<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
We are pleased to report that the results for 1996 for the funds offered by
the Mutual of America Investment Corporation were, overall, quite positive.
Over the past year, the U.S. economy grew at a moderate pace, while
inflation remained low and unemployment stayed steady at around 5.5%. The
continuing infusion of cash into the equity markets saw the Dow Jones
Industrial Average (up 28% for the year) and the Standard & Poor's 500 Stock
Index (with a gain of nearly 23% for 1996) reach record highs. In the debt
markets, short-term rates stayed fairly steady throughout the year, although
long bond rates rose nearly 75 basis points.
For 1997, the economy is expected to continue to grow, while estimates are
that inflation will hover around the 3% level. Competitive pressures continue
to be strong with low unemployment and with producers continuing to absorb
higher cost.
Shown below are the total return figures for each Fund of the Mutual of
America Investment Corporation.
TWELVE MONTHS TO DECEMBER 31, 1996
<TABLE>
<S> <C>
Money Market Fund................................................... + 5.3%
All America Fund.................................................... +20.7%
Equity Index Fund................................................... +22.7%
Bond Fund........................................................... + 3.5%
Short-Term Bond Fund................................................ + 4.9%
Mid-Term Bond Fund.................................................. + 3.9%
Composite Fund...................................................... +11.9%
Aggressive Equity Fund.............................................. +27.1%
</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
(excepting the Money Market Fund) of its 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 respective portfolios of each fund and the 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 5.3% for 1996, matching the Salomon Brothers
three-month Treasury Bill Index return. The seven-day annualized yield as of
12/31/96 was 5.36%.
ALL AMERICA FUND
The investment objective of approximately 60% of this Fund's assets is to
provide investment results that, to the extent practical, correspond to the
performance of the Standard & Poor's 500 Composite Index of 500 Stocks. The
investment objective of the remaining assets is to achieve a high level of
return by means of a diversified portfolio. These assets are managed by three
sub-advisors and by Mutual of America Capital Management Corporation.
For the year ended December 31, the Fund returned 20.7% compared to the S&P
of 23.0%.
[LINE GRAPH APPEARS HERE]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
ALL AMERICA FUND BLENDED INDEX S & P 500 INDEX
---------------- ------------- ---------------
<S> <C> <C> <C>
12/86............... 10,000 10,000
12/87............... 10,889 10,517
12/88............... 11,968 12,252
12/89............... 15,073 16,103
12/90............... 14,846 15,590
12/91............... 18,472 20,352
12/92............... 19,058 21,915
12/93............... 21,374 24,111
5/94............... 20,940 10,000 23,611
12/94............... 21,647 10,265 24,423
12/95............... 29,565 13,975 33,582
12/96............... 35,692 16,971 41,306
</TABLE>
All America Fund
----------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $12,072 20.7% 20.7%
Since 5/2/94 $17,045 70.4% 22.2%
5 Years $19,322 93.2% 14.1%
10 Years $35,692 256.9% 13.6%
S & P 500 Index
---------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $12,300 23.0% 23.0%
Since 5/2/94 $17,495 74.9% 23.4%
5 Years $20,296 103.0% 15.2%
10 Years $41,306 313.1% 15.2%
Blended Index*
--------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $12,144 21.4% 21.4%
Since 5/2/94
(inception) $16,971 69.7% 22.0%
* Beginning with the Fund's 1997 financial statements, the Blended Index will no
longer be used for comparative purposes. The Fund has determined that the
S & P 500 index is more standard performance index that wil facilitate an
investor's evaluation of the Fund's performance.
2
<PAGE>
EQUITY INDEX FUND
For the year ended December 31, 1996, the Equity Index Fund returned 22.7%.
This approximates the return from the S&P 500 Index. (Please note that the S&P
500 is not subject to the fees and expenses that the Equity Index Fund must
pay.) As of June 30th, Morningstar, the mutual fund rating service, increased
the rating of our fund from four stars to five stars, Morningstar's highest
rating.
The main contributors to performance in 1996 included semi-conductor,
footwear, financial, and oil and gas drilling stocks. All of these groups did
sharply better than the index. Subperformance was shown by steel, health care,
home building and trucking stocks--all of these groups had negative returns.
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
EQUITY INDEX FUND S & P 500 INDEX
----------------- ---------------
<S> <C> <C>
2/93..................... 10,000 10,000
12/93.................... 10,619 10,700
12/94.................... 10,781 10,839
12/05.................... 14,729 14,904
12/96.................... 18,079 18,332
</TABLE>
Equity Index Fund
-----------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $12,275 22.7% 22.7%
Since
Inception* $18,079 80.8% 16.4%
S & P 500
---------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $12,300 23.0% 23.0%
Since
Inception* $18,332 83.3% 16.8%
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. 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.
For 1996, the Fund returned 3.5% versus the Index return of 2.9%.
[LINE GRAPH APPEARS HERE]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
LEHMAN BROTHERS
BOND FUND GOV'T./CORP BOND INDEX
--------- ----------------------
<S> <C> <C>
12/86............ 10,000 10,000
12/87............ 9,885 10,230
12/88............ 10,457 11,006
12/89............ 11,787 12,573
12/90............ 12,379 13,613
12/91............ 14,322 15,809
12/92............ 15,553 17,009
12/93............ 17,614 18,886
12/94............ 17,063 18,225
12/95............ 20,379 21,732
12/96............ 21,091 22,362
</TABLE>
Bond Fund
---------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $10,349 3.5% 3.5%
5 Years $14,726 47.3% 8.0%
10 Years $21,091 110.9% 7.7%
Lehman Bros. Gov't./Corp. Bond Index
------------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $10,290 2.9% 2.9%
5 Years $14,145 41.4% 7.2%
10 Years $22,362 123.6% 8.4%
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. For 1996, the Fund returned 4.9%,
slightly under-performing the Salomon Brothers 1-3 year Index return of 5.2%.
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
Short Term Bond Fund Salomon Bros. 1-3 Yr Bond Index
<S> <C> <C>
2/93........ 10,000 10,000
12/93........ 10,449 10,448
12/94........ 10,600 10,511
12/95........ 11,421 11,655
12/96........ 11,985 12,257
</TABLE>
Short-Term Bond Fund
--------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $10,494 4.9% 4.9%
Since
Inception* $11,985 19.8% 4.7%
Salomon Bros. 1-3 Year Bond Index
---------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $10,516 5.2% 5.2%
Since
Inception* $12,257 22.6% 5.3%
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 emphasized U.S. Treasury
securities due to the historically narrow spreads between corporate debt
securities and government debt securities in its maturity range. The Fund
returned 3.9% for 1996 matching the Salomon Brothers 3-7 year Index return of
3.9%.
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
MID-TERM BOND FUND SALOMON BROTHERS 3-7 YEAR BOND INDEX
------------------ ------------------------------------
<S> <C> <C>
2/93.......... 10,000 10,000
12/93......... 10,727 10,722
12/94......... 10,355 10,436
12/95......... 12,042 12,197
12/96......... 12,510 12,669
</TABLE>
Mid - Term Bond Fund
--------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $10,389 3.9% 3.9%
Since
Inception* $12,510 25.1% 5.9%
Salomon Bros. 3-7 Year Bond Index
---------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $10,387 3.9% 3.9%
Since
Inception* $12,669 26.7% 6.2%
6
<PAGE>
COMPOSITE FUND
The Composite Fund returned 11.9% for 1996, compared to a blended index
(stocks, bonds/Treasury Bills) return of 13.0%. The equity portion of the Fund
increased by 20.5% for the year, compared to a total return for the S&P 500 of
23%. The bond portion of the fund increased by 4.1% for the year, compared to
a 2.9% return for the Lehman Brothers Government/Corporate Index. The asset
allocation remains approximately the same since August 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 poor
performance in technology and consumer staple-related issues.
[LINE GRAPH APPEARS HERE]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
50% S & P 500 INDEX
LEHMAN BROS. LEHMAN BROS. GOV'T/CORP
GOV'T/CORP BOND INDEX -
COMPOSITE FUND BOND INDEX S & P 500 INDEX BLENDED INDEX
-------------- ---------- --------------- -----------------------
<S> <C> <C> <C> <C>
12/86..... 10,000 10,000 10,000 10,000
12/87..... 10,568 10,230 10,518 10,374
12/88..... 11,528 11,006 12,254 11,623
12/89..... 13,707 12,573 16,106 14,278
12/90..... 14,116 13,613 15,592 14,641
12/91..... 16,677 15,809 20,353 18,057
12/92..... 17,668 17,009 21,918 19,436
12/93..... 20,702 18,886 24,107 21,479
12/94..... 20,067 18,225 24,426 21,246
12/95..... 24,461 21,732 33,606 27,282
12/96..... 27,370 22,362 41,335 30,815
</TABLE>
Composite Fund
--------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $11,189 11.9% 11.9%
5 Years $16,412 64.1% 10.4%
10 Years $27,370 173.7% 10.6%
S & P 500 Index
---------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $12,300 23.0% 23.0%
5 Years $20,309 103.1% 15.2%
10 Years $41,335 313.4% 15.2%
50% S & P 500 Index / 50% Lehman Bros.
Gov't/Corp. Bond Index (Blended)*
--------------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $11,295 13.0% 13.0%
5 Years $17,065 70.7% 11.3%
10 Years $30,815 208.2% 11.9%
Lehman Bros. Gov't/Corp Bond Index
----------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $10,290 2.9% 2.9%
5 Years $14,145 41.4% 7.2%
10 Years $22,362 123.6% 8.4%
* Beginning with the Fund's 1997 financial statements, this blended index will
no longer be used. The Fund has determined that the S & P 500 Index and the
Lehman Brothers Government/Corporate Bond Index and the 90 - day Treasury Bill
rate, shown separately, would be more appropriate in evaluating the Fund's
performance based on the types of securities in which it invests.
7
<PAGE>
AGGRESSIVE EQUITY FUND
The Aggressive Equity Fund has approximately 50% of its assets in value
stocks and 50% in growth stocks. Overall, the Fund seeks to produce an above
average long-term return, recognizing that at times, value will outperform
growth and vice-versa. Overall results for 1996 showed a gain of 27.1%
compared to a 16.5% gain in the Russell 2000 Index. The gain in the Value
segment of the Fund was 34.4%, compared to a gain of 21.4% in the Russell 2000
Value Index. The gain in the Growth segment of the Fund was 22.3%, compared to
a gain of 11.3% in the Russell 2000 Growth Index. Positive contributors to
this year's performance included the energy, capital goods and technology
sectors.
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Aggressive Equity Fund Russell 2000 Index S & P 500 Index #
---------------------- ------------------ -----------------
<S> <C> <C> <C>
05/94.............. 10,000 10,000 10,000
12/94.............. 10,597 9,459 10,344
12/95.............. 14,640 11,165 14,223
12/96.............. 18,608 13,832 17,494
</TABLE>
Aggressive Equity Fund
----------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $12,711 27.1% 27.1%
Since
Inception* $18,608 86.1% 26.3%
Russell 2000 Index
------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $11,649 16.5% 16.5%
Since
Inception* $14,730 47.3% 15.7%
S & P 500 Index
---------------
Total Return
Period Growth ----------------------
Ended of Cumu- Annual
12/31/96 $10,000 lative Average
- -------- ------- ------ -------
1 Year $12,300 23.0% 23.0%
Since
Inception* $17,494 74.9% 23.4%
* Beginning with the Fund's 1997 financial statements, the S & P 500 Index will
no longer be used for comparative purposes. The Fund has determined that the
Russell 2000 Index would be more appropriate in evaluating the Fund's
performance based on the types of securities in which it invests.
8
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATING* RATE MATURITY AMOUNT COST
------- -------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (100.0%):
Air Products & Chemicals
Corp. ...................... A1/P1 5.38% 01/14/97 $1,369,000 $ 1,366,333
Air Products & Chemicals
Corp. ...................... A1/P1 5.30 01/15/97 2,340,000 2,335,146
Alabama Power Co. ........... A1/P1 5.32 02/06/97 2,740,000 2,725,373
Associates Corp. ............ A1+/P1 5.31 01/21/97 3,500,000 3,489,614
Baltimore Gas & Electric
Co. ........................ A1/P1 5.31 01/10/97 3,150,000 3,145,795
Banc One Funding............. A1/P1 5.31 01/07/97 400,000 399,643
Bell Atlantic Capital Fund-
ing......................... A1/P1 5.70 01/15/97 725,000 723,391
Bell Atlantic Capital Fund-
ing......................... A1/P1 5.60 01/29/97 600,000 597,382
Daimler-Benz NA.............. A1/P1 5.30 02/04/97 1,000,000 994,965
Daimler-Benz NA.............. A1/P1 5.30 01/08/97 2,180,000 2,177,725
Ford Motor Credit Corp. ..... A1/P1 5.31 01/09/97 3,500,000 3,495,819
Gannett, Inc. ............... A1/P1 5.35 01/13/97 505,000 504,096
General Electric Capital
Corp. ...................... A1+/P1 5.30 01/07/97 835,000 834,257
General Electric Capital
Corp. ...................... A1+/P1 5.31 01/17/97 1,500,000 1,496,438
Great Lakes Chemical Corp. .. A1/P1 5.40 01/22/97 3,595,000 3,583,643
IBM Credit Corp. ............ A1/P1 5.31 01/17/97 2,200,000 2,194,776
IBM Credit Corp. ............ A1/P1 5.37 01/09/97 1,510,000 1,508,192
International Lease Fin.
Corp. ...................... A1/P1 5.50 01/17/97 2,050,000 2,044,979
International Lease Fin.
Corp. ...................... A1/P1 5.28 01/06/97 1,500,000 1,498,891
Interstate Power Corp. ...... A1/P1 5.33 01/14/97 3,500,000 3,493,219
Knight Ridder................ A1+/P1 5.30 01/06/97 2,275,000 2,273,307
Knight Ridder................ A1+/P1 5.30 01/17/97 1,400,000 1,396,665
Lucent Technologies.......... A1/P1 5.38 01/17/97 700,000 698,320
Merrill Lynch & Co., Inc. ... A1+/P1 5.44 01/21/97 1,071,000 1,067,715
Merrill Lynch & Co., Inc. ... A1+/P1 5.33 01/21/97 2,000,000 1,994,002
Morgan J.P. & Co. ........... A1+/P1 5.38 01/10/97 365,000 364,508
Morgan J.P. & Co. ........... A1+/P1 5.40 01/10/97 739,000 738,000
Northern States Power........ A1+/P1 5.30 01/07/97 2,600,000 2,597,675
Petrofina Delaware Inc. ..... A1/P1 6.50 01/02/97 1,337,000 1,336,759
PHH Corp. ................... A1/P1 5.48 01/31/97 3,025,000 3,011,142
Raytheon Co. ................ A1/P1 5.33 01/14/97 449,000 448,132
Raytheon Co. ................ A1/P1 5.34 01/17/97 2,000,000 1,995,235
Smithkline Beecham........... A1/P1 5.27 01/06/97 3,000,000 2,997,791
Sony Capital Corp. .......... A1/P1 5.50 01/22/97 2,000,000 1,993,571
Toyota Motor Credit Corp. ... A1+/P1 5.30 01/16/97 3,600,000 3,591,943
UBS Finance Del. Inc. ....... A1+/P1 7.75 01/02/97 2,475,000 2,474,467
UBS Finance Del. Inc. ....... A1+/P1 5.75 01/03/97 1,400,000 1,399,552
Warner-Lambert Co. .......... A1+/P1 5.30 01/06/97 3,500,000 3,497,391
Washington Gas Light Compa-
ny.......................... A1+/P1 5.31 01/17/97 1,000,000 997,627
Weyerhaeuser Co. ............ A1/P1 5.42 01/16/97 520,000 518,822
Weyerhaeuser Co. ............ A1/P1 5.38 01/16/97 630,000 628,584
Weyerhaeuser Co. ............ A1/P1 5.29 01/07/97 955,000 954,150
Wisconsin Electric Fuel...... A1+/P1 5.31 01/13/97 2,199,000 2,195,079
-----------
TOTAL SHORT-TERM DEBT SECURI-
TIES
(Cost: $77,780,114) 100%..... $77,780,114
===========
</TABLE>
- -------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investors
Services, Inc.
