data with
respect to the Funds are presented below. The financial highlights for the
years 1988 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 presented from the
perspective of the Funds.
<TABLE>
<CAPTION>
MONEY MARKET FUND
------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1997 ----------------------------------------------------------------------
(UNAUDITED) 1996 1995 1994 1993 1992 1991 1990 1989 1988
------------- ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period/Year............ $1.19 $ 1.18 $ 1.19 $ 1.17 $ 1.17 $ 1.18 $ 1.23 $ 1.23 $ 1.22 $ 1.25
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.03 0.06 0.07 0.03 0.04 0.04 0.12 0.10 0.12 0.08
Net Gains or (Losses)
on Securities realized
and unrealized........ -- -- -- 0.02 -- -- (0.05) -- -- --
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............. 0.03 0.06 0.07 0.05 0.04 0.04 0.07 0.10 0.12 0.08
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Less: Dividend
Distributions From Net
Investment Income...... -- (0.05) (0.08) (0.03) (0.04) (0.05) (0.12) (0.10) (0.11) (0.11)
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions..... -- (0.05) (0.08) (0.03) (0.04) (0.05) (0.12) (0.10) (0.11) (0.11)
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period/Year............ $1.22 $ 1.19 $ 1.18 $ 1.19 $ 1.17 $ 1.17 $ 1.18 $ 1.23 $ 1.23 $ 1.22
===== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 2.6 5.3 5.8 4.1 2.9 3.3 4.4 6.8 7.8 5.9
Net Assets, End of
Period/Year ($ millions) 83 78 73 81 38 39 43 89 81 6
Ratio of Expenses to
Average Net Assets (%). 0.25(a) 0.25 0.25 0.25 0.26 0.40 0.40 0.40 0.40 0.40
Ratio of Net Income to
Average Net Assets (%). 5.26(a) 5.21 5.66 4.15 2.90 3.33 5.73 7.79 8.90 6.85
Portfolio Turnover Rate
(b).................... N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
</TABLE>
- -------
(a) Annualized.
(b) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
48
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
ALL AMERICA FUND(b)
-------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1997 -----------------------------------------------------------------------
(UNAUDITED) 1996 1995 1994(c) 1993 1992 1991 1990 1989 1988
------------- ------ ------ ------- ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period/Year............ $2.44 $ 2.13 $ 1.61 $ 1.80 $ 1.79 $ 1.93 $ 1.70 $ 1.81 $ 1.69 $ 1.82
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.01 0.03 0.03 0.04 0.04 0.04 0.18 0.08 0.28 0.06
Net Gains or (Losses)
on Securities realized
and unrealized........ 0.40 0.41 0.56 (0.01) 0.18 0.03 0.23 (0.11) 0.14 0.10
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............. 0.41 0.44 0.59 0.03 0.22 0.07 0.41 (0.03) 0.42 0.16
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Less Dividend
Distributions:
From Net Investment
Income................ -- (0.03) (0.03) (0.04) (0.04) (0.04) (0.05) (0.06) (0.05) (0.09)
From Capital Gains..... -- (0.10) (0.04) (0.18) (0.17) (0.17) (0.13) (0.02) (0.25) (0.20)
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions..... -- (0.13) (0.07) (0.22) (0.21) (0.21) (0.18) (0.08) (0.30) (0.29)
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period/Year............ $2.85 $ 2.44 $ 2.13 $ 1.61 $ 1.80 $ 1.79 $ 1.93 $ 1.70 $ 1.81 $ 1.69
===== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 17.0 20.7 36.6 1.3 12.0 3.2 22.6 (3.8) 24.1 8.7
Net Assets, End of
Period/Year ($ millions) 707 637 533 375 424 398 434 377 437 40
Ratio of Expenses to
Average Net Assets (%). 0.50(a) 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Ratio of Net Income to
Average Net
Assets (%)............. 1.05(a) 1.26 1.57 2.11 1.92 2.02 2.49 3.33 2.54 3.07
Portfolio Turnover Rate
(%)(d)................. 14.87 28.35 33.63 129.80 93.86 129.40 158.35 108.75 117.60 56.94
Average Commission Rate
Paid ($)(e)............ .0548 .0549 -- -- -- -- -- -- -- --
</TABLE>
- -------
(a) Annualized.
