<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
We are pleased to report that performance of the funds offered by Mutual of
America Investment Corporation for the six months ended June 30, 1998 was,
overall, quite positive.
The U.S. economy grew at a slower pace during the first half of 1998
compared to the rapid growth of 1997. The Asian financial crisis and the
General Motors strike have already impacted the second half of this year.
The equity market has already given back part of the tremendous gains of
this year. It will continue to experience higher levels of volatility as
investors vacillate between concerns over earnings and their seemingly
unfailing desire to be in the market. Inflation should remain moderate as
commodity prices remain low and competitively priced imports limit the pricing
power of producers.
The bond market should continue to benefit from the reduced pace of the U.S.
economy and the flight to quality pushed by the Asian financial difficulties.
Overall, the bond market should remain strong.
The total return performance of each fund for the six months ended June 30,
1998 was as follows:
<TABLE>
<S> <C>
Money Market Fund..................................................... + 2.7%
All America Fund...................................................... +14.4%
Equity Index Fund..................................................... +17.5%
Bond Fund............................................................. + 4.0%
Short-Term Bond....................................................... + 2.7%
Mid-Term Bond Fund.................................................... + 3.1%
Composite Fund........................................................ + 9.8%
Aggressive Equity Fund................................................ + 1.4%
</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 and graphs for
each fund (except the Money Market Fund) which illustrate each fund's
respective:
. Historical total return achieved over specified periods, expressed as an
average annual rate and as a cumulative rate;
. Equivalent in dollars of a $10,000 hypothetical investment at the
beginning of each specified period; and
. Historical performance compared with appropriate indexes.
The portfolios of each fund and financial statements are presented in the
pages which then follow.
Your participation in these funds is appreciated.
Sincerely,
/s/ Dolores J. Morrissey
Dolores J. Morrissey
Chairman of the Board, President and CEO
Mutual of America Investment Corporation
<PAGE>
MONEY MARKET FUND
The Money Market Fund returned 5.5% for the twelve months ended June 30,
1998, comparing favorably to the Salomon Brothers three-month Treasury Bill
Index return of 5.2%. The current seven-day annualized effective yield as of
8/18/98 is 5.50%. As is the case with all past performance reportings, this
yield is not necessarily indicative of future actual yields.
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 Index. The investment objective of
the remaining assets is to achieve a high level of return by means of a
diversified portfolio. These assets are actively managed by three sub-advisors
and by Mutual of America Capital Management Corporation.
For the twelve months ended June 30, 1998, the fund's total return of 24.0%
was below that of the S&P 500 Index, which returned 30.2%. The performance of
the fund, in relation to the index was hindered by the overall laggard
performance experienced by smaller capitalized companies which comprised
approximately half of the actively managed assets of this fund.
[THE FOLLOWING CHART WAS REPRESENTED IN THE PRINTED MATERIAL AS A LINE GRAPH]
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
All America Fund* S & P 500 Index
<S> <C> <C>
6/88 $10,000 $10,000
6/89 $11,315 $12,053
6/90 $12,892 $14,042
6/91 $13,586 $15,081
6/92 $14,928 $17,103
6/93 $16,972 $19,434
5/94 $17,434 $19,973
6/94 $17,040 $19,704
6/95 $21,756 $24,841
6/96 $27,136 $31,300
6/97 $34,754 $42,161
6/98 $43,099 $54,877
</TABLE>
<TABLE>
<CAPTION>
All America Fund* S & P 500 INDEX
----------------- ---------------
Period Growth Total Return Period Growth Total Return
------------ ------------
Ended of Cumu- Average Ended of Cumu- Average
6/30/98 $10,000 lative Annual 6/30/98 $10,000 lative Annual
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Year $12,401 24.0% 24.0% 1 Year $13,016 30.2% 30.2%
Since 5/2/94* $24,722 147.2% 24.3% Since 5/2/94 $27,476 174.8% 27.5%
5 Years $25,394 153.9% 20.5% 5 Years $28,237 182.4% 23.1%
10 Years $43,099 331.0% 15.7% 10 Years $54,877 448.8% 18.6%
- ------------------------------------------------------- -------------------------------------------------------
</TABLE>
* Prior to May 2, 1994, the Fund was known as the Stock Fund, had a different
investment objective and did not have any subadvisers. Performance data which
includes periods prior to 5/2/94, reflects performance results achieved in
accordance with the previous objective of the Stock Fund.
The line representing the performance return of the All America Fund includes
expenses, (such as transaction costs and management fees), that reduce returns,
while the performance return line of the index does not.
2
<PAGE>
EQUITY INDEX FUND
For the twelve months ended June 30, 1998, the Equity Index Fund returned
29.8%. Consistent with its investment objective, the Equity Index Fund nearly
replicated the performance of the S&P 500.
Although investors continue to experience a great degree of volatility due
to uncertainty in the economic climate, the fund enjoyed positive returns in
each of the first two quarters of 1998. The major contributors to performance
in this period were stocks in the financial, communications and healthcare
sectors. Lagging the overall index were basic industry and technology. In a
continuation of a prevalent trend, large capitalization companies generally
outperformed smaller capitalization companies.
[THE FOLLOWING CHART WAS REPRESENTED IN THE PRINTED MATERIAL AS A LINE GRAPH]
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
Equity Index Fund S & P 500 Index
<S> <C> <C>
2/93 $10,000 $10,000
6/93 $10,116 $10,140
6/94 $10,266 $10,281
6/95 $12,915 $12,961
6/96 $16,183 $16,331
6/97 $21,789 $21,997
6/98 $28,276 $28,632
</TABLE>
<TABLE>
<CAPTION>
Equity Index Fund S & P 500
----------------- ---------
Period Growth Total Return Period Growth Total Return
------------ ------------
Ended of Cumu- Average Ended of Cumu- Average
6/30/98 $10,000 lative Annual 6/30/98 $10,000 lative Annual
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Year $12,977 29.8% 29.8% 1 Year $13,016 30.2% 30.2%
5 Years $27,952 179.5% 22.8% 5 Years $28,237 182.4% 23.1%
Since 2/5/93 Since 2/5/93
(Inception) $28,276 182.8% 21.2% (Inception) $28,632 186.3% 21.5%
- ------------------------------------------------------- -------------------------------------------------------
</TABLE>
The line representing the performance return of the Equity Index Fund includes
expenses, (such as transaction costs and management fees), that reduce returns,
while the performance return line of the index does not.
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 was enhanced by a focus on corporate and U.S. Agency issues. For the
tweleve months ended June 30, 1998, the fund returned 11.6%, versus the
Index's return of 11.3%
[THE FOLLOWING CHART WAS REPRESENTED IN THE PRINTED MATERIAL AS A LINE GRAPH]
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
Bond Fund Lehman Brothers Gov't./Corp Bond Index
<S> <C> <C>
6/88 $10,000 $10,000
6/89 $11,125 $11,234
6/90 $11,709 $12,032
6/91 $12,604 $13,262
6/92 $14,373 $15,141
6/93 $16,584 $17,133
6/94 $16,540 $16,884
6/95 $18,708 $19,040
6/96 $19,702 $19,927
6/97 $21,212 $21,471
6/98 $23,669 $23,893
</TABLE>
<TABLE>
<CAPTION>
Bond Fund Lehman Bros. Gov't/Corp. Bond Index
--------- -----------------------------------
Period Growth Total Return Period Growth Total Return
------------ ------------
Ended of Cumu- Average Ended of Cumu- Average
6/30/98 $10,000 lative Annual 6/30/98 $10,000 lative Annual
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Year $11,158 11.6% 11.6% 1 Year $11,128 11.3% 11.3%
5 Years $14,272 42.7% 7.4% 5 Years $13,946 39.5% 6.9%
10 Years $23,669 136.7% 9.0% 10 Years $23,893 138.9% 9.1%
- ------------------------------------------------------- -------------------------------------------------------
</TABLE>
The line representing the performance return of the Bond Fund includes
expenses, (such as transaction costs and management fees), that reduce returns,
while the performance return line of the index does not.
4
<PAGE>
SHORT-TERM BOND FUND
The Short-Term Bond Fund maintains an average maturity of between one and
three years. Its objectives are to achieve a high total return within this
maturity constraint and to maintain principal value. For the twelve months
ended June 30, 1998, the fund returned 5.9% versus the Salomon Brothers 1-3
year Index return of 6.8%.
[THE FOLLOWING CHART WAS REPRESENTED IN THE PRINTED MATERIAL AS A LINE GRAPH]
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
Short-Term Bond Fund Salomon Brothers 1-3 Year Bond Index
<S> <C> <C>
2/93 $10,000 $10,000
6/93 $10,240 $10,232
6/94 $10,439 $10,406
6/95 $11,066 $11,206
6/96 $11,625 $11,824
6/97 $12,324 $12,605
6/98 $13,056 $13,468
</TABLE>
<TABLE>
<CAPTION>
Short-Term Bond Fund Salomon Bros. 1-3 Year Bond Index
-------------------- ---------------------------------
Period Growth Total Return Period Growth Total Return
------------ ------------
Ended of Cumu- Average Ended of Cumu- Average
6/30/98 $10,000 lative Annual 6/30/98 $10,000 lative Annual
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Year $10,594 5.9% 5.9% 1 Year $10,684 6.8% 6.8%
5 Years $12,750 27.5% 5.0% 5 Years $13,162 31.6% 5.6%
Since 2/5/93 Since 2/5/93
(Inception) $13,056 30.6% 5.1% (Inception) $13,468 34.7% 5.7%
- ------------------------------------------------------- -------------------------------------------------------
</TABLE>
The line representing the performance return of the Short-Term Bond Fund
includes expenses, (such as transaction costs and management fees), that reduce
returns, while the performance return line of the index does not.
5
<PAGE>
MID-TERM BOND FUND
The average maturity of this fund will be between three and seven years. The
fund attempts to maintain a high average quality relative to its index through
the use of a high percentage of U.S. Government and Agency backed securities.
For the twelve months ended June 30, 1998, the fund returned 7.7%, versus 9.1%
for the Salomon Brothers 3-7 year Index.
[THE FOLLOWING CHART WAS REPRESENTED IN THE PRINTED MATERIAL AS A LINE GRAPH]
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
Mid-Term Bond Fund Salomon Brothers 3-7 Year Bond Index
<S> <C> <C>
2/93 $10,000 $10,000
6/93 $10,457 $10,460
6/94 $10,302 $10,399
6/95 $11,469 $11,561
6/96 $11,947 $12,122
6/97 $12,864 $13,025
6/98 $13,850 $14,213
</TABLE>
<TABLE>
<CAPTION>
Mid-Term Bond Fund Salomon Bros. 3-7 Year Bond Index
------------------ ---------------------------------
Period Growth Total Return Period Growth Total Return
------------ ------------
Ended of Cumu- Average Ended of Cumu- Average
6/30/98 $10,000 lative Annual 6/30/98 $10,000 lative Annual
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Year $10,767 7.7% 7.7% 1 Year $10,912 9.1% 9.1%
5 Years $13,245 32.4% 5.8% 5 Years $13,589 35.9% 6.3%
Since 2/5/93 Since 2/5/93
(Inception) $13,850 38.5% 6.2% (Inception) $14,213 42.1% 6.7%
- ------------------------------------------------------- -------------------------------------------------------
</TABLE>
The line representing the performance return of the Mid-Term Bond Fund
includes expenses, (such as transaction costs and management fees), that reduce
returns, while the performance return line of the index does not.
6
<PAGE>
COMPOSITE FUND
For the twelve months ended June 30, 1998, the Composite Fund returned
20.5%. A hypothetical blended index, consisting of 50% stocks (pegged to the
S&P 500), 40% bonds (pegged to the Lehman Brothers Government/Corporate Bond
Index) and 10% cash equivalents (pegged to the Salomon Brothers 3-month T-bill
Index) would have returned 19.9%. The fixed-income portions of the fund
outperformed their respective indexes, while the equity portion underperformed
the S&P 500 Index.
[THE FOLLOWING CHART WAS REPRESENTED IN THE PRINTED MATERIAL AS A LINE GRAPH]
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
Composite Fund Lehman Brothers Gov't./Corp Bond Index S&P 500 Index Salomon Brothers 3 month Treasury Bill Index
<S> <C> <C> <C> <C>
6/88 $10,000 $10,000 $10,000 $10,000
6/89 $11,137 $11,234 $12,053 $10,821
6/90 $12,380 $12,032 $14,042 $11,711
6/91 $13,373 $13,262 $15,081 $12,524
6/92 $14,689 $15,141 $17,103 $13,108
6/93 $17,400 $17,133 $19,434 $13,520
6/94 $17,155 $16,884 $19,704 $13,973
6/95 $19,550 $19,040 $24,841 $14,725
6/96 $22,239 $19,927 $31,300 $15,526
6/97 $25,517 $21,471 $42,161 $16,342
6/98 $30,751 $23,893 $54,877 $17,197
</TABLE>
<TABLE>
<CAPTION>
Composite Fund S & P 500 Index
-------------- ---------------
Period Growth Total Return Period Growth Total Return
------------ ------------
Ended of Cumu- Average Ended of Cumu- Average
6/30/98 $10,000 lative Annual 6/30/98 $10,000 lative Annual
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Year $12,051 20.5% 20.5% 1 Year $13,016 30.2% 30.2%
5 Years $17,673 76.7% 12.1% 5 Years $28,237 182.4% 23.1%
10 Years $30,751 207.5% 11.9% 10 Years $54,877 448.8% 18.6%
- ------------------------------------------------------- -------------------------------------------------------
Lehman Bros. Gov't./Corp Bond Index Salomon Bros. 3 month T-Bill Index
----------------------------------- ----------------------------------
Period Growth Total Return Period Growth Total Return
------------ ------------
Ended of Cumu- Average Ended of Cumu- Average
6/30/98 $10,000 lative Annual 6/30/98 $10,000 lative Annual
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Year $11,128 11.3% 11.3% 1 Year $10,523 5.2% 5.2%
5 Years $13,946 39.5% 6.9% 5 Years $12,719 27.2% 4.9%
10 Years $23,893 138.9% 9.1% 10 Years $17,197 72.0% 5.6%
- ------------------------------------------------------- -------------------------------------------------------
</TABLE>
The line representing the performance return of the Composite Fund includes
expenses, (such as transaction costs and management fees), that reduce returns,
while the performance return line of the index does not.
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 the twelve months ended June 30,
1998 showed a total performance gain of 8.5% compared to a 19.9% gain in the
Russell 2000 Index. Positive contributors to the fund's performance included
the capital goods and technology sectors. The energy sector was the principal
negative contributor.
[THE FOLLOWING CHART WAS REPRESENTED IN THE PRINTED MATERIAL AS A LINE GRAPH]
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
Aggressive Equity Fund Russell 2000 Index
<S> <C> <C>
5/94 $10,000 $10,000
6/94 $ 9,781 $ 9,459
6/95 $12,541 $11,356
6/96 $16,930 $13,632
6/97 $21,068 $15,858
6/98 $22,859 $19,011
</TABLE>
<TABLE>
<CAPTION>
Agressive Equity Fund Russell 2000 Index
--------------------- ------------------
Period Growth Total Return Period Growth Total Return
------------ ------------
Ended of Cumu- Average Ended of Cumu- Average
6/30/98 $10,000 lative Annual 6/30/98 $10,000 lative Annual
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Year $10,850 8.5% 8.5% 1 Year $11,988 19.9% 19.9%
Since 5/2/94 Since 5/2/94
(Inception) $22,859 128.6% 22.0% (Inception) $19,011 90.1% 16.7%
- ------------------------------------------------------- -------------------------------------------------------
</TABLE>
The line representing the performance return of the Aggressive Equity Fund
includes expenses, (such as transaction costs and management fees), that reduce
returns, while the performance return line of the index does not.
8
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
DISCOUNT FACE AMORTIZED
RATING* RATE MATURITY AMOUNT COST
------- -------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (100.0%)
Alabama Power Co. ........... A1/P1 5.51% 07/28/98 $1,345,000 $ 1,339,429
American Petrofina........... A1/P1 5.53 07/21/98 2,500,000 2,492,262
Archer-Daniels-Midland Co.... A1+/P1 5.48 07/06/98 2,655,000 2,652,962
Bear Stearns Co.............. A1/P1 5.54 07/06/98 2,435,000 2,433,108
Bemis Co. ................... A1/P1 5.50 07/10/98 2,500,000 2,496,537
British Telecommunications... A1+/P1 5.50 07/08/98 2,475,000 2,472,334
Coca-Cola Co................. A1+/P1 5.46 07/24/98 1,509,000 1,503,708
Daimler Benz North Amer.
Corp........................ A1/P1 5.51 07/10/98 2,990,000 2,985,844
Eaton Corp................... A1/P1 5.50 07/10/98 1,420,000 1,418,032
Florida Power Co............. A1+/P1 5.51 07/23/98 1,161,000 1,157,081
Ford Motor Credit............ A1/P1 5.60 07/01/98 3,125,000 3,125,000
Great Lakes Chemical......... A1/P1 5.51 08/13/98 3,000,000 2,980,198
GTE Funding Inc.............. A1/P1 5.52 07/07/98 2,500,000 2,497,691
Heinz (H.J.) Co. ............ A1/P1 5.52 07/29/98 2,035,000 2,026,246
International Lease Fin
Corp........................ A1+/P1 5.50 08/10/98 933,000 927,282
Merrill Lynch & Co. ......... A1+/P1 5.53 08/10/98 282,000 280,262
Motorola, Inc. .............. A1+/P1 5.52 08/20/98 1,500,000 1,488,477
National Rural Utilities..... A1+/P1 5.50 07/28/98 900,000 896,275
Novartis Finance............. A1+/P1 5.50 07/15/98 2,339,000 2,333,965
Novartis Finance............. A1+/P1 5.50 08/04/98 200,000 198,958
PHH Corp..................... A1/P1 5.62 07/20/98 2,000,000 1,994,010
PHH Corp..................... A1/P1 5.67 07/20/98 900,000 897,280
Toyota Credit de Puerto Rico. A1+/P1 5.51 07/10/98 150,000 149,792
Toyota Credit de Puerto Rico. A1+/P1 5.53 07/21/98 869,000 866,318
UBS Finance Delw., Inc....... A1+/P1 5.51 08/04/98 1,516,000 1,508,079
Wisconsin Electric Fuel...... A1+/P1 5.49 07/07/98 2,000,000 1,998,155
-----------
TOTAL SHORT-TERM DEBT SECURI-
TIES:
(Cost: $45,119,285) 100%..... $45,119,285
===========
</TABLE>
- -------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investor
Services, Inc.