9
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEXED PORTION:
COMMON STOCKS
3Com Corp. ............................................... 11,900 $ 873,162
Abbott Laboratories....................................... 53,400 2,710,050
Advanced Micro Devices, Inc. ............................. 9,400 242,050
Aetna, Inc. .............................................. 10,300 824,000
Ahmanson (H.F.) & Co. .................................... 7,200 234,000
Air Products & Chemicals Corp. ........................... 7,700 532,262
Airtouch Communications, Inc. ............................ 34,400 868,600
Alberto Culver Co. Cl B................................... 1,900 91,200
Albertson's, Inc. ........................................ 17,300 616,312
Alcan Aluminum Ltd. ...................................... 15,500 521,187
Alco Standard Corp. ...................................... 8,900 459,462
Alexander & Alexander Svcs. .............................. 3,100 53,862
Allegheny Teledyne Inc. .................................. 12,000 276,000
Allergan, Inc. ........................................... 4,500 160,312
AlliedSignal, Inc. ....................................... 19,400 1,299,800
Allstate Corp. ........................................... 30,500 1,765,187
Alltel Corp. ............................................. 13,000 407,875
Aluminum Co. of America................................... 11,900 758,625
Alza Corp. ............................................... 5,800 150,075
Amdahl Corp. ............................................. 8,300 100,637
Amerada Hess Corp. ....................................... 6,400 370,400
American Brands, Inc. .................................... 11,700 580,612
American Electric Power Co. .............................. 12,900 530,512
American Express Co. ..................................... 32,500 1,836,250
American General Corp. ................................... 14,000 572,250
American Greetings Corp. Cl A............................. 5,100 144,712
American Home Products Corp. ............................. 43,900 2,573,637
American Int'l. Group, Inc. .............................. 32,200 3,485,650
American Stores Co. ...................................... 10,000 408,750
Ameritech Corp. .......................................... 37,700 2,285,562
Amgen, Inc. .............................................. 18,200 989,625
Amoco Corp. .............................................. 34,200 2,753,100
Amp, Inc. ................................................ 15,100 579,462
AMR Corp. ................................................ 6,200 546,375
Andrew Corp. ............................................. 4,100 217,556
Anheuser Busch Cos., Inc. ................................ 34,300 1,372,000
Aon Corp. ................................................ 7,400 459,725
Apple Computer, Inc. ..................................... 8,500 177,437
Applied Materials, Inc. .................................. 12,300 442,031
Archer Daniels Midland Co. ............................... 37,400 822,800
Armco, Inc. .............................................. 7,300 30,112
Armstrong World Inds., Inc. .............................. 2,800 194,600
Asarco, Inc. ............................................. 2,900 72,137
Ashland, Inc. ............................................ 4,400 193,050
AT&T Corp. ............................................... 111,300 4,841,550
Atlantic Richfield Co. ................................... 11,000 1,457,500
Autodesk, Inc. ........................................... 3,100 86,800
Automatic Data Processing, Inc. .......................... 19,900 853,212
AutoZone, Inc. ........................................... 10,100 277,750
Avery Dennison Corp. ..................................... 7,200 254,700
Avon Products, Inc. ...................................... 9,100 519,837
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Baker Hughes, Inc. ....................................... 9,900 $ 341,550
Ball Corp................................................. 2,100 54,600
Baltimore Gas & Electric Co. ............................. 10,100 270,175
Banc One Corp............................................. 29,400 1,264,200
Bank of Boston Corp....................................... 10,500 674,625
Bank of New York, Inc. ................................... 26,900 907,875
BankAmerica Corp.......................................... 24,600 2,453,850
Bankers Trust New York Corp............................... 5,600 483,000
Bard (C.R.), Inc. ........................................ 3,900 109,200
Barnett Banks, Inc. ...................................... 13,400 551,075
Barrick Gold Corp......................................... 24,500 704,375
Battle Mountain Gold Co. ................................. 15,400 105,875
Bausch & Lomb, Inc. ...................................... 3,800 133,000
Baxter International, Inc. ............................... 18,700 766,700
Bay Networks, Inc. ....................................... 13,300 277,637
Becton Dickinson & Co. ................................... 8,600 373,025
Bell Atlantic Corp. ...................................... 30,100 1,948,975
BellSouth Corp............................................ 68,200 2,753,575
Bemis Co. ................................................ 3,600 132,750
Beneficial Corp........................................... 3,700 234,487
Bethlehem Steel Corp...................................... 7,700 69,300
Beverly Enterprises, Inc. ................................ 6,800 86,700
Biomet, Inc. ............................................. 7,900 119,487
Black & Decker Corp....................................... 6,000 180,750
Block (H & R), Inc. ...................................... 7,100 205,900
Boatmen's Bancshares, Inc. ............................... 10,600 683,700
Boeing Co. ............................................... 24,600 2,616,867
Boise Cascade Corp........................................ 3,300 104,775
Boston Scientific Corp.................................... 12,200 732,000
Briggs & Stratton Corp.................................... 2,000 88,000
Bristol-Myers Squibb Co. ................................. 34,400 3,741,000
Brown-Forman Corp. Cl B................................... 4,700 215,025
Browning Ferris Inds., Inc. .............................. 14,600 383,250
Brunswick Corp............................................ 6,800 163,200
Burlington Northern Santa Fe.............................. 10,500 906,937
Burlington Resources, Inc. ............................... 8,600 433,225
Cabletron Systems, Inc. .................................. 10,700 355,775
Caliber System, Inc ...................................... 2,700 51,975
Campbell Soup Co. ........................................ 16,100 1,292,025
Carolina Power & Light Co. ............................... 10,400 379,600
Case Corp................................................. 5,000 272,500
Caterpillar, Inc. ........................................ 13,200 993,300
Centex Corp. ............................................. 2,000 75,250
Central & South West Corp. ............................... 14,500 371,562
Ceridian Corp. ........................................... 4,700 190,350
Champion International Corp. ............................. 6,600 285,450
Charming Shoppes, Inc. ................................... 7,200 36,450
Chase Manhattan Corp. .................................... 30,100 2,686,425
Chevron Corp. ............................................ 44,800 2,912,000
Chrysler Corp. ........................................... 50,000 1,650,000
Chubb Corp. .............................................. 12,000 645,000
CIGNA Corp. .............................................. 5,200 710,450
Cincinnati Milacron, Inc. ................................ 2,700 59,062
Cinergy Corp. ............................................ 10,800 360,450
</TABLE>
10
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEXED PORTION (CONT'D):
Circuit City Stores, Inc. ................................ 6,700 $ 201,837
Cisco Systems, Inc. ...................................... 44,600 2,837,675
Citicorp.................................................. 32,300 3,326,900
Clorox Co. ............................................... 3,500 351,312
Coastal Corp. ............................................ 7,200 351,900
Coca-Cola Co. ............................................ 170,900 8,993,612
Cognizant Corp. .......................................... 11,700 386,100
Colgate-Palmolive Co. .................................... 10,100 931,725
Columbia Gas System, Inc. ................................ 3,800 241,775
Columbia HCA Healthcare Corp. ............................ 46,100 1,878,575
Comcast Corp. Cl A........................................ 22,400 399,000
Comerica, Inc. ........................................... 7,400 387,575
Compaq Computer Corp. .................................... 18,600 1,381,050
Computer Associates Intl., Inc. .......................... 25,100 1,248,725
Computer Sciences Corp. .................................. 5,200 427,050
Conagra, Inc. ............................................ 16,500 820,875
Conrail, Inc. ............................................ 5,500 547,937
Consolidated Edison Co NY, Inc. .......................... 16,100 470,925
Consolidated Natural Gas Co. ............................. 6,500 359,125
Cooper Industries......................................... 7,400 311,725
Cooper Tire & Rubber Co. ................................. 5,700 112,575
Coors (Adolph) Co. Cl B................................... 2,600 49,400
CoreStates Financial Corp. ............................... 15,300 793,687
Corning, Inc. ............................................ 15,800 730,750
CPC International, Inc. .................................. 9,900 767,250
Crane Co. ................................................ 3,200 92,800
Crown Cork & Seal Co., Inc. .............................. 8,800 478,500
CSX Corp. ................................................ 14,900 629,525
CUC International, Inc. .................................. 27,000 641,250
Cummins Engine, Inc. ..................................... 2,700 124,200
CVS Corp. ................................................ 7,300 302,037
Cyprus Amax Minerals Co. ................................. 6,400 149,600
Dana Corp. ............................................... 7,000 228,375
Darden Restaurants, Inc. ................................. 10,800 94,500
Data General Corp. ....................................... 2,700 39,150
Dayton Hudson Corp. ...................................... 14,900 584,825
Dean Witter Discover & Co. ............................... 11,000 728,750
Deere & Co. .............................................. 17,700 719,062
Dell Computer Corp. ...................................... 12,400 658,750
Delta Air Lines, Inc. .................................... 5,100 361,462
Deluxe Corp. ............................................. 5,700 186,675
Digital Equipment Corp. .................................. 10,600 385,575
Dillard Dept. Stores, Inc. ............................... 7,800 240,825
Disney (Walt) Co. ........................................ 46,600 3,244,525
Dominion Resources, Inc. ................................. 12,400 477,400
Donnelley (R.R.) & Sons Co. .............................. 10,300 323,162
Dover Corp. .............................................. 7,700 386,925
Dow Chemical Co. ......................................... 16,700 1,308,862
Dow Jones & Co., Inc. .................................... 6,600 223,575
Dresser Industries, Inc. ................................. 12,100 375,100
DSC Communications Corp. ................................. 8,100 144,787
DTE Energy Co. ........................................... 10,000 323,750
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Du Pont (E.I.) De Nemours................................. 38,700 $ 3,652,312
Duke Power Co. ........................................... 13,800 638,250
Dun & Bradstreet Corp. ................................... 11,700 277,875
Eastern Enterprises....................................... 1,400 49,525
Eastman Chemical Co. ..................................... 5,300 292,825
Eastman Kodak Co. ........................................ 22,900 1,837,725
Eaton Corp. .............................................. 5,300 369,675
Echlin, Inc. ............................................. 4,300 135,987
Echo Bay Mines, Ltd. ..................................... 9,600 63,600
Ecolab, Inc. ............................................. 4,400 165,550
Edison International...................................... 29,800 592,275
EG&G, Inc. ............................................... 3,300 66,412
EMC Corp. ................................................ 16,000 530,000
Emerson Electric Co. ..................................... 15,400 1,489,950
Engelhard Corp. .......................................... 9,900 189,337
Enron Corp. .............................................. 17,500 754,687
Enserch Corp. ............................................ 4,800 110,400
Entergy Corp. ............................................ 15,900 441,225
Exxon Corp. .............................................. 85,300 8,359,400
Federal Express Corp. .................................... 7,800 347,100
Federal Home Loan Mtge Corp. ............................. 12,300 1,354,537
Federal National Mtge. Assn. ............................. 75,000 2,793,750
Federated Department Stores............................... 14,300 487,987
Fifth Third Bancorp....................................... 7,300 458,531
First Bank System, Inc. .................................. 9,200 627,900
First Chicago NBD Corp. .................................. 21,900 1,177,125
First Data Corp. ......................................... 30,700 1,120,550
First Union Corp. ........................................ 19,500 1,443,000
Fleet Financial Group, Inc. .............................. 18,000 897,750
Fleetwood Enterprises, Inc. .............................. 2,400 66,000
Fleming Cos., Inc. ....................................... 2,600 44,850
Fluor Corp. .............................................. 5,700 357,675
FMC Corp. ................................................ 2,600 182,325
Ford Motor Co. ........................................... 81,400 2,594,625
Foster Wheeler Corp. ..................................... 2,800 103,950
FPL Group, Inc. .......................................... 12,600 579,600
Freeport-McMoran Copper Cl B.............................. 13,300 397,337
Frontier Corp. ........................................... 11,200 253,400
Fruit of the Loom, Inc. .................................. 5,300 200,737
Gannett, Inc. ............................................ 9,700 726,287
Gap, Inc. ................................................ 19,500 587,437
General Dynamics Corp. ................................... 4,300 303,150
General Electric Co. ..................................... 113,100 11,182,762
General Instrument Corp. ................................. 9,400 203,275
General Mills, Inc. ...................................... 10,800 684,450
General Motors Corp. ..................................... 51,900 2,893,425
General Re Corp. ......................................... 5,700 899,175
General Signal Corp. ..................................... 3,400 145,350
Genuine Parts Co. ........................................ 8,300 369,350
Georgia Pacific Corp. .................................... 6,300 453,600
Giant Food, Inc. ......................................... 4,100 141,450
Giddings & Lewis, Inc. ................................... 2,300 29,612
Gillette Co. ............................................. 30,600 2,379,150
Golden West Financial Corp. .............................. 3,900 246,187
</TABLE>
11
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEXED PORTION (CONT'D):
Goodrich (B.F.) Co. ...................................... 3,700 $ 149,850
Goodyear Tire & Rubber Co. ............................... 10,700 549,712
GPU Inc. ................................................. 8,300 279,087
Grainger (W.W.), Inc. .................................... 3,600 288,900
Great Atl. & Pac. Tea Co. ................................ 2,600 82,875
Great Lakes Chemical Corp. ............................... 4,300 201,025
Great Western Financial Corp. ............................ 9,500 275,500
Green Tree Financial Corp. ............................... 9,400 363,075
GTE Corp. ................................................ 66,100 3,007,550
Guidant Corp. ............................................ 5,000 285,000
Halliburton Co. .......................................... 8,600 518,150
Harcourt General, Inc. ................................... 4,900 226,012
Harland (John H.) Co. .................................... 2,100 69,300
Harnischfeger Industries, Inc. ........................... 3,400 163,625
Harrah's Entertainment, Inc. ............................. 7,100 141,112
Harris Corp. ............................................. 2,700 185,287
Hasbro, Inc. ............................................. 5,900 229,362
Heinz (H.J.) Co. ......................................... 25,300 904,475
Helmerich & Payne, Inc. .................................. 1,700 88,612
Hercules, Inc. ........................................... 7,000 302,750
Hershey Foods Corp. ...................................... 10,500 459,375
Hewlett-Packard Co. ...................................... 69,800 3,507,450
HFS Inc. ................................................. 8,800 525,800
Hilton Hotels Corp. ...................................... 16,900 441,512
Home Depot, Inc. ......................................... 33,000 1,654,125
Homestake Mining Co. ..................................... 10,100 143,925
Honeywell, Inc. .......................................... 8,700 572,025
Household International, Inc. ............................ 6,700 618,075
Houston Industries, Inc. ................................. 16,100 364,262
Humana, Inc. ............................................. 11,200 214,200
Illinois Tool Works, Inc. ................................ 8,500 678,937
Inco Ltd. ................................................ 11,600 369,750
Ingersoll Rand Co. ....................................... 7,500 333,750
Inland Steel, Inc. ....................................... 3,400 68,000
Intel Corp. .............................................. 56,400 7,384,875
Intergraph Corp. ......................................... 3,300 33,825
International Paper Co. .................................. 20,600 831,725
Interpublic Group of Cos., Inc. .......................... 5,600 266,000
Intl. Business Machines Corp. ............................ 35,500 5,360,500
Intl. Flavors & Fragrances................................ 7,600 342,000
ITT Corp. ................................................ 8,000 347,000
ITT Hartford Group, Inc. ................................. 8,100 546,750
ITT Industries, Inc. ..................................... 8,100 198,450
James River Corp. of VA................................... 5,900 195,437
Jefferson-Pilot Corp. .................................... 4,900 277,462
Johnson & Johnson......................................... 91,500 4,552,125
Johnson Controls, Inc. ................................... 2,800 232,050
Jostens, Inc. ............................................ 2,700 57,037
Kaufman & Broad Home Corp. ............................... 2,700 34,762
Kellogg Co. .............................................. 14,500 951,562
Kerr-McGee Corp. ......................................... 3,300 237,600
KeyCorp................................................... 15,500 782,750
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Kimberly Clark Corp. ..................................... 19,400 $ 1,847,850
King World Productions, Inc. ............................. 2,600 95,875
Kmart Corp. .............................................. 33,200 344,450
Knight-Ridder, Inc. ...................................... 6,400 244,800
Kroger Corp. ............................................. 8,700 404,550
Laidlaw, Inc. Cl B........................................ 21,600 248,400
Lilly (Eli) & Co. ........................................ 37,900 2,766,700
Limited (The), Inc. ...................................... 18,600 341,775
Lincoln National Corp. ................................... 7,200 378,000
Liz Claiborne, Inc. ...................................... 4,900 189,262
Lockheed Martin Corp. .................................... 13,200 1,207,800
Loews Corp. .............................................. 7,900 744,575
Longs Drug Stores, Inc. .................................. 1,300 63,862
Louisiana Land & Exploration.............................. 2,300 123,337
Louisiana-Pacific Corp. .................................. 7,500 158,437
Lowe's Companies, Inc. ................................... 11,900 422,450
LSI Logic Corp. .......................................... 8,800 235,400
Lucent Technologies, Inc. ................................ 43,700 2,021,125
Mallinckrodt, Inc. ....................................... 5,100 225,037
Manor Care, Inc. ......................................... 4,300 116,100
Marriott International, Inc. ............................. 8,800 486,200
Marsh & McLennan Cos., Inc. .............................. 4,900 509,600
Masco Corp. .............................................. 11,000 396,000
Mattel, Inc. ............................................. 18,700 518,925
May Department Stores Co. ................................ 17,300 808,775
Maytag Corp. ............................................. 6,900 136,275
MBIA Inc. ................................................ 3,000 303,750
MBNA Corp. ............................................... 15,300 634,950
McDermott International, Inc. ............................ 3,800 63,175
McDonald's Corp. ......................................... 47,900 2,167,475
McDonnell Douglas Corp. .................................. 14,600 934,400
McGraw-Hill Cos., Inc. ................................... 6,800 313,650
MCI Communications Corp. ................................. 47,000 1,536,312
Mead Corp. ............................................... 3,600 209,250
Medtronic, Inc. .......................................... 16,500 1,122,000
Mellon Bank Corp. ........................................ 8,900 631,900
Mercantile Stores, Inc. .................................. 2,500 123,437
Merck & Co., Inc. ........................................ 82,800 6,561,900
Meredith Corp. ........................................... 1,800 94,950
Merrill Lynch & Co., Inc. ................................ 11,300 920,950
MGIC Investment Corp. .................................... 4,000 304,000
Micron Technology, Inc. .................................. 14,300 416,487
Microsoft Corp. .......................................... 82,100 6,783,512
Millipore Corp. .......................................... 3,000 124,125
Minnesota Mining & Mfg. Co. .............................. 28,700 2,378,512
Mobil Corp. .............................................. 27,100 3,312,975
Monsanto Co. ............................................. 40,400 1,570,550
Moore Corp., Ltd. ........................................ 6,900 140,587
Morgan (J.P.) & Co., Inc. ................................ 12,800 1,249,600
Morgan Stanley Group, Inc. ............................... 10,500 599,812
Morton International, Inc. ............................... 9,800 399,350
Motorola, Inc. ........................................... 40,700 2,497,962
NACCO Industries, Inc. Cl A............................... 600 32,100
Nalco Chemical Co. ....................................... 4,600 166,175
</TABLE>
12
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEXED PORTION (CONT'D):
National City Corp. ...................................... 15,200 $ 682,100
National Semiconductor Corp. ............................. 9,500 231,562
National Service Industries............................... 3,300 123,337
NationsBank Corp.......................................... 19,700 1,925,675
Navistar International Corp. ............................. 5,100 46,537
New York Times Co. Cl A .................................. 6,600 250,800
Newell Co. ............................................... 10,900 343,350
Newmont Mining Corp. ..................................... 6,800 304,300
Niagara Mohawk Power Corp. ............................... 9,900 97,762
Nicor, Inc. .............................................. 3,400 121,550
Nike, Inc. Cl B .......................................... 19,800 1,183,050
NorAm Energy Corp. ....................................... 9,400 144,525
Nordstrom, Inc. .......................................... 5,600 198,450
Norfolk Southern Corp. ................................... 8,600 752,500
Northern States Power Co. ................................ 4,700 215,612
Northern Telecom, Ltd. ................................... 17,700 1,095,187
Northrop Grumman Corp. ................................... 4,000 331,000
Norwest Corp. ............................................ 25,400 1,104,900
Novell, Inc. ............................................. 23,600 223,463
Nucor Corp. .............................................. 6,000 306,000
NYNEX Corp. .............................................. 30,200 1,453,375
Occidental Petroleum Corp. ............................... 22,600 528,275
Ohio Edison Co. .......................................... 10,500 238,875
Oneok, Inc. .............................................. 1,900 57,000
Oracle Corp. ............................................. 45,100 1,882,925
Oryx Energy Co. .......................................... 7,200 178,200
Owens Corning ............................................ 3,500 149,187
Paccar, Inc. ............................................. 2,700 183,600
Pacific Enterprises ...................................... 5,800 176,175
Pacific Telesis Group .................................... 29,400 1,080,450
PacifiCorp ............................................... 20,200 414,100
Pall Corp. ............................................... 7,900 201,450
PanEnergy Corp. .......................................... 10,400 468,000
