SEMI-ANNUAL REPORTS OF
MUTUAL OF AMERICA INVESTMENT CORPORATION
SCUDDER VARIABLE LIFE INVESTMENT FUND
AMERICAN CENTURY VP CAPITAL APPRECIATION FUND
CALVERT SOCIAL BALANCED PORTFOLIO
FIDELITY INVESTMENTS(R) VARIABLE INSURANCE
PRODUCTS FUND:
EQUITY-INCOME PORTFOLIO
FIDELITY INVESTMENTS(R) VARIABLE INSURANCE
PRODUCTS FUND II:
CONTRAFUND AND ASSET MANAGER PORTFOLIOS
JUNE 30, 1999
This report is not to be construed as an offering for sale of any Variable
Policy. No offering is made except in conjunction with a prospectus which must
precede or accompany this report.
<PAGE>
CONTENTS
Page
----
Semi-Annual Report of Mutual of America Investment Corporation ............ 1
President's Message .................................................... 1
Portfolio Management Discussions ....................................... 2
Portfolio of Investments in Securities:
Money Market Fund .................................................... 9
All America Fund ..................................................... 10
Equity Index Fund .................................................... 18
Mid-Cap Equity Index Fund ............................................ 23
Bond Fund ............................................................ 28
Short-Term Bond Fund ................................................. 31
Mid-Term Bond Fund ................................................... 33
Composite Fund ....................................................... 35
Aggressive Equity Fund ............................................... 39
Statement of Assets and Liabilities .................................... 41
Statement of Operations ................................................ 42
Statements of Changes in Net Assets .................................... 43
Financial Highlights ................................................... 45
Notes to Financial Statements .......................................... 51
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<CAPTION>
<S> <C>
Semi-Annual Report of Scudder Variable Life Investment Fund
Semi-Annual Report of VP Capital Appreciation Fund of American Century Variable Portfolios, Inc.
Semi-Annual Report of Calvert Social Balanced Portfolio of Calvert Variable Series, Inc.
Semi-Annual Report of Fidelity Investments Variable Insurance Products Fund: Equity-Income Portfolio
Semi-Annual Report of Fidelity Investments Variable Insurance Products Fund II: Contrafund Portfolio
Semi-Annual Report of Fidelity Investments Variable Insurance Products Fund II: Asset Manager Portfolio
</TABLE>
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MUTUAL OF AMERICA INVESTMENT CORPORATION
We are pleased to present the results of Funds offered by Mutual of
America for the six-month period ending June 30, 1999. Eight of the nine funds
delivered positive returns. In addition, eight of the nine funds were either
in-line with or ahead of their respective benchmarks.
The U.S. economy continued to expand during the first six months of the
year following an explosive fourth quarter last year. Continued strength in
consumer spending and a stabilization/recovery in pockets of the worldwide
economy provided the fuel for domestic economic expansion. Inflation has
remained benign through the first half of the year; however, concerns over the
tight labor market and the pace of economic expansion prompted the Federal
Reserve to raise the discount rate by a quarter of a point at the end of June.
Yields on long-term Treasuries rose approximately 80 basis points during
the first half of the year as the bond market reacted to concerns over the pace
of economic expansion, the tight labor market and possible interest rate
increases by the Federal Reserve. The potential for higher interest rates going
forward depends on the inflation picture and the status of global economies. As
the year draws to a close, Y2K issues may impact securities markets.
The equity market benefited from the continued economic expansion, with
corporate profits holding steady over the first half of the year. Record levels
for major indices were set during the period. The Dow Jones Industrial Average
closed above 11,000 and the Standard & Poor's 500 Index crested above 1370. Both
have since posted modest declines. For the six-month period, stock performance
was not dominated by large-cap companies as has been the case for several years.
The technology driven NASDAQ and the Russell 2000, which represents smaller
capitalized companies, outperformed the large-cap indices in the second quarter
of this year.
Total Returns -- Six Months to June 30, 1999
The total return performance of each Fund for the six months ended June
30, 1999 was as follows (please note that the Mid-Cap Equity Index Fund
commenced operations on May 3, 1999):
Money Market Fund ......................................... + 2.3%
All America Fund .......................................... +12.3%
Equity Index Fund ......................................... +12.2%
Mid-Cap Equity Index Fund ................................. + 4.1%
Bond Fund ................................................. - 1.8%
Short-Term Bond Fund ...................................... + 2.1%
Mid-Term Bond Fund ........................................ + 0.2%
Composite Fund ............................................ + 5.6%
Aggressive Equity Fund .................................... + 6.9%
The above total return performance figures do not reflect the deduction of
respective Separate Account fees and expenses imposed by Mutual of America Life
Insurance Company or The American Life Insurance Company of New York.