(b) Prior to May 2, 1994, this Fund was known as the Stock Fund and had a
different investment objective.
(c) Reflects the combined data of this Fund and that of its predecessor.
(d) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
(e) Average commission rate paid per share of stock is calculated for years
beginning after 1995.
49
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
BOND FUND
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1997 ----------------------------------------------------------------
(UNAUDITED) 1996 1995 1994 1993 1992 1991 1990 1989 1988
------------- ----- ----- ----- ------ ------ ----- ------ ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period/Year............ $1.38 $1.43 $1.27 $1.41 $ 1.41 $ 1.41 $1.33 $ 1.37 $1.27 $1.40
----- ----- ----- ----- ------ ------ ----- ------ ----- -----
Income From Investment
Operations:
Net Investment Income.. 0.04 0.09 0.09 0.09 0.09 0.09 0.13 0.09 -- 0.09
Net Gains or (Losses)
on Securities
realized and
unrealized............ -- (0.04) 0.16 (0.14) 0.09 0.03 0.08 (0.02) 0.16 (0.01)
----- ----- ----- ----- ------ ------ ----- ------ ----- -----
Total From Investment
Operations............ 0.04 0.05 0.25 (0.05) 0.18 0.12 0.21 0.07 0.16 0.08
----- ----- ----- ----- ------ ------ ----- ------ ----- -----
Less Dividend
Distributions:
From Net Investment
Income................ -- (0.09) (0.09) (0.09) (0.09) (0.09) (0.11) (0.11) (0.06) (0.21)
From Capital Gains..... -- (0.01) -- -- (0.09) (0.03) (0.02) -- -- --
----- ----- ----- ----- ------ ------ ----- ------ ----- -----
Total Distributions.... -- (0.10) (0.09) (0.09) (0.18) (0.12) (0.13) (0.11) (0.06) (0.21)
----- ----- ----- ----- ------ ------ ----- ------ ----- -----
Net Asset Value, End of
Period/Year............ $1.42 $1.38 $1.43 $1.27 $ 1.41 $ 1.41 $1.41 $ 1.33 $1.37 $1.27
===== ===== ===== ===== ====== ====== ===== ====== ===== =====
Total Return (%)........ 2.9 3.5 19.4 (3.2) 13.1 8.6 14.0 3.5 11.1 6.2
Net Assets, End of
Period/Year ($ millions) 375 329 311 249 263 233 187 163 109 5
Ratio of Expenses to
Average Net Assets (%). 0.50(a) 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Ratio of Net Income to
Average Net Assets (%). 6.59(a) 6.70 6.64 6.32 6.30 6.93 7.59 8.57 8.55 8.25
Portfolio Turnover Rate
(%)(b)................. 35.58 30.14 41.93 51.14 103.16 112.40 95.00 129.02 47.70 75.61
</TABLE>
- -------
(a) Annualized.