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEXED ASSETS:
COMMON STOCKS
3Com Corp................................................. 18,305 $ 561,734
Abbott Laboratories....................................... 79,412 3,245,965
Adobe Systems, Inc. ...................................... 3,544 150,398
Advanced Micro Devices, Inc. ............................. 7,319 124,880
Aeroquip-Vickers, Inc..................................... 1,454 84,877
Aetna, Inc................................................ 7,484 569,719
Ahmanson (H.F.) & Co. .................................... 5,651 401,221
Air Products & Chemicals, Inc. ........................... 12,152 486,080
AirTouch Communications, Inc.............................. 29,449 1,720,925
Alberto-Culver Co. Cl B................................... 2,973 86,217
Albertson's, Inc.......................................... 12,678 656,878
Alcan Aluminum Ltd. ...................................... 11,729 324,013
Allegheny Teledyne Inc.................................... 10,112 231,312
Allergan, Inc. ........................................... 3,368 156,191
AlliedSignal, Inc. ....................................... 29,123 1,292,333
Allstate Corp. ........................................... 21,598 1,977,566
Alltel Corp............................................... 9,496 441,564
Aluminum Co. of America................................... 8,663 571,216
Alza Corp................................................. 4,408 190,646
Amerada Hess Corp. ....................................... 4,733 257,061
Ameren Corporation........................................ 7,084 281,589
American Electric Power, Inc. ............................ 9,789 444,175
American Express Co....................................... 23,724 2,704,536
American General Corp. ................................... 13,102 932,698
American Greetings Corp. Cl A............................. 3,758 191,423
American Home Products Corp............................... 67,529 3,494,625
American Int'l. Group, Inc................................ 35,994 5,255,124
American Stores Co. ...................................... 14,111 341,309
Ameritech Corp............................................ 56,505 2,535,661
Amgen, Inc. .............................................. 13,071 854,516
Amoco Corp. .............................................. 49,369 2,054,984
Amp, Inc. ................................................ 11,359 390,465
AMR Corp.................................................. 9,414 783,715
Anadarko Petroleum Corp. ................................. 3,091 207,676
Andrew Corp............................................... 4,568 82,509
Anheuser-Busch Cos., Inc. ................................ 24,999 1,179,640
Aon Corp.................................................. 8,658 608,224
Apache Corp. ............................................. 4,932 155,358
Apple Computer, Inc. ..................................... 6,854 196,624
Applied Materials, Inc. .................................. 18,899 557,520
Archer-Daniels-Midland Co................................. 29,501 571,581
Armco, Inc................................................ 5,574 35,534
Armstrong World Inds., Inc................................ 2,094 141,083
Asarco, Inc............................................... 2,084 46,369
Ascend Communications, Inc. .............................. 9,921 491,709
Ashland Inc. ............................................. 3,886 200,614
Associates First Capital Corp............................. 17,885 1,374,909
AT&T Corp................................................. 83,559 4,773,307
Atlantic Richfield Co. ................................... 16,559 1,293,671
Autodesk, Inc............................................. 2,408 93,009
Automatic Data Processing, Inc ........................... 15,432 1,124,607
AutoZone, Inc. ........................................... 7,852 250,773
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Avery Dennison Corp. ..................................... 6,034 $ 324,327
Avon Products, Inc. ...................................... 6,815 528,162
Baker Hughes Inc. ........................................ 8,749 302,387
Ball Corp. ............................................... 1,558 62,612
Baltimore Gas & Electric Co. ............................. 7,623 236,789
Banc One Corp............................................. 36,105 2,015,110
Bank of New York Co., Inc. ............................... 19,446 1,180,129
BankAmerica Corp. ........................................ 35,123 3,035,944
BankBoston Corp........................................... 15,000 834,375
Bankers Trust New York Corp. ............................. 5,057 586,928
Bard (C.R.), Inc.......................................... 2,938 111,827
Barrick Gold Corp......................................... 19,243 369,225
Battle Mountain Gold Co. ................................. 11,861 70,424
Bausch & Lomb, Inc........................................ 2,853 143,006
Baxter International Inc.................................. 14,458 778,021
Bay Networks, Inc......................................... 11,346 365,908
BB & T Corp............................................... 7,362 497,855
Becton Dickinson & Co. ................................... 6,307 489,580
Bell Atlantic Corp. ...................................... 79,864 3,643,795
BellSouth Corp............................................ 50,937 3,419,146
Bemis Co. ................................................ 2,736 111,834
Beneficial Corp. ......................................... 2,740 419,733
Bestfoods................................................. 14,850 862,228
Bethlehem Steel Corp. .................................... 5,824 72,436
Biomet, Inc............................................... 5,769 190,737
Black & Decker Corp. ..................................... 4,905 299,205
Block (H. & R.), Inc. .................................... 5,420 228,317
Boeing Co................................................. 51,980 2,316,358
Boise Cascade Corp. ...................................... 2,903 95,073
Boston Scientific Corp.................................... 10,047 719,616
Briggs & Stratton Corp.................................... 1,278 47,845
Bristol-Myers Squibb Co. ................................. 51,204 5,885,259
Brown-Forman Corp. Cl B................................... 3,562 228,858
Browning-Ferris Inds., Inc. .............................. 9,474 329,221
Brunswick Corp............................................ 5,147 127,388
Burlington Northern Santa Fe.............................. 8,063 791,685
Burlington Resources, Inc................................. 9,114 392,471
Cabletron Systems, Inc. .................................. 8,168 109,757
Campbell Soup Co.......................................... 23,364 1,241,212
Cardinal Health, Inc. .................................... 5,661 530,718
Carolina Power & Light Co. ............................... 7,761 336,633
Case Corp................................................. 3,877 187,065
Caterpillar, Inc.......................................... 18,861 997,275
CBS Corp.................................................. 36,720 1,165,860
Cendant Corporation....................................... 43,793 914,178
Centex Corp............................................... 3,062 115,590
Central & South West Corp. ............................... 10,957 294,469
Ceridian Corp............................................. 3,736 219,490
Champion International Corp............................... 4,963 244,117
Charles Schwab Corp. ..................................... 13,711 445,607
Chase Manhattan Corp. .................................... 43,907 3,314,978
Chevron Corp.............................................. 33,649 2,794,970
Chrysler Corp............................................. 33,208 1,872,101
Chubb Corp. .............................................. 8,785 706,094
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
CIGNA Corp. .............................................. 11,079 $ 764,451
Cincinnati Financial Corp ................................ 8,502 326,264
Cincinnati Milacron, Inc. ................................ 2,061 50,108
Cinergy Corp. ............................................ 8,140 284,900
Circuit City Group, Inc. ................................. 5,098 238,968
Cisco Systems, Inc. ...................................... 52,539 4,836,871
Citicorp.................................................. 23,229 3,466,928
Clear Channel Communications.............................. 6,369 695,017
Clorox Co. ............................................... 5,338 509,111
Coastal Corp. (The) ...................................... 5,475 382,223
Coca-Cola Co. ............................................ 127,039 10,861,834
Colgate-Palmolive Co. .................................... 15,271 1,343,848
Columbia Energy Group..................................... 4,293 238,798
Columbia/HCA Healthcare Corp. ............................ 33,430 973,648
Comcast Corp. Cl A ....................................... 18,972 770,145
Comerica, Inc. ........................................... 8,135 538,943
Compaq Computer Corp. .................................... 85,323 2,421,046
Computer Associates Intl., Inc ........................... 28,190 1,566,306
Computer Sciences Corp. .................................. 8,049 515,136
Conagra, Inc. ............................................ 24,550 777,928
Conseco, Inc. ............................................ 9,727 454,737
Consolidated Edison, Inc. ................................ 12,132 558,830
Consolidated Natural Gas Co. ............................. 4,929 290,194
Consolidated Stores Corp. ................................ 5,562 201,622
Cooper Industries......................................... 6,247 343,194
Cooper Tire & Rubber Co. ................................. 4,066 83,861
Coors (Adolph) Co. Cl B .................................. 1,914 65,076
Corning Inc. ............................................. 11,934 414,706
Costco Co ................................................ 11,064 697,723
Countrywide Credit Industries............................. 5,604 284,403
Crane Co. ................................................ 2,370 115,093
Crown Cork & Seal Co., Inc. .............................. 6,627 314,782
CSX Corp. ................................................ 11,265 512,557
Cummins Engine, Inc. ..................................... 1,972 101,065
CVS Corp. ................................................ 19,726 768,081
Cyprus Amax Minerals Co. ................................. 4,826 63,944
Dana Corp. ............................................... 5,422 290,077
Darden Restaurants, Inc. ................................. 7,670 121,761
Data General Corp. ....................................... 2,514 37,552
Dayton-Hudson Corp. ...................................... 22,566 1,094,451
Deere & Co. (Del.)........................................ 12,889 681,505
Dell Computer Corp. ...................................... 33,132 3,075,063
Delta Air Lines, Inc. .................................... 3,899 503,945
Deluxe Corp. ............................................. 4,200 150,412
Dillard's Inc. Cl A....................................... 5,735 237,644
Disney (Walt) Company (The)............................... 35,073 3,684,857
Dominion Resources, Inc. ................................. 9,986 406,929
Donnelley (R.R.) & Sons Co. .............................. 7,531 344,543
Dover Corp. .............................................. 11,481 393,224
Dow Chemical Company...................................... 11,582 1,119,834
Dow Jones & Co., Inc. .................................... 4,972 277,189
Dresser Industries, Inc. ................................. 9,065 399,426
DSC Communications Corp. ................................. 6,089 182,670
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
DTE Energy Co. ........................................... 7,491 $ 302,449
Dun & Bradstreet Corp. ................................... 8,790 316,440
Du Pont (E.I.) De Nemours................................. 58,057 4,332,503
Duke Energy Corp. ........................................ 18,578 1,100,746
Eastern Enterprises....................................... 1,052 45,104
Eastman Chemical Co. ..................................... 4,048 251,988
Eastman Kodak Co. ........................................ 16,601 1,212,910
Eaton Corp. .............................................. 3,707 288,219
Echlin, Inc. ............................................. 3,261 159,992
Ecolab Inc. .............................................. 6,664 206,584
Edison International...................................... 18,635 550,897
EG&G, Inc. ............................................... 2,339 70,170
EMC Corp. ................................................ 25,603 1,147,334
Emerson Electric Co. ..................................... 22,891 1,382,044
Engelhard Corp. .......................................... 7,458 151,024
Enron Corp. .............................................. 16,959 916,845
Entergy Corp. ............................................ 12,593 362,048
Equifax Inc. ............................................. 7,753 281,530
Exxon Corp. .............................................. 125,879 8,976,746
FDX Corp. ................................................ 7,576 475,394
Federated Department Stores............................... 10,832 582,897
FHLMC .................................................... 34,912 1,643,046
Fifth Third Bancorp....................................... 12,021 757,323
First Chicago NBD Corp. .................................. 14,775 1,309,434
First Data Corp. ......................................... 22,970 765,188
First Union Corp. ........................................ 49,927 2,908,247
FirstEnergy Corp ......................................... 11,889 365,586
Fleet Financial Group, Inc. .............................. 14,619 1,220,686
Fleetwood Enterprises, Inc. .............................. 1,883 75,320
Fluor Corp. .............................................. 4,324 220,524
FMC Corp. ................................................ 1,900 129,556
FNMA...................................................... 53,345 3,240,708
Ford Motor Co. (U.S.A.)................................... 62,404 3,681,836
Fort James Corp of Virginia............................... 11,339 504,585
Fortune Brands, Inc. ..................................... 8,860 340,556
Foster Wheeler Corp. ..................................... 2,103 45,083
FPL Group, Inc. .......................................... 9,391 591,633
Franklin Resources, Inc. ................................. 13,050 704,700
Freeport-McMoran Copper Cl B ............................. 9,985 151,647
Frontier Corp. ........................................... 8,475 266,962
Fruit of the Loom, Inc. .................................. 3,780 125,448
Gannett Co., Inc. ........................................ 14,645 1,040,710
Gap, Inc. (The)........................................... 20,225 1,246,365
Gateway 2000, Inc. ....................................... 7,995 404,746
General Dynamics Corp. ................................... 6,492 301,878
General Electric Co. ..................................... 167,614 15,253,087
General Instrument Corp. ................................. 7,636 207,603
General Mills, Inc. ...................................... 8,169 558,555
General Motors Corp. ..................................... 34,386 2,297,414
General Re Corp. ......................................... 3,936 997,776
General Signal Corp. ..................................... 2,253 81,108
Genuine Parts Co. ........................................ 9,225 318,839
Georgia-Pacific (Timber Group)............................ 4,781 281,780
Giant Food, Inc. ......................................... 3,100 133,493
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
Gillette Co. ............................................. 57,828 $ 3,278,124
Golden West Financial Corp. .............................. 2,933 311,814
Goodrich (B.F.) Co........................................ 3,709 184,059
Goodyear Tire & Rubber Co................................. 8,074 520,268
GPU, Inc.................................................. 6,549 247,634
Grainger (W.W.), Inc. .................................... 5,126 255,338
Great Atl. & Pac. Tea Co.................................. 1,975 65,298
Great Lakes Chemical Corp................................. 3,089 121,822
Green Tree Financial Corp................................. 7,031 301,014
GTE Corp.................................................. 49,434 2,749,766
Guidant Corp.............................................. 7,787 555,310
Halliburton Co............................................ 13,524 602,663
Harcourt General, Inc..................................... 3,653 217,353
Harnischfeger Industries, Inc............................. 2,468 69,875
Harrah's Entertainment, Inc............................... 5,212 121,179
Harris Corp. ............................................. 4,125 184,335
Hartford Financial Svcs. Gp, Inc.......................... 6,095 697,115
Hasbro, Inc............................................... 6,873 270,194
HBO & Co.................................................. 21,768 767,322
HealthSouth Corp. ........................................ 20,322 542,343
Heinz (H.J.) Co........................................... 18,868 1,058,966
Helmerich & Payne, Inc.................................... 2,595 57,738
Hercules, Inc. ........................................... 4,987 205,090
Hershey Foods Corp........................................ 7,376 508,944
Hewlett-Packard Co. ...................................... 53,290 3,190,738
Hilton Hotels Corp. ...................................... 12,923 368,305
Home Depot, Inc. ......................................... 37,767 3,137,021
Homestake Mining Co. ..................................... 10,900 113,087
Honeywell, Inc............................................ 6,571 549,089
Household International, Inc. ............................ 16,572 824,457
Houston Industries, Inc................................... 15,213 469,701
Humana, Inc............................................... 8,458 263,783
Huntington Bancshares, Inc. .............................. 9,873 330,745
Ikon Office Solutions..................................... 6,950 101,209
Illinois Tool Works, Inc. ................................ 12,878 858,801
Inco Ltd. ................................................ 8,622 117,474
Ingersoll Rand Co. ....................................... 8,547 376,602
Inland Steel, Inc......................................... 2,528 71,258
Intel Corp. .............................................. 87,253 6,467,628
International Paper Co. .................................. 15,606 671,058
Interpublic Group of Cos., Inc............................ 7,016 425,783
Intl. Business Machines Corp.............................. 48,509 5,569,439
Intl. Flavors & Fragrances................................ 5,636 244,813
ITT Industries, Inc....................................... 6,115 228,548
Jefferson-Pilot Corp. .................................... 5,487 317,903
Johnson & Johnson......................................... 69,178 5,101,877
Johnson Controls, Inc. ................................... 4,345 248,479
Jostens, Inc.............................................. 2,007 47,917
Kaufman & Broad Home Corp. ............................... 2,012 63,881
Kellogg Co................................................ 21,214 796,850
Kerr-McGee Corp. ......................................... 2,461 142,430
KeyCorp................................................... 22,683 808,081
Kimberly Clark Corp. ..................................... 28,693 1,316,291
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
King World Productions, Inc. ............................. 3,800 $ 96,900
KLA Tencor Corporation.................................... 4,338 120,108
Kmart Corp................................................ 25,189 484,888
Knight-Ridder, Inc........................................ 4,094 225,425
Kroger Corp............................................... 13,158 564,149
Laidlaw, Inc. ............................................ 16,968 206,797
Lehman Brothers Holdings, Inc............................. 6,098 472,976
Lilly (Eli) & Co.......................................... 56,973 3,763,778
Limited (The), Inc........................................ 11,636 385,442
Lincoln National Corp..................................... 5,276 482,094
Liz Claiborne, Inc. ...................................... 3,451 180,314
Lockheed Martin Corp. .................................... 10,035 1,062,455
Loews Corp. .............................................. 5,937 517,261
Longs Drug Stores, Inc.................................... 1,994 57,576
Louisiana-Pacific Corp. .................................. 5,655 103,203
Lowe's Companies, Inc..................................... 18,058 732,477
LSI Logic Corp. .......................................... 7,310 168,586
Lucent Technologies, Inc. ................................ 67,496 5,614,823
Mallinckrodt, Inc......................................... 3,769 111,892
Manor Care, Inc........................................... 3,284 126,228
Marriott International, Inc............................... 13,178 426,637
Marsh & McLennan Cos., Inc. .............................. 13,154 794,964
Masco Corp. .............................................. 8,745 529,072
Mattel, Inc. ............................................. 15,009 635,068
May Department Stores Co. ................................ 11,938 781,939
Maytag Corp............................................... 4,903 242,085
MBIA Inc.................................................. 5,056 378,568
MBNA Corp................................................. 25,874 853,842
McDermott International, Inc.............................. 3,117 107,341
McDonald's Corp. ......................................... 35,366 2,440,254
McGraw-Hill Cos., Inc. ................................... 5,111 416,865
MCI Communications Corp. ................................. 37,267 2,166,144
Mead Corp. ............................................... 5,414 171,894
MediaOne Group, Inc. ..................................... 31,340 1,377,001
Medtronic, Inc. .......................................... 24,195 1,542,431
Mellon Bank Corp.......................................... 13,387 932,069
Mercantile Bancorporation................................. 6,770 341,038
Mercantile Stores, Inc.................................... 1,897 149,744
Merck & Co., Inc.......................................... 61,492 8,224,555
Meredith Corp. ........................................... 2,728 128,045
Merrill Lynch & Co., Inc. ................................ 17,800 1,642,050
MGIC Investment Corp...................................... 5,894 336,326
Micron Technology, Inc. .................................. 10,924 271,051
Microsoft Corp............................................ 126,768 13,738,482
Millipore Corp............................................ 2,251 61,339
Minnesota Mining & Mfg. Co. .............................. 20,812 1,710,486
Mirage Resorts, Inc....................................... 9,262 197,396
Mobil Corp................................................ 40,200 3,080,325
Monsanto Co. ............................................. 30,613 1,710,501
Moore Corp., Ltd.......................................... 4,581 60,698
Morgan (J.P.) & Co., Inc. ................................ 9,171 1,074,153
Morgan Stanley Dean Witter................................ 30,868 2,820,563
Morton International, Inc. ............................... 6,729 168,225
Motorola, Inc. ........................................... 30,818 1,619,871
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
NACCO Industries, Inc. Cl A............................... 448 $ 57,904
Nalco Chemical Co......................................... 3,438 120,759
National City Corp. ...................................... 16,885 1,198,835
National Semiconductor Corp. ............................. 8,479 111,816
National Service Industries............................... 2,219 112,891
NationsBank Corp.......................................... 49,280 3,769,920
Navistar International Corp. ............................. 3,734 107,819
New York Times Co. Cl A................................... 4,955 392,683
Newell Co................................................. 8,216 409,259
Newmont Mining Corp....................................... 8,078 190,842
Nextel Communications, Inc. .............................. 14,059 349,717
Niagara Mohawk Power Corp................................. 7,456 111,374
Nicor, Inc................................................ 2,496 100,152
Nielsen Media Research.................................... 8,372 527,436