Parker Hannifin Corp. .................................... 5,100 197,625
Peco Energy Co. .......................................... 15,300 386,325
Penney (J.C.) Co., Inc. .................................. 15,800 770,250
Pennzoil Co. ............................................. 3,200 180,800
Peoples Energy Corp. ..................................... 2,400 81,300
Pep Boys-Manny, Moe & Jack ............................... 4,300 132,225
Pepsico, Inc. ............................................ 106,700 3,120,975
Perkin-Elmer Corp. ....................................... 3,000 176,625
Pfizer, Inc. ............................................. 44,300 3,671,362
PG & E Corp. ............................................. 28,300 594,300
Pharmacia & Upjohn, Inc. ................................. 34,900 1,382,912
Phelps Dodge Corp. ....................................... 4,500 303,750
Phillip Morris Cos., Inc. ................................ 55,900 6,295,737
Phillips Petroleum Co. ................................... 18,100 800,925
Pioneer Hi-Bred Intl., Inc. .............................. 5,700 399,000
Pitney Bowes, Inc. ....................................... 10,200 555,900
Placer Dome, Inc. ........................................ 16,400 356,700
PNC Bank Corp. ........................................... 23,400 880,425
Polaroid Corp. ........................................... 3,100 134,850
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Potlatch Corp. ........................................... 2,000 $ 86,000
PP&L Resources, Inc. ..................................... 11,100 255,300
PPG Industries, Inc. ..................................... 12,600 707,175
Praxair, Inc. ............................................ 10,700 493,537
Price/Costco, Inc. ....................................... 13,500 339,187
Proctor & Gamble Co. ..................................... 46,800 5,031,000
Providian Corp. .......................................... 6,400 328,800
Public Svc. Enterprise Group ............................. 16,400 446,900
Pulte Corp. .............................................. 1,600 49,200
Quaker Oats Co. .......................................... 9,300 354,562
Ralston Purina Co. ....................................... 7,300 535,637
Raychem Corp. ............................................ 3,100 248,387
Raytheon Co. ............................................. 16,200 779,625
Reebok International Ltd. ................................ 3,800 159,600
Republic New York Corp. .................................. 3,800 310,175
Reynold's Metals Co. ..................................... 4,400 248,050
Rite-Aid Corp. ........................................... 8,400 333,900
Rockwell Intl Corp. ...................................... 15,000 913,125
Rohm & Haas Co. .......................................... 4,400 359,150
Rowan Cos., Inc. ......................................... 5,900 133,487
Royal Dutch Petroleum Co. ................................ 36,800 6,283,600
Rubbermaid, Inc. ......................................... 10,300 234,325
Russell Corp. ............................................ 2,600 77,350
Ryder System, Inc. ....................................... 5,600 157,500
Safeco Corp. ............................................. 8,700 343,106
Safety Kleen Corp. ....................................... 4,000 65,500
Salomon, Inc. ............................................ 7,500 353,437
Santa Fe Energy Resources, Inc. .......................... 6,200 86,025
Sante Fe Pacific Gold Corp. .............................. 9,000 138,375
Sara Lee Corp. ........................................... 33,200 1,236,700
SBC Communications, Inc. ................................. 41,500 2,147,625
Schering-Plough Corp. .................................... 25,400 1,644,650
Schlumberger, Ltd. ....................................... 16,900 1,687,887
Scientific-Atlanta, Inc. ................................. 5,300 79,500
Seagate Technology, Inc. ................................. 17,300 683,350
Seagram, Ltd. ............................................ 25,600 992,000
Sears Roebuck & Co. ...................................... 26,900 1,240,762
Service Corp. International .............................. 16,200 453,600
Shared Medical Systems Corp. ............................. 1,600 78,800
Sherwin-Williams Co. ..................................... 5,900 330,400
Sigma Aldrich Corp. ...................................... 3,400 212,287
Silicon Graphics, Inc. ................................... 12,000 306,000
Snap-On, Inc. ............................................ 4,200 149,625
Sonat, Inc. .............................................. 5,900 303,850
Southern Co. ............................................. 46,300 1,047,537
Southwest Airlines Co. ................................... 10,000 221,250
Springs Industries, Inc. Cl A ............................ 1,400 60,200
Sprint Corp. ............................................. 29,600 1,180,300
St. Jude Medical, Inc. ................................... 5,600 238,700
St. Paul Companies (The) ................................. 5,700 334,162
Stanley Works ............................................ 6,100 164,700
Stone Container Corp. .................................... 6,800 101,150
Stride Rite Corp. ........................................ 3,400 34,000
Sun Co., Inc. ............................................ 5,000 121,875
</TABLE>
13
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
INDEXED PORTION (CONT'D):
Sun Microsystems, Inc. .................................... 25,200 $ 647,325
Suntrust Banks, Inc. ...................................... 15,300 753,525
Supervalu, Inc. ........................................... 4,600 130,525
Sysco Corp. ............................................... 12,300 401,287
Tandem Computers, Inc. .................................... 8,100 111,375
Tandy Corp. ............................................... 4,000 176,000
Tektronix, Inc. ........................................... 2,300 117,875
Tele-Communications, Inc. Cl A ............................ 45,600 595,650
Tellabs, Inc. ............................................. 12,300 462,787
Temple-Inland, Inc. ....................................... 3,800 205,675
Tenet Healthcare Corp. .................................... 14,900 325,937
Tenneco, Inc. ............................................. 11,700 527,962
Texaco, Inc. .............................................. 18,200 1,785,875
Texas Instruments, Inc. ................................... 13,000 828,750
Texas Utilities Co. ....................................... 15,400 627,550
Textron, Inc. ............................................. 5,700 537,225
Thermo Electron Corp. ..................................... 10,100 416,625
Thomas & Betts Corp. ...................................... 3,600 159,750
Time Warner, Inc. ......................................... 39,100 1,466,250
Times Mirror Co. Cl A ..................................... 6,800 338,300
Timken Co. ................................................ 2,100 96,337
TJX Cos., Inc. ............................................ 5,300 251,087
Torchmark Corp. ........................................... 4,800 242,400
Toys R Us, Inc. ........................................... 18,800 564,000
Transamerica Corp. ........................................ 4,600 363,400
Travelers Group, Inc. ..................................... 44,000 1,996,499
Tribune Co. ............................................... 4,200 331,275
Trinova Corp. ............................................. 1,900 69,112
TRW, Inc. ................................................. 8,700 430,650
Tupperware Corp. .......................................... 4,300 230,587
Tyco Labs, Inc. ........................................... 10,800 571,050
U.S. Bancorp .............................................. 10,400 467,350
U.S. Life Corp. ........................................... 2,400 79,800
U.S. Surgical Corp. ....................................... 4,300 169,312
U.S. West Media Group ..................................... 42,900 793,650
U.S. West Communications Group ............................ 32,800 1,057,800
Unicom Corp. .............................................. 14,800 401,450
Unilever N.V. ............................................. 11,000 1,927,750
Union Camp Corp. .......................................... 4,800 229,200
Union Carbide Corp. ....................................... 8,700 355,612
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Union Electric Co. ........................................ 7,000 $ 269,500
Union Pacific Corp. ....................................... 16,800 1,010,100
Union Pacific Resources Grp. .............................. 17,200 503,099
Unisys Corp. .............................................. 12,000 81,000
United Healthcare Corp. ................................... 12,600 567,000
United Technologies Corp. ................................. 16,500 1,089,000
Unocal Corp. .............................................. 17,200 698,750
UNUM Corp. ................................................ 5,000 361,250
USAir Group, Inc. ......................................... 4,400 102,850
USF&G Corp. ............................................... 7,900 164,912
UST, Inc. ................................................. 12,800 414,400
USX-Marathon Group ........................................ 19,700 470,337
USX-U.S. Steel Group, Inc. ............................... 5,800 181,975
V F Corp. ................................................. 4,400 297,000
Viacom, Inc. .............................................. 24,300 847,476
W.R. Grace & Co. .......................................... 6,100 315,675
Wachovia Corp. ............................................ 11,300 638,450
Wal-Mart Stores, Inc. ..................................... 157,500 3,602,812
Walgreen Co. .............................................. 16,900 676,000
Warner-Lambert Co. ........................................ 18,600 1,395,000
Wells Fargo & Co. ......................................... 6,400 1,726,453
Wendy's International, Inc. ............................... 8,900 182,450
Western Atlas, Inc. ....................................... 3,700 262,237
Westinghouse Electric Corp. ............................... 29,000 576,375
Westvaco Corp. ............................................ 7,000 201,250
Weyerhaeuser Co. .......................................... 13,600 644,300
Whirlpool Corp. ........................................... 5,100 237,787
Whitman Corp. ............................................. 7,100 162,412
Willamette Industries, Inc. ............................... 3,800 264,575
Williams Cos., Inc. ....................................... 10,800 405,000
Winn-Dixie Stores, Inc. ................................... 10,400 328,900
WMX Technologies, Inc. .................................... 33,300 1,086,412
Woolworth Corp. ........................................... 9,200 201,250
WorldCom, Inc. ............................................ 28,100 732,356
Worthington Industries, Inc. .............................. 6,200 112,375
Wrigley (Wm.) Jr. Co. ..................................... 8,000 450,000
Xerox Corp. ............................................... 22,300 1,173,602
------------
TOTAL INDEXED PORTION-- COMMON STOCKS
(Cost: $253,067,266) 61.0%........................................ 387,206,933
------------
</TABLE>
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT
---- -------- ----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. Government(*)
U.S. Treasury Bill..................... 5.00% 05/15/97 $ 310,000 304,191
------------
Commercial Paper (0.2%)
Merrill Lynch & Co., Inc............... 6.50 01/02/97 1,527,000 1,526,620
------------
TOTAL INDEXED--SHORT-TERM DEBT SECURITIES
(Cost: $1,830,915) 0.3%......................................... 1,830,811
------------
TOTAL INDEXED PORTION
(Cost: $254,898,181) 61.3%...................................... 389,037,744
------------
</TABLE>
- -------
* Less than .1%
14
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
ACTIVE PORTION:
COMMON STOCKS
Basic Materials (0.9%)
Delta & Pine Land Co. ................................... 140,000 $ 4,480,000
Millenium Chemical Inc*.................................. 55,900 992,225
Titanium Metals Corporation*............................. 11,900 391,212
------------
5,863,437
------------
Consumer, Cyclical (9.9%)
American Greetings Corp. Cl A............................ 56,300 1,597,512
Atlas Air, Inc.*......................................... 7,800 372,450
Block (H & R), Inc....................................... 45,000 1,305,000
Blyth Industries, Inc.*.................................. 11,600 529,250
Borg-Warner Automotive, Inc.............................. 80,000 3,080,000
Brunswick Corp........................................... 62,000 1,488,000
Callaway Golf Co......................................... 155,000 4,456,250
Cinar Films, Inc. Cl B*.................................. 40,000 1,040,000
Compucom Systems, Inc.*.................................. 18,300 196,725
Cross-Continent Auto Retailers*.......................... 18,300 382,012
Designer Holdings Ltd*................................... 20,000 322,500
Eastman Kodak Co......................................... 18,555 1,489,038
Fine Host Corp*.......................................... 19,000 365,750
Finlay Enterprises, Inc.*................................ 86,000 1,333,000
First Alert, Inc.*....................................... 100,000 337,500
Footstar, Inc.*.......................................... 25,000 621,875
Gannett, Inc............................................. 17,600 1,317,800
Golden Bear Golf, Inc.*.................................. 69,500 781,875
Harold's Stores, Inc.*................................... 37,900 544,812
Jones Apparel Group, Inc.*............................... 21,000 784,875
Landry's Seafood Restaurant*............................. 36,400 778,050
Loehmann's Holdings, Inc.*............................... 18,000 414,000
Loewen Group, Inc........................................ 20,550 804,018
Lone Star Steakhouse*.................................... 40,700 1,088,725
Masco Corp............................................... 33,500 1,206,000
May Department Stores Co. ............................... 30,100 1,407,175
Midwest Express Holdings, Inc.*.......................... 55,000 1,980,000
Nautica Enterprises, Inc.*............................... 14,000 353,500
Norton McNaughton, Inc.*................................. 87,000 739,500
OfficeMax, Inc.*......................................... 35,000 371,875
Outback Steakhouse, Inc.*................................ 5,200 139,100
PetSmart Inc.*........................................... 10,200 223,125
Prime Hospitality Corp*.................................. 25,000 403,125
Quiksilver Inc*.......................................... 11,400 243,675
Ryder System, Inc........................................ 39,500 1,110,937
St. John Knits, Inc...................................... 168,800 7,342,800
Stage Stores Inc*........................................ 14,400 262,800
Tandy Corp. ............................................. 32,000 1,408,000
The Men's Wearhouse, Inc.*............................... 15,000 367,500
The Sports Authority Inc*................................ 43,300 941,775
Tiffany & Co............................................. 158,500 5,805,062
Toll Brothers Inc*....................................... 102,000 1,989,000
Tommy Hilfiger Corp.*.................................... 6,600 316,800
Tower Automotive, Inc.*.................................. 123,000 3,843,750
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Unitog Co. .............................................. 83,000 $ 2,261,750
West Marine, Inc.*....................................... 30,000 847,500
Whirlpool Corp........................................... 28,600 1,333,475
Xerox Corp. ............................................. 41,900 2,204,987
------------
62,534,228
------------
Consumer, Non-Cyclical (3.9%)
Access Health, Inc.*..................................... 17,000 760,750
American Stores Co. ..................................... 47,800 1,953,825
Biochem Pharma, Inc.*.................................... 11,600 582,900
Biopsys Medical, Inc.*................................... 21,300 463,275
CompDent Corp.*.......................................... 22,600 796,650
Conagra, Inc. ........................................... 32,000 1,592,000
Conmed Corp.*............................................ 61,000 1,250,500
ESC Medical Systems Ltd.*................................ 21,200 540,600
Heartport, Inc.*......................................... 9,000 205,875
Hologic, Inc*............................................ 40,800 1,009,800
Intercardia, Inc.*....................................... 3,500 75,250
Kimberly-Clark Corp. .................................... 15,720 1,497,330
Lincare Holdings, Inc.*.................................. 19,000 779,000
Mentor Corp. ............................................ 19,600 578,200
Novartis*................................................ 22,386 1,281,598
Pharmacia & Upjohn, Inc.*................................ 38,100 1,509,712
Phillip Morris Cos., Inc. ............................... 20,700 2,331,337
PhyCor, Inc.*............................................ 22,500 638,437
Physician Sales & Service, Inc.*......................... 23,000 330,625
Rural/Metro Corp.*....................................... 15,500 558,000
Serologicals Corp.*...................................... 10,000 353,750
Sola International, Inc.*................................ 111,000 4,218,000
Steris Corp.*............................................ 17,500 761,250
Target Therapeutics, Inc.*............................... 11,000 462,000
------------
24,530,664
------------
Energy (1.6%)
Kerr-McGee Corp. ........................................ 19,200 1,382,400
Mobil Corp. ............................................. 11,000 1,344,750
Oceaneering Int'l, Inc.*................................. 130,000 2,063,750
Repsol S.A. ADR.......................................... 56,775 2,164,546
Royal Dutch Petroleum Co. ............................... 8,100 1,383,075
Union Pacific Resources Grp. ............................ 20,496 599,508
USX-Marathon Group....................................... 58,400 1,394,300
------------
10,332,329
------------
Financial (3.5%)
Ahmanson (H.F.) & Co. ................................... 34,951 1,135,907
American Int'l. Group, Inc.*............................. 29,300 3,171,725
Aon Corp. ............................................... 21,000 1,304,625
Citicorp................................................. 49,000 5,047,000
Keystone Financial, Inc.*................................ 74,750 1,868,750
Loews Corp. ............................................. 15,900 1,498,575
National Golf Properties, Inc. .......................... 40,000 1,265,000
NationsBank Corp. ....................................... 18,000 1,759,500
Providian Corp. ......................................... 29,100 1,495,012
</TABLE>
15
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
ACTIVE PORTION (CONT'D):
Summit Bancorp........................................... 58,900 $ 2,576,875
The Money Store, Inc. ................................... 34,500 953,062
------------
22,076,031
------------
Industrial (5.2%)
Acxiom Corp.*............................................ 25,000 600,000
AGCO Corp. .............................................. 75,000 2,146,875
Applied Materials, Inc.*................................. 47,300 1,699,843
Burlington Northern Santa Fe............................. 17,711 1,529,787
Checkfree Corp*.......................................... 70,000 1,198,750
Coach USA, Inc.*......................................... 35,000 1,015,000
Crown Cork & Seal Co., Inc. ............................. 26,400 1,435,500
Cymer, Inc.*............................................. 28,000 1,347,500
Employee Solutions, Inc.*................................ 30,000 615,000
FactSet Research Systems, Inc.*.......................... 22,600 474,600
First Data Corp. ........................................ 91,982 3,357,343
Forrester Research Inc.*................................. 3,300 84,975
Foster Wheeler Corp. .................................... 38,500 1,429,312
Greenfield Industries Inc. .............................. 45,000 1,378,125
Hardinge, Inc. .......................................... 86,000 2,289,750
HBO & Co. ............................................... 10,800 641,250
Metromail Corp.*......................................... 14,000 255,500
National Data Corp. ..................................... 12,000 522,000
Parker Hannifin Corp. ................................... 35,000 1,356,250
PMT Services, Inc.*...................................... 13,700 239,750
Quick Response Services, Inc.*........................... 19,200 547,200
Quintiles Transnational Corp.*........................... 8,700 576,375
Railtex, Inc.*........................................... 50,500 1,275,125
Sealed Air Corp.*........................................ 22,000 915,750
Union Pacific Corp. ..................................... 24,200 1,455,025
Uniphase Corporation*.................................... 10,000 525,000
United Waste Systems, Inc.*.............................. 28,000 962,500
USA Waste Services, Inc.*................................ 50,000 1,593,750
Whittman-Hart, Inc.*..................................... 32,000 820,000
Wyman-Gordon Co.*........................................ 24,000 534,000
------------
32,821,835
------------
Technology (12.6%)
3Com Corp.*.............................................. 139,700 10,250,487
Adaptec, Inc.*........................................... 21,000 840,000
Ascend Communications, Inc.*............................. 18,700 1,161,737
Atmel Corp.*............................................. 100,600 3,332,375
Auspex Systems, Inc.*.................................... 17,800 206,925
Bay Networks, Inc.*...................................... 105,750 2,207,531
CBT Group PLC*........................................... 10,000 542,500
Cellpro, Inc.*........................................... 30,000 375,000
Checkpoint Systems*...................................... 23,400 579,150
Cisco Systems, Inc.*..................................... 142,500 9,066,562
Citrix Systems, Inc.*.................................... 16,800 656,250
ClinTrials, Inc.*........................................ 10,500 238,875
Compaq Computer Corp.*................................... 62,500 4,640,625
Compuware Corp.*......................................... 20,000 1,002,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Curative Health Services Inc.*........................... 7,800 $ 215,962
Digital Microwave Corp.*................................. 34,400 958,900
DSP Communications, Inc.*................................ 36,800 713,000
Electronics For Imaging, Inc.*........................... 13,000 1,069,250
Glenayre Technologies, Inc.*............................. 20,362 439,055
Greenwich Air Services, Inc. B*.......................... 26,000 578,500
INCYTE Pharmaceuticals, Inc.*............................ 14,000 721,000
Infinity Financial Tech., Inc.*.......................... 5,200 89,700
Information Mgmt Resources*.............................. 20,000 422,500
Inso Corp.*.............................................. 10,200 405,450
Integrated Systems, Inc.*................................ 14,200 369,200
Intel Corp.*............................................. 62,000 8,118,125
Intl. Business Machines Corp. ........................... 20,276 3,061,676
Keane, Inc.*............................................. 22,400 711,200
Learning Company Inc*.................................... 30,500 438,437
Linear Technology Corp. ................................. 65,500 2,873,812
Maxim Integrated Products, Inc.*......................... 68,500 2,962,625
Medic Computer Systems, Inc.*............................ 28,500 1,148,906
Minnesota Mining & Mfg. Co. ............................. 20,490 1,698,108
Motorola, Inc. .......................................... 34,000 2,086,750
Network Appliance, Inc.*................................. 6,500 330,687
Parametric Technology Co.*............................... 18,000 924,750
PictureTel Corp.*........................................ 25,000 650,000
Raster Graphics, Inc.*................................... 34,500 409,687
Raytheon Co.*............................................ 26,576 1,278,970
S3, Inc.*................................................ 38,000 617,500
Saville Systems PLC-Spon ADR*............................ 16,200 658,125
Structural Dynamics Research*............................ 43,300 866,000
Sun Microsystems, Inc.*.................................. 200,000 5,137,500
Systemsoft Corp.*........................................ 22,600 336,175
Tellabs, Inc.*........................................... 28,000 1,053,500
U.S. Robotics Corp.*..................................... 23,300 1,677,600
Videoserver Inc.*........................................ 28,200 1,198,500
Waters Corp.*............................................ 17,300 525,487
Xilinx, Inc.*............................................ 17,000 625,812
------------
80,472,966
------------
Utilities (1.0%)
British Telecom PLC--Spon ADR*........................... 10,000 686,250
Edison International..................................... 38,000 755,250
LCI International, Inc.*................................. 22,100 475,150
MCI Communications Corp. ................................ 48,300 1,578,806
PG & E Corp. ............................................ 30,600 642,600
SBC Communications, Inc. ................................ 27,000 1,397,250
Tele Danmark A/S--ADR.................................... 22,500 613,125
------------
6,148,431
------------
TOTAL ACTIVE PORTION--
COMMON STOCKS
(Cost: $173,147,656) 38.6%....................................... 244,779,921
------------
</TABLE>
- -------
* Non-income producing security.