(b) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
50
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
SHORT-TERM BOND FUND MID-TERM BOND FUND
--------------------------------------------- ---------------------------------------------
SIX SIX
MONTHS MONTHS
ENDED YEARS ENDED DECEMBER 31, ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1997 ------------------------------- JUNE 30, 1997 -------------------------------
(UNAUDITED) 1996 1995 1994 1993(b) (UNAUDITED) 1996 1995 1994 1993(b)
------------- ------ ------ ------ ------- ------------- ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period/Year............ $ 1.03 $ 1.02 $ 1.00 $ 1.02 $ 1.00 $ 0.90 $ 1.00 $ 0.91 $ 0.99 $ 1.00
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.03 0.04 0.06 0.04 0.02 0.03 0.14 0.06 0.03 0.04
Net Gains or (Losses)
on Securities realized
and unrealized........ -- 0.01 0.02 (0.02) 0.02 (0.01) (0.10) 0.09 (0.07) 0.04
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............ 0.03 0.05 0.08 0.02 0.04 0.02 0.04 0.15 (0.04) 0.08
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less Dividend
Distributions:
From Net Investment
Income................ -- (0.04) (0.06) (0.04) (0.02) -- (0.14) (0.06) (0.04) (0.04)
From Capital Gains..... -- -- -- -- -- -- -- -- -- (0.05)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions.... -- (0.04) (0.06) (0.04) (0.02) -- (0.14) (0.06) (0.04) (0.09)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period................. $ 1.06 $ 1.03 $ 1.02 $ 1.00 $ 1.02 $ 0.92 $ 0.90 $ 1.00 $ 0.91 $ 0.99
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 2.8 4.9 7.7 1.4 4.6 2.8 3.9 16.3 (3.7) 7.3
Net Assets, End of Year
($ millions)........... 16 16 3 2 3 14 13 24 24 19
Ratio of Expenses to
Average Net Assets (%). 0.50(a) 0.50 0.50 0.48 0.45 0.50(a) 0.50 0.50 0.50 0.45
Ratio of Net Income to
Average Net Assets (%). 5.89(a) 5.42 4.65 3.51 3.09 5.79(a) 5.80 5.73 4.71 4.13
Portfolio Turnover Rate
(%)(c)................. 18.35 6.68 16.47 0.00 122.37 5.66 144.55 73.72 7.52 162.03
</TABLE>
- -------
(a) Annualized.
(b) Commenced operations February 5, 1993.
(c) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
51
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
COMPOSITE FUND
------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1997 ----------------------------------------------------------------------
(UNAUDITED) 1996 1995 1994 1993 1992 1991 1990 1989 1988
------------- ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Begin-
ning of Period/Year.... $1.77 $ 1.81 $ 1.57 $ 1.71 $ 1.59 $ 1.61 $ 1.53 $ 1.63 $ 1.46 $ 1.60
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.03 0.07 0.08 0.05 0.05 0.06 0.19 0.14 0.11 0.08
Net Gains or (Losses)
on Securities realized
and unrealized........ 0.10 0.14 0.27 (0.10) 0.22 0.03 0.09 (0.09) 0.17 0.05
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............. 0.13 0.21 0.35 (0.05) 0.27 0.09 0.28 0.05 0.28 0.13
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income -- (0.08) (0.08) (0.07) (0.05) (0.06) (0.07) (0.10) (0.08) (0.17)
From Capital Gains..... -- (0.17) (0.03) (0.02) (0.10) (0.05) (0.13) (0.05) (0.03) (0.10)
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions..... -- (0.25) (0.11) (0.09) (0.15) (0.11) (0.20) (0.15) (0.11) (0.27)
----- ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period /Year........... $1.90 $ 1.77 $ 1.81 $ 1.57 $ 1.71 $ 1.59 $ 1.61 $ 1.53 $ 1.63 $ 1.46
===== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 7.2 11.9 21.9 (3.0) 16.9 5.9 16.4 1.5 17.2 7.9
Net Assets, End of Pe-
riod /Year($ millions). 293 283 276 233 228 138 111 79 67 51
Ratio of Expenses to Av-
erage Net Assets (%)... 0.50(a) 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Ratio of Net Income to
Average Net Assets (%). 3.39(a) 3.63 4.30 3.88 3.48 4.01 4.75 6.20 5.48 5.94
Portfolio Turnover Rate
(%)(c)................. 26.52 69.79 76.84 113.86 100.76 107.69 134.91 105.06 87.32 50.88
Average Commission Rate
Paid($)(b)............. .0580 .0597 -- -- -- -- -- -- -- --
</TABLE>
- -------
(a) Annualized.
(b) Average commission rate paid per share of stock is calculated for years
beginning after 1995.