Nike, Inc. Cl B........................................... 15,005 730,555
Nordstrom, Inc............................................ 3,991 308,304
Norfolk Southern Corp..................................... 19,466 580,330
Northern States Power Co. ................................ 7,688 220,069
Northern Telecom, Ltd..................................... 26,872 1,524,986
Northern Tr Corp.......................................... 5,759 439,123
Northrop Grumman Corp..................................... 3,448 355,575
Norwest Corp.............................................. 38,994 1,457,400
Novell, Inc............................................... 18,117 230,991
Nucor Corp. .............................................. 4,538 208,748
Occidental Petroleum Corp. ............................... 18,898 510,246
Omnicom Group, Inc. ...................................... 8,758 436,805
Oneok, Inc. .............................................. 1,642 65,474
Oracle Corp. ............................................. 50,081 1,230,114
Oryx Energy Co............................................ 5,458 120,758
Owens Corning............................................. 2,759 112,601
Owens Illinois............................................ 7,936 355,136
Paccar, Inc. ............................................. 4,018 209,940
PacifiCorp................................................ 15,310 346,388
Pall Corp................................................. 6,441 132,040
Parametric Technology Co.................................. 13,919 377,552
Parker Hannifin Corp. .................................... 5,724 218,227
Peco Energy Co............................................ 11,489 335,335
Penney (J.C.) Co., Inc.................................... 12,903 933,048
Pennzoil Co. ............................................. 2,452 124,132
Peoples Energy Corp. ..................................... 1,818 70,220
Pep Boys-Manny, Moe & Jack................................ 3,277 62,058
Pepsico, Inc. ............................................ 76,708 3,159,410
Perkin-Elmer Corp......................................... 2,524 156,961
Pfizer, Inc............................................... 67,170 7,300,539
PG & E Corp............................................... 19,670 620,834
Pharmacia & Upjohn, Inc................................... 26,196 1,208,290
Phelps Dodge Corp......................................... 3,034 173,506
Phillip Morris Cos., Inc.................................. 125,161 4,928,214
Phillips Petroleum Co..................................... 13,586 654,675
Pioneer Hi-Bred Intl., Inc................................ 12,609 521,697
Pitney Bowes, Inc......................................... 14,074 677,311
Placer Dome, Inc.......................................... 12,757 149,894
PNC Bank Corp............................................. 15,476 832,802
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Polaroid Corp............................................. 2,317 $ 82,398
Potlatch Corp. ........................................... 1,495 62,790
PP&L Resources, Inc....................................... 8,563 194,273
PPG Industries, Inc....................................... 9,196 639,696
Praxair, Inc.............................................. 8,139 381,006
Proctor & Gamble Co....................................... 68,989 6,282,310
Progressive Corp. of Ohio................................. 3,730 525,930
Providian Financial Corp.................................. 4,912 385,899
Public Svc. Enterprise Group.............................. 11,975 412,389
Pulte Corp................................................ 2,192 65,486
Quaker Oats Co. .......................................... 7,149 392,748
Ralston Purina Co. ....................................... 5,532 646,206
Raychem Corp. ............................................ 4,384 129,602
Raytheon Co............................................... 17,490 1,034,096
Reebok International Ltd.................................. 2,907 80,487
Republic New York Corp.................................... 5,640 354,967
Reynold's Metals Co....................................... 3,816 213,457
Rite-Aid Corp............................................. 13,310 499,956
Rockwell Intl., Corp. .................................... 10,110 485,911
Rohm & Haas Co............................................ 3,160 328,442
Rowan Cos., Inc........................................... 4,472 86,924
Royal Dutch Petro Co.--NY Shr............................. 110,316 6,046,695
Rubbermaid, Inc........................................... 7,733 256,638
Russell Corp.............................................. 1,883 56,843
Ryder System, Inc......................................... 3,950 124,671
Safeco Corp. ............................................. 7,287 331,103
Sara Lee Corp............................................. 24,030 1,344,178
SBC Communications, Inc. ................................. 94,639 3,785,560
Schering-Plough Corp...................................... 37,798 3,463,241
Schlumberger, Ltd......................................... 25,695 1,755,289
Scientific-Atlanta, Inc. ................................. 4,081 103,555
Seagate Technology, Inc................................... 12,507 297,822
Seagram, Ltd. ............................................ 17,816 729,342
Sealed Air Corp. New...................................... 4,254 156,334
Sears Roebuck & Co........................................ 20,237 1,235,721
Sempra Energy............................................. 6,474 179,649
Service Corp. International............................... 13,003 557,503
Shared Medical Systems Corp. ............................. 1,292 94,881
Sherwin-Williams Co....................................... 8,924 295,607
Sigma-Aldrich Corp........................................ 5,180 181,947
Silicon Graphics, Inc..................................... 9,692 117,515
Snap-On, Inc.............................................. 3,143 113,933
Sonat, Inc. .............................................. 5,676 219,235
Southern Co. ............................................. 35,628 986,450
Southwest Airlines Co..................................... 11,394 337,547
Springs Industries, Inc. Cl A............................. 1,041 48,016
Sprint Corp............................................... 22,189 1,564,324
St. Jude Medical, Inc..................................... 4,331 159,434
St. Paul Companies (The).................................. 11,916 501,216
Stanley Works............................................. 4,609 191,561
State Street Corp......................................... 8,302 576,989
Stone Container Corp. .................................... 5,128 80,125
Summit Bancorp............................................ 9,087 431,632
Sun America, Inc.......................................... 10,076 578,740
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
Sun Co., Inc. ............................................ 4,826 $ 187,309
Sun Microsystems, Inc. ................................... 19,487 846,466
Suntrust Banks, Inc. ..................................... 10,886 885,167
Supervalu, Inc. .......................................... 3,103 137,695
Synovus Financial Corp. .................................. 13,554 321,907
Sysco Corp. .............................................. 17,557 449,898
Tandy Corp. .............................................. 5,337 283,194
Tektronix, Inc. .......................................... 2,606 92,187
Tele-Comm Liberty Media Gp. A............................. 26,184 1,006,447
Tellabs, Inc. ............................................ 9,369 671,054
Temple-Inland, Inc. ...................................... 2,920 157,315
Tenet Healthcare Corp. ................................... 15,807 493,968
Tenneco, Inc. ............................................ 8,789 334,531
Texaco, Inc. ............................................. 27,838 1,661,580
Texas Instruments, Inc. .................................. 20,147 1,174,821
Texas Utilities Co. ...................................... 12,724 529,636
Textron, Inc. ............................................ 8,483 608,125
Thermo Electron Corp. .................................... 8,197 280,234
Thomas & Betts Corp. ..................................... 2,840 139,870
Time Warner, Inc. ........................................ 30,395 2,596,872
Times Mirror Co. Cl A..................................... 4,569 287,275
Timken Co. ............................................... 3,251 100,171
TJX Cos., Inc. ........................................... 16,664 402,019
Torchmark Corp. .......................................... 7,229 330,726
Toys R Us, Inc. .......................................... 14,661 345,449
Transamerica Corp. ....................................... 3,244 373,465
Travelers Group, Inc. .................................... 59,200 3,589,000
Tribune Co. .............................................. 6,347 436,752
Tricon Global Restaurants................................. 7,835 248,271
TRW, Inc.................................................. 6,358 347,305
Tupperware Corp. ......................................... 3,150 88,593
Tyco International Ltd. .................................. 29,998 1,889,874
U.S. Bancorp.............................................. 38,019 1,634,817
U.S. Surgical Corp. ...................................... 3,957 180,538
U.S. West Communications Group............................ 25,798 1,212,501
Unicom Corp. ............................................. 11,177 391,893
Unilever N.V. ............................................ 33,049 2,608,805
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Union Camp Corp. ......................................... 3,598 $ 178,550
Union Carbide Corp. ...................................... 7,007 373,998
Union Pacific Corp. ...................................... 12,762 563,123
Union Pacific Resources Grp .............................. 13,104 230,139
Unisys Corp. ............................................. 12,880 363,860
United Healthcare Corp.................................... 9,914 629,539
United Technologies Corp. ................................ 11,808 1,092,240
Unocal Corp. ............................................. 12,418 443,943
UNUM Corp. ............................................... 7,164 397,602
US Airways Group Inc. .................................... 5,190 411,307
UST, Inc. ................................................ 9,513 256,851
USX-Marathon Group........................................ 14,890 510,913
USX-U.S. Steel Group, Inc. ............................... 4,448 146,784
V F Corp. ................................................ 6,307 324,810
Venator Group, Inc. ...................................... 6,966 133,224
Viacom, Inc. ............................................. 18,234 1,062,130
W.R. Grace & Co. ......................................... 3,833 65,400
Wachovia Corp. ........................................... 10,631 898,319
Wal-Mart Stores, Inc. .................................... 115,544 7,019,298
Walgreen Co. ............................................. 25,565 1,056,154
Warner-Lambert Co. ....................................... 42,174 2,925,821
Washington Mutual, Inc. .................................. 19,927 865,587
Waste Management, Inc. ................................... 24,468 856,380
Wells Fargo & Co. ........................................ 4,391 1,620,278
Wendy's International, Inc. .............................. 6,823 160,340
Western Atlas, Inc. ...................................... 2,814 238,838
Westvaco Corp. ........................................... 5,262 148,651
Weyerhaeuser Co. ......................................... 10,306 476,008
Whirlpool Corp. .......................................... 3,873 266,268
Willamette Industries, Inc. .............................. 5,741 183,712
Williams Cos., Inc. ...................................... 21,811 736,121
Winn-Dixie Stores, Inc. .................................. 7,674 392,812
WorldCom, Inc. ........................................... 53,097 2,571,885
Worthington Industries, Inc. ............................. 4,998 75,282
Wrigley (Wm.) Jr. Co...................................... 5,987 586,726
Xerox Corp. .............................................. 16,824 1,709,739
------------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $210,958,574) 60.9%............................... $460,756,502
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- ------------
INDEXED ASSETS (CONT'D):
- ------------------------
SHORT-TERM DEBT SECURITIES
<S> <C> <C> <C> <C>
U.S. Government (0.1%)
U.S. Treasury Bill..................... 4.98% 07/16/98 $ 300,000 $ 299,371
U.S. Treasury Bill..................... 4.98 10/01/98 100,000 98,696
U.S. Treasury Bill..................... 5.06 10/15/98 200,000 197,001
------------
595,068
------------
Commercial Paper (1.4%)
American Express Credit Corp. ......... 5.57 07/06/98 4,570,000 4,566,461
Ford Motor Credit...................... 5.60 07/01/98 5,000,000 5,000,000
Pitney Bowes Inc. ..................... 5.70 07/06/98 1,100,000 1,099,129
------------
10,665,590
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $11,260,669) 1.5%........................................ 11,260,658
------------
TOTAL INDEXED ASSETS
(Cost: $222,219,243) 62.4%...................................... $472,017,160
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
ACTIVE ASSETS:
COMMON STOCKS
Basic Materials (0.9%)
Cabot Corp. ............................................. 45,000 $ 1,454,062
Lone Star Technologies, Inc.*............................ 92,000 1,403,000
Morton International, Inc. .............................. 50,300 1,257,500
Oregon Steel Mills, Inc. ................................ 55,000 1,024,375
Praxair, Inc. ........................................... 38,800 1,816,325
------------
6,955,262
------------
Consumer, Cyclical (8.8%)
American Greetings Corp. Cl A............................ 47,700 2,429,718
Ashworth Inc.*........................................... 31,000 430,125
Atlantic Coast Airlines Hldg.*........................... 90,000 2,700,000
Bed Bath & Beyond, Inc.*................................. 31,700 1,642,456
Bergen Brunswig Corp. ................................... 8,600 398,825
BJ's Wholesale Club, Inc. ............................... 22,500 914,062
Borders Group, Inc.*..................................... 23,000 851,000
Brylane, Inc.*........................................... 31,650 1,455,900
Callaway Golf Co. ....................................... 75,200 1,480,500
Cec Entertainment, Inc.*................................. 21,000 846,562
CKE Restaurants, Inc. ................................... 35,520 1,465,200
Claire's Stores, Inc. ................................... 50,000 1,025,000
Clear Channel Communications*............................ 11,725 1,279,490
Coach USA, Inc.*......................................... 35,000 1,596,875
Continental Airlines, Inc. Cl.B*......................... 13,000 791,375
Duane Reade, Inc.*....................................... 22,000 660,000
Earthgrains Co. ......................................... 30,250 1,690,218
Elder-Berrman Stores Corp.*.............................. 61,500 1,641,281
Family Golf Centers, Inc.*............................... 35,850 907,453
Finlay Enterprises, Inc.*................................ 100,000 2,412,500
Flowers Industries, Inc. ................................ 17,300 353,568
Gannett Co., Inc. ....................................... 34,100 2,423,231
Golden Bear Golf, Inc.*.................................. 90,000 450,000
Jacor Communications, Inc.*.............................. 27,850 1,643,150
Linens'n Things, Inc.*................................... 43,800 1,338,637
Masco Corp. ............................................. 38,100 2,305,050
Michaels Stores, Inc.*................................... 38,800 1,368,914
Midwest Express Holdings, Inc.*.......................... 21,100 763,556
Nordstrom, Inc. ......................................... 31,300 2,417,925
Outback Steakhouse, Inc.*................................ 39,400 1,536,600
Outdoor Systems, Inc.*................................... 110,662 3,098,536
Premier Parks Inc.*...................................... 21,100 1,405,787
Proffitt's, Inc.*........................................ 22,600 912,475
Rent-Way Inc.*........................................... 33,000 1,006,500
Ryanair Holdings PLC ADR*................................ 70,000 2,493,750
Ryder System, Inc. ...................................... 38,300 1,208,843
Skywest, Inc. ........................................... 59,800 1,674,400
St. John Knits, Inc. .................................... 60,000 2,317,500
Stage Stores, Inc.*...................................... 35,400 1,601,850
Starwood Hotels & Resorts................................ 22,000 1,062,875
Sunglass Hut Int'l Inc.*................................. 66,600 736,762
The Finish Line*......................................... 31,000 871,875
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Tiffany & Co. ........................................... 77,000 $ 3,696,000
United Stationers, Inc.*................................. 6,900 446,775
Wendy's International, Inc. ............................. 69,800 1,640,300
Westpoint Stevens Inc.*.................................. 29,700 980,100
------------
66,373,499
------------
Consumer, Non-Cyclical (4.1%)
American Home Products Corp. ............................ 32,600 1,687,050
Biomet, Inc. ............................................ 29,700 981,956
Bon-Ton Stores, Inc.*.................................... 54,200 870,587
Elan Corp Plc-Spons ADR*................................. 12,800 823,200
Food Lion, Inc. ......................................... 40,900 434,562
Forest Laboratories, Inc.*............................... 43,400 1,551,550
Fort James Corp of Virginia.............................. 35,000 1,557,500
Fred Meyer, Inc.*........................................ 25,300 1,075,250
I-STAT Corp.*............................................ 35,000 393,750
IDEC Pharmaceuticals Corp.*.............................. 13,300 313,381
Keebler Foods Co.*....................................... 27,800 764,500
Lilly (Eli) & Co. ....................................... 45,000 2,972,812
Lincare Holdings, Inc.*.................................. 46,800 1,968,525
Medimmune, Inc.*......................................... 16,000 998,000
Medquist, Inc.*.......................................... 64,000 1,848,000
Omnicare, Inc. .......................................... 23,000 876,875
Orthodontic Centers of America*.......................... 68,000 1,423,750
Phillip Morris Cos., Inc. ............................... 60,200 2,370,375
Safeskin Corp.*.......................................... 25,500 1,048,687
Suiza Foods Corp.*....................................... 79,705 4,757,391
US Foodservice*.......................................... 32,650 1,144,790
Whole Foods Market, Inc.*................................ 15,300 925,650
------------
30,788,141
------------
Energy (2.8%)
Elf Aquitaine--ADR....................................... 44,000 3,124,000
Kerr-McGee Corp. ........................................ 28,300 1,637,862
Marine Drilling Companies, Inc.*......................... 100,000 1,600,000
National-Oilwell Inc.*................................... 80,000 2,145,000
Newpark Resources Inc.*.................................. 167,000 1,857,875
Noble Drilling Corp.*.................................... 51,000 1,227,187
Precision Drilling Corp.*................................ 102,000 2,001,750
Schlumberger, Ltd. ...................................... 23,300 1,591,681
St. Mary Land & Exploration.............................. 58,000 1,399,250
Stolt Comex Seaway, S.A.*................................ 50,000 968,750
Union Pacific Resources Grp.............................. 93,500 1,642,093
USX-Marathon Group....................................... 44,700 1,533,768
Varco International, Inc.*............................... 27,400 542,862
------------
21,272,078
------------
Financial (5.3%)
Ahmanson (H.F.) & Co. ................................... 28,351 2,012,921
American Int'l. Group, Inc. ............................. 31,400 4,584,400
Aon Corp. ............................................... 30,600 2,149,650
Beneficial Corp. ........................................ 16,500 2,527,593
Citicorp................................................. 39,300 5,865,525
CMAC Investment Corp..................................... 25,850 1,589,775
Enhance Financial Svcs Group............................. 21,600 729,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
ACTIVE ASSETS (CONT'D)
Finova Group, Inc ....................................... 12,000 $ 679,500
First Union Corp. ....................................... 47,500 2,766,875
Fleet Financial Group, Inc. ............................. 22,600 1,887,100
Fremont General Corp. ................................... 6,300 341,381
Horace Mann Educators Corp. ............................. 51,600 1,780,200
Indymac Mortgage Holdings Inc. .......................... 53,200 1,210,300
Loews Corp. ............................................. 18,200 1,585,675
National City Corp. ..................................... 17,980 1,276,580
NationsBank Corp. ....................................... 23,100 1,767,150
Oriental Financial Group ................................ 90,000 3,318,750
Providian Financial Corp. ............................... 28,200 2,215,462
U.S. Bancorp ............................................ 47,700 2,051,100
------------
40,338,937
------------
Industrial (4.1%)
American Disposal Serv., Inc.*........................... 20,100 942,187
Applied Materials, Inc.*................................. 66,800 1,970,600
Borg-Warner Automotive, Inc.............................. 51,200 2,460,800
Burlington Northern Santa Fe............................. 17,211 1,689,905
Cal Dive International, Inc.............................. 53,000 1,460,812
Chart Industries, Inc.................................... 40,000 955,000
Checkfree Holdings Corp.................................. 40,000 1,177,500
Dura Automotive Systems, Inc.*........................... 19,300 620,012
Family Dollar Stores Inc. ............................... 67,300 1,245,050
First Data Corp. ........................................ 47,600 1,585,675
Foster Wheeler Corp. .................................... 37,400 801,762
Hooper Holmes, Inc. ..................................... 41,750 876,750
Kansas City Southern Inds................................ 20,000 992,500
Keane, Inc.*............................................. 9,450 529,200
Knoll, Inc.*............................................. 34,900 1,029,550
Kuhlman Corp............................................. 58,000 2,294,625
Pittway Corp. ........................................... 11,000 812,625
QRS Corp.*............................................... 17,800 669,725
Sherwin-Williams Co...................................... 43,200 1,431,000
Steven Myers & Assoc. Inc.*.............................. 75,000 1,443,750
Stolt Comex Seaway S.A ADR*.............................. 25,000 437,500
Tower Automotive, Inc.*.................................. 55,100 2,362,412
VWR Scientific Products Corp.*........................... 31,300 770,762
Waste Management, Inc.*.................................. 18,772 926,867
York International Corp. ................................ 31,000 1,350,437
------------
30,837,006
------------
Technology (10.2%)
3Com Corp.*.............................................. 146,300 4,489,581
Alza Corp.*.............................................. 33,100 1,431,575
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Ascend Communications, Inc.*............................. 20,000 $ 991,250
AT&T Corp. .............................................. 18,000 1,028,250
Atmel Corp.*............................................. 76,200 1,038,225
Ballard Medical Products................................. 55,000 990,000
Boeing Co................................................ 31,600 1,408,175
CBT Group Plc-Spon ADR*.................................. 34,000 1,819,000
Ciena Corp.*............................................. 69,000 4,804,125
Cisco Systems, Inc.*..................................... 178,200 16,405,576
Compaq Computer Corp..................................... 266,000 7,547,750
Cytyc Corporation*....................................... 80,000 1,305,000
Hewlett-Packard Co....................................... 15,500 928,062
INCYTE Pharmaceuticals, Inc.*............................ 50,600 1,726,725
Intel Corp............................................... 105,100 7,790,537
Intl. Business Machines Corp............................. 25,752 2,956,651
Intuit, Inc.*............................................ 16,200 992,250
Linear Technology Corp................................... 46,300 2,792,468