16
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- -------- ------------
<S> <C> <C> <C> <C>
ACTIVE PORTION (CONT'D):
SHORT-TERM DEBT SECURITIES:
Commercial Paper (0.1%)
Ford Motor Credit Corp. ................. 5.88% 01/02/97 $300,000 $ 299,951
Merrill Lynch & Co., Inc................. 6.50 01/02/97 320,000 319,942
------------
619,893
------------
TOTAL ACTIVE PORTION SHORT-TERM DEBT SECURITIES
(Cost: $619,893) 0.1%........................................... 619,893
------------
TOTAL ACTIVE PORTION
(Cost: $173,767,549) 38.7%...................................... 245,399,814
------------
TOTAL INVESTMENTS
(Cost: $428,665,730) 100.0%..................................... $634,437,558
============
</TABLE>
- -------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 1996:
<TABLE>
<CAPTION>
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN
---------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
2 S&P 500 Stock Index Futures Contracts... March 1997 $744,500 $6,350
======== ======
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities--0.1%
17
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEX PORTION:
COMMON STOCKS
3Com Corp. ............................................... 2,900 $ 212,787
Abbott Laboratories....................................... 12,900 654,675
Advanced Micro Devices, Inc. ............................. 2,300 59,225
Aetna, Inc. .............................................. 2,500 200,000
Ahmanson (H.F.) & Co. .................................... 1,700 55,250
Air Products & Chemicals Corp. ........................... 1,800 124,425
Airtouch Communications, Inc. ............................ 8,300 209,575
Alberto Culver Co. Cl B................................... 500 24,000
Albertson's, Inc. ........................................ 4,200 149,625
Alcan Aluminum Ltd. ...................................... 3,700 124,412
Alco Standard Corp. ...................................... 2,200 113,575
Alexander & Alexander Svcs. .............................. 700 12,162
Allegheny Teledyne Inc. .................................. 2,900 66,700
Allergan, Inc. ........................................... 1,100 39,187
AlliedSignal, Inc. ....................................... 4,700 314,900
Allstate Corp. ........................................... 7,400 428,275
Alltel Corp. ............................................. 3,100 97,262
Aluminum Co. of America................................... 2,900 184,875
Alza Corp. ............................................... 1,400 36,225
Amdahl Corp. ............................................. 2,000 24,250
Amerada Hess Corp. ....................................... 1,500 86,812
American Brands, Inc. .................................... 2,800 138,950
American Electric Power Co. .............................. 3,100 127,487
American Express Co. ..................................... 7,800 440,700
American General Corp. ................................... 3,400 138,975
American Greetings Corp. Cl A............................. 1,200 34,050
American Home Products Corp. ............................. 10,600 621,425
American Int'l. Group, Inc. .............................. 7,800 844,350
American Stores Co. ...................................... 2,400 98,100
Ameritech Corp. .......................................... 9,100 551,687
Amgen, Inc. .............................................. 4,400 239,250
Amoco Corp. .............................................. 8,200 660,100
Amp, Inc. ................................................ 3,600 138,150
AMR Corp. ................................................ 1,500 132,187
Andrew Corp. ............................................. 1,000 53,062
Anheuser Busch Cos., Inc. ................................ 8,300 332,000
Aon Corp. ................................................ 1,800 111,825
Apple Computer, Inc. ..................................... 2,100 43,837
Applied Materials, Inc. .................................. 3,000 107,812
Archer Daniels Midland Co. ............................... 9,000 198,000
Armco, Inc. .............................................. 1,800 7,425
Armstrong World Inds., Inc. .............................. 700 48,650
Asarco, Inc. ............................................. 700 17,412
Ashland, Inc. ............................................ 1,100 48,262
AT&T Corp. ............................................... 26,800 1,165,800
Atlantic Richfield Co. ................................... 2,700 357,750
Autodesk, Inc. ........................................... 800 22,400
Automatic Data Processing, Inc. .......................... 4,800 205,800
AutoZone, Inc. ........................................... 2,700 74,250
Avery Dennison Corp. ..................................... 1,800 63,675
Avon Products, Inc. ...................................... 2,200 125,675
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Baker Hughes, Inc. ....................................... 2,400 $ 82,800
Ball Corp. ............................................... 500 13,000
Baltimore Gas & Electric Co. ............................. 2,400 64,200
Banc One Corp. ........................................... 7,100 305,300
Bank of Boston Corp. ..................................... 2,500 160,625
Bank of New York, Inc. ................................... 6,500 219,375
BankAmerica Corp. ........................................ 5,900 588,525
Bankers Trust New York Corp. ............................. 1,400 120,750
Bard (C.R.), Inc. ........................................ 900 25,200
Barnett Banks, Inc. ...................................... 3,200 131,600
Barrick Gold Corp. ....................................... 5,900 169,625
Battle Mountain Gold Co. ................................. 3,700 25,437
Bausch & Lomb, Inc. ...................................... 900 31,500
Baxter International, Inc. ............................... 4,500 184,500
Bay Networks, Inc. ....................................... 3,200 66,800
Becton Dickinson & Co. ................................... 2,100 91,087
Bell Atlantic Corp. ...................................... 7,200 466,200
BellSouth Corp. .......................................... 16,400 662,150
Bemis Co. ................................................ 900 33,187
Beneficial Corp. ......................................... 900 57,037
Bethlehem Steel Corp. .................................... 1,800 16,200
Beverly Enterprises, Inc. ................................ 1,600 20,400
Biomet, Inc. ............................................. 1,900 28,737
Black & Decker Corp. ..................................... 1,500 45,187
Block (H & R), Inc. ...................................... 1,700 49,300
Boatmen's Bancshares, Inc. ............................... 2,600 167,700
Boeing Co. ............................................... 5,900 627,612
Boise Cascade Corp. ...................................... 800 25,400
Boston Scientific Corp. .................................. 2,900 174,000
Briggs & Stratton Corp. .................................. 500 22,000
Bristol-Myers Squibb Co. ................................. 8,300 902,625
Brown-Forman Corp. Cl B................................... 1,100 50,325
Browning Ferris Inds., Inc. .............................. 3,500 91,875
Brunswick Corp. .......................................... 1,600 38,400
Burlington Northern Santa Fe.............................. 2,500 215,937
Burlington Resources, Inc. ............................... 2,100 105,787
Cabletron Systems, Inc. .................................. 2,600 86,450
Caliber System, Inc. ..................................... 600 11,550
Campbell Soup Co. ........................................ 3,900 312,975
Carolina Power & Light Co. ............................... 2,500 91,250
Case Corp. ............................................... 1,200 65,400
Caterpillar, Inc. ........................................ 3,200 240,800
Centex Corp. ............................................. 500 18,812
Central & South West Corp. ............................... 3,500 89,687
Ceridian Corp. ........................................... 1,100 44,550
Champion International Corp. ............................. 1,600 69,200
Charming Shoppes, Inc. ................................... 1,700 8,606
Chase Manhattan Corp. .................................... 7,300 651,525
Chevron Corp. ............................................ 10,800 702,000
Chrysler Corp. ........................................... 12,100 399,300
Chubb Corp. .............................................. 2,900 155,875
CIGNA Corp. .............................................. 1,200 163,950
Cincinnati Milacron, Inc. ................................ 700 15,312
Cinergy Corp. ............................................ 2,600 86,781
</TABLE>
18
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEX PORTION (CONT'D):
Circuit City Stores, Inc. ................................ 1,600 $ 48,200
Cisco Systems, Inc. ...................................... 10,700 680,787
Citicorp.................................................. 7,800 803,400
Clorox Co. .............................................. 900 90,337
Coastal Corp. ............................................ 1,700 83,087
Coca-Cola Co. ............................................ 41,200 2,168,150
Cognizant Corp. .......................................... 2,800 92,400
Colgate-Palmolive Co. .................................... 2,400 221,400
Columbia Gas System, Inc. ................................ 900 57,262
Columbia HCA Healthcare Corp. ............................ 11,100 452,325
Comcast Corp. Cl A........................................ 5,400 96,187
Comerica, Inc. ........................................... 1,800 94,275
Compaq Computer Corp. ................................... 4,500 334,125
Computer Associates Intl., Inc. ......................... 6,000 298,500
Computer Sciences Corp. .................................. 1,300 106,762
Conagra, Inc. ............................................ 4,000 199,000
Conrail, Inc. ............................................ 1,300 129,512
Consolidated Edison Co NY, Inc. .......................... 3,900 114,075
Consolidated Natural Gas Co. ............................ 1,600 88,400
Cooper Industries......................................... 1,800 75,825
Cooper Tire & Rubber Co. ................................. 1,400 27,650
Coors (Adolph) Co. Cl B................................... 600 11,400
CoreStates Financial Corp. ............................... 3,700 191,937
Corning, Inc. ............................................ 3,800 175,750
CPC International, Inc. .................................. 2,400 186,000
Crane Co. ................................................ 425 12,325
Crown Cork & Seal Co., Inc. .............................. 2,100 114,187
CSX Corp. ............................................... 3,600 152,100
CUC International, Inc. .................................. 6,500 154,375
Cummins Engine, Inc. ..................................... 700 32,200
CVS Corp. ................................................ 1,700 70,337
Cyprus Amax Minerals Co. ................................. 1,500 35,062
Dana Corp. ............................................... 1,700 55,462
Darden Restaurants, Inc. ................................. 2,600 22,750
Data General Corp. ....................................... 600 8,700
Dayton Hudson Corp. ...................................... 3,600 141,300
Dean Witter Discover & Co. .............................. 2,700 178,875
Deere & Co. .............................................. 4,300 174,687
Dell Computer Corp. ...................................... 3,000 159,375
Delta Air Lines, Inc. .................................... 1,200 85,050
Deluxe Corp. ............................................ 1,400 45,850
Digital Equipment Corp. .................................. 2,600 94,575
Dillard Dept. Stores, Inc. .............................. 1,900 58,662
Disney (Walt) Co. ........................................ 11,200 779,799
Dominion Resources, Inc. ................................. 3,000 115,500
Donnelley (R.R.) & Sons Co. .............................. 2,500 78,437
Dover Corp. .............................................. 1,900 95,475
Dow Chemical Co. ........................................ 4,000 313,500
Dow Jones & Co., Inc. .................................... 1,600 54,200
Dresser Industries, Inc. ................................. 2,900 89,900
DSC Communications Corp. ................................ 1,900 33,962
DTE Energy Co. .......................................... 2,400 77,700
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Du Pont (E.I.) De Nemours................................. 9,300 $ 877,687
Duke Power Co. ........................................... 3,300 152,625
Dun & Bradstreet Corp. ................................... 2,800 66,500
Eastern Enterprises....................................... 300 10,612
Eastman Chemical Co. ..................................... 1,300 71,825
Eastman Kodak Co. ........................................ 5,500 441,375
Eaton Corp. .............................................. 1,300 90,675
Echlin, Inc. ............................................. 1,000 31,625
Echo Bay Mines, Ltd. ..................................... 2,300 15,237
Ecolab, Inc. ............................................. 1,100 41,387
Edison International...................................... 7,200 143,100
EG&G, Inc. ............................................... 800 16,100
EMC Corp. ................................................ 3,900 129,187
Emerson Electric Co. ..................................... 3,700 357,975
Engelhard Corp. .......................................... 2,400 45,900
Enron Corp. .............................................. 4,200 181,125
Enserch Corp. ............................................ 1,200 27,600
Entergy Corp. ............................................ 3,800 105,450
Exxon Corp. .............................................. 20,600 2,018,800
Fannie Mae................................................ 18,100 674,225
Federal Express Corp. .................................... 1,900 84,550
Federal Home Loan Mtge Corp. ............................. 3,000 330,375
Federated Department Stores............................... 3,400 116,025
Fifth Third Bancorp....................................... 1,800 113,062
First Bank System, Inc. .................................. 2,200 150,150
First Chicago NBD Corp. .................................. 5,300 284,875
First Data Corp. ......................................... 7,400 270,100
First Union Corp. ........................................ 4,700 347,800
Fleet Financial Group, Inc. .............................. 4,300 214,462
Fleetwood Enterprises, Inc. .............................. 600 16,500
Fleming Cos., Inc. ....................................... 600 10,350
Fluor Corp. .............................................. 1,400 87,850
FMC Corp. ................................................ 600 42,075
Ford Motor Co. ........................................... 19,600 624,750
Foster Wheeler Corp. ..................................... 700 25,987
FPL Group, Inc. .......................................... 3,000 138,000
Freeport-McMoran Copper Cl B ............................. 3,200 95,600
Frontier Corp. ........................................... 3,000 67,875
Fruit of the Loom, Inc. ................................. 1,300 49,237
Gannett, Inc. ............................................ 2,300 172,212
Gap, Inc. ................................................ 4,700 141,587
General Dynamics Corp. ................................... 1,000 70,500
General Electric Co. ..................................... 27,300 2,699,287
General Instrument Corp. ................................. 2,300 49,737
General Mills, Inc. ...................................... 2,600 164,775
General Motors Corp. .................................... 12,500 696,875
General Re Corp. ......................................... 1,400 220,850
General Signal Corp. ..................................... 800 34,200
Genuine Parts Co. ....................................... 2,000 89,000
Georgia Pacific Corp. .................................... 1,500 108,000
Giant Food, Inc. ......................................... 1,000 34,500
Giddings & Lewis, Inc. ................................... 500 6,437
Gillette Co. ............................................. 7,400 575,350
Golden West Financial Corp. .............................. 900 56,812
</TABLE>
19
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEX PORTION (CONT'D):
Goodrich (B.F.) Co. ...................................... 900 $ 36,450
Goodyear Tire & Rubber Co. ............................... 2,600 133,575
GPU Inc. ................................................. 2,000 67,250
Grainger (W.W.), Inc. .................................... 900 72,225
Great Atl. & Pac. Tea Co. ................................ 600 19,125
Great Lakes Chemical Corp. ............................... 1,000 46,750
Great Western Financial Corp. ............................ 2,300 66,700
Green Tree Financial Corp. ............................... 2,300 88,837
GTE Corp. ................................................ 15,900 723,450
Guidant Corp. ............................................ 1,400 79,800
Halliburton Co. .......................................... 2,100 126,525
Harcourt General, Inc. ................................... 1,200 55,350
Harland (John H.) Co. .................................... 500 16,500
Harnischfeger Industries, Inc. ........................... 800 38,500
Harrah's Entertainment, Inc. ............................. 1,700 33,787
Harris Corp. ............................................. 600 41,175
Hasbro, Inc. ............................................. 1,400 54,425
Heinz (H.J.) Co. ......................................... 6,100 218,075
Helmerich & Payne, Inc. .................................. 400 20,850
Hercules, Inc. ........................................... 1,700 73,525
Hershey Foods Corp. ...................................... 2,500 109,375
Hewlett-Packard Co. ...................................... 16,800 844,200
HFS Inc. ................................................. 2,100 125,475
Hilton Hotels Corp. ...................................... 4,000 104,500
Home Depot, Inc. ......................................... 8,000 401,000
Homestake Mining Co. ..................................... 2,400 34,200
Honeywell, Inc. .......................................... 2,100 138,075
Household International, Inc. ............................ 1,600 147,600
Houston Industries, Inc. ................................. 3,900 88,237
Humana, Inc. ............................................. 2,700 51,637
Illinois Tool Works, Inc. ................................ 2,000 159,750
Inco Ltd. ................................................ 2,800 89,250
Ingersoll Rand Co. ....................................... 1,800 80,100
Inland Steel, Inc. ....................................... 800 16,000
Intel Corp. .............................................. 13,600 1,780,750
Intergraph Corp. ......................................... 800 8,200
International Paper Co. .................................. 5,000 201,875
Interpublic Group of Cos., Inc. .......................... 1,300 61,750
Intl. Business Machines Corp. ............................ 8,600 1,298,600
Intl. Flavors & Fragrances ............................... 1,800 81,000
ITT Corp. ................................................ 1,900 82,412
ITT Hartford Group, Inc. ................................. 1,900 128,250
ITT Industries, Inc. ..................................... 2,000 49,000
James River Corp. of VA .................................. 1,400 46,375
Jefferson-Pilot Corp. .................................... 1,200 67,950
Johnson & Johnson ........................................ 22,000 1,094,500
Johnson Controls, Inc. ................................... 700 58,012
Jostens, Inc. ............................................ 600 12,675
Kaufman & Broad Home Corp. ............................... 600 7,725
Kellogg Co. .............................................. 3,500 229,687
Kerr-McGee Corp. ......................................... 800 57,600
KeyCorp .................................................. 3,700 186,850
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Kimberly Clark Corp. ..................................... 4,700 $ 447,675
King World Productions, Inc. ............................. 600 22,125
Kmart Corp. .............................................. 8,000 83,000
Knight-Ridder, Inc. ...................................... 1,600 61,200
Kroger Corp. ............................................. 2,100 97,650
Laidlaw, Inc. Cl B ....................................... 5,200 59,800
Lilly (Eli) & Co. ........................................ 9,100 664,300
Limited (The), Inc. ...................................... 4,500 82,687
Lincoln National Corp. ................................... 1,700 89,250
Liz Claiborne, Inc. ...................................... 1,200 46,350
Lockheed Martin Corp. .................................... 3,200 292,800
Loews Corp. .............................................. 1,900 179,075
Longs Drug Stores, Inc. .................................. 300 14,737
Louisiana Land & Exploration.............................. 600 32,175
Louisiana-Pacific Corp. .................................. 1,800 38,025
Lowe's Companies, Inc. ................................... 2,900 102,950
LSI Logic Corp. .......................................... 2,100 56,175
Lucent Technologies, Inc. ................................ 10,500 485,625
Mallinckrodt, Inc. ....................................... 1,200 52,950
Manor Care, Inc. ......................................... 1,000 27,000
Marriott International, Inc. ............................. 2,100 116,025
Marsh & McLennan Cos., Inc. .............................. 1,200 124,800
Masco Corp. .............................................. 2,700 97,200
Mattel, Inc. ............................................. 4,500 124,875
May Department Stores Co. ................................ 4,200 196,350
Maytag Corp. ............................................. 1,700 33,575
MBIA Inc. ................................................ 700 70,875
MBNA Corp. ............................................... 3,700 153,550
McDermott International, Inc. ............................ 900 14,962
McDonald's Corp. ......................................... 11,500 520,375
McDonnell Douglas Corp. .................................. 3,500 224,000
McGraw-Hill Cos., Inc. ................................... 1,600 73,800
MCI Communications Corp. ................................. 11,300 369,368
Mead Corp. ............................................... 900 52,312
Medtronic, Inc. .......................................... 4,000 272,000
Mellon Bank Corp. ........................................ 2,100 149,100
Mercantile Stores, Inc. .................................. 600 29,625
Merck & Co., Inc. ........................................ 20,000 1,585,000
Meredith Corp. ........................................... 400 21,100
Merrill Lynch & Co., Inc. ................................ 2,700 220,050
MGIC Investment Corp. .................................... 1,000 76,000
Micron Technology, Inc. .................................. 3,500 101,937
Microsoft Corp. .......................................... 19,800 1,635,975
Millipore Corp. .......................................... 700 28,962
Minnesota Mining & Mfg. Co. .............................. 6,900 571,837
Mobil Corp. .............................................. 6,500 794,625
Monsanto Co. ............................................. 9,700 377,087
Moore Corp., Ltd. ........................................ 1,700 34,637
Morgan (J.P.) & Co., Inc. ................................ 3,100 302,637
Morgan Stanley Group, Inc. ............................... 2,500 142,812
Morton International, Inc. ............................... 2,400 97,800
Motorola, Inc. ........................................... 9,800 601,475
NACCO Industries, Inc. Cl A............................... 100 5,350
Nalco Chemical Co. ....................................... 1,100 39,737
</TABLE>
20
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEX PORTION (CONT'D):
National City Corp. ...................................... 3,700 $ 166,037
National Semiconductor Corp. ............................. 2,300 56,062
National Service Industries............................... 800 29,900
NationsBank Corp. ........................................ 4,800 469,200
Navistar International Corp. ............................. 1,200 10,950
New York Times Co. Cl A .................................. 1,600 60,800
Newell Co. ............................................... 2,600 81,900
Newmont Mining Corp. ..................................... 1,600 71,600
Niagara Mohawk Power Corp. ............................... 2,400 23,700
Nicor, Inc. .............................................. 800 28,600
Nike, Inc. Cl B .......................................... 4,800 286,800
NorAm Energy Corp. ....................................... 2,300 35,362
Nordstrom, Inc. .......................................... 1,300 46,068
Norfolk Southern Corp. ................................... 2,100 183,750
Northern States Power Co. ................................ 1,100 50,462
Northern Telecom, Ltd. ................................... 4,300 266,062
Northrop Grumman Corp. ................................... 1,000 82,750
Norwest Corp. ............................................ 6,100 265,350
Novell, Inc. ............................................. 5,700 53,972
Nucor Corp. .............................................. 1,500 76,500
NYNEX Corp. .............................................. 7,300 351,312
Occidental Petroleum Corp. ............................... 5,400 126,225
Ohio Edison Co. .......................................... 2,500 56,875
Oneok, Inc. .............................................. 500 15,000
Oracle Corp. ............................................. 10,900 455,075
Oryx Energy Co. .......................................... 1,700 42,075
Owens Corning............................................. 900 38,362
Paccar, Inc. ............................................. 600 40,800
Pacific Enterprises ...................................... 1,400 42,525
Pacific Telesis Group .................................... 7,100 260,925
PacifiCorp ............................................... 4,900 100,450
Pall Corp. ............................................... 1,900 48,450
PanEnergy Corp. .......................................... 2,500 112,500
Parker Hannifin Corp. .................................... 1,200 46,500
Peco Energy Co. .......................................... 3,700 93,425
Penney (J.C.) Co., Inc. .................................. 3,800 185,250
Pennzoil Co. ............................................. 800 45,200
Peoples Energy Corp. ..................................... 600 20,325
Pep Boys-Manny, Moe & Jack................................ 1,000 30,750
Pepsico, Inc. ............................................ 25,700 751,725
Perkin-Elmer Corp. ....................................... 700 41,212
Pfizer, Inc. ............................................. 10,700 886,762
PG & E Corp. ............................................. 6,800 142,800
Pharmacia & Upjohn, Inc. ................................. 8,400 332,850
Phelps Dodge Corp. ....................................... 1,100 74,250
Phillip Morris Cos., Inc. ................................ 13,500 1,520,437
Phillips Petroleum Co. ................................... 4,400 194,700
Pioneer Hi-Bred Intl., Inc. .............................. 1,400 98,000
Pitney Bowes, Inc. ....................................... 2,500 136,250
Placer Dome, Inc. ........................................ 4,000 87,000
PNC Bank Corp. ........................................... 5,600 210,700
Polaroid Corp. ........................................... 800 34,800
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Potlatch Corp. ........................................... 500 $ 21,500
PP&L Resources, Inc. ..................................... 2,700 62,100
PPG Industries, Inc. ..................................... 3,000 168,375
Praxair, Inc. ............................................ 2,600 119,925
Price/Costco, Inc. ....................................... 3,300 82,912
Proctor & Gamble Co. ..................................... 11,300 1,214,750
Providian Corp. .......................................... 1,600 82,200
Public Svc. Enterprise Group.............................. 3,900 106,275
Pulte Corp. .............................................. 400 12,300
Quaker Oats Co. .......................................... 2,200 83,875
Ralston Purina Co. ....................................... 1,800 132,075
Raychem Corp. ............................................ 700 56,087
Raytheon Co. ............................................. 3,900 187,687
Reebok International Ltd. ................................ 900 37,800
Republic New York Corp. .................................. 900 73,462
Reynold's Metals Co. ..................................... 1,100 62,012
Rite-Aid Corp. ........................................... 2,000 79,500
Rockwell Intl Corp ....................................... 3,600 219,150
Rohm & Haas Co. .......................................... 1,100 89,787
Rowan Cos., Inc. ......................................... 1,400 31,675
Royal Dutch Petroleum Co. ................................ 8,900 1,519,675
Rubbermaid, Inc. ......................................... 2,500 56,875
Russell Corp. ............................................ 600 17,850
Ryder System, Inc. ....................................... 1,400 39,375
Safeco Corp. ............................................. 2,100 82,818
Safety Kleen Corp. ....................................... 1,000 16,375
Salomon, Inc. ............................................ 1,800 84,825
Santa Fe Energy Resources, Inc ........................... 1,500 20,812
Sante Fe Pacific Gold Corp. .............................. 2,200 33,825
Sara Lee Corp. ........................................... 8,000 298,000
SBC Communications, Inc. ................................. 10,000 517,500
Schering-Plough Corp. .................................... 6,100 394,975
Schlumberger, Ltd. ....................................... 4,100 409,487
Scientific-Atlanta, Inc. ................................. 1,300 19,500
Seagate Technology, Inc. ................................. 4,100 161,950
Seagram, Ltd. ............................................ 6,200 240,250
Sears Roebuck & Co. ...................................... 6,500 299,812
Service Corp. International............................... 3,900 109,200
Shared Medical Systems Corp. ............................. 400 19,700
Sherwin-Williams Co. ..................................... 1,400 78,400
Sigma Aldrich Corp. ...................................... 800 49,950
Silicon Graphics, Inc. ................................... 2,900 73,950
Snap-On, Inc. ............................................ 1,000 35,625
Sonat, Inc. .............................................. 1,400 72,100
Southern Co. ............................................. 11,200 253,400
Southwest Airlines Co. ................................... 2,400 53,100
Springs Industries, Inc. Cl A ............................ 300 12,900
Sprint Corp. ............................................. 7,100 283,112
St. Jude Medical, Inc. ................................... 1,300 55,412
St. Paul Companies (The) ................................. 1,400 82,075
Stanley Works............................................. 1,500 40,500
Stone Container Corp. .................................... 1,600 23,800
Stride Rite Corp. ........................................ 800 8,000
Sun Co., Inc. ............................................ 1,200 29,250
</TABLE>
21
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEX PORTION (CONT'D):
Sun Microsystems, Inc. ................................... 6,100 $ 156,693
Suntrust Banks, Inc. ..................................... 3,700 182,225
Supervalu, Inc. .......................................... 1,100 31,212
Sysco Corp. .............................................. 3,000 97,875
Tandem Computers, Inc. ................................... 2,000 27,500
Tandy Corp. .............................................. 1,000 44,000
Tektronix, Inc. .......................................... 500 25,625
Tele-Communications, Inc. Cl A............................ 11,000 143,687
Tellabs, Inc. ............................................ 3,000 112,875
Temple-Inland, Inc. ...................................... 900 48,712
Tenet Healthcare Corp. ................................... 3,600 78,750
Tenneco, Inc. ............................................ 2,800 126,350
Texaco, Inc. ............................................. 4,400 431,750
Texas Instruments, Inc. .................................. 3,100 197,625
Texas Utilities Co. ...................................... 3,700 150,775
Textron, Inc. ............................................ 1,400 131,950
Thermo Electron Corp. .................................... 2,700 111,375
Thomas & Betts Corp. ..................................... 900 39,937
Time Warner, Inc. ........................................ 9,400 352,500
Times Mirror Co. Cl A..................................... 1,600 79,600
Timken Co. ............................................... 500 22,937
TJX Cos., Inc. ........................................... 1,300 61,587
Torchmark Corp. .......................................... 1,200 60,600
Toys R Us, Inc. .......................................... 4,500 135,000
Transamerica Corp. ....................................... 1,100 86,900
Travelers Group, Inc. .................................... 10,600 480,974
Tribune Co. .............................................. 1,000 78,875
Trinova Corp. ............................................ 500 18,187
TRW, Inc. ................................................ 2,100 103,950
Tupperware Corp. ......................................... 1,000 53,625
Tyco Labs, Inc. .......................................... 2,600 137,475
U.S. Bancorp ............................................. 2,500 112,343
U.S. Life Corp. .......................................... 600 19,950
U.S. Surgical Corp. ...................................... 1,000 39,375
U.S. West Communications Group............................ 7,900 254,775
U.S. West Media Group..................................... 10,300 190,550
Unicom Corp. ............................................. 3,600 97,650
Unilever N.V. ............................................ 2,600 455,650
Union Camp Corp. ......................................... 1,200 57,300
Union Carbide Corp. ...................................... 2,100 85,837
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Union Electric Co. ........................................ 1,700 $ 65,450
Union Pacific Corp. ....................................... 4,100 246,512
Union Pacific Resources Grp. .............................. 4,100 119,925
Unisys Corp. .............................................. 2,900 19,575
United Healthcare Corp. ................................... 3,000 135,000
United Technologies Corp. ................................. 4,000 264,000
Unocal Corp. .............................................. 4,100 166,562
UNUM Corp. ................................................ 1,200 86,700
USAir Group, Inc. ......................................... 1,100 25,712
USF&G Corp. ............................................... 1,900 39,662
UST, Inc. ................................................. 3,100 100,362
USX-Marathon Group......................................... 4,800 114,600
USX-U.S. Steel Group, Inc. ................................ 1,400 43,925
V F Corp. ................................................. 1,100 74,250
Viacom, Inc. .............................................. 5,901 205,786
W.R. Grace & Co. .......................................... 1,500 77,625
Wachovia Corp. ............................................ 2,700 152,550
Wal-Mart Stores, Inc. ..................................... 38,000 869,250
Walgreen Co. .............................................. 4,100 164,000
Warner-Lambert Co. ........................................ 4,500 337,500
Wells Fargo & Co. ......................................... 1,500 404,732
Wendy's International, Inc. ............................... 2,100 43,050
Western Atlas, Inc. ....................................... 900 63,787
Westinghouse Electric Corp. ............................... 7,000 139,125
Westvaco Corp. ............................................ 1,700 48,875
Weyerhaeuser Co. .......................................... 3,300 156,337
Whirlpool Corp. ........................................... 1,200 55,950
Whitman Corp. ............................................. 1,700 38,887
Willamette Industries, Inc. ............................... 900 62,662
Williams Cos., Inc. ....................................... 2,550 95,625
Winn-Dixie Stores, Inc. ................................... 2,500 79,062
WMX Technologies, Inc. .................................... 8,000 261,000
Woolworth Corp. ........................................... 2,200 48,125
WorldCom, Inc. ............................................ 6,800 177,225
Worthington Industries, Inc. .............................. 1,500 27,187
Wrigley (Wm.) Jr. Co. ..................................... 1,900 106,875
Xerox Corp. ............................................... 5,400 284,241
------------
TOTAL INDEX PORTION--
COMMON STOCKS
(Cost: $72,879,503) 91.5%......................................... 93,375,768
------------
</TABLE>
22
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
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..................... 5.0% 03/20/97 $ 20,000 $ 19,788
U.S. Treasury Bill..................... 5.0 05/29/97 115,000 112,586
U.S. Treasury Bill..................... 5.0 05/15/97 135,000 132,425
U.S. Treasury Bill..................... 4.9 01/09/97 50,000 49,945
------------
314,744
------------
Commercial Paper (8.2%)
Warner-Lambert Co...................... 6.0 01/07/97 2,147,000 2,144,853
Allied Signal, Inc. ................... 6.1 01/02/97 1,806,000 1,805,694
Ford Motor Credit Corp................. 5.7 01/02/97 2,647,000 2,646,579
General Electric Capital Corp.......... 6.0 01/02/97 1,805,000 1,804,699
------------
8,401,825
------------
TOTAL ACTIVE PORTION -- SHORT-TERM DEBT SECURITIES
(Cost: $8,716,669) 8.5%......................................... 8,716,569
------------
TOTAL INVESTMENTS
(Cost: $81,596,172) 100.0%...................................... $102,092,337
============
</TABLE>
- -------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 1996:
<TABLE>
<CAPTION>
UNDERLYING FACE UNREALIZED
EXPIRATION DATE AMOUNT AT VALUE LOSS
--------------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
22 S&P 500 Stock Index Futures Con-
tracts............................. March 1997 $8,189,500 $(32,300)
========== ========
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities--8.0%.