(c) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
52
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
EQUITY INDEX FUND AGGRESSIVE EQUITY FUND
--------------------------------------------- -------------------------------------
SIX MONTHS YEARS ENDED SIX MONTHS YEARS ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1997 ------------------------------- JUNE 30, 1997 -----------------------
(UNAUDITED) 1996 1995 1994 1993(b) (UNAUDITED) 1996 1995 1994(c)
------------- ------ ------ ------ ------- ------------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Begin-
ning of Period/Year.... $1.59 $ 1.35 $ 1.02 $ 1.04 $ 1.00 $1.47 $ 1.35 $ 1.05 $ 1.00
----- ------ ------ ------ ------ ----- ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.01 0.03 0.02 0.03 0.02 0.01 0.01 0.01 0.01
Net Gains or (Losses)
on Securities realized
and unrealized........ 0.32 0.27 0.36 (0.01) 0.04 0.19 0.36 0.39 0.05
----- ------ ------ ------ ------ ----- ------ ------ ------
Total From Investment
Operations............. 0.33 0.30 0.38 0.02 0.06 0.20 0.37 0.40 0.06
----- ------ ------ ------ ------ ----- ------ ------ ------
Less Dividend Distributions:
From Net Investment Income -- (0.03) (0.03) (0.03) (0.02) -- (0.01) (0.01) (0.01)
From Capital Gains..... -- (0.03) (0.02) (0.01) -- -- (0.24) (0.09) --
----- ------ ------ ------ ------ ----- ------ ------ ------
Total Distributions..... -- (0.06) (0.05) (0.04) (0.02) -- (0.25) (0.10) (0.01)
----- ------ ------ ------ ------ ----- ------ ------ ------
Net Asset Value, End of
Period/Year............ $1.92 $ 1.59 $ 1.35 $ 1.02 $ 1.04 $1.67 $ 1.47 $ 1.35 $ 1.05
===== ====== ====== ====== ====== ===== ====== ====== ======
Total Return (%)........ 20.5 22.7 36.6 1.5 6.2 13.2 27.1 38.2 6.0
Net Assets, End of
Period/Year ($ millions) 175 102 43 26 27 242 136 59 27
Ratio of Expenses to Av-
erage Net Assets (%)... 0.13(a) 0.13 0.13 0.13 0.11 0.85(a) 0.85 0.85 0.56
Ratio of Net Income to
Average Net Assets (%). 1.96(a) 2.19 2.50 2.67 2.43 0.36(a) 0.45 0.65 0.70
Portfolio Turnover Rate
(%)(e)................. 0.60 5.85 13.99 6.59 1.44 31.22 103.68 116.52 60.86
Average Commission Rate
Paid($)(d)............. .0313 .0388 -- -- -- .0568 .0591 -- --
</TABLE>
- -------
(a) Annualized.
(b) Commenced operations February 5, 1993.
(c) Commenced operations May 2, 1994.
(d) Average commission rate paid per share of stock is calculated for years
beginning after 1995.
(e) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
53
<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") is a
diversified, open-end management investment company -- a type of company
commonly known as a "mutual fund". It is registered as such under the
Investment Company Act of 1940 (the "Investment Company Act"). The Investment
Company was formed on February 21, 1986 as a Maryland corporation and offers
its shares exclusively to separate accounts of Mutual of America Life
Insurance Company ("Mutual of America Life") and Mutual of America Life's
indirect wholly-owned subsidiary, The American Life Insurance Company of New
York ("American Life"). As a "series" type mutual fund, the Investment Company
issues separate classes (or series) of capital stock, each of which represents
a separate Fund of investments. There are currently eight Funds: the Money
Market Fund, the All America Fund, the Equity Index Fund, the Bond Fund, the
Short-Term Bond Fund, the Mid-Term Bond Fund, the Composite Fund, and the
Aggressive Equity Fund. The Investment Company is a successor to Mutual of
America Life's Separate Account No. 2 Money Market, All America (formerly
Stock) Bond and Composite Funds having exchanged its shares for the respective
net assets of these Separate Account No. 2 Funds in 1986.