Maxim Integrated Products, Inc.*......................... 59,200 1,875,900
N2K Inc.*................................................ 20,400 400,350
Networks Associates, Inc.*............................... 15,000 718,125
Parametric Technology Co.*............................... 78,400 2,126,600
Raytheon Co. Cl A........................................ 1,683 96,982
Raytheon Co. Cl B........................................ 47,076 2,783,368
Saville Systems ADR*..................................... 28,900 1,448,612
Technology Solutions Company*............................ 27,000 855,562
Tellabs, Inc.*........................................... 13,500 966,937
Transaction Network Services*............................ 21,600 454,950
Visual Networks, Inc.*................................... 12,400 454,150
Xerox Corp.*............................................. 31,400 3,191,025
Xilinx, Inc.*............................................ 17,000 578,000
Yahoo! Inc.*............................................. 3,000 472,500
------------
76,868,261
------------
Utilities (1.1%)
Consolidated Natural Gas Co.............................. 21,000 1,236,375
Duke Energy Corp......................................... 30,000 1,777,500
Entergy Corp. ........................................... 29,700 853,875
MCI Communications Corp.................................. 46,800 2,720,250
SBC Communications, Inc.................................. 52,500 2,100,000
------------
8,688,000
------------
TOTAL ACTIVE ASSETS--COMMON STOCKS
(Cost: $204,958,202)..................................... 37.3% 282,121,184
------------
</TABLE>
- -------
* Non-income producing security
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ------- ------------
<S> <C> <C> <C> <C>
ACTIVE ASSETS (CONT'D):
SHORT-TERM DEBT SECURITIES
U.S. Government (0.1%)
U.S. Treasury Bills................... 4.59% 07/09/98 500,000 $ 499,478
------------
Commercial Paper (0.3%)
Cargill, Inc.......................... 6.10 07/01/98 523,000 523,000
Merrill Lynch & Co. .................. 5.90 07/02/98 969,000 968,842
Reliastar Mortgage Corp. ............. 5.56 07/02/98 200,000 199,969
Twin Towers, Inc. .................... 5.79 07/15/98 300,000 299,324
------------
1,991,135
------------
TOTAL ACTIVE ASSETS--SHORT-TERM DEBT SECURITIES
(Cost: $2,490,613) 0.3%..................................... 2,490,613
------------
TOTAL ACTIVE ASSETS
(Cost: $207,448,815) 37.6%.................................. 284,611,797
------------
TOTAL INVESTMENTS
(Cost: $429,668,058) 100.0%................................. $756,628,957
============
</TABLE>
- -------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1998
<TABLE>
<CAPTION>
UNDERLYING FACE UNREALIZED
EXPIRATION DATE AMOUNT AT VALUE GAIN
--------------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
39 S&P 500 Stock Index Futures Con-
tracts............................. September 1998 $11,144,250 $125,725
=========== ========
</TABLE>
The face value of futures purchased and outstanding as a percentage of total
investment in securities: 1.5%
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
INDEXED ASSETS:
COMMON STOCKS
3Com Corp.................................................. 13,273 $ 407,315
Abbott Laboratories........................................ 57,612 2,354,890
Adobe Systems, Inc......................................... 2,415 102,486
Advanced Micro Devices, Inc. .............................. 5,351 91,301
Aeroquip-Vickers, Inc...................................... 992 57,908
Aetna, Inc................................................. 5,430 413,358
Ahmanson (H.F.) & Co. ..................................... 4,096 290,816
Air Products & Chemicals, Inc. ............................ 8,742 349,680
AirTouch Communications, Inc............................... 21,365 1,248,517
Alberto-Culver Co. Cl B.................................... 1,977 57,333
Albertson's, Inc........................................... 9,175 475,379
Alcan Aluminum Ltd. ....................................... 8,489 234,508
Allegheny Teledyne Inc..................................... 7,339 167,879
Allergan, Inc. ............................................ 2,453 113,757
AlliedSignal, Inc. ........................................ 21,100 936,312
Allstate Corp. ............................................ 15,669 1,434,692
Alltel Corp................................................ 6,879 319,873
Aluminum Co. of America.................................... 6,285 414,417
Alza Corp.................................................. 3,226 139,524
Amerada Hess Corp. ........................................ 3,411 185,259
Ameren Corporation......................................... 5,121 203,559
American Electric Power, Inc. ............................. 7,107 322,480
American Express Co........................................ 17,212 1,962,168
American General Corp. .................................... 9,468 674,003
American Greetings Corp. Cl A.............................. 2,717 138,397
American Home Products Corp................................ 48,991 2,535,284
American Int'l. Group, Inc................................. 26,113 3,812,498
American Stores Co. ....................................... 10,202 246,760
Ameritech Corp............................................. 41,074 1,843,195
Amgen, Inc. ............................................... 9,483 619,951
Amoco Corp................................................. 35,817 1,490,882
Amp, Inc................................................... 8,189 281,496
AMR Corp................................................... 6,806 566,599
Anadarko Petroleum Corp. .................................. 2,240 150,499
Andrew Corp................................................ 3,178 57,402
Anheuser-Busch Cos., Inc. ................................. 18,136 855,792
Aon Corp. ................................................. 6,295 442,223
Apache Corp. .............................................. 3,680 115,920
Apple Computer, Inc........................................ 4,966 142,462
Applied Materials, Inc. ................................... 13,670 403,265
Archer-Daniels-Midland Co.................................. 21,295 412,590
Armco, Inc................................................. 3,804 24,250
Armstrong World Inds., Inc................................. 1,494 100,658
Asarco, Inc................................................ 1,422 31,639
Ascend Communications, Inc................................. 7,198 356,750
Ashland Inc. .............................................. 2,835 146,356
Associates First Capital Corp.............................. 12,934 994,301
AT&T Corp.................................................. 60,621 3,462,974
Atlantic Richfield Co. .................................... 11,976 935,625
Autodesk, Inc.............................................. 1,704 65,817
Automatic Data Processing, Inc............................. 11,235 818,750
AutoZone, Inc. ............................................ 5,694 181,852
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
Avery Dennison Corp. ...................................... 4,378 $ 235,317
Avon Products, Inc......................................... 4,917 381,067
Baker Hughes Inc........................................... 6,334 218,918
Ball Corp.................................................. 1,063 42,719
Baltimore Gas & Electric Co. .............................. 5,519 171,433
Banc One Corp.............................................. 26,193 1,461,896
Bank of New York Co., Inc. ................................ 14,030 851,445
BankAmerica Corp. ......................................... 25,481 2,202,513
BankBoston Corp............................................ 10,962 609,761
Bankers Trust New York Corp................................ 3,657 424,440
Bard (C.R.), Inc. ......................................... 2,005 76,315
Barrick Gold Corp.......................................... 13,922 267,128
Battle Mountain Gold Co. .................................. 8,095 48,064
Bausch & Lomb, Inc......................................... 2,076 104,059
Baxter International Inc................................... 10,489 564,439
Bay Networks, Inc.......................................... 8,282 267,094
BB & T Corp................................................ 5,270 356,383
Becton Dickinson & Co. .................................... 4,595 356,686
Bell Atlantic Corp. ....................................... 57,940 2,643,512
BellSouth Corp............................................. 36,954 2,480,537
Bemis Co. ................................................. 1,992 81,423
Beneficial Corp. .......................................... 2,042 312,808
Bestfoods.................................................. 10,778 625,797
Bethlehem Steel Corp. ..................................... 4,788 59,550
Biomet, Inc................................................ 4,178 138,135
Black & Decker Corp. ...................................... 3,546 216,306
Block (H. & R.), Inc. ..................................... 3,912 164,793
Boeing Co.................................................. 37,710 1,680,451
Boise Cascade Corp......................................... 1,981 64,877
Boston Scientific Corp..................................... 7,256 519,711
Briggs & Stratton Corp..................................... 879 32,907
Bristol-Myers Squibb Co.................................... 37,148 4,269,698
Brown-Forman Corp. Cl B.................................... 2,569 165,058
Browning-Ferris Inds., Inc. ............................... 6,970 242,207
Brunswick Corp............................................. 3,513 86,946
Burlington Northern Santa Fe............................... 5,882 577,538
Burlington Resources, Inc.................................. 6,610 284,643
Cabletron Systems, Inc. ................................... 5,905 79,348
Campbell Soup Co........................................... 16,950 900,468
Cardinal Health, Inc....................................... 4,125 386,718
Carolina Power & Light Co. ................................ 5,649 245,025
Case Corp.................................................. 2,785 134,376
Caterpillar, Inc........................................... 13,683 723,488
CBS Corp................................................... 26,803 850,995
Cendant Corporation........................................ 31,771 663,219
Centex Corp. .............................................. 2,090 78,897
Central & South West Corp. ................................ 7,923 212,930
Ceridian Corp.............................................. 2,711 159,271
Champion International Corp................................ 3,590 176,583
Charles Schwab Corp. ...................................... 9,963 323,797
Chase Manhattan Corp. ..................................... 31,853 2,404,901
Chevron Corp............................................... 24,411 2,027,638
Chrysler Corp.............................................. 24,092 1,358,186
Chubb Corp. ............................................... 6,273 504,192
</TABLE>
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
CIGNA Corp. ............................................... 8,038 $ 554,622
Cincinnati Financial Corp ................................. 6,224 238,846
Cincinnati Milacron, Inc................................... 1,407 34,207
Cinergy Corp............................................... 5,888 206,080
Circuit City Group, Inc.................................... 3,686 172,781
Cisco Systems, Inc. ....................................... 38,181 3,515,038
Citicorp................................................... 16,852 2,515,161
Clear Channel Communications............................... 4,626 504,812
Clorox Co.................................................. 3,877 369,768
Coastal Corp. (The)........................................ 3,965 276,806
Coca-Cola Co............................................... 92,164 7,880,022
Colgate-Palmolive Co....................................... 11,052 972,576
Columbia Energy Group...................................... 3,108 172,882
Columbia/HCA Healthcare Corp............................... 24,018 699,524
Comcast Corp. Cl A......................................... 13,764 558,733
Comerica, Inc.............................................. 5,845 387,231
Compaq Computer Corp....................................... 61,686 1,750,327
Computer Associates Intl., Inc............................. 20,380 1,132,363
Computer Sciences Corp..................................... 5,819 372,416
Conagra, Inc............................................... 17,931 568,188
Conseco, Inc............................................... 6,977 326,174
Consolidated Edison, Inc................................... 8,789 404,843
Consolidated Natural Gas Co................................ 3,576 210,537
Consolidated Stores Corp................................... 4,021 145,761
Cooper Industries.......................................... 4,506 247,548
Cooper Tire & Rubber Co. .................................. 2,775 57,234
Coors (Adolph) Co. Cl B.................................... 1,306 44,404
Corning Inc................................................ 8,662 301,004
Costco Co.................................................. 8,049 507,590
Countrywide Credit Industries.............................. 4,051 205,588
Crane Co................................................... 1,617 78,525
Crown Cork & Seal Co., Inc................................. 4,644 220,590
CSX Corp................................................... 8,177 372,053
Cummins Engine, Inc........................................ 1,346 68,982
CVS Corp................................................... 14,347 558,636
Cyprus Amax Minerals Co.................................... 3,294 43,645
Dana Corp. ................................................ 3,949 211,271
Darden Restaurants, Inc. .................................. 5,392 85,598
Data General Corp.......................................... 1,686 25,184
Dayton-Hudson Corp. ....................................... 16,315 791,277
Deere & Co. (Del.)......................................... 9,258 489,516
Dell Computer Corp. ....................................... 24,036 2,230,841
Delta Air Lines, Inc....................................... 2,827 365,389
Deluxe Corp................................................ 3,017 108,046
Dillard's Inc. Cl A........................................ 4,018 166,495
Disney (Walt) Company (The)................................ 25,445 2,673,315
Dominion Resources, Inc.................................... 7,301 297,515
Donnelley (R.R.) & Sons Co................................. 5,296 242,292
Dover Corp................................................. 8,323 285,062
Dow Chemical Company....................................... 8,402 812,368
Dow Jones & Co., Inc....................................... 3,393 189,159
Dresser Industries, Inc.................................... 6,550 288,609
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
DSC Communications Corp................................... 4,433 $ 132,990
DTE Energy Co............................................. 5,415 218,630
Du Pont (E.I.) De Nemours................................. 42,120 3,143,205
Duke Energy Corp.......................................... 13,452 797,031
Dun & Bradstreet Corp..................................... 6,407 230,652
Eastern Enterprises....................................... 718 30,784
Eastman Chemical Co....................................... 2,953 183,824
Eastman Kodak Co. ........................................ 12,044 879,964
Eaton Corp. .............................................. 2,665 207,203
Echlin, Inc............................................... 2,374 116,474
Ecolab Inc................................................ 4,806 148,986
Edison International...................................... 13,440 397,320
EG&G, Inc................................................. 1,596 47,880
EMC Corp.................................................. 18,575 832,392
Emerson Electric Co. ..................................... 16,523 997,576
Engelhard Corp. .......................................... 5,395 109,248
Enron Corp................................................ 12,260 662,806
Entergy Corp. ............................................ 9,196 264,385
Equifax Inc............................................... 5,520 200,445
Exxon Corp................................................ 91,323 6,512,471
FDX Corp.................................................. 5,493 344,673
Federated Department Stores............................... 7,861 423,020
FHLMC..................................................... 25,328 1,191,999
Fifth Third Bancorp....................................... 8,701 548,163
First Chicago NBD Corp.................................... 10,719 949,971
First Data Corp........................................... 16,664 555,119
First Union Corp. ........................................ 36,168 2,106,809
FirstEnergy Corp.......................................... 8,608 264,696
Fleet Financial Group, Inc................................ 10,606 885,601
Fleetwood Enterprises, Inc................................ 1,268 50,720
Fluor Corp................................................ 3,063 156,213
FMC Corp.................................................. 1,297 88,439
FNMA...................................................... 38,701 2,351,085
Ford Motor Co. (U.S.A.)................................... 45,273 2,671,107
Fort James Corp of Virginia............................... 8,226 366,057
Fortune Brands, Inc....................................... 6,456 248,152
Foster Wheeler Corp....................................... 1,435 30,762
FPL Group, Inc. .......................................... 6,774 426,762
Franklin Resources, Inc................................... 9,442 509,868
Freeport-McMoran Copper Cl B.............................. 6,815 103,502
Frontier Corp. ........................................... 6,390 201,285
Fruit of the Loom, Inc.................................... 2,580 85,623
Gannett Co., Inc.......................................... 10,616 754,399
Gap, Inc. (The)........................................... 14,673 904,223
Gateway 2000, Inc......................................... 5,808 294,030
General Dynamics Corp..................................... 4,717 219,340
General Electric Co....................................... 121,601 11,065,886
General Instrument Corp................................... 5,603 152,331
General Mills, Inc. ...................................... 5,906 403,822
General Motors Corp....................................... 24,921 1,665,034
General Re Corp. ......................................... 2,856 723,996
General Signal Corp. ..................................... 1,537 55,332
Genuine Parts Co.......................................... 6,680 230,877
Georgia-Pacific (Timber Group)............................ 3,426 201,919
</TABLE>
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
Giant Food, Inc. .......................................... 2,241 $ 96,503
Gillette Co. .............................................. 41,930 2,376,906
Golden West Financial Corp. ............................... 2,138 227,296
Goodrich (B.F.) Co. ....................................... 2,721 135,029
Goodyear Tire & Rubber Co. ................................ 5,869 378,183
GPU, Inc. ................................................. 4,773 180,479
Grainger (W.W.), Inc. ..................................... 3,648 181,716
Great Atl. & Pac. Tea Co. ................................. 1,348 44,568
Great Lakes Chemical Corp. ................................ 2,108 83,134
Green Tree Financial Corp. ................................ 5,003 214,190
GTE Corp. ................................................. 35,927 1,998,439
Guidant Corp. ............................................. 5,629 401,418
Halliburton Co. ........................................... 9,816 437,425
Harcourt General, Inc. .................................... 2,645 157,377
Harnischfeger Industries, Inc. ............................ 1,739 49,235
Harrah's Entertainment, Inc. .............................. 3,557 82,700
Harris Corp. .............................................. 2,986 133,436
Hartford Financial Svcs Gp, Inc ........................... 4,398 503,021
Hasbro, Inc. .............................................. 4,958 194,911
HBO & Co. ................................................. 16,036 565,269
HealthSouth Corp. ......................................... 14,954 399,084
Heinz (H.J.) Co. .......................................... 13,648 765,994
Helmerich & Payne, Inc. ................................... 1,760 39,160
Hercules, Inc. ............................................ 3,542 145,664
Hershey Foods Corp. ....................................... 5,343 368,667
Hewlett-Packard Co. ....................................... 38,661 2,314,827
Hilton Hotels Corp. ....................................... 9,211 262,513
Home Depot, Inc. .......................................... 27,425 2,277,989
Homestake Mining Co. ...................................... 7,436 77,148
Honeywell, Inc. ........................................... 4,708 393,412
Household International, Inc. ............................. 12,018 597,895
Houston Industries, Inc. .................................. 11,036 340,736
Humana, Inc. .............................................. 6,212 193,736
Huntington Bancshares, Inc. ............................... 7,179 240,496
Ikon Office Solutions...................................... 5,053 73,584
Illinois Tool Works, Inc. ................................. 9,327 621,994
Inco Ltd. ................................................. 5,885 80,183
Ingersoll Rand Co. ........................................ 6,177 272,174
Inland Steel, Inc. ........................................ 1,725 48,623
Intel Corp. ............................................... 63,301 4,692,186
International Paper Co. ................................... 11,477 493,511
Interpublic Group of Cos., Inc ............................ 5,090 308,899
Intl. Business Machines Corp. ............................. 35,192 4,040,481
Intl. Flavors & Fragrances................................. 4,022 174,705
ITT Industries, Inc. ...................................... 4,421 165,234
Jefferson-Pilot Corp. ..................................... 3,971 230,069
Johnson & Johnson.......................................... 50,188 3,701,365
Johnson Controls, Inc. .................................... 3,158 180,598
Jostens, Inc. ............................................. 1,370 32,709
Kaufman & Broad Home Corp. ................................ 1,373 43,592
Kellogg Co. ............................................... 15,273 573,692
Kerr-McGee Corp. .......................................... 1,781 103,075
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
KeyCorp ................................................... 16,425 $ 585,140
Kimberly Clark Corp. ...................................... 20,794 953,924
King World Productions, Inc. .............................. 2,584 65,892
KLA Tencor Corporation..................................... 3,242 89,762
Kmart Corp. ............................................... 18,211 350,561
Knight-Ridder, Inc. ....................................... 2,975 163,810
Kroger Corp. .............................................. 9,557 409,756
Laidlaw, Inc. ............................................. 12,267 149,504
Lehman Brothers Holdings, Inc. ............................ 4,424 343,136
Lilly (Eli) & Co. ......................................... 41,333 2,730,561
Limited (The), Inc. ....................................... 8,472 280,635
Lincoln National Corp. .................................... 3,749 342,564
Liz Claiborne, Inc. ....................................... 2,465 128,796
Lockheed Martin Corp. ..................................... 7,298 772,675
Loews Corp. ............................................... 4,292 373,940
Longs Drug Stores, Inc. ................................... 1,365 39,414
Louisiana-Pacific Corp. ................................... 3,860 70,445
Lowe's Companies, Inc. .................................... 13,056 529,584
LSI Logic Corp. ........................................... 5,254 121,170
Lucent Technologies, Inc. ................................. 48,967 4,073,442
Mallinckrodt, Inc. ........................................ 2,570 76,296
Manor Care, Inc. .......................................... 2,376 91,327
Marriott International, Inc. .............................. 9,535 308,695
Marsh & McLennan Cos., Inc. ............................... 9,579 578,930
Masco Corp. ............................................... 6,344 383,812
Mattel, Inc. .............................................. 10,955 463,533
May Department Stores Co. ................................. 8,616 564,348
Maytag Corp. .............................................. 3,511 173,355