On the pages which immediately follow are brief presentations and graphs
for each Fund (except the Money Market Fund and the Mid-Cap Equity Index Fund)
which illustrate each Fund's respective:
o Historical total return achieved over specified periods, expressed as
an average annual rate and as a cumulative rate;
o Equivalent in dollars of a $10,000 hypothetical investment at the
beginning of each specified period; and
o Historical performance compared with an appropriate index.
The portfolios of each Fund and financial statements are presented in the
pages which then follow.
Thank you for your continued investment in our Funds.
Sincerely,
/S/Dolores J. Morrissey
Dolores J. Morrissey
Chairman of the Board and President,
Mutual of America Investment Corporation
1
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MONEY MARKET FUND
The investment objective of the Money Market Fund is to realize high
current income to the extent consistent with the maintenance of liquidity,
investment quality and stability of capital. Through investing in high quality
commercial paper and other short-term instruments, the Money Market Fund
returned 2.3%, which compares favorably with the Salomon Brothers 3-month
Treasury Bill Index return of 2.2%. The seven-day annualized effective yield as
of 8/10/99 is 5.17%. As with all past performance reportings, this yield is not
necessarily indicative of future annual yields.
ALL AMERICA FUND
Approximately 60% of the All America Fund's portfolio invests in the 500
stocks included in the Standard & Poor's 500 Index. The performance objective of
this portion of the Fund is to replicate the returns of the Index. The remaining
40% of the Fund is actively managed by three sub-advisors and Mutual of America
Capital Management Corporation. Approximately 30% of the Fund is invested in
small capitalization and value stocks. Neither small cap nor value stocks did
well in 1998, a trend that reversed itself in the first half of 1999. However,
investor preference for large size growth companies with high earnings
predictability remained strong. The All America Fund and the Standard & Poor's
500 Index returned 19.0% and 22.8%, respectively, for the twelve months ended
June 30, 1999.
GROWTH OF A $10,000 INVESTMENT
[Graph Omitted]
All America Fund*
-----------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 YEAR $11,904 19.0% 19.0%
Since 5/2/94* $29,428 194.3% 23.2%
5 Years $30,108 201.1% 24.7%
10 Years $45,343 353.4% 16.3%
S & P 500 Index
---------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $12,275 22.8% 22.8%
Since 5/2/94 $33,727 237.3% 26.5%
5 Years $34,186 241.9% 27.9%
10 Years $55,888 458.9% 18.8%
* 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
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MID CAP EQUITY INDEX FUND
The Mid-Cap Equity Index Fund invests in the 400 stocks of the Standard
&Poor's MidCap 400 Index. The Fund's total return for the two months ended June
30, 1999 was 4.1%, which tracked the performance of the Standard &Poor's MidCap
400 Index. The Fund benefited from emerging strength in small and mid
capitalization stocks overall, and from strong performance by Capital Goods,
Technology and Telecommunications stocks. Consumer Cyclicals and Financial
Services issues did not perform as well.
Since the Fund began operations on May 3, 1999, no graphic depiction is
being presented at this time.
EQUITY INDEX FUND
The Equity Index Fund invests in the 500 stocks included in the Standard
&Poor's 500 Index. The Fund's net return for the twelve months ended June 30,
1999 was 22.8%, equaling the performance of the Standard &Poor's 500 Index.
Performance was mainly driven by multiple expansions in the economy in an
environment of low inflation and declining interest rates. Investor preference
for larger capitalized companies with high earnings predictability was another
factor driving performance in an Index which is dominated by large and mid-cap
companies. The best performing sectors within the Index over the last twelve
months were Technology, Communication Services, Health Care and Consumer
Cyclicals. The worst performing sector was Energy.
GROWTH OF A $10,000 INVESTMENT
[Graph Omitted]
Equity Index Fund
-----------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $12,280 22.8% 22.8%
5 Years $33,824 238.2% 27.6%
Since 2/5/93
(Inception) $34,723 247.2% 21.5%
S & P 500 Index
---------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $12,275 22.8% 22.8%
5 Years $34,186 241.9% 27.9%
Since 2/5/93
(Inception) $35,191 251.9% 21.7%
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
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BOND FUND
The Bond Fund seeks a high level of return consistent with the
preservation of capital through investment in publicly traded debt securities.