The Investment Company shares are sold only to Mutual of America Life and
American Life for allocation to their Separate Accounts as a funding medium
for variable annuity and variable life insurance contracts issued by these
companies. As of June 30, 1997 Mutual of America Life owned 98.1% and American
Life 1.9% of the Investment Company's aggregate outstanding shares.
In January 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 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 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.
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 mean of the closing bid and asked 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.
A fund may purchase stock index futures contracts for cash management
purposes to remain more fully invested in the equity markets while
minimizing transaction costs. Initial cash margin deposits (represented
by cash or Treasury bills) are made upon entering into futures
contracts. (This initial margin, equal to approximately 4% of the
contract amount, does not involve the borrowing of funds to finance the
transaction). During the period the futures contract is outstanding,
changes in the value of the contract are recognized as unrealized gains
or losses from futures transactions by "marking-to-market" on a daily
basis to reflect the market value of the contract at
54
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
the end of each trading day. Depending upon whether unrealized gains or
losses are incurred, variation margin payments are received or made.
When the contract is closed, a realized gain or loss from futures
transactions is recorded, equal to the net variation margin received or
paid over the period of the contract. The "Underlying Face Amount at
Value" representing the aggregate of outstanding contractual amounts
under futures contracts reflects the extent of a fund's exposure to off-
balance sheet risk.
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. Foreign source tax withheld from dividends is
recorded as a reduction from dividend income. Should reclamation efforts
succeed, such amounts are recorded as income upon collection.
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 stock is based on the
identified cost basis of the security, determined on the first-in,
first-out ("FIFO") basis.
Federal Income Taxes -- The Investment Company intends to comply with
the requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its taxable
income to shareholders. Therefore, no federal income tax provision is
required.
2. EXPENSES
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, 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.
Under Subadvisory Agreements, the Adviser has delegated its investment
advisory responsibilities to such 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 may place portfolio transactions
through a broker affiliated with the Adviser. The aggregate commissions paid
to this broker for the six months ended June 30, 1997 was $0. In addition, a
Sub-Advisor placed a portion of its portfolio transactions with its affiliated
broker-dealer. Such commissions amounted to $109,744 or 14.7% of the
Investment Company's total commissions.
3. PURCHASES AND SALES
The cost of investment purchases and proceeds from sales of investments,
excluding short-term and U.S. government securities and options for the six
months ended June 30, 1997 was as follows:
<TABLE>
<CAPTION>
ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND
------------ ------------ ------------
<S> <C> <C> <C> <C>
Cost of investment purchases............ $ 97,305,954 $56,403,071 $167,993,294
============ =========== ============
Proceeds from sales of investments...... $141,626,743 $ 801,331 $109,257,768
============ =========== ============
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
---------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Cost of investment purchases............ $3,598,872 $ 771,489 $ 63,750,104 $111,568,535
========== ============ =========== ============
Proceeds from sales of investments...... $2,685,975 $ 575,078 $73,803,163 $ 50,617,453
========== ============ =========== ============
</TABLE>
55
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The cost of short-term security purchases for the Money Market Fund for the
period was $503,013,955. Net proceeds from sales and redemptions for the
period was $499,208,547.