MBIA Inc. ................................................. 3,643 272,769
MBNA Corp. ................................................ 18,706 617,298
McDermott International, Inc. ............................. 2,126 73,214
McDonald's Corp. .......................................... 25,657 1,770,333
McGraw-Hill Cos., Inc. .................................... 3,714 302,923
MCI Communications Corp. .................................. 27,036 1,571,467
Mead Corp. ................................................ 3,884 123,317
MediaOne Group, Inc. ...................................... 22,726 998,523
Medtronic, Inc. ........................................... 17,524 1,117,155
Mellon Bank Corp. ......................................... 9,712 676,198
Mercantile Bancorporation.................................. 4,972 250,464
Mercantile Stores, Inc. ................................... 1,372 108,302
Merck & Co., Inc. ......................................... 44,611 5,966,721
Meredith Corp. ............................................ 1,871 87,820
Merrill Lynch & Co., Inc. ................................. 12,914 1,191,316
MGIC Investment Corp ...................................... 4,259 243,029
Micron Technology, Inc. ................................... 7,940 197,011
Microsoft Corp. ........................................... 91,968 9,967,032
Millipore Corp. ........................................... 1,536 41,856
Minnesota Mining & Mfg. Co. ............................... 15,098 1,240,866
Mirage Resorts, Inc. ...................................... 6,701 142,815
Mobil Corp. ............................................... 29,164 2,234,691
Monsanto Co................................................ 22,354 1,249,029
Moore Corp., Ltd........................................... 3,126 41,419
Morgan (J.P.) & Co., Inc................................... 6,659 779,935
Morgan Stanley Dean Witter................................. 22,394 2,046,251
</TABLE>
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
Morton International, Inc. ................................ 4,691 $ 117,275
Motorola, Inc.............................................. 22,307 1,172,511
NACCO Industries, Inc. Cl A................................ 287 37,094
Nalco Chemical Co.......................................... 2,346 82,403
National City Corp. ....................................... 12,250 869,750
National Semiconductor Corp. .............................. 6,130 80,839
National Service Industries................................ 1,522 77,431
NationsBank Corp........................................... 35,751 2,734,951
Navistar International Corp. .............................. 2,652 76,576
New York Times Co. Cl A.................................... 3,577 283,477
Newell Co. ................................................ 5,947 296,234
Newmont Mining Corp........................................ 5,842 138,017
Nextel Communications, Inc. ............................... 10,200 253,725
Niagara Mohawk Power Corp. ................................ 5,089 76,016
Nicor, Inc................................................. 1,704 68,373
Nielsen Media Research..................................... 6,078 382,914
Nike, Inc. Cl B............................................ 10,739 522,855
Nordstrom, Inc............................................. 2,846 219,853
Norfolk Southern Corp...................................... 14,136 421,429
Northern States Power Co. ................................. 5,626 161,044
Northern Telecom, Ltd...................................... 19,428 1,102,539
Northern Tr Corp .......................................... 4,162 317,352
Northrop Grumman Corp...................................... 2,526 260,493
Norwest Corp............................................... 28,246 1,055,694
Novell, Inc................................................ 13,124 167,331
Nucor Corp. ............................................... 3,286 151,156
Occidental Petroleum Corp.................................. 13,710 370,170
Omnicom Group, Inc......................................... 6,354 316,905
Oneok, Inc. ............................................... 1,092 43,543
Oracle Corp. .............................................. 36,333 892,429
Oryx Energy Co. ........................................... 3,962 87,659
Owens Corning.............................................. 2,015 82,237
Owens Illinois............................................. 5,757 257,625
Paccar, Inc. .............................................. 2,915 152,308
PacifiCorp ................................................ 11,095 251,024
Pall Corp.................................................. 4,488 92,004
Parametric Technology Co................................... 10,098 273,908
Parker Hannifin Corp. ..................................... 4,127 157,341
Peco Energy Co............................................. 8,306 242,431
Penney (J.C.) Co., Inc..................................... 9,368 677,423
Pennzoil Co. .............................................. 1,780 90,112
Peoples Energy Corp. ...................................... 1,235 47,701
Pep Boys-Manny, Moe & Jack................................. 2,235 42,325
Pepsico, Inc. ............................................. 55,650 2,292,084
Perkin-Elmer Corp. ........................................ 1,833 113,989
Pfizer, Inc................................................ 48,731 5,296,450
PG & E Corp................................................ 14,238 449,386
Pharmacia & Upjohn, Inc.................................... 18,960 874,530
Phelps Dodge Corp.......................................... 2,190 125,240
Phillip Morris Cos., Inc. ................................. 90,672 3,570,210
Phillips Petroleum Co...................................... 9,743 469,490
Pioneer Hi-Bred Intl., Inc................................. 9,116 377,174
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
Pitney Bowes, Inc.......................................... 10,206 $ 491,163
Placer Dome, Inc........................................... 9,331 109,639
PNC Bank Corp.............................................. 11,227 604,152
Polaroid Corp.............................................. 1,582 56,259
Potlatch Corp. ............................................ 1,020 42,840
PP&L Resources, Inc........................................ 6,254 141,887
PPG Industries, Inc. ...................................... 6,620 460,503
Praxair, Inc............................................... 5,890 275,725
Proctor & Gamble Co. ...................................... 50,050 4,557,678
Progressive Corp. of Ohio.................................. 2,706 381,546
Providian Financial Corp. ................................. 3,549 278,818
Public Svc. Enterprise Group............................... 8,657 298,125
Pulte Corp................................................. 1,496 44,693
Quaker Oats Co. ........................................... 5,171 284,081
Ralston Purina Co. ........................................ 3,941 460,358
Raychem Corp. ............................................. 3,030 89,574
Raytheon Co................................................ 12,646 747,694
Reebok International Ltd................................... 1,984 54,932
Republic New York Corp..................................... 4,031 253,701
Reynold's Metals Co........................................ 2,604 145,661
Rite-Aid Corp.............................................. 9,623 361,463
Rockwell Intl., Corp....................................... 7,334 352,490
Rohm & Haas Co. ........................................... 2,264 235,314
Rowan Cos., Inc............................................ 3,052 59,323
Royal Dutch Petro Co.-NY Shr............................... 80,033 4,386,808
Rubbermaid, Inc............................................ 5,591 185,551
Russell Corp............................................... 1,285 38,790
Ryder System, Inc. ........................................ 2,696 85,092
Safeco Corp. .............................................. 5,270 239,455
Sara Lee Corp. ............................................ 17,433 975,158
SBC Communications, Inc. .................................. 68,632 2,745,280
Schering-Plough Corp....................................... 27,383 2,508,967
Schlumberger, Ltd.......................................... 18,617 1,271,773
Scientific-Atlanta, Inc. .................................. 2,780 70,542
Seagate Technology, Inc.................................... 9,072 216,027
Seagram, Ltd. ............................................. 12,925 529,117
Sealed Air Corp. New....................................... 3,117 114,549
Sears Roebuck & Co......................................... 14,595 891,207
Sempra Energy.............................................. 4,690 130,157
Service Corp. International................................ 9,555 409,670
Shared Medical Systems Corp. .............................. 982 72,115
Sherwin-Williams Co. ...................................... 6,476 214,517
Sigma-Aldrich Corp. ....................................... 3,753 131,824
Silicon Graphics, Inc...................................... 7,046 85,432
Snap-On, Inc. ............................................. 2,145 77,756
Sonat, Inc. ............................................... 4,108 158,671
Southern Co. .............................................. 26,029 720,677
Southwest Airlines Co. .................................... 8,329 246,746
Springs Industries, Inc. Cl A.............................. 710 32,748
Sprint Corp................................................ 16,069 1,132,864
St. Jude Medical, Inc...................................... 3,135 115,407
St. Paul Companies (The)................................... 8,756 368,299
Stanley Works.............................................. 3,312 137,655
State Street Corp.......................................... 6,018 418,251
</TABLE>
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
INDEXED ASSETS (CONT'D):
Stone Container Corp....................................... 3,500 $ 54,687
Summit Bancorp............................................. 6,626 314,735
Sun America, Inc........................................... 7,293 418,891
Sun Co., Inc............................................... 3,501 135,882
Sun Microsystems, Inc. .................................... 14,139 614,162
Suntrust Banks, Inc........................................ 7,879 640,661
Supervalu, Inc. ........................................... 2,243 99,533
Synovus Financial Corp. ................................... 9,818 233,177
Sysco Corp................................................. 12,600 322,875
Tandy Corp. ............................................... 3,780 200,576
Tektronix, Inc............................................. 1,784 63,109
Tele-Comm Liberty Media Gp. A.............................. 18,930 727,621
Tellabs, Inc............................................... 6,801 487,121
Temple-Inland, Inc. ....................................... 2,093 112,760
Tenet Healthcare Corp. .................................... 11,505 359,531
Tenneco, Inc............................................... 6,332 241,011
Texaco, Inc................................................ 20,196 1,205,448
Texas Instruments, Inc. ................................... 14,575 849,904
Texas Utilities Co. ....................................... 9,156 381,118
Textron, Inc. ............................................. 6,107 437,795
Thermo Electron Corp. ..................................... 5,947 203,313
Thomas & Betts Corp........................................ 2,062 101,553
Time Warner, Inc. ......................................... 22,051 1,883,982
Times Mirror Co. Cl A...................................... 3,312 208,242
Timken Co.................................................. 2,219 68,372
TJX Cos., Inc.............................................. 11,920 287,570
Torchmark Corp. ........................................... 5,235 239,501
Toys R Us, Inc............................................. 10,415 245,403
Transamerica Corp. ........................................ 2,349 270,428
Travelers Group, Inc....................................... 42,924 2,602,267
Tribune Co................................................. 4,557 313,578
Tricon Global Restaurants.................................. 5,684 180,111
TRW, Inc................................................... 4,578 250,073
Tupperware Corp............................................ 2,150 60,468
Tyco International Ltd. ................................... 21,763 1,371,069
U.S. Bancorp............................................... 27,728 1,192,304
U.S. Surgical Corp. ....................................... 2,861 130,533
U.S. West Communications Group............................. 18,721 879,894
Unicom Corp................................................ 8,096 283,866
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
Unilever N.V............................................... 23,893 $ 1,886,053
Union Camp Corp............................................ 2,586 128,330
Union Carbide Corp......................................... 5,083 271,305
Union Pacific Corp......................................... 9,230 407,273
Union Pacific Resources Grp................................ 9,370 164,560
Unisys Corp. .............................................. 9,383 265,069
United Healthcare Corp..................................... 7,192 456,692
United Technologies Corp. ................................. 8,566 792,355
Unocal Corp................................................ 9,009 322,071
UNUM Corp.................................................. 5,161 286,435
US Airways Group Inc....................................... 3,765 298,376
UST, Inc................................................... 6,928 187,056
USX-Marathon Group......................................... 10,794 370,369
USX-U.S. Steel Group, Inc.................................. 3,241 106,953
V F Corp................................................... 4,541 233,861
Venator Group, Inc. ....................................... 5,036 96,313
Viacom, Inc. .............................................. 13,310 775,307
W.R. Grace & Co. .......................................... 2,616 44,635
Wachovia Corp.............................................. 7,694 650,143
Wal-Mart Stores, Inc....................................... 83,825 5,092,368
Walgreen Co................................................ 18,537 765,809
Warner-Lambert Co.......................................... 30,586 2,121,903
Washington Mutual, Inc..................................... 14,449 627,606
Waste Management, Inc...................................... 17,751 621,285
Wells Fargo & Co. ......................................... 3,186 1,175,634
Wendy's International, Inc................................. 4,900 115,150
Western Atlas, Inc......................................... 2,045 173,569
Westvaco Corp.............................................. 3,787 106,982
Weyerhaeuser Co............................................ 7,426 342,988
Whirlpool Corp. ........................................... 2,820 193,875
Willamette Industries, Inc................................. 4,157 133,024
Williams Cos., Inc......................................... 15,824 534,060
Winn-Dixie Stores, Inc..................................... 5,544 283,783
WorldCom, Inc.............................................. 38,521 1,865,860
Worthington Industries, Inc. .............................. 3,410 51,363
Wrigley (Wm.) Jr. Co. ..................................... 4,338 425,124
Xerox Corp................................................. 12,251 1,245,007
------------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $240,520,581) 95.7%....................................... $333,776,148
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES
U.S. Government (0.5%)
U.S. Treasury Bill.................... 4.75% 08/06/98 $ 750,000 $ 746,313
U.S. Treasury Bill.................... 4.98 10/01/98 500,000 493,575
U.S. Treasury Bill.................... 5.00 10/08/98 500,000 493,043
------------
1,732,931
------------
Commercial Paper (3.8%)
Cargill, Inc.......................... 6.10 07/01/98 346,000 346,000
Du Pont (E.I.) De Numours & Co........ 5.50 07/13/98 5,225,000 5,215,390
Merrill Lynch & Co. .................. 6.12 07/01/98 2,247,000 2,247,000
Merrill Lynch & Co. .................. 5.60 07/07/98 4,530,000 4,525,766
Snap On Tools Corp.................... 5.55 07/16/98 1,000,000 997,683
------------
13,331,839
------------
TOTAL ACTIVE PORTION--SHORT-TERM DEBT
SECURITIES
(Cost: $15,064,947) 4.3%....................................... 15,064,770
------------
TOTAL INVESTMENTS
(Cost: $255,585,528) 100.0%.................................... $348,840,918
============
</TABLE>
- -------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1998
<TABLE>
<CAPTION>
UNDERLYING FACE UNREALIZED
EXPIRATION DATE AMOUNT AT VALUE GAIN
--------------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
53 S&P 500 Stock Index Futures Con-
tracts............................. September 1998 $15,144,750 $196,986
=========== ========
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities: 4.3%.
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ----------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. Government (4.0%)
U.S. Treasury Note................... 5.38% 02/15/01 $ 500,000 $ 498,280
U.S. Treasury Note................... 6.50 08/15/05 17,000,000 17,940,270
------------
18,438,550
------------
Agencies/Other Governments (52.6%)
Connecticut Housing Fin. Auth........ 7.63 05/15/21 2,500,000 2,603,185
Federal Home Loan Bank............... 0.00 07/14/17 25,000,000 5,843,750
Federal Home Loan Bank............... 0.00 07/07/22 50,000,000 8,047,000
Federal Home Loan Bank............... 0.00 07/07/17 125,000,00 29,257,500
Federal Home Loan Bank............... 0.00 06/26/17 50,000,000 11,664,000
Federal Home Loan Bank............... 0.00 08/14/07 10,000,000 5,350,000
Federal Home Loan Bank............... 0.00 08/18/17 50,000,000 11,187,500
Federal Home Loan Bank............... 0.00 07/02/12 90,000,000 29,882,700
FHLMC................................ 7.50 04/01/07 320,699 322,654
FHLMC................................ 0.00 08/26/22 250,000,00 37,930,000
FHLMC................................ 7.00 09/15/16 2,414,479 2,425,779
FHLMC................................ 6.38 11/15/06 1,100,000 1,103,432
FHLMC................................ 7.00 10/15/06 858,347 861,832
FHLMC................................ 7.75 07/15/05 192,159 193,298
FHLMC................................ 0.00 05/22/28 30,000,000 7,678,200
FHLMC................................ 6.75 05/15/18 169,852 169,532
FHLMC................................ 7.00 05/15/06 1,000,000 1,013,120
FHLMC................................ 7.00 12/15/14 1,895,247 1,899,378
FHLMC................................ 8.00 07/15/06 643,030 670,152
FHLMC................................ 7.50 07/15/20 321,866 323,877
FHLMC................................ 8.50 02/15/21 1,362,033 1,378,622
FNMA................................. 6.25 01/25/20 850,000 853,978
FNMA................................. 7.00 09/25/05 856,609 858,210
FNMA................................. 9.30 05/25/19 194,018 196,806
FNMA................................. 8.95 09/25/19 66,024 65,899
FNMA................................. 0.00 07/13/17 200,000,000 45,500,000
FNMA................................. 8.15 08/25/05 358,604 359,275
FNMA................................. 7.00 05/25/20 352,348 351,685
FNMA................................. 7.00 08/25/20 66,023 65,837
FNMA................................. 7.00 10/25/05 1,400,000 1,415,750
New York City........................ 9.50 06/01/09 5,000,000 5,453,434
New York City........................ 10.00 08/01/05 1,565,000 1,749,751
New York City........................ 10.00 08/01/05 435,000 494,226
Pulaski County Arkansas PFB.......... 7.50 11/01/07 188,649 204,282
Republic of Iceland.................. 6.13 02/01/04 5,000,000 5,043,550
Suffolk County, New York............. 5.80 11/01/04 4,000,000 3,953,816
Suffolk County, New York............. 5.88 11/01/05 4,000,000 3,953,972
Tennessee Valley Authority........... 7.85 06/15/44 10,000,000 11,154,800
------------
241,480,782
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
25
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ----------- ------------
<S> <C> <C> <C> <C>
Basic Materials (4.0%)
Fletcher Challenge Ltd................ 9.00% 09/15/99 $ 2,000,000 $ 2,061,840
Georgia-Pacific (Timber Group)........ 8.63 04/30/25 7,000,000 7,750,330
Inco Ltd.............................. 9.60 06/15/22 7,500,000 8,540,175
------------
18,352,345
------------
Consumer, Cyclical (7.3%)
Centex Corp........................... 7.38 06/01/05 5,000,000 5,185,250
Centex Corp........................... 8.75 03/01/07 2,000,000 2,224,540
Fruit of the Loom, Inc................ 7.88 10/15/99 1,000,000 1,003,890
Fruit of the Loom, Inc................ 7.00 03/15/11 2,500,000 2,266,350
Fruit of the Loom, Inc................ 7.38 11/15/23 1,250,000 1,131,400
Gannett Co., Inc...................... 5.85 05/01/00 3,500,000 3,495,765
Polaroid Corp......................... 7.25 01/15/07 3,750,000 3,822,750
Shopko Stores, Inc.................... 9.00 11/15/04 5,000,000 5,607,000
V F Corp.............................. 9.25 05/01/22 1,000,000 1,140,500
Valassis Communication, Inc........... 9.55 12/01/03 5,000,000 5,611,350
Venator Group, Inc.................... 7.00 10/15/02 2,000,000 2,052,460
------------
33,541,255
------------
Consumer, Non-Cyclical (3.8%)
Bausch & Lomb, Inc.................... 6.75 12/15/04 5,000,000 5,051,650
Ralston Purina Co..................... 8.63 02/15/22 7,500,000 9,142,875
Rhone-Poulenc S A..................... 7.75 01/15/02 3,000,000 3,131,940
------------
17,326,465
------------
Energy (3.5%)
Southern Union Co..................... 7.60 02/01/24 10,000,000 10,617,300
Tosco Corp............................ 8.25 05/15/03 5,000,000 5,424,550
------------
16,041,850
------------
Financial (14.0%)
Bear Stearns Cos., Inc................ 6.63 10/01/04 1,000,000 2,045,620
Berkley (W.R.) Corp................... 8.70 01/01/22 5,000,000 6,055,250
Chase Manhattan Corp.................. 6.88 12/12/12 5,000,000 5,044,450
Citicorp Mortgage Sec. Inc............ 6.25 03/25/24 578,165 576,355
Executive Risk, Inc................... 7.13 12/15/07 5,000,000 5,119,650
Fairfax Financial Holdings............ 8.25 10/01/15 2,500,000 2,826,225
Harleysville Group Inc................ 6.75 11/15/03 2,500,000 2,556,350
Morgan (J.P.) & Co., Inc.............. 0.00 04/15/27 32,500,000 3,738,475
Progressive Corp. of Ohio............. 10.00 12/15/00 1,500,000 1,632,285
Prudential Home Mtge Securities....... 7.75 10/25/24 400,000 400,248
Prudential Home Mtge Secs. Co......... 7.00 06/25/23 1,577,827 1,574,371
Prudential Home Mtge Secs. Co......... 6.85 10/25/23 231,746 231,456
Rank Group Financial.................. 6.75 11/30/04 5,000,000 5,064,250
Residential Funding Mtge. Sec. I...... 7.25 02/25/26 1,117,486 1,118,179
Rodamco NV............................ 7.75 05/15/15 5,000,000 5,711,400
Rodamco NV............................ 7.30 05/15/05 5,000,000 5,304,600
Ryland Acceptance Corp................ 7.95 08/20/19 297,919 297,546
Sun America, Inc...................... 9.95 02/01/12 5,000,000 6,434,000
Triad Guaranty........................ 7.90 01/15/28 3,250,000 3,332,943
Vesta Insurance Group, Inc............ 8.75 07/15/25 5,000,000 5,338,600
------------
64,402,253
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ----------- ------------
<S> <C> <C> <C> <C>
Industrial (4.3%)
Clark Equipment Co.................... 8.35% 05/15/23 $ 5,000,000 $ 5,926,750
Geon Co............................... 7.50 12/15/15 3,750,000 3,876,525
Williams Cos., Inc.................... 6.50 11/15/02 10,000,000 10,094,500
------------
19,897,775
------------
Utilities (4.8%)
New Orleans Public Service............ 8.00 03/01/06 4,000,000 4,076,000
Pacific Gas & Electric Co............. 8.75 01/01/01 2,000,000 2,123,800
Philadelphia Electric Co.............. 7.13 08/15/23 5,000,000 5,148,100
Utilicorp United, Inc................. 8.00 03/01/23 10,000,000 10,467,812
------------
21,815,712
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $435,656,379) 98.3%..................................... 451,296,987
------------
SHORT-TERM DEBT SECURITIES:
Commercial Paper (1.7%)
Northern States Power................. 6.20 07/01/98 8,037,000 8,037,000
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $8,037,000) 1.7%........................................ 8,037,000
------------
TOTAL INVESTMENTS
(Cost: $443,693,379) 100.0%.................................... $459,333,987
============
</TABLE>
- -------
Abbreviations: FHLMC=Federal Home Loan Mortgage Corporation
FNMA=Federal National Mortgage Association
PFB=Prison Finance Board
The accompanying notes are an integral part of these financial statements.