23
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ----------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT
SECURITIES:
U.S. Government (17.5%)
U.S. Treasury Bond...... 6.75% 08/15/26 $ 6,500,000 $ 6,548,750
U.S. Treasury Note...... 5.13 04/30/98 5,000,000 4,961,700
U.S. Treasury Note...... 4.75 09/30/98 5,000,000 4,910,950
U.S. Treasury Note...... 6.50 08/15/05 25,000,000 25,160,250
U.S. Treasury Note...... 5.00 01/31/98 15,000,000 14,894,550
------------
56,476,200
------------
Agencies/Government--
Other (18.0%)
City of New York........ 10.00 08/01/05 2,000,000 2,266,200
City of New York Taxable
Prerefunded............ 9.50 06/01/09 3,265,000 3,669,533
City of New York Taxable
Unrefunded............. 9.50 06/01/09 1,735,000 1,982,064
Connecticut Housing Fin.
Auth. ................. 7.63 05/15/21 2,500,000 2,388,525
Federal Home Loan Mtge.
Corp. ................. 8.00 07/15/06 953,011 977,426
Federal Home Loan Mtge.
Corp. ................. 7.95 02/15/20 1,153,160 1,173,697
Federal Home Loan Mtge.
Corp. ................. 8.50 02/15/21 3,007,772 3,061,341
Federal Home Loan Mtge.
Corp. ................. 7.50 06/15/19 3,913,841 3,970,082
Federal Home Loan Mtge.
Corp. ................. 7.25 02/15/19 834,253 838,683
Federal National Mtge
Assn. ................. 8.95 09/25/19 579,647 591,419
Federal National Mtge
Assn. ................. 7.50 01/25/19 460,314 462,040
Federal National Mtge
Assn. ................. 7.00 08/25/20 540,000 543,202
Federal National Mtge
Assn. ................. 8.50 08/25/18 1,399,456 1,410,385
Federal National Mtge
Assn. ................. 7.95 11/25/19 728,821 736,334
Federal National Mtge
Assn. ................. 7.50 06/25/20 496,025 499,898
Federal National Mtge
Assn. ................. 7.50 04/25/20 1,426,642 1,434,659
Federal National Mtge
Assn. ................. 7.75 10/25/00 925,000 925,860
Federal National Mtge
Assn. ................. 8.15 08/25/05 800,000 816,496
Pulaski County, Arkansas
PFB.................... 7.50 01/01/07 515,244 539,975
Republic of Iceland..... 6.13 02/01/04 5,000,000 4,825,700
State of California..... 8.15 09/01/01 1,000,000 1,063,750
Suffolk County, New
York................... 5.80 11/01/04 4,000,000 3,761,720
Suffolk County, New
York................... 5.88 11/01/05 4,000,000 3,738,320
Swedish Export Credit... 9.88 03/15/38 6,000,000 6,512,640
Tennessee Valley
Authority.............. 7.85 06/15/44 10,000,000 10,197,500
------------
58,387,449
------------
Basic Materials (3.2%)
Fletcher Challenge Ltd.. 9.00 09/15/99 2,000,000 2,106,000
Inco Ltd................ 9.60 06/15/22 7,500,000 8,172,300
------------
10,278,300
------------
Consumer, Cyclical (8.3%)
Centex Corp............. 7.38 06/01/05 5,000,000 4,863,650
Costco Wholesale Corp... 5.75 05/15/02 5,000,000 4,850,000
Fruit of the Loom, Inc.. 7.88 10/15/99 1,000,000 1,024,810
Gannett, Inc............ 5.85 05/01/00 3,500,000 3,436,405
Nordstrom, Inc.......... 8.88 02/15/98 1,500,000 1,544,415
Shopko Stores, Inc...... 9.00 11/15/04 5,000,000 4,860,600
V F Corp................ 9.25 05/01/22 1,000,000 1,103,820
Valassis Communication,
Inc.................... 9.55 12/01/03 5,000,000 5,203,200
------------
26,886,900
------------
</TABLE>
24
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ----------- ------------
<S> <C> <C> <C> <C>
Consumer, Non-Cyclical (5.7%)
McKesson Corp......................... 8.63% 02/01/98 $ 1,000,000 $ 1,019,330
Ralston Purina Co. ................... 8.63 02/15/22 7,500,000 8,343,075
Rhone-Poulenc S A..................... 6.75 10/15/99 2,500,000 2,520,275
Rhone-Poulenc S A..................... 7.75 01/15/02 3,000,000 3,104,160
Whitman Corp. ........................ 7.63 06/15/15 3,500,000 3,535,000
------------
18,521,840
------------
Energy (4.7%)
Southern Union Co. ................... 7.60 02/01/24 10,000,000 9,778,300
Tosco Corp............................ 8.25 05/15/03 5,000,000 5,296,750
------------
15,075,050
------------
Financial (14.0%)
Aristar, Inc. ........................ 8.88 08/15/98 2,000,000 2,081,460
Berkley (W.R.) Corp................... 8.70 01/01/22 5,000,000 5,495,600
British Gas Financial, Inc............ 8.75 03/15/98 3,000,000 3,087,990
Fairfax Financial Holdings............ 8.25 10/01/15 2,500,000 2,599,925
Heller Financial, Inc. ............... 9.13 08/01/99 2,000,000 2,118,860
Kemper Corp. ......................... 8.80 11/01/98 2,500,000 2,604,725
Progressive Corp. of Ohio............. 10.00 12/15/00 1,500,000 1,674,660
Rodamco NV............................ 7.75 05/15/15 5,000,000 5,124,050
Roosevelt Fed. Svgs. & Ln. Assn. ..... 10.13 04/15/18 3,000,000 3,129,450
Ryland Acceptance Corp. .............. 7.95 08/20/19 1,903,853 1,926,451
Sun America, Inc...................... 9.95 02/01/12 5,000,000 6,021,200
Sun America, Inc...................... 9.00 01/15/99 4,000,000 4,193,600
Vesta Insurance Group, Inc. .......... 8.75 07/15/25 5,000,000 5,392,900
------------
45,450,871
------------
Industrial (0.9%)
Union Pacific Corp. .................. 8.50 01/15/98 3,000,000 3,073,200
------------
Utilities (16.0%)
Big Rivers Electric Corp.............. 10.70 09/15/17 10,000,000 10,826,300
Big Rivers Electric Corp.............. 9.52 03/15/19 12,500,000 13,522,750
Big Rivers Electric Corp.............. 9.50 02/15/17 8,000,000 8,634,240
New Orleans Public Service............ 8.00 03/01/06 4,000,000 3,955,560
Oklahoma Gas & Elec. Co. ............. 8.88 12/01/20 7,500,000 7,671,900
Pacific Gas & Electric Co............. 8.75 01/01/01 2,000,000 2,150,900
Philadelphia Electric Co.............. 7.13 08/15/23 5,000,000 4,833,158
------------
51,594,808
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $282,522,417) 88.3%....................................... 285,744,618
------------
</TABLE>
25
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ----------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (7.0%)
Allied Signal, Inc.................... 5.65% 01/23/97 $ 1,494,000 $ 1,488,841
Baltimore Gas & Electric Co........... 5.45 01/14/97 3,585,000 3,577,928
Baltimore Gas & Electric Co........... 5.78 01/06/97 3,000,000 2,997,588
Becton Dickinson...................... 5.50 01/07/97 2,641,000 2,638,575
Ford Motor Credit Corp. .............. 5.40 01/07/97 2,395,000 2,392,835
General Electric Capital Corp. ....... 5.42 01/03/97 2,395,000 2,394,276
Sony Capital Corp..................... 5.30 01/13/97 2,570,000 2,565,426
Sony Capital Corp..................... 5.31 01/15/97 2,030,000 2,025,781
UBS Finance Del. Inc. ................ 8.00 01/02/97 2,500,000 2,499,444
------------
22,580,694
------------
Consumer, Cyclical (0.8%)
Dillard Dept. Stores, Inc............. 9.63 09/15/97 1,000,000 1,024,660
Penney (J.C.) Co., Inc................ 10.00 10/15/97 1,500,000 1,545,525
------------
2,570,185
------------
Financial (3.9%)
Chase Manhattan Corp. ................ 7.50 12/01/97 5,000,000 5,062,200
General Motors Acceptance Corp. ...... 7.88 03/04/97 2,500,000 2,509,100
General Motors Acceptance Corp. ...... 8.38 05/01/97 5,000,000 5,040,650
------------
12,611,950
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $37,717,639) 11.7%........................................ 37,762,829
------------
TOTAL INVESTMENTS
(Cost: $320,240,056) 100.0%...................................... $323,507,447
============
</TABLE>
26
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT SECURITIES:
U.S. Government (27.4%)
U.S. Treasury Note....................... 4.75% 09/30/98 $1,000,000 $ 982,190
U.S. Treasury Note....................... 5.13 04/30/98 1,000,000 992,340
U.S. Treasury Note....................... 5.88 11/15/99 750,000 747,067
U.S. Treasury Note....................... 5.13 06/30/98 1,000,000 990,940
U.S. Treasury Note....................... 5.00 01/31/98 500,000 496,485
-----------
4,209,022
-----------
Agencies/Government--Other (51.3%)
Federal Home Loan Mtge. Corp. ........... 7.75 08/15/15 224,494 227,089
Federal Home Loan Mtge. Corp. ........... 7.75 12/01/02 478,262 495,275
Federal Home Loan Mtge. Corp. ........... 8.00 04/01/02 452,376 476,808
Federal Home Loan Mtge. Corp. ........... 6.00 05/15/22 294,622 286,242
Federal Home Loan Mtge. Corp. ........... 7.25 02/15/19 210,377 211,493
Federal Home Loan Mtge. Corp. ........... 7.50 06/15/19 682,647 692,456
Federal Home Loan Mtge. Corp. ........... 7.95 02/15/20 262,725 267,404
Federal Home Loan Mtge. Corp. ........... 8.00 12/15/18 721,179 736,049
Federal Home Loan Mtge. Corp. ........... 8.00 11/15/05 500,000 512,340
Federal National Mtge. Assn. ............ 7.50 01/25/19 228,501 229,358
Federal National Mtge. Assn. ............ 8.95 09/25/19 211,447 215,741
Federal National Mtge. Assn. ............ 7.50 10/25/19 136,005 136,641
Federal National Mtge. Assn. ............ 8.25 09/25/05 320,268 327,272
Federal National Mtge. Assn. ............ 7.95 11/25/19 232,262 234,656
Federal National Mtge. Assn. ............ 7.00 05/25/16 212,126 212,921
Federal National Mtge. Assn. ............ 7.75 10/25/18 520,477 526,655
Federal National Mtge. Assn. ............ 8.50 08/25/18 198,097 199,643
Federal National Mtge. Assn. ............ 7.50 06/25/20 416,661 419,914
Federal National Mtge. Assn. ............ 7.00 12/25/19 212,888 213,752
Federal National Mtge. Assn. ............ 7.00 01/25/21 180,526 181,203
Federal National Mtge. Assn. ............ 7.00 08/25/20 375,000 377,223
Federal National Mtge. Assn. ............ 7.75 10/25/00 375,000 375,348
Pulaski County, Arkansas PFB............. 7.50 01/01/07 320,596 335,984
-----------
7,891,467
-----------
Financial (3.7%)
FBC Mortgage Secur. Trust................ 8.30 08/20/09 207,772 211,407
GE Capital Mtge. Services, Inc. ......... 6.00 09/25/08 351,483 350,164
-----------
561,571
-----------
Utilities (0.7%)
Big Rivers Electric Corp. ............... 9.50 02/15/17 100,000 107,928
-----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost: $12,711,764) 83.1%......................................... 12,769,988
-----------
</TABLE>
27
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. Government (6.5%)
U.S. Treasury Note...................... 5.75% 09/30/97 $1,000,000 $ 1,001,720
-----------
Commercial Paper (9.7%)
Ford Motor Credit Corp. ................ 5.62 01/03/97 315,000 314,901
General Electric Capital Corp. ......... 5.40 01/03/97 100,000 99,970
IBM Credit Corp. ....................... 5.42 01/24/97 273,000 272,053
Merrill Lynch & Co., Inc. .............. 5.33 01/03/97 245,000 244,927
Petrofina Delaware Inc. ................ 6.50 01/02/97 436,000 435,921
Potomac Electric Power Co. ............. 5.90 01/06/97 124,000 123,898
-----------
1,491,670
-----------
Technology (0.7%)
McDonnell Douglas Corp.................. 8.63 04/01/97 100,000 100,657
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $2,595,920) 16.9%......................................... 2,594,047
-----------
TOTAL INVESTMENTS
(Cost: $15,307,684) 100.0%....................................... $15,364,035
===========
</TABLE>
28
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ---------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-DEBT SECURITIES:
U.S. Government (35.9%)
U.S. Treasury Note...................... 6.38% 09/30/01 $3,250,000 $ 3,269,305
U.S. Treasury Note...................... 5.88 02/15/04 1,500,000 1,460,385
-----------
4,729,690
-----------
Agencies/Government--Other (6.7%)
Federal Home Loan Mtge Corp............. 8.00 07/15/06 476,505 488,713
City of New York........................ 9.50 06/01/09 230,000 258,497
City of New York........................ 9.50 06/01/09 120,000 137,088
-----------
884,298
-----------
Consumer, Cyclical (3.8%)
Costco Wholesale Corp................... 5.75 05/15/02 250,000 242,500
Fruit of the Loom, Inc.................. 7.88 10/15/99 250,000 256,202
-----------
498,702
-----------
Financial (11.7%)
Bear Stearns Cos., Inc.................. 9.38 06/01/01 250,000 274,680
General Motors Acceptance Corp. ........ 8.38 05/01/97 250,000 252,032
Smith Barney Hldgs., Inc. .............. 6.50 10/15/02 500,000 491,710
Sun America, Inc........................ 9.00 01/15/99 500,000 524,200
-----------
1,542,622
-----------
Industrial (4.0%)
Airborne Freight Corp................... 8.88 12/15/02 250,000 267,177
Comdisco, Inc. ......................... 7.75 09/01/99 250,000 256,922
-----------
524,099
-----------
Utilities (12.9%)
Baltimore Gas & Electric Co............. 6.13 07/01/03 250,000 242,445
Big Rivers Electric Corp................ 9.50 02/15/17 200,000 215,856
Commonwealth Edison Co.................. 7.50 01/01/01 500,000 499,615
Connecticut Light & Power Co. .......... 5.50 02/01/99 500,000 483,855
Public Svc. Electric & Gas Co........... 7.88 11/01/01 250,000 261,442
-----------
1,703,213
-----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost: $9,858,870) 75.0%.......................................... 9,882,624
-----------
</TABLE>
29
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Agencies (17.5%)
Federal Home Loan Bank.................. 5.55% 01/06/97 $2,300,000 $ 2,298,227
-----------
Commercial Paper (7.5%)
Baltimore Gas & Electric Co. ........... 5.78 01/06/97 326,000 325,737
General Electric Capital Corp. ......... 5.40 01/03/97 100,000 99,970
Merrill Lynch & Co., Inc. .............. 5.80 01/03/97 326,000 325,895
Petrofina Delaware Inc. ................ 6.50 01/02/97 240,000 239,957
-----------
991,559
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $3,289,786) 25.0%......................................... 3,289,786
-----------
TOTAL INVESTMENTS
(Cost: $13,148,656) 100.0%....................................... $13,172,410
===========
</TABLE>
30
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCKS:
Basic Materials (6.6%)
Air Products & Chemicals Corp. ........................... 25,000 $ 1,728,125
Aluminum Co. of America................................... 15,000 956,250
Homestake Mining Co. ..................................... 110,000 1,567,500
IMC Global, Inc. ......................................... 65,000 2,543,125
Inland Steel, Inc.* ...................................... 56,000 1,120,000
LTV Corp. ................................................ 267,000 3,170,625
Methanex Corp.* .......................................... 125,000 1,125,000
Nucor Corp. .............................................. 25,000 1,275,000
Reynold's Metals Co. ..................................... 30,000 1,691,250
USX-U.S. Steel Group, Inc. ............................... 110,000 3,451,250
------------
18,628,125
------------
Consumer, Cyclical (6.2%)
AutoZone, Inc.* .......................................... 12,500 343,750
BRC Holdings, Inc.* ...................................... 12,500 559,375
Centex Corp. ............................................. 45,000 1,693,125
Eastman Kodak Co. ........................................ 7,000 561,750
Federal-Mogul Corp. ...................................... 100,000 2,200,000
General Motors Corp. ..................................... 100,000 5,575,000
Grupo Televisa S.A.-Spons GDR*............................ 35,000 896,875
OfficeMax, Inc.*.......................................... 70,000 743,750
Offshore Logistics, Inc.*................................. 101,000 1,956,875
Rollins Truck Leasing Co. ................................ 110,000 1,388,750
TCI Satellite Entertainment*.............................. 12,000 118,500
Tele-Communications, Inc. Cl A*........................... 120,000 1,567,500
------------
17,605,250
------------
Consumer, Non-Cyclical (0.5%)
Pepsi-Cola Puerto Rico Bottle*............................ 34,900 139,600
Scherer (R.P.) Corp.*..................................... 25,000 1,256,250
------------
1,395,850
------------
Energy (20.2%)
Apache Corp. ............................................. 75,000 2,653,125
Cairn Energy USA, Inc.*................................... 120,000 1,200,000
Chieftan International, Inc.*............................. 95,000 2,470,000
Dresser Industries, Inc. ................................. 90,000 2,790,000
Enron Oil & Gas Co. ...................................... 110,000 2,777,500
Global Industries Ltd.*................................... 35,000 651,875
Lomak Petroleum, Inc. .................................... 84,100 1,440,212
Marine Drilling Companies, Inc*........................... 32,500 639,843
Nabors Industries, Inc.*.................................. 369,000 7,103,250
Occidental Petroleum Corp. ............................... 105,000 2,454,375
Oceaneering Int'l, Inc.*.................................. 247,900 3,935,412
Parker & Parsley Petroleum Co............................. 45,000 1,653,750
Peoples Energy Corp....................................... 66,000 2,235,750
Pride Petroleum Svcs., Inc.*.............................. 397,000 9,230,250
Reading & Bates Corp.*.................................... 25,000 662,500
Seagull Energy Corp.*..................................... 130,000 2,860,000
United Meridian Corp.*.................................... 10,000 517,500
USX-Marathon Group........................................ 310,000 7,401,250
Western Atlas, Inc.*...................................... 61,000 4,323,375
------------
56,999,967
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Financial (1.6%)
Horace Mann Educators Corp. .............................. 60,000 $ 2,422,500
New Plan Realty Trust..................................... 80,700 2,047,762
------------
4,470,262
------------
Industrial (13.2%)
Anixter International, Inc.*.............................. 120,000 1,935,000
Browning Ferris Inds., Inc................................ 45,000 1,181,250
BWAY Corp.*............................................... 37,000 707,625
Cooper Industries......................................... 30,000 1,263,750
Covenant Transport, Inc. Cl A*............................ 25,000 359,375
Fingerhut Companies, Inc.................................. 65,000 796,250
Fluor Corp. .............................................. 61,300 3,846,575
Hanson PLC--ADR........................................... 490,000 3,307,500
Interim Services, Inc.*................................... 50,500 1,792,750
Lafarge Corp. ............................................ 153,000 3,079,125
Pall Corp. ............................................... 40,000 1,020,000
Powell Industries, Inc.*.................................. 100,000 1,387,500
Railtex, Inc.*............................................ 20,000 505,000
Sea Containers, Ltd. Cl A................................. 105,000 1,640,625
Silicon Valley Group, Inc.*............................... 130,000 2,616,250
Smith International, Inc.*................................ 60,000 2,692,500
The Peak Technologies Group*.............................. 209,300 2,511,600
Vallen Corp.*............................................. 55,000 914,375
Waste Management Intl. PLC*............................... 175,000 1,378,125
WMX Technologies, Inc..................................... 135,000 4,404,375
------------
37,339,550
------------
Technology (3.5%)
Activision, Inc.*......................................... 50,000 643,750
Alliance Semiconductor Corp.*............................. 135,000 961,875
AT&T Corp................................................. 55,000 2,392,500
FastComm Communications Corp.*............................ 43,000 263,375
GenCorp, Inc.............................................. 155,000 2,809,375
LSI Logic Corp.*.......................................... 45,000 1,203,750
Lucent Technologies, Inc.................................. 15,000 693,750
Minnesota Mining & Mfg. Co................................ 5,000 414,375
Symantec Corp.*........................................... 35,000 507,500
------------
9,890,250
------------
Utilities (1.0%)
GTE Corp. ................................................ 25,000 1,137,500
Telephone & Data Systems, Inc............................. 50,000 1,812,503
------------
2,950,003
------------
TOTAL COMMON STOCKS
(Cost: $128,141,273) 52.8%........................................ 149,279,257
------------
</TABLE>
- -------
* Non-income producing security.