At June 30, 1997, net unrealized appreciation (depreciation) of investments,
based on cost for Federal income tax purposes, was as follows:
<TABLE>
<CAPTION>
MONEY ALL AMERICA EQUITY INDEX BOND
MARKET FUND FUND FUND FUND
----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Aggregate gross unrealized
appreciation.............. $ -- $689,269,732 $ 45,691,973 $ 4,641,146
Aggregate gross unrealized
depreciation.............. -- 410,671,008 1,209,470 3,056,146
----------- ------------ ------------ ------------
Net unrealized appreciation
(depreciation)............ $ -- $278,598,724 $ 44,482,503 $ 1,585,000
=========== ============ ============ ============
Aggregate cost of
investments for Federal
income tax purposes....... $ -- $416,968,533 $130,623,346 $504,406,353
=========== ============ ============ ============
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Aggregate gross unrealized
appreciation.............. $ 55,149 $ 10,045,544 $ 34,155,378 $ 36,682,054
Aggregate gross unrealized
depreciation.............. 18,320 10,058,918 4,369,378 11,493,575
----------- ------------ ------------ ------------
Net unrealized appreciation
(depreciation)............ $ 36,829 $ (13,374) $ 29,786,000 $ 25,188,479
=========== ============ ============ ============
Aggregate cost of
investments for Federal
income tax purposes....... $15,723,399 $ 13,465,645 $300,414,503 $224,567,384
=========== ============ ============ ============
</TABLE>
4. CAPITAL SHARE ACTIVITY
The Investment Company has registered an indefinite number of its capital
shares pursuant to Rule 24F-2 under the Investment Company Act of 1940. Shares
are currently 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..................................... 150,000,000
Bond Fund............................................. 325,000,000
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........................................... 1,900,000,000
Shares to be allocated at the discretion of the Board
of Directors......................................... 1,100,000,000
-------------
Total............................................... 3,000,000,000
=============
</TABLE>
Transactions in shares were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30, 1997
-------------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ ----------
<S> <C> <C> <C> <C>
Shares sold.................. 12,507,248 9,132,305 30,458,327 33,225,965
Shares issued to shareholders
as reinvestment of dividends -- -- -- --
---------- ----------- ---------- ----------
Total........................ 12,507,248 9,132,305 30,458,327 33,225,965
Shares redeemed.............. 10,127,725 22,206,989 3,190,012 7,809,091
---------- ----------- ---------- ----------
Net increase (decrease)...... 2,379,523 (13,074,684) 27,268,315 25,416,874
========== =========== ========== ==========
</TABLE>
56
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30, 1997
--------------------------------------------------------
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE EQUITY
BOND FUND BOND FUND FUND FUND
------------ ----------- ------------ -----------------
<S> <C> <C> <C> <C>
Shares sold............. 1,797,532 5,328,345 2,706,384 58,309,761
Shares issued to share-
holders as reinvestment
of dividends........... -- -- -- --
---------- ---------- ---------- ----------
Total................... 1,797,532 5,328,345 2,706,384 58,309,761
Shares redeemed......... 1,416,403 5,434,797 8,161,861 5,584,846
---------- ---------- ---------- ----------
Net increase (decrease). 381,129 (106,452) (5,455,477) 52,724,915
========== ========== ========== ==========
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1996
--------------------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ -----------------
<S> <C> <C> <C> <C>
Shares sold............. 50,280,297 29,550,325 40,909,613 44,395,084
Shares issued to share-
holders as reinvestment
of dividends........... 2,659,830 13,283,731 2,182,072 15,684,625
---------- ---------- ---------- ----------
Total................... 52,940,127 42,834,056 43,091,685 60,079,709
Shares redeemed......... 49,911,080 32,314,890 11,049,137 39,572,610
---------- ---------- ---------- ----------
Net increase (decrease). 3,029,047 10,519,166 32,042,548 20,507,099
========== ========== ========== ==========
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1996
--------------------------------------------------------
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE EQUITY
BOND FUND BOND FUND FUND FUND
------------ ----------- ------------ -----------------
<S> <C> <C> <C> <C>
Shares sold............. 13,761,891 33,684,710 8,501,017 47,625,065
Shares issued to share-
holders as reinvestment
of dividends........... 590,553 2,035,806 20,004,080 13,092,538
---------- ---------- ---------- ----------
Total................... 14,352,444 35,720,516 28,505,097 60,717,603
Shares redeemed......... 1,718,816 45,316,254 21,578,442 11,562,121
---------- ---------- ---------- ----------
Net increase (decrease). 12,633,628 (9,595,738) 6,926,655 49,155,482
========== ========== ========== ==========
</TABLE>
5. DIVIDENDS
No dividends have been declared or paid as of June 30, 1997 . It is the
Investment Company's practice to declare and distribute such dividends at the
end of the year in conformity with Internal Revenue Code regulations.
57