27
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT:
U.S. Government (27.3%)
U.S. Treasury Note...................... 6.13% 07/31/00 $3,800,000 $ 3,845,106
U.S. Treasury Note...................... 5.38 02/15/01 1,500,000 1,494,840
-----------
5,339,946
-----------
Agencies/Other Governments (56.7%)
Federal Home Loan Bank.................. 6.89 06/25/02 386,500 387,949
FHLMC................................... 7.75 08/15/15 25,331 25,243
FHLMC................................... 8.00 04/01/02 260,832 266,290
FHLMC................................... 8.00 05/01/02 515,956 522,586
FHLMC................................... 7.75 12/01/02 289,903 293,798
FHLMC................................... 5.00 07/15/05 201,607 200,157
FHLMC................................... 8.00 11/15/05 150,886 151,214
FHLMC................................... 7.25 12/15/05 112,325 112,709
FHLMC................................... 7.00 05/15/06 500,000 506,560
FHLMC................................... 7.00 10/15/06 250,000 254,687
FHLMC................................... 7.00 03/15/08 541,571 546,136
FHLMC................................... 6.00 12/15/17 400,000 399,624
FHLMC................................... 8.75 10/15/20 112,582 113,038
FHLMC................................... 7.00 11/15/20 209,310 209,374
FHLMC................................... 7.95 12/15/20 157,213 159,226
FHLMC................................... 6.50 05/15/21 185,869 186,856
FHLMC................................... 6.00 05/15/22 197,636 196,337
FNMA.................................... 0.00 12/01/01 258,384 238,540
FNMA.................................... 7.00 01/25/02 500,000 500,935
FNMA.................................... 9.50 12/20/03 72,066 75,522
FNMA.................................... 7.00 09/25/05 599,626 600,747
FNMA.................................... 8.25 09/25/05 218,532 221,740
FNMA.................................... 8.25 10/01/05 151,902 153,261
FNMA.................................... 7.00 10/25/05 600,000 606,750
FNMA.................................... 7.00 11/25/05 400,000 406,000
FNMA.................................... 7.25 12/25/05 217,705 217,976
FNMA.................................... 8.00 12/25/05 185,556 186,598
FNMA.................................... 7.00 01/15/18 79,115 78,941
FNMA.................................... 7.75 10/25/18 109,516 109,343
FNMA.................................... 6.50 12/25/18 506,485 505,690
FNMA.................................... 6.70 01/18/19 600,000 604,308
FNMA.................................... 5.50 04/25/19 500,000 497,030
FNMA.................................... 8.95 09/25/19 24,085 24,039
FNMA.................................... 6.25 01/25/20 650,000 653,042
FNMA.................................... 5.00 04/25/20 456,759 452,616
FNMA.................................... 7.00 08/25/20 45,850 45,720
FNMA.................................... 7.00 01/25/21 35,280 35,180
FNMA.................................... 6.10 08/25/21 230,155 228,787
Pulaski County Arkansas PFB............. 7.50 11/01/07 117,382 127,109
-----------
11,101,658
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT (CONT'D):
Consumer, Cyclical (2.6%)
Venator Group, Inc....................... 7.00% 06/01/00 $ 500,000 $ 506,005
-----------
Financial (10.4%)
Citicorp Mortgage Sec. Inc. ............. 6.25 03/25/24 234,665 233,930
FBC Mortgage Secur. Trust................ 8.30 08/20/09 116,721 117,486
GE Capital Mtge Services, Inc. .......... 6.00 09/25/08 172,198 171,821
Norwest Asset Securities Corp. .......... 7.25 11/25/26 159,917 160,016
Prudential Home Mtge. Secs. Co. ......... 6.75 08/25/08 500,000 501,715
Residential Funding Mtge. Sec. I ........ 7.25 02/25/26 141,653 141,741
Standard Cr. Card Master Trust........... 6.70 09/07/02 705,000 709,843
-----------
2,036,569
-----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost: $18,942,942) 97.0%......................................... 18,984,178
-----------
SHORT-TERM DEBT SECURITIES:
Commercial Paper (3.0%)
Carolina Power & Light................... 5.85 07/10/98 293,000 292,572
Northern States Power.................... 6.20 07/01/98 300,000 300,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $592,572) 3.0%............................................. 592,572
-----------
TOTAL INVESTMENTS
(Cost: $19,535,514) 100.0%........................................ $19,576,750
===========
</TABLE>
- -------
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
PFB = Prison Finance Board
The accompanying notes are an integral part of these financial statements.
29
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT :
U.S. Government (8.6%)
U.S. Treasury Note...................... 5.88% 02/15/04 $1,000,000 $ 1,018,440
-----------
Agencies/Other Governments (30.7%)
FHLMC................................... 6.38 11/15/06 590,000 591,840
FHLMC................................... 8.00 07/15/06 321,515 335,076
FHLMC................................... 8.00 04/15/03 412,285 428,001
FNMA.................................... 6.50 12/25/18 284,898 284,450
FNMA.................................... 7.00 04/25/07 600,000 613,686
FNMA.................................... 6.50 11/25/05 399,739 404,359
FNMA.................................... 7.00 11/25/04 100,000 100,875
FNMA.................................... 7.00 03/18/18 500,000 505,465
New York City........................... 9.50 06/01/09 350,000 381,740
-----------
3,645,492
-----------
Consumer, Cyclical (6.4%)
Fruit of the Loom, Inc. ................ 7.88 10/15/99 250,000 250,972
Venator Group........................... 7.00 10/15/02 500,000 513,115
-----------
764,087
-----------
Consumer, Non-Cyclical (2.1%)
Bausch & Lomb, Inc...................... 6.75 12/15/04 250,000 252,582
-----------
Financial (19.8%)
Bear Stearns Cos., Inc. ................ 6.63 10/01/04 500,000 511,405
Bear Stearns Cos., Inc. ................ 9.38 06/01/01 250,000 271,380
Harleysville Group Inc.................. 6.75 11/15/03 250,000 255,635
Prudential Home Mtge Securities......... 7.75 10/25/24 300,000 300,186
Rank Group Financial.................... 6.75 11/30/04 500,000 506,425
Salomon Smith Barney Hldgs.............. 6.50 10/15/02 500,000 505,675
-----------
2,350,706
-----------
Industrial (6.6%)
Airborne Freight Corp. ................. 8.88 12/15/02 250,000 273,732
Williams Cos., Inc. .................... 6.50 11/15/02 500,000 504,725
-----------
778,457
-----------
Utilities (8.7%)
Baltimore Gas & Electric Co............. 6.13 07/01/03 250,000 251,460
Commonwealth Edison Co.................. 7.50 01/01/01 500,000 503,136
Public Svc. Electric & Gas Co........... 7.88 11/01/01 250,000 263,457
-----------
1,018,053
-----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost $9,711,030) 82.9%.......................................... 9,827,817
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
30
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (17.1%)
Carolina Power & Light.................. 5.85% 07/10/98 $ 322,000 $ 321,529
General Electric Capital Corp........... 5.51 07/15/98 490,000 488,946
GTE Funding Inc. ....................... 5.51 07/06/98 497,000 496,618
Merrill Lynch & Co. .................... 5.63 07/06/98 427,000 426,666
Northern States Power................... 6.20 07/01/98 300,000 300,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $2,033,759) 17.1%......................................... 2,033,759
-----------
TOTAL INVESTMENTS
(Cost: $11,744,789) 100.0%....................................... $11,861,576
===========
</TABLE>
- -------
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
31
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCKS:
Basic Materials (1.8%)
Dow Chemical Company..................................... 13,500 $ 1,305,281
Du Pont (E.I.) De Nemours................................ 33,500 2,499,937
Georgia-Pacific (Timber Group)........................... 19,400 1,143,387
Union Carbide Corp. ..................................... 17,200 918,050
------------
5,866,655
------------
Consumer, Cyclical (8.9%)
America West Holdings Corp.*............................. 18,000 514,125
Armstrong World Inds., Inc. ............................. 12,600 848,925
Centex Corp. ............................................ 48,300 1,823,325
Chrysler Corp. .......................................... 27,100 1,527,762
Costco Co.*.............................................. 30,000 1,891,875
Disney (Walt) Co. ....................................... 10,800 1,134,675
Ethan Allen Interiors, Inc. ............................. 13,700 684,143
Federated Department Stores*............................. 28,300 1,522,893
Flowers Industries, Inc. ................................ 35,900 733,706
General Electric Co. .................................... 58,900 5,359,919
General Motors Corp. .................................... 14,600 975,462
Mattel, Inc. ............................................ 24,100 1,019,731
May Department Stores Co. ............................... 20,700 1,355,850
Merideth Corp. .......................................... 28,600 1,342,412
Rite-Aid Corp. .......................................... 47,500 1,784,218
Sunterra Corporation*.................................... 40,500 668,250
Tricon Global Restaurants*............................... 72,600 2,300,512
Wal-Mart Stores, Inc. ................................... 37,800 2,296,350
Young & Rubicam Inc.*.................................... 41,300 1,321,600
------------
29,105,733
------------
Consumer, Non-Cyclical (11.0%)
American Stores Co. ..................................... 50,100 1,211,793
Bard (C.R.), Inc. ....................................... 48,200 1,834,612
Coca-Cola Co. ........................................... 35,800 3,060,900
Great Atl. & Pac. Tea Co. ............................... 26,500 876,156
Johnson & Johnson........................................ 57,000 4,203,750
Kroger Corp. *........................................... 42,500 1,822,187
Merck & Co., Inc. ....................................... 27,700 3,704,875
Pepsico, Inc. ........................................... 89,600 3,690,400
Pfizer, Inc. ............................................ 19,700 2,141,143
Pharmacia & Upjohn, Inc. ................................ 56,700 2,615,287
Proctor & Gamble Co. .................................... 22,100 2,012,481
Sara Lee Corp. .......................................... 38,000 2,125,625
Schering-Plough Corp. ................................... 35,600 3,261,850
US Foodservice*.......................................... 46,500 1,630,406
Warner-Lambert Co. ...................................... 26,800 1,859,250
------------
36,050,715
------------
Energy (4.4%)
Exxon Corp. ............................................. 56,700 4,043,418
Halliburton Co. ......................................... 38,200 1,702,287
Mobil Corp. ............................................. 30,000 2,298,750
OGE Energy Corp. ........................................ 44,000 1,188,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Royal Dutch Petro Co.--NY Shr. .......................... 58,000 $ 3,179,125
Texaco, Inc. ............................................ 21,000 1,253,437
Tosco Corp. ............................................. 28,000 822,500
------------
14,487,517
------------
Financial (9.1%)
Aetna Inc. .............................................. 31,400 2,390,325
American General Corp. .................................. 30,300 2,156,981
American Int'l. Group, Inc. ............................. 17,600 2,569,600
Chase Manhattan Corp. ................................... 47,800 3,608,900
CIGNA Corp. ............................................. 33,600 2,318,400
Citicorp................................................. 18,800 2,805,900
Hartford Financial Svs Grp, Inc. ........................ 19,400 2,218,875
KeyCorp.................................................. 37,000 1,318,125
NationsBank Corp. ....................................... 41,700 3,190,050
Progressive Corp. of Ohio................................ 11,300 1,593,300
Republic New York Corp. ................................. 21,800 1,372,037
St. Paul Companies (The)................................. 73,610 3,096,220
Star Banc Corp. ......................................... 18,600 1,188,075
------------
29,826,788
------------
Industrial (2.3%)
Barrick Gold Corp. ...................................... 36,500 700,343
Corning Inc. ............................................ 24,500 851,375
Burlington Northern Santa Fe............................. 11,000 1,080,062
Case Corp. .............................................. 19,600 945,700
Cincinnati Mailacron, Inc. .............................. 21,300 517,856
Parker Hannifin Corp. ................................... 24,200 922,625
Stewart & Stevenson Svcs., Inc .......................... 50,000 900,000
USG Corp. ............................................... 29,700 1,607,512
------------
7,525,473
------------
Technology (9.8%)
3Com Corp.*.............................................. 45,100 1,384,006
Adobe Systems, Inc. ..................................... 25,600 1,086,400
AlliedSignal, Inc. ...................................... 15,400 683,375
AT&T Corp. .............................................. 32,900 1,879,412
Cellstar Corp.*.......................................... 47,600 615,825
Hewlett-Packard Co. ..................................... 12,200 730,475
Intel Corp. ............................................. 34,800 2,579,550
Intl. Business Machines Corp. ........................... 16,600 1,905,887
Johnson Controls, Inc. .................................. 26,300 1,504,031
Lucent Technologies, Inc. ............................... 23,600 1,963,225
Mcleod, Inc.*............................................ 41,500 1,613,312
Microsoft Corp. *........................................ 43,200 4,681,800
Minnesota Mining & Mfg. Co. ............................. 18,000 1,479,375
Northern Telecom, Ltd. .................................. 31,300 1,776,275
Oracle Corp.*............................................ 49,900 1,225,668
Qualcomm, Inc.*.......................................... 17,600 988,900
Sun Microsystems, Inc.*.................................. 42,200 1,833,062
Unisys Corp. *........................................... 127,700 3,607,525
United Technologies Corp. ............................... 7,200 666,000
------------
32,204,103
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
32
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCKS (CONT'D):
Utilities (3.4%)
Edison International..................................... 45,100 $ 1,333,268
FPL Group, Inc. ......................................... 22,400 1,411,200
GTE Corp.. .............................................. 23,600 1,312,750
PG & E Corp. ............................................ 32,900 1,038,406
SBC Communications, Inc. ................................ 41,400 1,656,000
Sprint Corp. ............................................ 30,900 2,178,450
WorldCom, Inc.*.......................................... 41,900 2,029,531
------------
10,959,605
------------
TOTAL COMMON STOCKS
(Cost: $146,153,527) 50.7%...................................... $166,026,589
------------
</TABLE>
- -------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ------------ ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. Government (0.5%)
U.S. Treasury Bond................... 6.38% 08/15/27 $ 1,000,000 $ 1,098120
U.S. Treasury Bond................... 6.75 08/15/26 500,000 572,420
------------
1,670,540
------------
Agencies/Other (20.5%)
Connecticut Housing Fin. Auth. ...... 7.63 05/15/21 1,000,000 1,041,274
Federal Home Loan Bank............... 0.00 08/18/17 30,000,000 6,712,500
Federal Home Loan Bank............... 0.00 07/14/17 25,000,000 5,843,750
Federal Home Loan Bank............... 0.00 07/07/17 25,000,000 5,851,500
Federal Home Loan Bank............... 0.00 07/02/12 15,000,000 4,980,450
FHLMC................................ 7.00 10/15/03 437,899 441,455
FHLMC................................ 6.00 07/15/18 500,000 498,435
FHLMC................................ 8.00 07/15/06 321,515 335,076
FHLMC................................ 0.00 05/22/28 20,000,000 2,559,400
FHLMC................................ 7.00 04/15/17 911,126 916,246
FNMA................................. 6.50 07/25/20 500,000 501,875
FNMA................................. 6.80 06/25/05 1,144,553 1,145,983
FNMA................................. 0.00 07/13/07 100,000,000 22,750,000
FNMA................................. 6.65 01/25/17 500,000 503,435
FNMA................................. 7.00 11/25/05 1,200,000 1,218,000
New York City........................ 9.50 06/01/09 2,000,000 2,181,374
New York City........................ 10.00 08/01/05 105,000 119,296
New York City........................ 10.00 08/01/05 395,000 441,630
Republic of Iceland.................. 6.13 02/01/04 2,500,000 2,521,775
Suffolk County, New York............. 5.88 11/01/05 750,000 741,369
Suffolk County, New York............. 5.80 11/01/04 250,000 247,113
Tennessee Valley Authority........... 7.85 06/15/44 5,000,000 5,577,400
------------
67,129,336
------------
Basic Materials (1.5%)
Georgia-Pacific (Timber Group)....... 8.63 04/30/25 2,000,000 2,214,380
Inco Ltd. ........................... 9.60 06/15/22 2,500,000 2,846,725
------------
5,061,105
------------
Consumer, Cyclical (3.2%)
Centex Corp. ........................ 7.38 06/01/05 2,000,000 2,074,100
Fruit of the Loom, Inc. ............. 7.88 10/15/99 500,000 501,945
Fruit of the Loom, Inc. ............. 7.38 11/15/23 500,000 452,560
Fruit of the Loom, Inc. ............. 7.00 03/15/11 1,000,000 906,540
Gannett Co., Inc. ................... 5.85 05/01/00 1,000,000 998,790
Polaroid Corp. ...................... 7.25 01/15/07 1,000,000 1,019,400
Shopko Stores, Inc. ................. 9.00 11/15/04 1,000,000 1,121,400
Valassis Communication, Inc. ........ 9.55 12/01/03 2,000,000 2,244,540
Venator Group........................ 7.00 10/15/02 1,000,000 1,026,230
------------
10,345,505
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
34
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
----- -------- ------------ ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONT'D):
Consumer, Non-Cyclical (2.0%)
Bausch & Lomb, Inc. ................ 6.75% 12/15/04 $ 2,500,000 $ 2,525,825
Ralston Purina Co. ................. 8.63 02/15/22 2,500,000 3,047,625
Rhone-Poulenc S A................... 7.75 01/15/02 1,000,000 1,043,980
------------
6,617,430
------------
Energy (2.5%)
Southern Union Co. ................. 7.60 02/01/24 5,000,000 5,308,653
Tosco Corp.......................... 8.25 05/15/03 2,500,000 2,712,275
------------
8,020,928
------------
Financial (5.7%)
Berkley (W.R.) Corp................. 8.70 01/01/22 1,500,000 1,816,575
Chase Manhattan Corp. .............. 6.88 12/12/12 2,500,000 2,522,225
Executive Risk, Inc. ............... 7.13 12/15/07 1,000,000 1,023,930
Fairfax Financial Holdings.......... 8.25 10/01/15 500,000 565,245
Harleysville Group Inc. ............ 6.75 11/15/03 1,000,000 1,022,540
Morgan (J.P.) & Co., Inc. .......... 0.00 04/15/27 10,000,000 1,150,300
Progressive Corp. of Ohio........... 10.00 12/15/00 500,000 544,095
Prudential Home Mtge. Secs Co....... 6.75 08/25/08 900,000 903,087
Residential Funding Mtge. Sec I..... 7.25 02/25/26 566,613 566,964
Rodamco NV.......................... 7.75 05/15/15 2,000,000 2,284,560
Rodamco NV.......................... 7.30 05/15/05 2,500,000 2,652,300
Sun America, Inc.................... 9.95 02/01/12 2,000,000 2,573,600
Vesta Insurance Group, Inc.......... 8.75 07/15/25 1,000,000 1,067,720
------------
18,693,141
------------
Industrial (1.2%)
Clark Equipment Co.................. 8.35 05/15/23 1,500,000 1,778,025
Geon Co. ........................... 7.50 12/15/15 1,000,000 1,033,740
Williams Cos., Inc.................. 6.50 11/15/02 1,000,000 1,009,450
------------
3,821,215
------------
Utilities (2.2%)
Central Telephone Co................ 9.28 11/27/00 1,000,000 1,072,230
New Orleans Public Service.......... 8.00 03/01/06 1,000,000 1,019,000
Pacific Gas & Electric Co........... 8.75 01/01/01 1,000,000 1,061,900
Philadelphia Electric Co............ 7.13 08/15/23 1,000,000 1,029,620
Utilcorp United, Inc. .............. 8.00 03/01/23 3,000,000 3,140,340
------------
7,323,090
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $123,951,647) 39.3%...................................... 128,682,290
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
35
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (10.0%)
Bear Stearns Cos. ................... 5.52% 07/07/98 $ 6,215,000 $ 6,209,240
Du Pont (E.I.) De Nemours............ 5.53 08/06/98 6,492,000 6,456,061
IBM Credit Corp. .................... 5.50 07/13/98 7,040,000 7,027,054
Koch Industries...................... 6.30 07/01/98 4,000,000 4,000,000
Merrill Lynch & Co. ................. 5.63 07/06/98 4,120,000 4,116,774
Pitney Bowes Inc. ................... 5.70 07/06/98 5,090,000 5,085,970
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $32,895,099) 10.0%....................................... 32,895,099
------------
TOTAL INVESTMENTS
(Cost: $303,000,273) 100.0%..................................... $327,603,978
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCKS:
Basic Materials (0.5%)
Schuff Steel Company* ................................... 82,500 $ 1,216,875
------------
Consumer, Cyclical (17.6%)
Atlantic Coast Airlines Hldg.*........................... 150,000 4,500,000
Budget Group, Inc.*...................................... 81,000 2,586,937
Callaway Golf Co......................................... 102,000 2,008,125
Friedman's, Inc. C1 A*................................... 210,000 3,478,125
Hannaford Brothers Co.................................... 70,000 3,080,000
Hollinger International, Inc............................. 200,000 3,400,000
Pier 1 Imports, Inc...................................... 200,000 4,775,000
Skywest, Inc............................................. 70,000 1,960,000
The Sports Authority Inc.*............................... 250,000 3,734,375
Tiffany & Co............................................. 100,000 4,800,000
Tribune Co............................................... 50,000 3,440,625
United Stationers, Inc. ................................. 50,000 3,237,500
Viacom, Inc.*............................................ 60,000 3,495,000
Wolverine World Wide, Inc. .............................. 58,500 1,268,718
------------