The Fund primarily invests in corporate and U.S. Government agency securities,
which yield significantly more than U.S. Treasuries. A "flight to quality" in
the second half of 1998 caused yield spreads between U.S. Treasuries and
corporate and agency securities to widen, leading the Fund to underperform. This
tended to reverse itself during the first half of 1999. Over the longer term,
higher yielding securities are expected to outperform U.S. Treasuries. The Bond
Fund returned 1.3% for the twelve months ended June 30, 1999 versus the Lehman
Brothers Government/Corporate Bond Index return of 2.7%.
GROWTH OF A $10,000 INVESTMENT
[Graph Omitted]
Bond Fund
---------
Period Growth Total Return
Ended of Cumu- Annual
1/0/00 $10,000 lative Average
---------------------------------------------------
1 Year $10,128 1.3% 1.3%
5 Years $14,493 44.9% 7.7%
10 Years $21,548 115.5% 8.0%
Lehman Bros. Gov't/Corp. Bond Index
-----------------------------------
Period Growth Total Return
Ended of Cumu- Annual
1/0/00 $10,000 lative Average
---------------------------------------------------
1 Year $10,270 2.7% 2.7%
5 Years $14,534 45.3% 7.8%
10 Years $21,843 118.4% 8.1%
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
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SHORT-TERM BOND FUND
The Short-Term Bond fund seeks a high level of return consistent with the
preservation of capital through investment in publicly traded debt securities.
The Fund primarily invests in corporate, U.S.Government agency and mortgage
backed securities, which yield significantly more than U.S. Treasury securities.
While these securities underperformed Treasuries late in 1998, they have reacted
as expected so far in 1999. Over the longer term, the higher yielding securities
are expected to outperform U.S. Treasuries. Over the past twelve months, the
Short-Term Bond Fund returned 5.0% versus the Salomon Brothers 1-3 year Bond
Index return of 5.2%.
GROWTH OF A $10,000 INVESTMENT
[Graph Omitted]
Short-Term Bond Fund
--------------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,498 5.0% 5.0%
5 Years $13,129 31.3% 5.6%
Since 2/5/93
(Inception) $13,706 37.1% 5.0%
Salomon Bros. 1-3 Year Bond Index
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,518 5.2% 5.2%
5 Years $13,613 36.1% 6.4%
Since 2/5/93
(Inception) $14,165 41.7% 5.6%
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 preformance return line of the index does not.
5
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MID-TERM BOND FUND
The Mid-Term Bond fund seeks a high level of return consistent with the
preservation of capital through investment in publicly traded debt securities.
The Fund primarily invests in corporate and U.S. Government agency securities,
which yield significantly more than U.S. Treasuries. A "flight to quality" in
the second half of 1998 caused yield spreads between U.S. Treasuries and
corporate and agency securities to widen, leading the Fund to underperform. This
tended to reverse itself during the first half of 1999. Over the longer term,
higher yielding securities are expected to outperform U.S. Treasuries. The
Mid-Term Bond Fund returned 3.4% for the twelve months ended June 30, 1999
versus the Salomon Brothers 3-7 Year Bond Index return of 4.3%.
GROWTH OF A $10,000 INVESTMENT
[Graph Omitted]
Mid-Term Bond Fund
------------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,336 3.4% 3.4%
5 Years $13,895 38.9% 6.8%
Since 2/5/93
(Inception) $14,315 43.1% 5.8%
Salomon Bros. 3-7 Year Bond Index
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,427 4.3% 4.3%
5 Years $14,252 42.5% 7.3%
Since 2/5/93
(Inception) $14,820 48.2% 6.3%
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
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COMPOSITE FUND
The Composite Fund invests in approximately 100 of the stocks listed in
the Standard & Poor's 500 Index, along with publicly traded debt securities and
money market instruments. The Fund's objective is to achieve as high a total
rate of return, through both appreciation of capital and current income, as is
consistent with prudent investment risk within a diversified portfolio. During
1999, the benchmark for the Fund was a blend of 50% stocks (as represented by
the S&P 500 Index), 40% bonds (as represented by the Lehman Brothers
Government/Corporate Index). The equity portion of the Index underperformed its
benchmark for the last twelve months, due in part to stock selection from within
the S&P 500 Index universe. Performance of the index was primarily driven by the
largest capitalized companies while other companies did not fare as well. The
Fund's investment in these less dominant companies, on a market-capitalized
basis, had a negative impact on performance. The bond portion underperformed its
Index due to an intentional overweight in corporate securities versus the Index.