31
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ---------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. Government (7.0%)
U.S. Treasury Bond..................... 6.75% 8/15/26 $2,500,000 $ 2,518,750
U.S. Treasury Note..................... 5.13 6/30/98 3,000,000 2,972,820
U.S. Treasury Note..................... 5.00 1/31/98 14,500,000 14,398,065
------------
19,889,635
------------
Agencies/Government--Other (5.8%)
City of New York....................... 10.00 8/1/05 500,000 566,550
City of New York....................... 9.50 6/1/09 1,310,000 1,472,309
City of New York....................... 9.50 6/1/09 690,000 788,256
Connecticut Housing Fin. Auth.......... 7.63 5/15/21 1,000,000 955,410
Federal Home Loan Mtge Corp. .......... 8.00 7/15/06 476,505 488,713
Republic of Iceland.................... 6.13 2/1/04 2,500,000 2,412,850
State of California.................... 8.15 9/1/01 500,000 531,875
Suffolk County, New York............... 5.88 11/1/05 750,000 700,935
Suffolk County, New York............... 5.80 11/1/04 250,000 235,107
Swedish Export Credit.................. 9.88 3/15/38 3,000,000 3,256,320
Tennessee Valley Authority............. 7.85 6/15/44 5,000,000 5,098,750
------------
16,507,075
------------
Basic Materials (1.0%)
Inco Ltd. ............................. 9.60 6/15/22 2,500,000 2,724,100
------------
Consumer, Cyclical (3.2%)
Centex Corp. .......................... 7.38 6/1/05 2,000,000 1,945,460
Costco Wholesale Corp. ................ 5.75 5/15/02 1,000,000 970,000
Dillard Dept. Stores, Inc. ............ 9.63 9/15/97 500,000 512,330
Fruit of the Loom, Inc. ............... 7.88 10/15/99 500,000 512,405
Gannett, Inc. ......................... 5.85 5/1/00 1,000,000 981,830
Nordstrom, Inc. ....................... 8.88 2/15/98 500,000 514,805
Penney (J.C.) Co., Inc. ............... 10.00 10/15/97 500,000 515,175
Shopko Stores, Inc. ................... 9.00 11/15/04 1,000,000 972,120
Valassis Communication, Inc. .......... 9.55 12/1/03 2,000,000 2,081,280
------------
9,005,405
------------
Consumer, Non-Cyclical (2.1%)
Ralston Purina Co. .................... 8.63 2/15/22 2,500,000 2,781,025
Rhone-Poulenc S A...................... 6.75 10/15/99 1,000,000 1,008,110
Rhone-Poulenc S A...................... 7.75 1/15/02 1,000,000 1,034,720
Whitman Corp. ......................... 7.63 6/15/15 1,000,000 1,010,000
------------
5,833,855
------------
Energy (2.7%)
Southern Union Co. .................... 7.60 2/1/24 5,000,000 4,889,150
Tosco Corp. ........................... 8.25 5/15/03 2,500,000 2,648,375
------------
7,537,525
------------
Financial (5.2%)
Aristar, Inc. ......................... 8.88 8/15/98 500,000 520,365
Berkley (W.R.) Corp. .................. 8.70 1/1/22 1,500,000 1,648,680
British Gas Financial, Inc. ........... 8.75 3/15/98 500,000 514,665
Chase Manhattan Corp. ................. 7.50 12/1/97 1,000,000 1,012,440
Fairfax Financial Holdings............. 8.25 10/1/15 500,000 519,985
General Motors Acceptance Corp. ....... 7.88 3/4/97 500,000 501,820
General Motors Acceptance Corp. ....... 8.38 5/1/97 750,000 756,098
Heller Financial, Inc. ................ 9.13 8/1/99 500,000 529,715
Kemper Corp. .......................... 8.80 11/1/98 500,000 520,945
Progressive Corp. of Ohio.............. 10.00 12/15/00 500,000 558,220
</TABLE>
32
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ----------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONT'D):
Rodamco NV............................ 7.75% 5/15/15 $ 2,000,000 $ 2,049,620
Roosevelt Fed. Svgs. & Ln. Assn. ..... 10.13 4/15/18 1,000,000 1,043,150
Sun America, Inc. .................... 9.95 2/1/12 2,000,000 2,408,480
Sun America, Inc. .................... 9.00 1/15/99 1,000,000 1,048,400
Vesta Insurance Group, Inc. .......... 8.75 7/15/25 1,000,000 1,078,580
------------
14,711,163
------------
Utilities (6.9%)
Big Rivers Electric Corp. ............ 10.70 9/15/17 4,000,000 4,330,520
Big Rivers Electric Corp. ............ 9.52 3/15/19 2,500,000 2,704,550
Big Rivers Electric Corp. ............ 9.50 2/15/17 2,000,000 2,158,560
Central Telephone Co. ................ 9.28 11/27/00 1,000,000 1,088,900
New Orleans Public Service............ 8.00 3/1/06 1,000,000 988,890
Oklahoma Gas & Elec Co. .............. 8.88 12/1/20 5,000,000 5,114,600
Pacific Gas & Electric Co. ........... 8.75 1/1/01 1,000,000 1,075,450
PacifiCorp............................ 8.73 2/12/98 1,000,000 1,029,990
Philadelphia Electric Co. ............ 7.13 8/15/23 1,000,000 966,630
------------
19,458,090
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $95,167,977) 33.9%........................................ 95,666,848
------------
SHORT-TERM DEBT SECURITIES:
Commercial Paper: (13.3%)
Air Products & Chemicals.............. 5.43 1/17/97 3,978,000 3,968,378
Allied Signal, Inc. .................. 5.65 1/23/97 2,013,000 2,006,048
Associates Corp. ..................... 5.38 1/8/97 5,000,000 4,994,751
Ford Motor Credit Corp. .............. 5.72 1/2/97 3,026,000 3,025,519
Ford Motor Credit Corp. .............. 5.40 1/7/97 1,775,000 1,773,396
General Electric Capital.............. 5.40 1/10/97 5,000,000 4,993,227
Heinz (H.J.) Co. ..................... 5.31 1/24/97 4,595,000 4,579,363
Intl Business Machines................ 5.30 1/6/97 1,890,000 1,888,600
PHH Corp. ............................ 5.35 1/6/97 4,210,000 4,206,848
Sony Capital Corp. ................... 5.31 1/15/97 2,990,000 2,983,785
UBS Finance Del Inc. ................. 8.00 1/2/97 3,200,000 3,199,289
------------
37,619,204
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $37,619,204) 13.3%........................................ 37,619,204
------------
TOTAL INVESTMENTS
(Cost: $260,928,454) 100.0%...................................... $282,565,309
============
</TABLE>
33
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT
DATE PRICE TO CALL VALUE
---------- -------- ------- -----------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN:
Air Products & Chemicals Corp. ........ 1/18/97 $70.00 5,000 $ (5,625)
Air Products & Chemicals Corp. ........ 2/22/97 70.00 5,000 (11,562)
Anixter International, Inc. ........... 1/18/97 17.50 2,500 (312)
Anixter International, Inc. ........... 1/18/97 15.00 10,000 (16,250)
Anixter International, Inc. ........... 7/19/97 17.50 3,000 (4,125)
Apache Corp. .......................... 4/19/97 35.00 7,500 (19,687)
AutoZone, Inc. ........................ 2/22/97 25.00 12,500 (35,937)
Browning Ferris Inds., Inc. ........... 3/22/97 25.00 30,000 (67,500)
Centex Corp. .......................... 1/18/97 30.00 19,000 (148,437)
Centex Corp. .......................... 1/18/97 35.00 16,000 (45,500)
Cooper Industries...................... 1/18/97 40.00 10,000 (25,000)
Cooper Industries...................... 4/19/97 40.00 5,000 (17,187)
Eastman Kodak Co. ..................... 1/18/97 75.00 7,000 (42,875)
FastComm Communications Corp. ......... 1/18/97 15.00 5,000 (468)
FastComm Communications Corp. ......... 1/18/97 10.00 12,500 (781)
Federal-Mogul Corp. ................... 7/19/97 20.00 5,000 (15,937)
Federal-Mogul Corp. ................... 4/19/97 20.00 5,000 (13,750)
Fluor Corp. ........................... 4/19/97 65.00 5,000 (15,000)
GenCorp, Inc. ......................... 3/22/97 17.50 10,000 (14,375)
General Motors Corp. .................. 3/22/97 55.00 10,000 (28,750)
General Motors Corp. .................. 1/18/97 60.00 10,000 (1,875)
General Motors Corp. .................. 1/18/97 55.00 15,000 (24,375)
Grupo Televisa S.A.-Spons. GDR ........ 1/18/97 30.00 10,000 (1,250)
Grupo Televisa S.A.-Spons. GDR ........ 1/18/97 27.50 5,000 (1,562)
GTE Corp. ............................. 3/22/97 45.00 15,000 (33,750)
GTE Corp. ............................. 1/18/97 42.50 10,000 (37,500)
Homestake Mining Co. .................. 1/18/97 17.50 10,000 (625)
IMC Global, Inc. ...................... 1/18/97 45.00 5,000 (625)
Interim Services, Inc. ................ 1/18/97 35.00 16,000 (19,000)
Interim Services, Inc. ................ 2/22/97 35.00 10,800 (18,900)
Lomak Petroleum, Inc. ................. 4/19/97 17.50 15,000 (20,625)
LSI Logic Corp. ....................... 1/18/97 25.00 15,000 (39,375)
LSI Logic Corp. ....................... 1/18/97 30.00 5,000 (1,875)
LSI Logic Corp. ....................... 4/19/97 30.00 5,000 (10,312)
Lucent Technologies, Inc. ............. 1/18/97 45.00 15,000 (36,562)
Marine Drilling Companies, Inc. ....... 2/22/97 20.00 15,000 (26,250)
Minnesota Mining & Mfg. Co. ........... 1/18/97 70.00 5,000 (70,000)
Nabors Industries, Inc. ............... 1/18/97 20.00 5,000 (3,906)
Nabors Industries, Inc. ............... 3/22/97 20.00 5,000 (6,250)
Nabors Industries, Inc. ............... 6/21/97 20.00 30,000 (52,500)
Oceaneering Int'l, Inc................. 1/18/97 17.50 12,000 (1,500)
Oceaneering Int'l, Inc. ............... 1/18/97 15.00 2,000 (2,250)
Parker & Parsley Petroleum Co. ........ 6/21/97 35.00 5,000 (22,812)
Pride Petroleum Svcs., Inc. ........... 1/18/97 17.50 5,000 (27,500)
Pride Petroleum Svcs., Inc............. 4/19/97 20.00 5,000 (19,687)
Reading & Bates Corp. ................. 3/22/97 30.00 5,000 (4,687)
Scherer (R.P.) Corp.................... 1/18/97 50.00 6,000 (10,312)
Scherer (R.P.) Corp.................... 1/18/97 45.00 5,000 (27,812)
Scherer (R.P.) Corp.................... 4/19/97 50.00 3,000 (8,625)
Seagull Energy Corp.................... 2/22/97 25.00 10,000 (5,000)
Seagull Energy Corp.................... 2/22/97 20.00 10,000 (25,625)
Silicon Valley Group, Inc. ............ 3/22/97 22.50 5,000 (5,469)
Silicon Valley Group, Inc. ............ 3/22/97 25.00 5,000 (2,500)
Smith International, Inc. ............. 1/18/97 35.00 22,500 (222,198)
Smith International, Inc. ............. 4/19/97 40.00 10,000 (70,000)
Smith International, Inc. ............. 1/18/97 40.00 27,500 (139,218)
</TABLE>
34
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT
DATE PRICE TO CALL VALUE VALUE
---------- -------- ------------- -----------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN (CONT'D):
Symantec Corp................... 4/19/97 $17.50 5,000 $ (5,625)
Symantec Corp................... 1/18/97 10.00 20,000 (95,000)
United Meridian Corp............ 1/18/97 50.00 10,000 (44,375)
USX-Marathon Group.............. 1/18/97 22.50 15,000 (24,375)
WMX Technologies, Inc........... 2/22/97 35.00 10,000 (6,250)
-----------
TOTAL OPTIONS WRITTEN
(Premiums Received: $1,370,775).................................. $(1,706,995)
===========
</TABLE>
35
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCKS:
Basic Materials (1.8%)
ABT Building Products Corp.*.............................. 15,000 $ 375,000
Commonwealth Aluminum Corp.*.............................. 30,000 461,250
High Plains Corp.*........................................ 90,000 466,875
Mississippi Chemical Corp. ............................... 20,000 480,000
Nucor Corp. .............................................. 15,000 765,000
------------
2,548,125
------------
Consumer, Cyclical (15.0%)
Adelphia Communications Cl A.............................. 39,000 224,250
American Radio Systems Corp.*............................. 94,000 2,561,500
Brookstone, Inc.*......................................... 62,000 651,000
Chancellor Broadcasting Cl A*............................. 20,000 475,000
Damark International, Inc. Cl A*.......................... 5,000 47,500
Danka Business Systems--ADR............................... 40,000 1,415,000
Fleetwood Enterprises, Inc. .............................. 14,000 385,000
General Motors Corp. ..................................... 15,000 836,250
Grupo Televisa S.A.--Spons. GDR*.......................... 40,000 1,025,000
Nimbus CD International, Inc.*............................ 115,000 977,500
Offshore Logistics, Inc.*................................. 61,000 1,181,875
Petroleum Helicopters, Inc. .............................. 45,000 765,000
Rhodes, Inc.*............................................. 67,300 521,575
Southern Energy Homes, Inc.*.............................. 20,000 230,000
Synthetics Industries, Inc.*.............................. 40,000 650,000
TBC Corp.*................................................ 230,000 1,725,000
TCA Cable TV, Inc. ....................................... 75,000 2,259,375
TCI Satellite Entertainment*.............................. 35,000 345,625
Team Rental Group, Inc.*.................................. 50,000 806,250
Tele-Communications, Inc. Cl A*........................... 105,000 1,371,562
Todd-AO Corp. ............................................ 75,000 768,750
United Auto Group, Inc.*.................................. 50,000 1,287,500
ValueVision Intl., Inc. Cl A*............................. 23,000 123,625
WorldCorp, Inc.*.......................................... 160,000 700,000
------------
21,334,137
------------
Consumer, Non-Cyclical (8.2%)
Arrow International, Inc. ................................ 23,000 661,250
AVECOR Cardiovascular, Inc.*.............................. 109,000 1,335,250
Dentsply International, Inc. ............................. 44,000 2,090,000
Dominick's Supers, Inc.*.................................. 20,000 435,000
Healthcare COMPARE Corp.*................................. 4,500 190,687
Home Health Corp. of America*............................. 110,000 1,203,125
Liposome Company, Inc.*................................... 90,000 1,721,250
Matria Healthcare, Inc.*.................................. 130,000 617,500
Mylan Laboratories, Inc. ................................. 15,000 251,250
Orthodontic Centers of America*........................... 60,000 960,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Pepsi-Cola Puerto Rico Bottling Co. Cl B*................. 12,500 $ 50,000
Protocol Systems, Inc.*................................... 52,000 676,000
Scherer (R.P.) Corp.*..................................... 30,000 1,507,500
------------
11,698,812
------------
Energy (17.1%)
Chieftan International, Inc.*............................. 65,000 1,690,000
ENSCO International, Inc.*................................ 10,000 485,000
Falcon Drilling Co., Inc.*................................ 2,500 98,125
Nabors Industries, Inc.*.................................. 180,000 3,465,000
New Jersey Resources Corp. ............................... 23,700 693,225
Oceaneering Int'l, Inc.*.................................. 160,000 2,540,000
Pride Petroleum Svcs., Inc.*.............................. 200,000 4,650,000
Ranger Oil Ltd. .......................................... 200,000 1,975,000
Southwest Gas Corp. ...................................... 38,500 741,125
Transocean Offshore, Inc. ................................ 21,500 1,346,437
Unit Corp.*............................................... 100,000 987,500
USX-Marathon Group........................................ 130,000 3,103,750
Vintage Petroleum, Inc. .................................. 20,000 690,000
Western Atlas, Inc.*...................................... 25,000 1,771,875
------------
24,237,037
------------
Financial (3.9%)
American Eagle Group, Inc. ............................... 60,000 285,000
Castle & Cooke, Inc.*..................................... 100,000 1,587,500
Delphi Financial Group, Inc.*............................. 46,000 1,357,000
Glenborough Realty Trust, Inc............................. 60,000 1,057,500
Gryphon Holdings, Inc.*................................... 92,500 1,306,562
------------
5,593,562
------------
Industrial (26.5%)
Abacan Resource Corp.*.................................... 162,500 1,411,718
AFC Cable Systems, Inc.*.................................. 39,000 931,125
Anixter International, Inc.*.............................. 60,000 967,500
Applied Power, Inc. Cl A.................................. 28,000 1,109,500
Baker Hughes, Inc. ....................................... 50,500 1,742,250
Browning Ferris Inds., Inc. .............................. 35,000 918,750
BWAY Corp.*............................................... 19,000 363,375
Celadon Group, Inc.*...................................... 37,000 407,000
Cuno, Inc.*............................................... 50,000 743,750
Dayton Superior Corp.*.................................... 60,000 787,500
Donnelly Corp. Cl A....................................... 25,000 612,500
Empresses ICA Sociedad ADS*............................... 75,000 1,096,875
Gardner Denver Machinery*................................. 39,000 1,335,750
Interim Services, Inc.*................................... 40,000 1,420,000
Lufkin Industries, Inc. .................................. 77,000 1,925,000
Molecular Dynamics, Inc.*................................. 100,000 1,075,000
Offshore Energy Development*.............................. 26,000 396,500
Pall Corp. ............................................... 65,000 1,657,500
Perkin-Elmer Corp. ....................................... 16,600 977,325
Powell Industries, Inc.*.................................. 100,000 1,387,500
Railtex, Inc.*............................................ 91,500 2,310,375
Robbins & Myers, Inc. .................................... 10,000 250,000
Sea Containers, Ltd. Cl A*................................ 54,000 843,750
Silicon Valley Group, Inc.*............................... 115,000 2,314,375
Smith International, Inc.*................................ 10,000 448,750
</TABLE>
36
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCKS (CONT'D):
Smithway Motor Xpress Corp.*............................. 70,000 $ 568,750
Stewart & Stevenson Svcs Inc. ........................... 73,000 2,126,125
The Peak Technologies Group*............................. 190,000 2,280,000
UCAR Int'l., Inc.*....................................... 40,000 1,505,000
Vallen Corp.*............................................ 61,000 1,014,125
Wackenhut Corp........................................... 65,000 991,250
Zero Corp. .............................................. 80,000 1,600,000
------------
37,518,918
------------
Technology (15.9%)
360 Communications Co.*.................................. 85,000 1,965,625
Alliance Semiconductor Corp.*............................ 40,000 285,000
Andrew Corp.*............................................ 50,000 2,653,125
Associated Group, Inc.*.................................. 20,000 615,000
Coherent Comm. Systems Corp.*............................ 61,500 1,199,250
Comcast Corp. Cl A*...................................... 30,000 534,375
Davel Communications Group, Inc.*........................ 7,500 136,875
DSC Communications Corp.*................................ 95,000 1,698,125
DST Systems, Inc.*....................................... 36,500 1,145,187
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
GenCorp, Inc.............................................. 50,000 $ 906,250
General Instrument Corp.*................................. 90,000 1,946,250
HNC Software*............................................. 5,000 156,250
Intuit, Inc.*............................................. 45,000 1,417,500
LSI Logic Corp.*.......................................... 45,000 1,203,750
Maxxim Medical, Inc.*..................................... 65,000 812,500
Meridian Diagnostics, Inc................................. 70,000 910,000
Molex Inc., Cl A.......................................... 25,000 890,625
Symantec Corp.*........................................... 70,000 1,015,000
Teltrend, Inc.*........................................... 46,500 1,290,375
Teradyne, Inc.*........................................... 20,000 487,500
Thiokol Corp.............................................. 27,000 1,208,250
------------
22,476,812
------------
Utilities (3.2%)
Citizens Utilities Co. Cl A............................... 60,960 662,940
Nextel Communications, Inc.*.............................. 100,000 1,306,250
WorldCom, Inc.*........................................... 97,500 2,541,097
------------
4,510,287
------------
TOTAL COMMON STOCKS
(Cost: $117,440,944) 91.6%....................................... 129,917,690
------------
</TABLE>
- -------
* Non-income producing security.