45,764,405
------------
Consumer, Non-Cyclical (5.0%)
Arrow International, Inc................................. 63,500 1,742,281
1-STAT Corp.*............................................ 250,000 2,812,500
Mecklermedia, Corp.*..................................... 48,000 1,074,000
Metricom, Inc.*.......................................... 165,000 1,387,039
Orthodontic Centers of America*.......................... 280,000 5,862,500
------------
12,878,320
------------
Energy (11.5%)
Abacan Resource Corp.*................................... 940,000 587,500
Apache Corp. ............................................ 100,000 3,150,000
Diamond Offshore Drilling Inc............................ 53,000 2,120,000
Global Industries Ltd.* ................................. 160,000 2,700,000
Halliburton Co........................................... 55,000 2,450,937
Nabors Industries, Inc.*................................. 79,000 1,565,187
Newpark Resources Inc.*.................................. 98,000 1,090,250
Oceaneering Int'l, Inc.*................................. 225,000 3,993,750
OGE Energy Corp.......................................... 100,000 2,700,000
Pride International, Inc.*............................... 350,000 5,928,111
R&B Falcon Corp.*........................................ 150,000 3,393,750
------------
29,679,485
------------
Financial (15.7%)
Astoria Financial Corp. ................................. 47,000 2,514,500
Compass Bancshares Inc. ................................. 65,000 2,933,125
First Midwest Bancorp.................................... 19,500 857,391
Glenborough Realty Trust, Inc. .......................... 136,000 3,587,000
Heller Financial, Inc.*.................................. 100,000 3,000,000
Horace Mann Educators Corp. ............................. 80,000 2,760,000
Hubco, Inc. ............................................. 81,000 2,900,812
Imperial Bancorp (Calif.)*............................... 50,000 1,500,000
North Fork Bancorporation, Inc. ......................... 135,000 3,299,062
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
Peoples Heritage Financial Grp. ......................... 120,000 $ 2,835,000
Soverign Bancorp, Inc. .................................. 229,000 3,742,730
Summit Bancorp........................................... 120,000 5,700,000
UST Corporation.......................................... 110,000 2,915,000
Webster Financial Corp. ................................. 60,000 1,995,000
------------
40,539,620
------------
Industrial (23.1%)
AFC Cable Systems, Inc................................... 185,000 6,567,500
Aftermarket Technology Corp.*............................ 160,000 3,000,000
BWAY Corp.*.............................................. 97,500 2,096,250
Chart Industries, Inc. .................................. 130,000 3,103,750
Cuno, Inc.*.............................................. 57,500 1,243,437
Dayton Superior Corp.*................................... 116,500 2,097,000
Dura Automotive Systmes, Inc.*........................... 70,000 2,248,750
EFTC Corporation*........................................ 100,000 1,300,000
Howmet International Inc.*............................... 130,000 1,950,000
OmniQuip International, Inc.............................. 120,000 2,220,000
Sca Containers, Ltd. Cl A................................ 45,000 1,721,250
Sealed Air Corp. (New)*.................................. 90,000 3,307,500
Security Dynamics Tech Inc.* ............................ 165,000 3,052,500
Stewart & Stevenson Svcs., Inc. ......................... 315,000 5,670,000
SunSource, Inc. ......................................... 150,000 3,262,500
Tetra Tech, Inc.* ....................................... 205,000 4,971,250
Tower Automotive, Inc.* ................................. 100,000 4,287,500
UTI Energy Corp.* ....................................... 103,000 1,326,125
Vallen Corp.* ........................................... 122,000 2,424,750
Verisign, Inc.* ......................................... 50,000 1,868,750
Zero Corp. .............................................. 70,000 1,986,250
------------
59,705,062
------------
Technology (18.4%)
Bay Networks, Inc.* ..................................... 105,000 3,386,250
Cellstar Corp* .......................................... 340,000 4,398,750
CMG Information Services, Inc.* ......................... 70,000 4,952,500
Comverse Technology Inc.* ............................... 78,000 4,046,250
Cytyc Corporation* ...................................... 75,000 1,223,437
Flowserve Corp.* ........................................ 57,500 1,415,937
Kimball International, Inc. ............................. 138,000 2,501,250
Lunar Corporation*. ..................................... 100,000 1,837,500
National Instruments Corp.* ............................. 130,000 4,647,500
Plexus Corp.* ........................................... 180,000 3,577,500
SCI Systems, Inc.* ...................................... 38,000 1,429,750
Teltrend, Inc.* ......................................... 185,000 3,179,687
Unisys Corp.* ........................................... 250,000 7,062,500
Yahoo! Inc.* ............................................ 25,000 3,937,500
------------
47,596,311
------------
TOTAL COMMON STOCKS (Cost: $232,119,769) 91.8%.................... $237,380,078
------------
</TABLE>
- -------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (CONTINUED)
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATE MATURITY AMOUNT VALUE
---- -------- ---------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
Commercial Paper (8.2%)
Cargill, Inc. ......................... 5.50% 07/06/98 $6,702,000 $ 6,696,828
Merrill Lynch & Co. ................... 5.92 07/02/98 3,315,000 3,314,455
Merrill Lynch & Co. ................... 6.12 07/01/98 6,590,000 6,590,000
Northern States Power.................. 6.20 07/01/98 4,717,000 4,717,000
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $21,318,283) 8.2%........................................ 21,318,283
------------
TOTAL INVESTMENTS
(Cost: $253,438,052) 100.0%..................................... $258,698,361
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ------------ ------------ -----------------
<S> <C> <C> <C> <C>
Assets:
Investments at market
value
(Cost:
Money Market Fund --
$45,119,285
All America Fund --
$429,668,058
Equity Index Fund --
$255,585,528
Bond Fund --
$443,693,379)
(Notes 1 and 3)........ $45,119,285 $756,628,957 $348,840,918 $459,333,987
Cash.................... 8,650 2,953,479 2,036 2,124
Interest and dividends
receivable............. -- 683,044 336,969 4,002,486
Receivable for
securities sold........ -- 8,616,876 -- 170,115
----------- ------------ ------------ ------------
Total Assets............ 45,127,935 768,882,356 349,179,923 463,508,712
Payable for securities
purchased.............. -- 6,770,103 126,630 --
----------- ------------ ------------ ------------
Net Assets.............. $45,127,935 $762,112,253 $349,053,293 $463,508,712
=========== ============ ============ ============
Number of Shares
Outstanding (Note 4)... 37,345,537 245,789,221 142,946,357 312,429,767
=========== ============ ============ ============
Net Asset Values,
offering and redemption
price per share........ $1.21 $3.10 $2.44 $1.48
===== ===== ===== =====
<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 --
$19,535,514
Mid-Term Bond Fund --
$11,744,789
Composite Fund --
$303,000,273
Aggressive Equity
Fund -- $253,438,052)
(Notes 1 and 3) $19,576,750 $ 11,861,576 $327,603,978 $258,698,361
Cash.................... 109,800 1,206 7,495 2,591
Interest and dividends
receivable............. 216,720 124,281 1,360,943 151,572
Receivable for
securities sold........ 36,109 -- 460,946 --
----------- ------------ ------------ ------------
Total Assets............ 19,939,379 11,987,063 329,433,362 258,852,524
Payable for securities
purchased.............. 2,291 -- -- --
----------- ------------ ------------ ------------
Net Assets.............. $19,937,088 $ 11,987,063 $329,433,362 $258,852,524
=========== ============ ============ ============
Number of Shares
Outstanding (Note 4)... 19,006,667 12,873,955 184,996,223 158,917,743
=========== ============ ============ ============
Net Asset Values,
offering and redemption
price per share........ $1.05 $0.93 $1.78 $1.63
===== ===== ===== =====
</TABLE>
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ------------ ------------ -----------------
<S> <C> <C> <C> <C>
Investment Income and
Expenses:
Income:
Dividends.............. $ -- $ 4,365,189 $ 2,125,564 $ --
Interest............... 1,805,483 437,458 537,443 15,738,965
------------ ------------ ------------ -------------
Total income............ 1,805,483 4,802,647 2,663,007 15,738,965
------------ ------------ ------------ -------------
Expenses:
Investment advisory
fees (Note 2)......... 80,407 1,830,141 188,613 1,074,914
------------ ------------ ------------ -------------
Net Investment Income... 1,725,076 2,972,506 2,474,394 14,664,051
------------ ------------ ------------ -------------
Net Realized and
Unrealized Gain (Loss)
on Investments (Note
1):
Net realized gain (loss)
on investments:
Net proceeds from sales
and maturities........ 489,011,961 981,715,905 844,005,495 772,636,777
Cost of securities sold
or matured............ 489,012,909 935,124,395 841,111,122 772,265,707
------------ ------------ ------------ -------------
Net realized gain
(loss)................. (948) 46,591,510 2,894,373 371,070
Net unrealized
appreciation
(depreciation) of
investments............ -- 48,316,988 42,937,607 1,642,159
------------ ------------ ------------ -------------
Net Realized and
Unrealized Gain (Loss)
on Investments......... (948) 94,908,498 45,831,980 2,013,229
------------ ------------ ------------ -------------
Net Increase (Decrease)
in Net Assets Resulting
from Operations........ $ 1,724,128 $ 97,881,004 $ 48,306,374 $ 16,677,280
============ ============ ============ =============
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE EQUITY
BOND FUND BOND FUND FUND FUND
------------ ------------ ------------ -----------------
<S> <C> <C> <C> <C>
Investment Income and
Expenses:
Income:
Dividends.............. $ -- $ -- $ 1,137,240 $ 1,010,023
Interest............... 485,081 424,816 5,261,384 468,091
------------ ------------ ------------ -------------
Total income............ 485,081 424,816 6,398,624 1,478,114
------------ ------------ ------------ -------------
Expenses:
Investment advisory
fees (Note 2)......... 38,991 33,435 791,583 1,199,898
------------ ------------ ------------ -------------
Net Investment Income... 446,090 391,381 5,607,041 278,216
------------ ------------ ------------ -------------
Net Realized and
Unrealized Gain (Loss)
on Investments (Note
1):
Net realized gain (loss)
on investments:
Net proceeds from sales
and maturities........ 65,619,791 68,775,357 874,203,902 1,383,715,361
Cost of securities sold
or matured............ 65,621,073 68,690,294 870,380,515 1,364,718,012
------------ ------------ ------------ -------------
Net realized gain
(loss)................. (1,282) 85,063 3,823,387 18,997,349
Net unrealized
appreciation
(depreciation) of
investments............ (16,620) (43,948) 20,191,179 (16,328,554)
------------ ------------ ------------ -------------
Net Realized and
Unrealized Gain (Loss)
on Investments......... (17,902) 41,115 24,014,566 2,668,795
------------ ------------ ------------ -------------
Net Increase (Decrease)
in Net Assets Resulting
from Operations........ $ 428,188 $ 432,496 $ 29,621,607 $ 2,947,011
============ ============ ============ =============
</TABLE>
The accompanying notes are an intergral part of these financial statements.
40
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONEY MARKET FUND ALL AMERICA FUND EQUITY INDEX FUND
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, JUNE 30, 1998 DECEMBER 31, JUNE 30, 1998 DECEMBER 31,
(UNAUDITED) 1997 (UNAUDITED) 1997 (UNAUDITED) 1997
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income... $ 1,725,076 $ 4,249,559 $ 2,972,506 $ 6,839,085 $ 2,474,394 $ 3,292,415
Net realized gain (loss)
on investments......... (948) (4,546) 46,591,510 87,265,815 2,894,373 13,796,802
Unrealized appreciation
(depreciation) of
investments............ -- -- 48,316,988 72,872,084 42,937,607 29,821,618
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 1,724,128 4,245,013 97,881,004 166,976,984 48,306,374 46,910,835
------------ ------------ ------------ ------------ ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares.............. 20,023,507 31,053,208 33,077,932 51,559,383 141,246,677 103,055,258
Dividends reinvested.... -- 4,207,000 -- 85,851,292 -- 4,983,072
Cost of shares redeemed. (44,121,758) (45,576,714) (68,374,778) (155,677,621) (77,462,624) (14,852,042)
Dividend distributions.. -- (4,207,000) -- (85,851,292) -- (4,983,072)
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... (24,098,251) (14,523,506) (35,296,846) (104,118,238) 63,784,053 88,203,216
------------ ------------ ------------ ------------ ------------ ------------
Increase (Decrease) in
Net Assets............. (22,374,123) (10,278,493) 62,584,158 62,858,746 112,090,427 135,114,051
Net Assets, Beginning of
Period/Year............ 67,502,058 77,780,551 699,528,095 636,669,349 236,962,866 101,848,815
------------ ------------ ------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $ 45,127,935 $ 67,502,058 $762,112,253 $699,528,095 $349,053,293 $236,962,866
============ ============ ============ ============ ============ ============
Components of Net
Assets:
Paid-in capital......... $ 43,283,067 $ 67,381,318 $381,084,237 $416,381,083 $238,318,926 $174,534,873
Accumulated
undistributed net
investment income
(loss)................. 1,855,558 130,482 2,797,469 (175,037) 2,459,822 (14,572)
Accumulated
undistributed net
realized gain (loss) on
investments............ (10,690) (9,742) 51,269,647 4,678,137 15,019,155 12,124,782
Unrealized appreciation
(depreciation) of
investments............ -- -- 326,960,900 278,643,912 93,255,390 50,317,783
------------ ------------ ------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $ 45,127,935 $ 67,502,058 $762,112,253 $699,528,095 $349,053,293 $236,962,866
============ ============ ============ ============ ============ ============
<CAPTION>
SHORT-TERM MID-TERM
BOND FUND BOND FUND BOND FUND
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, JUNE 30, 1998 DECEMBER 31, JUNE 30, 1998 DECEMBER 31,
(UNAUDITED) 1997 (UNAUDITED) 1997 (UNAUDITED) 1997
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income... $ 14,664,051 $ 24,752,577 $ 446,090 $ 915,657 $ 391,381 $ 860,831
Net realized gain (loss)
on investments......... 371,070 2,443,601 (1,282) 11,032 85,063 26,493
Unrealized appreciation
(depreciation) of
investments............ 1,642,159 10,731,058 (16,620) 1,505 (43,948) 136,981
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 16,677,280 37,927,236 428,188 928,194 432,496 1,024,305
------------ ------------ ------------ ------------ ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares.............. 81,355,533 129,718,878 7,285,593 4,662,604 3,951,946 7,085,456
Dividends reinvested.... -- 26,570,467 -- 921,469 -- 911,528
Cost of shares redeemed. (48,229,000) (83,214,662) (2,417,374) (6,464,199) (7,043,917) (6,822,743)
Dividend distributions.. -- (26,570,467) -- (921,469) -- (911,528)
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... 33,126,533 46,504,216 4,868,219 (1,801,595) (3,091,971) 262,713
------------ ------------ ------------ ------------ ------------ ------------
Increase (Decrease) in
Net Assets............. 49,803,813 84,431,452 5,296,407 (873,401) (2,659,475) 1,287,018
Net Assets, Beginning of
Period/Year............ 413,704,899 329,273,447 14,640,681 15,514,082 14,646,538 13,359,520
------------ ------------ ------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $463,508,712 $413,704,899 $ 19,937,088 $ 14,640,681 $ 11,987,063 $ 14,646,538
============ ============ ============ ============ ============ ============
Components of Net
Assets:
Paid-in capital......... $436,709,245 $403,582,712 $ 19,451,266 $ 14,583,047 $ 12,703,711 $ 15,795,682
Accumulated
undistributed net
investment income
(loss)................. 13,847,876 (816,175) 445,249 (841) 352,972 (38,409)
Accumulated
undistributed net
realized gain (loss) on
investments............ (2,689,017) (3,060,087) (663) 619 (1,186,407) (1,271,470)
Unrealized appreciation
(depreciation) of
investments............ 15,640,608 13,998,449 41,236 57,856 116,787 160,735
------------ ------------ ------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $463,508,712 $413,704,899 $ 19,937,088 $ 14,640,681 $ 11,987,063 $ 14,646,538
============ ============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
41
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
COMPOSITE FUND AGGRESSIVE EQUITY FUND
-------------------------- --------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED
1998 DECEMBER 31, 1998 DECEMBER 31,
(UNAUDITED) 1997 (UNAUDITED) 1997
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income. $ 5,607,041 $ 10,441,082 $ 278,216 $ 759,197
Net realized gain
(loss) on
investments.......... 3,823,387 54,206,235 18,997,349 27,898,311
Unrealized
appreciation
(depreciation) of
investments.......... 20,191,179 (16,888,109) (16,328,554) 9,224,730
------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ 29,621,607 47,759,208 2,947,011 37,882,238
------------ ------------ ------------ ------------
Capital Share
Transactions (Note 4):
Net proceeds from sale
of shares............ 8,943,823 31,298,846 31,585,089 137,350,976
Dividends reinvested.. -- 67,460,654 -- 28,638,720
Cost of shares
redeemed............. (13,908,535) (57,212,696) (63,060,420) (24,081,133)
Dividend
distributions........ -- (67,460,654) -- (28,638,720)
------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets From
Capital Share
Transactions........... (4,964,712) (25,913,850) (31,475,331) 113,269,843
------------ ------------ ------------ ------------
Increase (Decrease) in
Net Assets............. 24,656,895 21,845,358 (28,528,320) 151,152,081
Net Assets, Beginning of
Period/Year............ 304,776,467 282,931,109 287,380,844 136,228,763
------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $329,433,362 $304,776,467 $258,852,524 $287,380,844
============ ============ ============ ============
Components of Net
Assets:
Paid-in capital....... $299,823,513 $304,788,225 $233,236,379 $264,711,710
Accumulated
undistributed net
investment income
(loss)............... 6,242,665 635,624 275,140 (3,076)
Accumulated
undistributed net
realized gain (loss)
on investments....... (1,236,521) (5,059,908) 20,080,696 1,083,347
Unrealized
appreciation
(depreciation) of
investments.......... 24,603,705 4,412,526 5,260,309 21,588,863
------------ ------------ ------------ ------------
Net Assets, End of
Period/Year............ $329,433,362 $304,776,467 $258,852,524 $287,380,844
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a fund
share outstanding during the six months ended June 30, 1998, and throughout
each of the five years ended December 31, 1997, (or since the fund's inception
date if in existence less than five years) and other supplementary data with
respect to the funds are presented below.
<TABLE>
<CAPTION>
MONEY MARKET FUND
---------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1998 --------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $1.18 $ 1.19 $ 1.18 $ 1.19 $ 1.17 $ 1.17
----- ------ ------ ------ ------ ------
Income From Investment
Operations:
Net Investment Income.. 0.03 0.07 0.06 0.07 0.03 0.04
Net Gains or (Losses)
on Securities realized
and unrealized........ -- -- -- -- 0.02 --
----- ------ ------ ------ ------ ------
Total From Investment
Operations............. 0.03 0.07 0.06 0.07 0.05 0.04
----- ------ ------ ------ ------ ------
Less: Dividend
Distributions From Net
Investment Income...... -- (0.08) (0.05) (0.08) (0.03) (0.04)
----- ------ ------ ------ ------ ------
Total Distributions..... -- (0.08) (0.05) (0.08) (0.03) (0.04)
----- ------ ------ ------ ------ ------
Net Asset Value, End of
Period/Year............ $1.21 $ 1.18 $ 1.19 $ 1.18 $ 1.19 $ 1.17
===== ====== ====== ====== ====== ======
Total Return (%)........ 2.7 5.5 5.3 5.8 4.1 2.9
Net Assets, End of
Period/Year
($ millions)........... 45 68 78 73 81 38
Ratio of Expenses to
Average Net Assets (%). 0.25(a) 0.25 0.25 0.25 0.25 0.26
Ratio of Net Investment
Income to Average Net
Assets (%)............. 5.34(a) 5.32 5.21 5.66 4.15 2.90
Portfolio Turnover
Rate(b)................ N/A N/A N/A N/A N/A N/A
</TABLE>
- -------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
N/A=Not Applicable
43
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
ALL AMERICA FUND(B)
------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1998 ----------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994(C) 1993
------------- ------ ------ ------ ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year....... $ 2.71 $ 2.44 $ 2.13 $ 1.61 $ 1.80 $ 1.79
------ ------ ------ ------ ------- ------
Income From Investment
Operations:
Net Investment Income... 0.01 0.03 0.03 0.03 0.04 0.04
Net Gains or (Losses) on
Securities realized and
unrealized............. 0.38 0.62 0.41 0.56 (0.01) 0.18
------ ------ ------ ------ ------- ------
Total From Investment
Operations.............. 0.39 0.65 0.44 0.59 0.03 0.22
------ ------ ------ ------ ------- ------
Less Dividend
Distributions:
From Net Investment
Income................. -- (0.03) (0.03) (0.03) (0.04) (0.04)
From Capital Gains...... -- (0.35) (0.10) (0.04) (0.18) (0.17)
------ ------ ------ ------ ------- ------
Total Distributions...... -- (0.38) (0.13) (0.07) (0.22) (0.21)
------ ------ ------ ------ ------- ------
Net Asset Value, End of
Period/Year............. $ 3.10 $ 2.71 $ 2.44 $ 2.13 $ 1.61 $ 1.80
====== ====== ====== ====== ======= ======
Total Return (%)......... 14.4 26.8 20.7 36.6 1.3 12.0
Net Assets, End of
Period/Year
($ millions)............ 762 700 637 533 375 424
Ratio of Expenses to
Average Net Assets (%).. 0.50(a) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment
Income to Average Net
Assets (%).............. 0.81(a) 0.98 1.26 1.57 2.11 1.92
Portfolio Turnover Rate
(%)(d).................. 17.11 28.64 28.35 33.63 129.80 93.86
Average Commission Rate
Paid ($)(e)............. .0574 .0556(f) .0549 -- -- --
</TABLE>
- -------
(a) Annualized.