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT
---- -------- ----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (8.4%)
Allied Signal, Inc..................... 6.10% 01/02/97 $2,192,000 2,191,628
American Express Credit Corp. ......... 5.90 01/02/97 1,746,000 1,745,714
Merrill Lynch & Co. ................... 6.25 01/06/97 2,534,000 2,531,800
UBS Finance Del Inc. .................. 8.00 01/02/97 2,827,000 2,826,372
Warner Lambert Co. .................... 6.00 01/07/97 2,637,000 2,634,362
------------
11,929,876
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $11,929,876) 8.4%........................................ 11,929,876
------------
TOTAL INVESTMENTS
(Cost: $129,370,820) 100.0%..................................... $141,847,566
============
</TABLE>
37
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT
DATE PRICE TO CALL VALUE
---------- -------- ------- -----------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN:
360 Communications Co. ............... 01/18/97 $25.00 10,000 $ (1,250)
American Radio Systems Corp. ......... 01/18/97 30.00 20,000 (7,500)
American Radio Systems Corp. ......... 01/18/97 25.00 5,000 (12,187)
Andrew Corp. ......................... 01/18/97 50.00 10,000 (41,250)
Andrew Corp. ......................... 04/19/97 50.00 5,000 (32,187)
Andrew Corp. ......................... 04/19/97 55.00 10,000 (41,250)
Andrew Corp. ......................... 01/18/97 45.00 20,000 (182,500)
Anixter International, Inc. .......... 01/18/97 15.00 5,000 (8,125)
Anixter International, Inc. .......... 07/19/97 17.50 3,000 (4,125)
Baker Hughes, Inc. ................... 04/19/97 37.50 5,000 (8,437)
Browning Ferris Inds., Inc. .......... 03/22/97 25.00 30,000 (67,500)
Danka Business Systems--ADR........... 05/17/97 35.00 10,000 (11,250)
Danka Business Systems--ADR........... 02/22/97 30.00 15,000 (91,875)
Danka Business Systems--ADR........... 02/22/97 35.00 15,000 (45,937)
Dentsply International, Inc. ......... 02/22/97 40.00 1,000 (7,812)
Dentsply International, Inc. ......... 05/17/97 50.00 3,000 (4,875)
DSC Communications Corp. ............. 01/18/97 15.00 10,000 (31,250)
DSC Communications Corp. ............. 01/18/97 12.50 10,000 (55,000)
DSC Communications Corp. ............. 04/19/97 17.50 10,000 (29,375)
DSC Communications Corp. ............. 04/19/97 20.00 30,000 (56,250)
DST Systems, Inc. .................... 02/22/97 35.00 3,500 (2,843)
DST Systems, Inc. .................... 01/18/97 35.00 25,000 (1,562)
DST Systems, Inc. .................... 01/18/97 30.00 5,000 (10,625)
DST Systems, Inc. .................... 02/22/97 30.00 3,000 (9,187)
ENSCO International, Inc. ............ 03/22/97 40.00 5,000 (48,125)
ENSCO International, Inc. ............ 03/22/97 45.00 5,000 (29,687)
Fleetwood Enterprises, Inc. .......... 02/22/97 35.00 14,000 (1,750)
General Instrument Corp. ............. 01/18/97 25.00 20,000 (2,500)
General Instrument Corp. ............. 03/22/97 25.00 5,000 (5,937)
General Instrument Corp. ............. 01/18/97 27.50 10,000 (1,250)
General Motors Corp. ................. 01/18/97 55.00 5,000 (8,125)
HealthCare COMPARE Corp. ............. 02/22/97 45.00 1,500 (2,109)
HealthCare COMPARE Corp. ............. 02/22/97 40.00 3,000 (11,812)
HNC Software.......................... 01/18/97 25.00 5,000 (33,125)
Interim Services, Inc. ............... 02/22/97 45.00 4,000 (750)
Interim Services, Inc. ............... 02/22/97 40.00 7,000 (1,312)
Interim Services, Inc. ............... 01/18/97 35.00 10,000 (11,875)
Intuit, Inc. ......................... 01/18/97 40.00 5,000 (1,250)
Intuit, Inc. ......................... 02/22/97 35.00 5,000 (8,750)
Intuit, Inc. ......................... 01/18/97 30.00 10,000 (30,000)
Intuit, Inc. ......................... 04/19/97 35.00 5,000 (14,375)
Intuit, Inc. ......................... 01/18/97 35.00 5,000 (3,750)
Intuit, Inc. ......................... 01/18/97 45.00 5,000 (937)
Liposome Company, Inc. ............... 01/18/97 17.50 5,000 (10,625)
Liposome Company, Inc. ............... 02/22/97 20.00 10,000 (15,625)
LSI Logic Corp. ...................... 04/19/97 30.00 5,000 (10,312)
LSI Logic Corp. ...................... 01/18/97 30.00 5,000 (1,875)
</TABLE>
38
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
SHARES
EXPIRATION EXERCISE SUBJECT
DATE PRICE TO CALL VALUE
---------- -------- ------- -----------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN (CONT'D):
LSI Logic Corp. ....................... 01/18/97 $25.00 15,000 $ (39,375)
Molecular Dynamics, Inc. .............. 02/22/97 10.00 2,000 (3,375)
Mylan Laboratories, Inc. .............. 01/18/97 17.50 15,000 (3,750)
Nabors Industries, Inc. ............... 01/18/97 20.00 5,000 (3,906)
Nabors Industries, Inc. ............... 03/22/97 20.00 5,000 (6,250)
Nextel Communications, Inc. ........... 02/22/97 22.50 20,000 (1,250)
Oceaneering Int'l, Inc. ............... 01/18/97 17.50 10,000 (1,250)
Orthodontic Centers of America......... 03/22/97 17.50 10,000 (14,063)
Orthodontic Centers of America......... 03/22/97 20.00 10,000 (8,750)
Pall Corp. ............................ 03/22/97 25.00 10,000 (18,750)
Perkin-Elmer Corp. .................... 03/22/97 55.00 4,100 (22,550)
Pride Petroleum Svcs., Inc. ........... 01/18/97 17.50 5,000 (27,500)
Pride Petroleum Svcs., Inc. ........... 04/19/97 20.00 5,000 (19,687)
Scherer (R.P.) Corp. .................. 04/19/97 50.00 1,000 (2,875)
Scherer (R.P.) Corp. .................. 02/22/97 50.00 1,000 (2,125)
Scherer (R.P.) Corp. .................. 01/18/97 50.00 5,000 (8,594)
Scherer (R.P.) Corp. .................. 01/18/97 45.00 5,000 (27,812)
Silicon Valley Group, Inc. ............ 03/22/97 22.50 5,000 (5,469)
Silicon Valley Group, Inc. ............ 03/22/97 25.00 5,000 (2,500)
Smith International, Inc. ............. 01/18/97 35.00 10,000 (98,750)
Symantec Corp. ........................ 04/19/97 17.50 15,000 (16,875)
Teradyne, Inc. ........................ 07/19/97 25.00 5,000 (14,062)
Teradyne, Inc. ........................ 04/19/97 25.00 5,000 (11,250)
Thiokol Corp. ......................... 01/18/97 50.00 3,000 (187)
Thiokol Corp. ......................... 01/18/97 45.00 9,000 (9,562)
Transocean Offshore, Inc. ............. 02/22/97 65.00 2,500 (5,000)
USX-Marathon Group..................... 01/18/97 22.50 5,000 (8,125)
WorldCom, Inc. ........................ 01/18/97 25.00 10,000 (17,500)
WorldCom, Inc. ........................ 03/22/97 22.50 5,600 (24,500)
WorldCom, Inc. ........................ 01/18/97 22.50 66,900 (242,522)
WorldCom, Inc. ........................ 01/18/97 20.00 10,000 (60,000)
WorldCom, Inc. ........................ 03/22/97 25.00 5,000 (15,625)
-----------
TOTAL OPTIONS WRITTEN
(Premiums Received: $1,651,184)................................... $(1,763,797)
===========
</TABLE>
39
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<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 --
$77,780,114
All America Fund --
$428,665,730
Equity Index Fund --
$81,596,172
Bond Fund --
$320,240,056)
(Notes 1 and 3)........ $77,780,114 $634,437,558 $102,092,337 $323,507,447
Cash.................... 437 579,685 11,313 5,460
Interest and dividends
receivable............. -- 857,450 164,608 5,760,540
Receivable for
securities sold........ -- 2,081,449 19,161 --
Other Assets............ -- -- -- --
----------- ------------ ------------ ------------
Total Assets............ 77,780,551 637,956,142 102,287,419 329,273,447
Payable for securities
purchased.............. -- 1,286,793 278,004 --
Other liabilities....... -- -- 160,600 --
----------- ------------ ------------ ------------
Net Assets.............. $77,780,551 $636,669,349 $101,848,815 $329,273,447
=========== ============ ============ ============
Number of Shares
Outstanding (Note 4)... 65,361,651 261,306,452 63,857,347 238,393,054
=========== ============ ============ ============
Net Asset Values,
offering and redemption
price per share........ $1.19 $2.44 $1.59 $1.38
===== ===== ===== =====
<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 --
$15,307,684
Mid-Term Bond Fund --
$13,148,656
Composite Fund --
$260,928,454
Aggressive Equity
Fund -- $129,370,820)
(Notes 1 and 3)........ $15,364,035 $ 13,172,410 $282,565,309 $141,847,566
Cash.................... 26,423 491 132,855 274,313
Interest and dividends
receivable............. 115,784 186,619 2,090,350 40,300
Receivable for
securities sold........ 7,840 -- 2,007,015 54,085
Other assets............ -- -- -- --
----------- ------------ ------------ ------------
Total Assets............ 15,514,082 13,359,520 286,795,529 142,216,264
Payable for securities
purchased.............. -- -- 2,157,425 4,221,704
Call options written, at
market value
(Premium received:
Composite Fund --
$1,370,775
Aggressive Equity
Fund -- $1,651,184)... -- -- 1,706,995 1,763,797
Other liabilities....... -- -- -- 2,000
----------- ------------ ------------ ------------
Net Assets.............. $15,514,082 $ 13,359,520 $282,931,109 $136,228,763
=========== ============ ============ ============
Number of Shares
Outstanding (Note 4)... 15,099,233 14,897,709 159,862,322 92,534,946
=========== ============ ============ ============
Net Asset Values,
offering and redemption
price per share........ $1.03 $0.90 $1.77 $1.47
===== ===== ===== =====
</TABLE>
40
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ -------------- -------------- -----------------
<S> <C> <C> <C> <C>
Investment Income and
Expenses:
Income:
Dividends.............. $ -- $ 9,749,497 $ 1,509,804 $ --
Interest............... 3,302,561 489,184 183,358 22,124,170
------------ -------------- -------------- --------------
Total income............ 3,302,561 10,238,681 1,693,162 22,124,170
------------ -------------- -------------- --------------
Expenses:
Investment advisory
fees (Note 2)......... 152,048 2,924,546 91,790 1,544,608
------------ -------------- -------------- --------------
Net Investment Income... 3,150,513 7,314,135 1,601,372 20,579,562
------------ -------------- -------------- --------------
Net Realized and
Unrealized Gain (Loss)
on Investments (Note
1):
Net realized gain (loss)
on investments:
Net proceeds from sales
and maturities........ 844,557,649 1,297,871,571 330,861,585 975,201,473
Cost of securities sold
or matured............ 844,557,810 1,275,861,587 329,058,521 970,205,458
------------ -------------- -------------- --------------
Net realized gain
(loss)................. (161) 22,009,984 1,803,064 4,996,015
Net unrealized
appreciation
(depreciation) of
investments............ -- 80,788,691 11,911,735 (14,451,071)
------------ -------------- -------------- --------------
Net Realized and
Unrealized Gain (Loss)
on Investments......... (161) 102,798,675 13,714,799 (9,455,056)
------------ -------------- -------------- --------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ $ 3,150,352 $ 110,112,810 $ 15,316,171 $ 11,124,506
============ ============== ============== ==============
<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.............. $ -- $ -- $ 2,698,020 $ 651,191
Interest............... 674,218 2,048,239 8,905,871 625,763
------------ -------------- -------------- --------------
Total income............ 674,218 2,048,239 11,603,891 1,276,954
------------ -------------- -------------- --------------
Expenses:
Investment advisory
fees (Note 2)......... 56,971 163,102 1,412,746 835,441
------------ -------------- -------------- --------------
Net Investment Income... 617,247 1,885,137 10,191,145 441,513
------------ -------------- -------------- --------------
Net Realized and
Unrealized Gain (Loss)
on Investments (Note 1)
Net realized gain (loss)
on investments:
Net proceeds from sales
and maturities........ 133,203,028 255,460,802 1,270,846,583 1,031,261,624
Cost of securities sold
or matured............ 133,202,665 256,205,399 1,251,037,219 1,013,273,948
------------ -------------- -------------- --------------
Net realized gain
(loss)................. 363 (744,597) 19,809,364 17,987,676
Net unrealized
appreciation
(depreciation) of
investments............ 16,737 (776,280) 1,412,589 4,633,533
------------ -------------- -------------- --------------
Net Realized and
Unrealized Gain (Loss)
on Investments......... 17,100 (1,520,877) 21,221,953 22,621,209
------------ -------------- -------------- --------------
Net Increase (Decrease)
in Net Assets Resulting
from Operations........ $ 634,347 $ 364,260 $ 31,413,098 $ 23,062,722
============ ============== ============== ==============
</TABLE>
41
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
MONEY MARKET FUND ALL AMERICA FUND EQUITY INDEX FUND
--------------------------- -------------------------- --------------------------
1996 1995 1996 1995 1996 1995
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income.. $ 3,150,513 $ 4,789,858 $ 7,314,135 $ 7,083,036 $ 1,601,372 $ 742,324
Net realized gain
(loss) on investments. (161) (855) 22,009,984 14,798,885 1,803,064 830,703
Unrealized appreciation
(depreciation) of
investments........... -- -- 80,788,691 113,581,011 11,911,735 8,117,495
------------ ------------- ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 3,150,352 4,789,003 110,112,810 135,462,932 15,316,171 9,690,522
------------ ------------- ------------ ------------ ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............. 61,070,949 92,909,943 67,857,705 85,691,993 60,056,284 27,580,190
Dividends reinvested... 3,165,422 4,789,411 32,301,582 16,966,116 3,473,499 1,434,797
Cost of shares
redeemed.............. (59,846,394) (105,660,794) (74,455,531) (63,029,352) (16,336,002) (20,510,835)
Dividend distributions. (3,165,422) (4,789,411) (32,301,582) (16,966,116) (3,473,499) (1,434,797)
------------ ------------- ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... 1,224,555 (12,750,851) (6,597,826) 22,662,641 43,720,282 7,069,355
------------ ------------- ------------ ------------ ------------ ------------
Increase (Decrease) in
Net Assets............. 4,374,907 (7,961,848) 103,514,984 158,125,573 59,036,453 16,759,877
Net Assets, Beginning of
Year................... 73,405,644 81,367,492 533,154,365 375,028,792 42,812,362 26,052,485
------------ ------------- ------------ ------------ ------------ ------------
Net Assets, End of Year. $ 77,780,551 $ 73,405,644 $636,669,349 $533,154,365 $101,848,815 $ 42,812,362
============ ============= ============ ============ ============ ============
Components of Net
Assets:
Paid-in capital........ $ 77,697,824 $ 73,307,847 $434,648,029 $408,944,273 $ 81,348,585 $ 34,154,804
Accumulated
undistributed net
investment income
(loss)................ 87,923 102,832 (244,122) (191,138) (8,055) (16,607)
Accumulated
undistributed net
realized gain (loss)
on investments........ (5,196) (5,035) (3,506,387) (581,908) 12,120 89,735
Unrealized appreciation
(depreciation) of
investments........... -- -- 205,771,829 124,983,138 20,496,165 8,584,430
------------ ------------- ------------ ------------ ------------ ------------
Net Assets, End of Year. $ 77,780,551 $ 73,405,644 $636,669,349 $533,154,365 $101,848,815 $ 42,812,362
============ ============= ============ ============ ============ ============
<CAPTION>
SHORT-TERM MID-TERM
BOND FUND BOND FUND BOND FUND
--------------------------- -------------------------- --------------------------
1996 1995 1996 1995 1996 1995
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income.. $ 20,579,562 $ 18,505,394 $ 617,247 $ 135,016 $ 1,885,137 $ 1,428,809
Net realized gain
(loss) on investments. 4,996,015 (4,189,297) 363 71 (744,597) (550,761)
Unrealized appreciation
(depreciation) of
investments........... (14,451,071) 34,607,512 16,737 80,884 (776,280) 2,852,665
------------ ------------- ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 11,124,506 48,923,609 634,347 215,971 364,260 3,730,713
------------ ------------- ------------ ------------ ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............. 63,334,172 49,650,330 14,156,603 2,094,144 33,969,164 5,036,179
Dividends reinvested... 21,664,408 18,492,800 606,778 138,417 1,825,609 1,429,433
Cost of shares
redeemed.............. (56,464,268) (35,948,084) (1,789,353) (2,224,502) (45,471,861) (7,997,355)
Dividend distributions. (21,664,408) (18,492,800) (606,778) (138,417) (1,825,609) (1,429,433)
------------ ------------- ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... 6,869,904 13,702,246 12,367,250 (130,358) (11,502,697) (2,961,176)
------------ ------------- ------------ ------------ ------------ ------------
Increase (Decrease) in
Net Assets............. 17,994,410 62,625,855 13,001,597 85,613 (11,138,437) 769,537
Net Assets, Beginning of
Year................... 311,279,037 248,653,182 2,512,485 2,426,872 24,497,957 23,728,420
------------ ------------- ------------ ------------ ------------ ------------
Net Assets, End of Year. $329,273,447 $ 311,279,037 $ 15,514,082 $ 2,512,485 $ 13,359,520 $ 24,497,957
============ ============= ============ ============ ============ ============
Components of Net
Assets:
Paid-in capital........ $330,508,029 $ 301,973,717 $ 15,463,173 $ 2,489,145 $ 14,621,441 $ 24,298,529
Accumulated
undistributed net
investment income
(loss)................ (1,022,752) (701,307) 4,971 (5,498) 12,288 (47,240)
Accumulated
undistributed net
realized gain (loss)
on investments........ (3,479,221) (7,711,835) (10,413) (10,776) (1,297,963) (553,366)
Net unrealized
appreciation
(depreciation) of
investments........... 3,267,391 17,718,462 56,351 39,614 23,754 800,034
------------ ------------- ------------ ------------ ------------ ------------
Net Assets, End of Year. $329,273,447 $ 311,279,037 $ 15,514,082 $ 2,512,485 $ 13,359,520 $ 24,497,957
============ ============= ============ ============ ============ ============
</TABLE>
42
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
The accompanying notes are an integral part of these financial statements.
<TABLE>
<CAPTION>
COMPOSITE FUND AGGRESSIVE EQUITY FUND
-------------------------- --------------------------
1996 1995 1996 1995
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) In
Net Assets:
From Operations:
Net investment income. $ 10,191,145 $ 10,961,347 $ 441,513 $ 259,615
Net realized gain
(loss) on
investments.......... 19,809,364 8,223,933 17,987,676 6,123,997
Unrealized
appreciation
(depreciation) of
investments.......... 1,412,589 31,059,449 4,633,533 6,213,711
------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 31,413,098 50,244,729 23,062,722 12,597,323
------------ ------------ ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............ 15,736,097 15,416,148 72,571,512 30,668,870
Dividends reinvested.. 35,621,387 15,284,744 19,399,095 4,116,301
Cost of shares
redeemed............. (40,509,708) (21,907,582) (18,033,044) (11,200,912)
Dividend
distributions........ (35,621,387) (15,284,744) (19,399,095) (4,116,301)
------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... (24,773,611) (6,491,434) 54,538,468 19,467,958
------------ ------------ ------------ ------------
Increase (Decrease) in
Net Assets............. 6,639,487 43,753,295 77,601,190 32,065,281
Net Assets, Beginning of
Year................... 276,291,622 232,538,327 58,627,573 26,562,292
------------ ------------ ------------ ------------
Net Assets, End of Year. $282,931,109 $276,291,622 $136,228,763 $ 58,627,573
============ ============ ============ ============
Components of Net
Assets:
Paid-in capital....... $263,241,421 $252,393,645 $122,803,147 $ 48,865,584
Accumulated
undistributed net
investment income
(loss)............... 499,542 1,177,730 (16,273) (6,192)
Accumulated
undistributed net
realized gain (loss)
on investments....... (2,110,489) 2,832,201 1,077,756 2,037,581
Unrealized
appreciation
(depreciation) of
investments.......... 21,300,635 19,888,046 12,364,133 7,730,600
------------ ------------ ------------ ------------
Net Assets, End of Year. $282,931,109 $276,291,622 $136,228,763 $ 58,627,573
============ ============ ============ ============
</TABLE>
43
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a Fund
share outstanding throughout each of the ten years ended December 31, 1996,
or, since the Fund's inception date if in existence less than ten years and
other supplementary data with respect to the Funds are presented below. The
financial highlights for the years 1987 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
------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $ 1.18 $ 1.19 $ 1.17 $ 1.17 $ 1.18 $ 1.23 $ 1.23 $ 1.22 $ 1.25 $ 1.18
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.06 0.07 0.03 0.04 0.04 0.12 0.10 0.12 0.08 0.07
Net Gains or (Losses)
on Securities realized
and unrealized........ -- -- 0.02 -- -- (0.05) -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............. 0.06 0.07 0.05 0.04 0.04 0.07 0.10 0.12 0.08 0.07
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
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
Year................... $ 1.19 $ 1.18 $ 1.19 $ 1.17 $ 1.17 $ 1.18 $ 1.23 $ 1.23 $ 1.22 $ 1.25
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 5.3 5.8 4.1 2.9 3.3 4.4 6.8 7.8 5.9 5.7
Net Assets, End of Year
($ millions)........... 78 73 81 38 39 43 89 81 6 3
Ratio of Expenses to
Average Net
Assets (%)............. 0.25 0.25 0.25 0.26 0.40 0.40 0.40 0.40 0.40 0.40
Ratio of Net Income to
Average Net Assets (%). 5.21 5.66 4.15 2.90 3.33 5.73 7.79 8.90 6.85 5.99
Portfolio Turnover
Rate(a)................ N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
</TABLE>
- -------
(a) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
44
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
ALL AMERICA FUND (B)
------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $ 2.13 $ 1.61 $ 1.80 $ 1.79 $ 1.93 $ 1.70 $ 1.81 $ 1.69 $ 1.82 $ 1.67
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.03 0.03 0.04 0.04 0.04 0.18 0.08 0.28 0.06 0.02
Net Gains or (Losses)
on Securities
realized and
unrealized............ 0.41 0.56 (0.01) 0.18 0.03 0.23 (0.11) 0.14 0.10 0.13
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............. 0.44 0.59 0.03 0.22 0.07 0.41 (0.03) 0.42 0.16 0.15
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
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
Year................... $ 2.44 $ 2.13 $ 1.61 $ 1.80 $ 1.79 $ 1.93 $ 1.70 $ 1.81 $ 1.69 $ 1.82
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 20.7 36.6 (d)3.7 12.0 3.2 22.6 (3.8) 24.1 8.7 8.3
Net Assets, End of Year
($ millions)........... 637 533 375 424 398 434 377 437 40 43
Ratio of Expenses to
Average Net
Assets (%)............. 0.50 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 (%)............. 1.26 1.57 2.11 1.92 2.02 2.49 3.33 2.54 3.07 1.97
Portfolio Turnover Rate
(%)(a)................. 28.35 33.63 129.80 93.86 129.40 158.35 108.75 117.60 56.94 150.74
Average Commission Rate
Paid ($)(e)............ .0549 -- -- -- -- -- -- -- -- --
</TABLE>
- -------
(a)Portfolio turnover rate excludes all U.S. Government and short-term
securities.
(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)Total return reflects performance from May 2, 1994 and is not annualized.
(e)Average commission rate paid per share of stock is calculated for years
beginning after 1995.
45
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
BOND FUND
------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $ 1.43 $ 1.27 $ 1.41 $ 1.41 $ 1.41 $ 1.33 $ 1.37 $ 1.27 $ 1.40 $ 1.42
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.09 0.09 0.09 0.09 0.09 0.13 0.09 -- 0.09 0.07
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) (0.09)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............ 0.05 0.25 (0.05) 0.18 0.12 0.21 0.07 0.16 0.08 (0.02)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
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
Year................... $ 1.38 $ 1.43 $ 1.27 $ 1.41 $ 1.41 $ 1.41 $ 1.33 $ 1.37 $ 1.27 $ 1.40
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 3.5 19.4 (3.2) 13.1 8.6 14.0 3.5 11.1 6.2 (1.9)
Net Assets, End of Year
($ millions)........... 329 311 249 263 233 187 163 109 5 4
Ratio of Expenses to
Average Net Assets (%). 0.50 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 (%). 6.70 6.64 6.32 6.30 6.93 7.59 8.57 8.55 8.25 7.97
Portfolio Turnover Rate
(%)(a)................. 30.14 41.93 51.14 103.16 112.40 95.00 129.02 47.70 75.61 47.41
</TABLE>
- -------
(a) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
46
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
SHORT-TERM BOND FUND MID-TERM BOND FUND
---------------------------- -----------------------------
YEARS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31,
---------------------------- -----------------------------
1996 1995 1994 1993(B) 1996 1995 1994 1993(B)
----- ----- ----- ------- ------ ----- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $1.02 $1.00 $1.02 $ 1.00 $ 1.00 $0.91 $0.99 $ 1.00
----- ----- ----- ------ ------ ----- ----- ------
Income From Investment
Operations:
Net Investment Income.. 0.04 0.06 0.04 0.02 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 (0.10) 0.09 (0.07) 0.04
----- ----- ----- ------ ------ ----- ----- ------
Total From Investment
Operations............ 0.05 0.08 0.02 0.04 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
Year................... $1.03 $1.02 $1.00 $ 1.02 $ 0.90 $1.00 $0.91 $ 0.99
===== ===== ===== ====== ====== ===== ===== ======
Total Return (%)........ 4.9 7.7 1.4 4.6 3.9 16.3 (3.7) 7.3
Net Assets, End of Year
($ millions)........... 16 3 2 3 13 24 24 19
Ratio of Expenses to
Average Net Assets (%). 0.50 0.50 0.48 0.45 0.50 0.50 0.50 0.45
Ratio of Net Income to
Average Net Assets (%). 5.42 4.65 3.51 3.09 5.80 5.73 4.71 4.13
Portfolio Turnover Rate
(%)(a)................. 6.68 16.47 0.00 122.37 144.55 73.72 7.52 162.03
</TABLE>
- -------
(a)Portfolio turnover rate excludes all U.S. Government and short-term
securities.
(b)Commenced operations February 5, 1993; total return and other ratios have
not been annualized.
47
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
COMPOSITE FUND
YEARS ENDED DECEMBER 31,
------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Begin-
ning of Year........... $ 1.81 $ 1.57 $ 1.71 $ 1.59 $ 1.61 $ 1.53 $ 1.63 $ 1.46 $ 1.60 $ 1.51
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.07 0.08 0.05 0.05 0.06 0.19 0.14 0.11 0.08 0.05
Net Gains or (Losses)
on Securities realized
and unrealized........ 0.14 0.27 (0.10) 0.22 0.03 0.09 (0.09) 0.17 0.05 0.04
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............. 0.21 0.35 (0.05) 0.27 0.09 0.28 0.05 0.28 0.13 0.09
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less Dividend Distribu-
tions:
From Net Investment In-
come.................. (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
Year................... $ 1.77 $ 1.81 $ 1.57 $ 1.71 $ 1.59 $ 1.61 $ 1.53 $ 1.63 $ 1.46 $ 1.60
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 11.9 21.9 (3.0) 16.9 5.9 16.4 1.5 17.2 7.9 5.2
Net Assets, End of Year
($ millions)........... 283 276 233 228 138 111 79 67 51 45
Ratio of Expenses to Av-
erage Net Assets (%)... 0.50 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 (%). 3.63 4.30 3.88 3.48 4.01 4.75 6.20 5.48 5.94 5.10
Portfolio Turnover Rate
(%)(a)................. 69.79 76.84 113.86 100.76 107.69 134.91 105.06 87.32 50.88 124.04
Average Commission Rate
Paid($)(b)............. .0597 -- -- -- -- -- -- -- -- --
</TABLE>
- -------
(a) Portfolio turnover rate excludes all U.S. Government and short-term
securities.
(b) Average commission rate paid per share of stock is calculated for years
beginning after 1995.
48
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
AGGRESSIVE
EQUITY INDEX FUND EQUITY FUND
------------------------------- -----------------------
YEARS ENDED YEARS ENDED
DECEMBER 31, DECEMBER 31,
------------------------------- -----------------------
1996 1995 1994 1993(B) 1996 1995 1994(C)
------ ------ ------ ------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Begin-
ning of Year........... $ 1.35 $ 1.02 $ 1.04 $ 1.00 $ 1.35 $ 1.05 $ 1.00
------ ------ ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.03 0.02 0.03 0.02 0.01 0.01 0.01
Net Gains or (Losses)
on Securities realized
and unrealized........ 0.27 0.36 (0.01) 0.04 0.36 0.39 0.05
------ ------ ------ ------ ------ ------ ------
Total From Investment
Operations............. 0.30 0.38 0.02 0.06 0.37 0.40 0.06
------ ------ ------ ------ ------ ------ ------
Less Dividend Distribu-
tions:
From Net Investment In-
come.................. (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
Year................... $ 1.59 $ 1.35 $ 1.02 $ 1.04 $ 1.47 $ 1.35 $ 1.05
====== ====== ====== ====== ====== ====== ======
Total Return (%)........ 22.7 36.6 1.5 6.2 27.1 38.2 6.0
Net Assets, End of Year
($ millions)........... 102 43 26 27 136 59 27
Ratio of Expenses to Av-
erage Net
Assets (%)............. 0.13 0.13 0.13 0.11 0.85 0.85 0.56
Ratio of Net Income to
Average Net
Assets (%)............. 2.19 2.50 2.67 2.43 0.45 0.65 0.70
Portfolio Turnover Rate
(%)(a)................. 5.85 13.99 6.59 1.44 103.68 116.52 60.86
Average Commission Rates
Paid($)(d)............. .0388 -- -- -- .0591 -- --
</TABLE>
- -------
(a)Portfolio turnover rate excludes all U.S. Government and short-term
securities.
(b)Commenced operations February 5, 1993; total return and other ratios have
not been annualized.
(c)Commenced operations May 2, 1994; total return and other ratios have not
been annualized
(d)Average commission rate paid per share of stock is calculated for years
beginning after 1995.
49
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
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 December 31, 1996 Mutual of America Life owned 98.4% and
American Life 1.6% 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 latest sale or closing price. If an option expires, or if the
Investment Company enters into a closing purchase transaction, the
Investment Company realizes a gain or, if the cost of a closing purchase
transaction exceeds the premium originally received, a loss, and the
liability related to the option is extinguished. If an option is
exercised, the proceeds of the sale of the underlying security are
increased by the premium originally received when the option was
written.
The 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 3% 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
50
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (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 placed portfolio transactions
through a broker affiliated with the Adviser. The aggregate commissions paid
to this broker for the year ended December 31, 1996 was $100,812 or 8% of
total commissions. In addition, a Sub-Advisor of the Fund placed a portion of
its portfolio transactions with its affiliated broker-dealer. Such commissions
amounted to $72,555 or 6% of the Fund'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 year
ended December 31, 1996 was as follows:
<TABLE>
<CAPTION>
ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND
------------ ------------ ------------
<S> <C> <C> <C>
Cost of investment purchases............. $165,399,892 $43,822,269 $128,872,632
============ =========== ============
Proceeds from sales of investments....... $161,921,056 $ 4,021,745 $ 86,480,196
============ =========== ============
</TABLE>
<TABLE>
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Cost of investment purchases. $14,850,769 $39,050,621 $177,611,178 $144,504,219
=========== =========== ============ ============
Proceeds from sales of
investments................. $ 496,836 $51,055,413 $202,429,168 $ 92,598,928
=========== =========== ============ ============
</TABLE>
51
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The cost of short-term security purchases for the Money Market Fund for the
year was $845,662,839. Net proceeds from sales and redemptions for the year
was $844,557,649.
At December 31, 1996, 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............... $ -- $216,575,557 $ 21,903,625 $ 5,830,239
Aggregate gross unrealized
depreciation............... -- 10,803,728 1,407,460 2,562,848
----------- ------------ ------------ ------------
Net unrealized appreciation
(depreciation)............. $ -- $205,771,829 $ 20,496,165 $ 3,267,391
=========== ============ ============ ============
Aggregate cost of invest-
ments for Federal income
tax
purposes................... $77,780,114 $428,665,730 $ 81,596,172 $320,240,056
=========== ============ ============ ============
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Aggregate gross unrealized
appreciation............... $ 70,276 $ 91,465 $ 30,289,722 $ 19,978,253
Aggregate gross unrealized
depreciation............... 13,925 67,711 8,989,087 7,614,120
----------- ------------ ------------ ------------
Net unrealized appreciation
(depreciation)............. $ 56,351 $ 23,754 $ 21,300,635 $ 12,364,133
=========== ============ ============ ============
Aggregate cost of
investments for Federal
income tax
purposes................... $15,307,684 $ 13,148,656 $260,928,454 $129,370,820
=========== ============ ============ ============
</TABLE>
4. CAPITAL SHARE ACTIVITY
At December 31, 1996 there were 3 billion shares of $.01 par value capital
stock authorized for the Investment Company. The shares are allocated into the
eight series of funds as follows:
<TABLE>
<CAPTION>
NAME OF FUND AUTHORIZED NO. OF SHARES
------------ ------------------------
<S> <C>
Money Market Fund..................................... 100,000,000
All America Fund...................................... 500,000,000
Equity Index Fund..................................... 75,000,000
Bond Fund............................................. 250,000,000
Short-Term Bond Fund.................................. 50,000,000
Mid-Term Bond Fund.................................... 75,000,000
Composite Fund........................................ 200,000,000
Aggressive Equity Fund................................ 500,000,000
-------------
Sub Total........................................... 1,750,000,000
Shares to be allocated at the discretion of the Board
of Directors......................................... 1,250,000,000
-------------
Total............................................... 3,000,000,000
=============
</TABLE>
Transactions in shares were as follows:
<TABLE>
<CAPTION>
FOR THE 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 shareholders
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
========== ========== ========== ==========
</TABLE>
52
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<TABLE>
<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 sharehold-
ers 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>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1995
------------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ ----------
<S> <C> <C> <C> <C>
Shares sold................... 75,724,884 42,681,882 22,823,514 35,264,481
Shares issued to shareholders
as reinvestment of dividends. 4,066,652 7,980,558 1,066,201 12,944,402
---------- ---------- ---------- ----------
Total......................... 79,791,536 50,662,440 23,889,715 48,208,883
Shares redeemed............... 85,788,635 33,103,404 17,637,595 25,740,959
---------- ---------- ---------- ----------
Net increase (decrease)....... (5,997,099) 17,559,036 6,252,120 22,467,924
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1995
---------------------------------------------------
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE EQUITY
BOND FUND BOND FUND FUND FUND
---------- ---------- ---------- -----------------
<S> <C> <C> <C> <C>
Shares sold................ 2,015,656 5,042,701 8,968,895 23,932,340
Shares issued to sharehold-
ers as reinvestment of
dividends................. 135,836 1,429,171 8,460,475 3,045,773
--------- ---------- ---------- ----------
Total...................... 2,151,492 6,471,872 17,429,370 26,978,113
Shares redeemed............ 2,112,272 7,961,340 12,516,767 8,844,832
--------- ---------- ---------- ----------
Net increase (decrease).... 39,220 (1,489,468) 4,912,603 18,133,281
========= ========== ========== ==========
</TABLE>
5. DIVIDENDS
On December 31, 1996 dividend distributions were declared for each of the
Funds from net realized gains on investment transactions and net investment
income during 1996. Additionally, on September 16, 1996 the remaining required
dividends relating to the 1995 Internal Revenue Sec. 885(A) election were
declared for each of the Funds, which were reinvested resulting in an increase
in the aggregate shares outstanding. Dividends declared on September 16, 1996
were paid on September 16, 1996 to shareholders of record on September 15,
1996, and dividends declared on December 31, 1996 were paid on December 31,
1996 to shareholders of record on December 30, 1996. All dividend
distributions are immediately reinvested in additional shares of each
respective Fund.
<TABLE>
<CAPTION>
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Net investment income........ $3,165,422 $ 7,367,119 $1,592,820 $20,901,007
Net realized capital gains... -- 24,934,463 1,880,679 763,401
---------- ----------- ---------- -----------
Total dividends.............. $3,165,422 $32,301,582 $3,473,499 $21,664,408
========== =========== ========== ===========
Dividend amounts per share... $ .050 $ .129 $ .056 $ .097
========== =========== ========== ===========
Increase in number of shares
per fund.................... 2,659,830 13,283,731 2,182,072 15,684,625
========== =========== ========== ===========
</TABLE>
53
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<TABLE>
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Ordinary income.................. $606,778 $1,825,609 $10,869,333 $ 451,594
Capital gains.................... -- -- 24,752,054 18,947,501
-------- ---------- ----------- -----------
Total dividends.................. $606,778 $1,825,609 $35,621,387 $19,399,095
======== ========== =========== ===========
Dividend amounts per share....... $ .042 $ .142 $ .250 $ .244
======== ========== =========== ===========
Increase in number of shares per
fund............................ 590,553 2,035,806 20,004,080 13,092,538
======== ========== =========== ===========
</TABLE>
54
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and Shareholders
of Mutual of America Investment Corporation:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments in securities, of Mutual of America
Investment Corporation (a Maryland Corporation) comprising, respectively, the
Money Market, All America (formerly the Stock Fund), Equity Index, Bond,
Short-Term Bond, Mid-Term Bond, Composite, and Aggressive Equity Funds as of
December 31, 1996, and the related statement of operations for the year then
ended and the statements of changes in net assets for each of the two years in
the period then ended, and the financial highlights for each of the five years
in the period then ended. These financial statements and the financial
highlights are the responsibility of the Corporation's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmations of securities
owned as of December 31, 1996 by correspondence with the custodian. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
the Money Market, All America (formerly the Stock Fund), Equity Index, Bond,
Short-Term Bond, Mid-Term Bond, Composite, and Aggressive Equity Funds of
Mutual of America Investment Corporation as of December 31, 1996, the results
of their operations for the year then ended and the changes in their net
assets for each of the two years in the period then ended and their financial
highlights for each of the five years in the period then ended in conformity
with generally accepted accounting principles.
/s/ Arthur Andersen LLP
New York, New York
February 21, 1997
55