(b) Prior to May 2, 1994, this Fund was known as the Stock Fund and had a
different investment objective.
(c) Reflects the combined data of this Fund and that of its predecessor.
(d) Portfolio turnover rate excludes all short-term securities.
(e) Average commission rate paid per share of stock is calculated for years
beginning after 1995.
(f) Restated.
44
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
BOND FUND
----------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1998 ---------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
------------- ------ ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year....... $1.43 $ 1.38 $ 1.43 $ 1.27 $ 1.41 $ 1.41
----- ------ ------ ------ ------ -------
Income From Investment
Operations:
Net Investment Income... 0.04 0.09 0.09 0.09 0.09 0.09
Net Gains or (Losses) on
Securities realized and
unrealized............. 0.01 0.06 (0.04) 0.16 (0.14) 0.09
----- ------ ------ ------ ------ -------
Total From Investment
Operations.............. 0.05 0.15 0.05 0.25 (0.05) 0.18
----- ------ ------ ------ ------ -------
Less Dividend
Distributions:
From Net Investment
Income................. -- (0.09) (0.09) (0.09) (0.09) (0.09)
From Capital Gains...... -- (0.01) (0.01) -- -- (0.09)
----- ------ ------ ------ ------ -------
Total Distributions...... -- (0.10) (0.10) (0.09) (0.09) (0.18)
----- ------ ------ ------ ------ -------
Net Asset Value, End of
Period/Year............. $1.48 $ 1.43 $ 1.38 $ 1.43 $ 1.27 $ 1.41
===== ====== ====== ====== ====== =======
Total Return (%)......... 4.0 10.4 3.5 19.4 (3.2) 13.1
Net Assets, End of
Period/Year
($ millions)............ 464 414 329 311 249 263
Ratio of Expenses to
Average Net Assets (%).. 0.50(a) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment
Income to Average Net
Assets (%).............. 6.82(a) 6.69 6.70 6.64 6.32 6.30
Portfolio Turnover Rate
(%)(b).................. 6.21 57.71 30.14 41.93 51.14 103.16
</TABLE>
- -------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
45
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
SHORT-TERM BOND FUND MID-TERM BOND FUND
----------------------------------------------------- ------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1998 --------------------------------------- JUNE 30, 1998 ----------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993(B) (UNAUDITED) 1997 1996 1995 1994 1993(B)
------------- ------ ------ ------ ------ ------- ------------- ------ ------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period/Year..... $1.02 $ 1.03 $ 1.02 $ 1.00 $ 1.02 $ 1.00 $0.90 $ 0.90 $ 1.00 $ 0.91 $ 0.99 $ 1.00
----- ------ ------ ------ ------ ------- ----- ------ ------- ------ ------ -------
Income From
Investment
Operations:
Net Investment
Income......... 0.02 0.07 0.04 0.06 0.04 0.02 0.03 0.05 0.14 0.06 0.03 0.04
Net Gains or
(Losses) on
Securities
realized and
unrealized..... 0.01 (0.01) 0.01 0.02 (0.02) 0.02 -- 0.01 (0.10) 0.09 (0.07) 0.04
----- ------ ------ ------ ------ ------- ----- ------ ------- ------ ------ -------
Total From
Investment
Operations...... 0.03 0.06 0.05 0.08 0.02 0.04 0.03 0.06 0.04 0.15 (0.04) 0.08
----- ------ ------ ------ ------ ------- ----- ------ ------- ------ ------ -------
Less Dividend
Distributions:
From Net
Investment
Income......... -- (0.07) (0.04) (0.06) (0.04) (0.02) -- (0.06) (0.14) (0.06) (0.04) (0.04)
From Capital
Gains.......... -- -- -- -- -- -- -- -- -- -- -- (0.05)
----- ------ ------ ------ ------ ------- ----- ------ ------- ------ ------ -------
Total
Distributions... -- (0.07) (0.04) (0.06) (0.04) (0.02) -- (0.06) (0.14) (0.06) (0.04) (0.09)
----- ------ ------ ------ ------ ------- ----- ------ ------- ------ ------ -------
Net Asset Value,
End of
Period/Year..... $1.05 $ 1.02 $ 1.03 $ 1.02 $ 1.00 $ 1.02 $0.93 $ 0.90 $ 0.90 $ 1.00 $ 0.91 $ 0.99
===== ====== ====== ====== ====== ======= ===== ====== ======= ====== ====== =======
Total Return (%). 2.7 6.0 4.9 7.7 1.4 4.6 3.1 7.3 3.9 16.3 (3.7) 7.3
Net Assets, End
of Period/Year
($ millions).... 20 15 16 3 2 3 12 15 13 24 24 19
Ratio of Expenses
to Average Net
Assets (%)...... 0.50(a) 0.50 0.50 0.50 0.48 0.45 0.50(a) 0.50 0.50 0.50 0.50 0.45
Ratio of Net
Investment
Income to
Average Net
Assets (%)...... 5.73(a) 5.81 5.42 4.65 3.51 3.09 5.82(a) 5.87 5.80 5.73 4.71 4.13
Portfolio
Turnover Rate
(%)(c).......... 51.86 74.95 6.68 16.47 0.00 122.37 6.42 12.89 144.55 73.72 7.52 162.03
</TABLE>
- -------
(a) Annualized.
(b) Commenced operations February 5, 1993.
(c) Portfolio turnover rate excludes all short-term securities.
46
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
COMPOSITE FUND
---------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1998 -------------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
------------- ------- ------ ------ ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period/Year............ $ 1.62 $ 1.77 $ 1.81 $ 1.57 $ 1.71 $ 1.59
------ ------- ------ ------ ------- -------
Income From Investment
Operations:
Net Investment Income.. 0.03 0.07 0.07 0.08 0.05 0.05
Net Gains or (Losses)
on Securities realized
and unrealized........ 0.13 0.24 0.14 0.27 (0.10) 0.22
------ ------- ------ ------ ------- -------
Total From Investment
Operations............. 0.16 0.31 0.21 0.35 (0.05) 0.27
------ ------- ------ ------ ------- -------
Less Dividend
Distributions:
From Net Investment
Income................ -- (0.07) (0.08) (0.08) (0.07) (0.05)
From Capital Gains..... -- (0.39) (0.17) (0.03) (0.02) (0.10)
------ ------- ------ ------ ------- -------
Total Distributions..... -- (0.46) (0.25) (0.11) (0.09) (0.15)
------ ------- ------ ------ ------- -------
Net Asset Value, End of
Period/Year............ $ 1.78 $ 1.62 $ 1.77 $ 1.81 $ 1.57 $ 1.71
====== ======= ====== ====== ======= =======
Total Return (%)........ 9.8 17.7 11.9 21.9 (3.0) 16.9
Net Assets, End of
Period/Year
($ millions)........... 329 305 283 276 233 228
Ratio of Expenses to
Average Net Assets (%). 0.50(a) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment
Income to Average Net
Assets (%)............. 3.55(a) 3.57 3.63 4.30 3.88 3.48
Portfolio Turnover Rate
(%)(c)................. 46.95 104.04 69.79 76.84 113.86 100.76
Average Commission Rate
Paid ($)(b)............ .0599 .0596(f) .0597 -- -- --
</TABLE>
- -------
(a) Annualized.
(b) Average commission rate paid per share of stock is calculated for years
beginning after 1995.
(c) Portfolio turnover rate excludes all short-term securities.
(f) Restated.
47
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
EQUITY INDEX FUND AGGRESSIVE EQUITY FUND
----------------------------------------------------- -----------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1998 --------------------------------------- JUNE 30, 1998 ---------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993(B) (UNAUDITED) 1997 1996 1995 1994(C)
------------- ------ ------ ------ ------ ------- ------------- ------ ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period/Year........ $ 2.08 $ 1.59 $ 1.35 $ 1.02 $ 1.04 $ 1.00 $ 1.61 $ 1.47 $ 1.35 $ 1.05 $ 1.00
------ ------ ------ ------ ------ ------ ------- ------ ------- ------- ------
Income From
Investment
Operations:
Net Investment
Income............ 0.02 0.03 0.03 0.02 0.03 0.02 -- 0.01 0.01 0.01 0.01
Net Gains or
(Losses) on
Securities
realized and
unrealized........ 0.34 0.50 0.27 0.36 (0.01) 0.04 0.02 0.31 0.36 0.39 0.05
------ ------ ------ ------ ------ ------ ------- ------ ------- ------- ------
Total From
Investment
Operations......... 0.36 0.53 0.30 0.38 0.02 0.06 0.02 0.32 0.37 0.40 0.06
------ ------ ------ ------ ------ ------ ------- ------ ------- ------- ------
Less Dividend
Distributions:
From Net Investment
Income............ -- (0.03) (0.03) (0.03) (0.03) (0.02) -- (0.01) (0.01) (0.01) (0.01)
From Capital Gains. -- (0.01) (0.03) (0.02) (0.01) -- -- (0.17) (0.24) (0.09) --
------ ------ ------ ------ ------ ------ ------- ------ ------- ------- ------
Total Distributions. -- (0.04) (0.06) (0.05) (0.04) (0.02) -- (0.18) (0.25) (0.10) (0.01)
------ ------ ------ ------ ------ ------ ------- ------ ------- ------- ------
Net Asset Value, End
of Period/Year..... $ 2.44 $ 2.08 $ 1.59 $ 1.35 $ 1.02 $ 1.04 $ 1.63 $ 1.61 $ 1.47 $ 1.35 $ 1.05
====== ====== ====== ====== ====== ====== ======= ====== ======= ======= ======
Total Return (%).... 17.5 33.1 22.7 36.6 1.5 6.2 1.4 21.2 27.1 38.2 6.0
Net Assets, End of
Period/Year
($ millions)....... 349 237 102 43 26 27 259 287 136 59 27
Ratio of Expenses to
Average
Net Assets (%)..... 0.13(a) 0.13 0.13 0.13 0.13 0.11 0.85(a) 0.85 0.85 0.85 0.56
Ratio of Net
Investment Income
to Average Net
Assets (%)......... 1.63(a) 1.86 2.19 2.50 2.67 2.43 0.20(a) 0.33 0.45 0.65 0.70
Portfolio Turnover
Rate (%)(e)........ 0.91 14.17 5.85 13.99 6.59 1.44 162.03 80.94 103.68 116.52 60.86
Average Commission
Rate Paid ($)(d)... .0315 .0308 .0388 -- -- -- 0.0589 .0537 .0591 -- --
</TABLE>
- -------
(a) Annualized.
(b) Commenced operations February 5, 1993.
(c) Commenced operations May 2, 1994.
(d) Average commission rate paid per share of stock is calculated for years
beginning after 1995.
(e) Portfolio turnover rate excludes all short-term securities.
48
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Mutual of America Investment Corporation (the "Investment Company") is a
diversified, open-end management investment company -- a type of company
commonly known as a "mutual fund". It is registered as such under the
Investment Company Act of 1940 (the "Investment Company Act"). The Investment
Company was formed on February 21, 1986 as a Maryland corporation and offers
its shares exclusively to separate accounts of Mutual of America Life
Insurance Company ("Mutual of America Life") and Mutual of America Life's
indirect wholly-owned subsidiary, The American Life Insurance Company of New
York ("American Life"). As a "series" type mutual fund, the Investment Company
issues separate classes (or series) of capital stock, each of which represents
a separate Fund of investments. There are currently eight Funds: the Money
Market Fund, the All America Fund, the Equity Index Fund, the Bond Fund, the
Short-Term Bond Fund, the Mid-Term Bond Fund, the Composite Fund, and the
Aggressive Equity Fund.
The Investment Company shares are sold only to Mutual of America Life and
American Life for allocation to their Separate Accounts as a funding medium
for variable annuity and variable life insurance contracts issued by these
companies. As of June 30, 1998, Mutual of America Life owned 97.2% and
American Life 2.8% of the Investment Company's aggregate outstanding shares.
The following is a summary of the significant accounting policies of the
Investment Company:
Security Valuation -- Investment securities are valued as follows:
Stocks listed on national security exchanges and certain over-the-counter
issues quoted on the National Association of Securities Dealers
Automated Quotation ("NASDAQ") system are valued at the last sale price,
or if no sale, at the latest available bid price.
Debt securities are valued at a composite fair market value "evaluated
bid," which may be the last sale price. Securities for which market
quotations are not readily available will be valued at fair value as
determined in good faith by the Investment Adviser under the direction
of the Board of Directors of the Investment Company.
Short-term investments with a maturity of 60 days or less are valued at
amortized cost, which approximates market value. Short-term debt
securities, which mature in more than 60 days, are stated at market
value.
Premiums received by the Investment Company upon writing covered call
options are included in the Investment Company's statement of assets and
liabilities as an asset and an equivalent liability. The liability is
adjusted daily to reflect the market value of the options written based
on the mean of the closing bid and asked price. If an option expires, or
if the Investment Company enters into a closing purchase transaction,
the Investment Company realizes a gain or, if the cost of a closing
purchase transaction exceeds the premium originally received, a loss,
and the liability related to the option is extinguished. If an option is
exercised, the proceeds of the sale of the underlying security are
increased by the premium originally received when the option was
written.
A fund consistent with its investment objectives 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,
maintained in a segregated account, is equal to approximately 4% of the
contract amount and does not involve the borrowing of funds to finance
the transaction). During the period the futures contract is outstanding,
changes in the value of the contract are recognized as unrealized gains
or losses by "marking-to-market" on a daily basis to reflect the market
value of the contract at the end of each trading day. Futures contracts
are valued at the settlement price established each day by the exchange
on which traded. Depending upon whether unrealized gains or losses are
incurred, variation margin payments are received or made. When the
contract is closed, a realized gain or loss from futures transactions is
recorded, equal to the net variation margin received or paid over the
period of the contract and the initial margin deposit is returned from
the segregated account. 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.
49
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Realized gains and losses on the sale of short and long-term debt
securities are computed on the basis of amortized cost at the time of
sale. Realized gains and losses on the sale of 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, .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 a portion of its
investment advisory responsibilities for the All America Fund to subadvisers
and pays the subadvisors directly for their investment advisory services.
The Adviser voluntarily limits the expenses of each fund, other than for
brokers' commissions, transfer taxes and other fees relating to portfolio
transactions, to the amount of the advisory fee paid by the funds of the
Investment Company to the Adviser. The Adviser may discontinue this practice
at any time.
Various funds of the Investment Company may place portfolio transactions
through a broker affiliated with the Adviser. The aggregate commissions paid
to this broker for the six months ended June 30, 1998 was $870 or less than 1%
of total commissions. In addition, a Sub-Advisor placed a portion of its
portfolio transactions with its affiliated broker-dealer. Such commissions
amounted to $94,814 or 8% of the Investment Company's total commissions.
3. PURCHASES AND SALES
The cost of investment purchases and proceeds from sales of investments,
excluding short-term securities, options and futures for the six months ended
June 30, 1998 was as follows:
<TABLE>
<CAPTION>
ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND
------------ ------------ -----------
<S> <C> <C> <C>
Cost of investment purchases.............. $123,071,739 $64,467,674 $83,185,258
============ =========== ===========
Proceeds from sales of investments........ $157,313,602 $ 2,569,774 $26,086,382
============ =========== ===========
</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.. $12,733,060 $ 790,338 $137,361,854 $675,279,210
=========== ========== ============ ============
Proceeds from sales of
investments.................. $ 7,833,473 $5,202,312 $134,913,729 $218,107,334
=========== ========== ============ ============
</TABLE>
The cost of short-term security purchases for the Money Market Fund for the
period was $465,309,268. Net proceeds from sales and redemptions for the
period was $489,011,961.
At June 30, 1998, 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............... $ -- $345,957,044 $ 96,437,067 $ 15,926,239
Aggregate gross unrealized
depreciation............... -- 18,996,144 3,181,677 285,631
----------- ------------ ------------ ------------
Net unrealized appreciation
(depreciation)............. $ -- $326,960,900 $ 93,255,390 $ 15,640,608
=========== ============ ============ ============
Aggregate cost of
investments for Federal
income tax purposes........ $45,119,285 $429,668,058 $255,585,528 $443,693,379
=========== ============ ============ ============
</TABLE>
50
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Aggregate gross unrealized
appreciation................ $ 56,883 $ 124,748 $ 29,435,491 $ 26,166,174
Aggregate gross unrealized
depreciation................ 15,647 7,961 4,831,786 20,905,865
----------- ----------- ------------ ------------
Net unrealized appreciation
(depreciation).............. $ 41,236 $ 116,787 $ 24,603,705 $ 5,260,309
=========== =========== ============ ============
Aggregate cost of investments
for Federal income tax
purposes.................... $19,535,514 $11,744,789 $303,000,273 $253,438,052
=========== =========== ============ ============
</TABLE>
4. CAPITAL SHARE ACTIVITY
The Investment Company has registered an indefinite number of its capital
shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. Shares
are currently allocated into the eight series of funds as follows:
<TABLE>
<CAPTION>
NAME OF FUND AUTHORIZED NO. OF SHARES
------------ ------------------------
<S> <C>
Money Market Fund..................................... 100,000,000
All America Fund...................................... 500,000,000
Equity Index Fund..................................... 150,000,000
Bond Fund............................................. 325,000,000
Short-Term Bond Fund.................................. 50,000,000
Mid-Term Bond Fund.................................... 75,000,000
Composite Fund........................................ 200,000,000
Aggressive Equity Fund................................ 500,000,000
-------------
Sub Total........................................... 1,900,000,000
Shares to be allocated at the discretion of the Board
of Directors......................................... 1,100,000,000
-------------
Total............................................... 3,000,000,000
=============
</TABLE>
Transactions in shares were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30, 1998
---------------------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ -----------------
<S> <C> <C> <C> <C>
Shares issued........... 16,821,331 11,203,117 61,736,026 55,727,666
Shares issued to
shareholders as
reinvestment of
dividends.............. -- -- -- --
----------- ----------- ---------- -----------
Total................... 16,821,331 11,203,117 61,736,026 55,727,666
Shares redeemed......... 36,840,703 23,482,776 32,821,638 33,161,699
----------- ----------- ---------- -----------
Net increase (decrease). (20,019,372) (12,279,659) 28,914,388 22,565,967
=========== =========== ========== ===========
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30, 1998
---------------------------------------------------------
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE EQUITY
BOND FUND BOND FUND FUND FUND
------------ ----------- ------------ -----------------
<S> <C> <C> <C> <C>
Shares issued........... 6,992,473 4,301,157 5,214,544 18,759,558
Shares issued to
shareholders as
reinvestment of
dividends.............. -- -- -- --
----------- ----------- ---------- -----------
Total................... 6,992,473 4,301,157 5,214,554 18,759,558
Shares redeemed......... 2,325,161 7,650,067 8,134,510 38,648,993
----------- ----------- ---------- -----------
Net increase (decrease). 4,667,312 (3,348,910) (2,919,966) (19,889,435)
=========== =========== ========== ===========
</TABLE>
51
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1997
--------------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Shares issued................ 25,436,145 18,307,611 55,500,928 89,348,390
Shares issued to shareholders
as reinvestment of
dividends................... 3,575,177 31,672,092 2,398,380 18,616,691
---------- ---------- ---------- -----------
Total........................ 29,011,322 49,979,703 57,899,308 107,965,081
Shares redeemed.............. 37,008,064 53,217,275 7,724,686 56,494,335
---------- ---------- ---------- -----------
Net increase (decrease)...... (7,996,742) (3,237,572) 50,174,622 51,470,747
========== ========== ========== ===========
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1997
--------------------------------------------------
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE
BOND FUND BOND FUND FUND EQUITY FUND
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Shares issued................ 4,388,108 7,758,608 16,004,173 82,801,715
Shares issued to shareholders
as reinvestment of
dividends................... 902,033 1,007,176 41,594,212 17,718,305
---------- ---------- ---------- -----------
Total........................ 5,290,141 8,765,784 57,598,385 100,520,020
Shares redeemed.............. 6,050,019 7,440,628 29,544,518 14,247,788
---------- ---------- ---------- -----------
Net increase (decrease)...... (759,878) 1,325,156 28,053,867 86,272,232
========== ========== ========== ===========
</TABLE>
5. DIVIDENDS
No dividends have been declared or paid as of June 30, 1998. It is the
Investment Company's practice to declare and distribute such dividends at the
end of the year in conformity with Internal Revenue Code regulations.
52