This process usually will provide favorable income and yield to the Fund;
however, the many uncertainties in the capital markets during the year resulted
in Treasury securities rallying strongly and corporate securities lagging. As
the factors that have unsettled the market are resolved, spreads between
Treasuries and corporate securities should trend back to historical levels.
Investing in high quality commercial paper enabled the money market portion of
the Fund to outperform the Salomon Brothers 3-month Treasury Bill Index.
[Graph Omitted]
Composite Fund
--------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $11,006 10.1% 10.1%
5 Years $19,730 97.3% 14.6%
10 Years $30,389 203.9% 11.8%
S & P 500 Index
---------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $12,275 22.8% 22.8%
5 Years $34,186 241.9% 27.9%
10 Years $55,888 458.9% 18.8%
Lehman Bros Gov't/Corp. Bond Index
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,270 2.7% 2.7%
5 Years $14,534 45.3% 7.8%
10 Years $21,843 118.4% 8.1%
Salomon Bros. 3-month T-Bill Index
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,472 4.7% 4.7%
5 Years $12,888 28.9% 5.2%
10 Years $16,643 66.4% 5.2%
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 lines of the indices do not.
7
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AGGRESSIVE EQUITY FUND
The investment objective of the Aggressive Equity Fund is capital
appreciation to be achieved by investing in both growth and value companies. The
Funds's performance for the twelve months ended June 30, 1999 of 0.0% lagged the
Russell 2000 Index's performance of 1.5% due primarily to an overweighting in
Energy issues early in the year and a sharp downturn among the Fund's Health
Care stocks in April. Technology stocks, particularly semiconductors, were the
strongest performers.
GROWTH OF A $10,000 INVESTMENT
[Graph Omitted]
Aggressive Equity Fund
----------------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,002 0.0% 0.0%
5 Years $23,376 133.8% 18.5%
Since 5/2/94
(Inception) $22,864 128.6% 17.4%
Russell 2000 Index
------------------
Period Growth Total Return
Ended of Cumu- Annual
6/30/99 $10,000 lative Average
---------------------------------------------------
1 Year $10,150 1.5% 1.5%
5 Years $20,400 104.0% 15.3%
Since 5/2/94
(Inception) $19,296 93.0% 13.6%
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 preformance return line of the index does not.
8
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MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Discount Face
Rating* Rate Maturity Amount Values
-------- -------- --------- ----------- ------------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
AGENCIES (7.2%)
Student Loan Marketing Assn.** .............................. 6.46% 08/19/99 $5,000,000 $ 5,000,000
-----------
COMMERCIAL PAPER (92.8%)
Air Products & Chemicals, Inc. .............................. A1/P1 4.85 07/09/99 1,800,000 1,798,052
Albertson's, Inc. ........................................... A1/P1 5.07 07/28/99 1,000,000 996,194
American Express Credit Corp. ............................... A1/P1 4.80 07/12/99 2,000,000 1,997,047
Associates Corp. North America .............................. A1+/P1 4.80 07/13/99 3,100,000 3,095,006
Bear Stearns Cos., Inc ...................................... A1/P1 5.03 09/14/99 3,000,000 2,967,232
Becton Dickinson & Co. ...................................... A1/P1 4.83 07/19/99 1,090,000 1,087,354
Becton Dickinson & Co. ...................................... A1/P1 4.88 07/29/99 2,000,000 1,992,386
Bell Atlantic Network Funding Corp. ......................... A1/P1 5.05 07/21/99 2,160,000 2,153,934
Bemis Inc. .................................................. A1/P1 4.87 07/16/99 842,000 840,286
Central Illinois Light Co. .................................. A1+/P1 5.08 08/02/99 1,000,000 995,475
Coca-Cola Co. ............................................... A1+/P1 4.86 08/02/99 1,300,000 1,294,362
Coca-Cola Co. ............................................... A1+/P1 4.92 08/09/99 1,700,000 1,690,914
Consolidated Natural Gas Co. ................................ A1+/P1 4.98 07/15/99 1,000,000 998,059
DaimlerChrysler AG .......................................... A1/P1 4.82 07/15/99 670,000 668,736
DaimlerChrysler AG .......................................... A1/P1 4.85 07/15/99 2,481,000 2,476,295
Disney (Walt) Co. ........................................... A1/P1 4.88 08/26/99 2,035,000 2,019,504
Du Pont (E.I.) de Nemours & Co., Inc. ....................... A1+/P1 4.87 08/16/99 2,910,000 2,891,833
Duke Power Company .......................................... A1/P1 5.65 07/01/99 571,000 571,000
Ford Motor Credit Co. ....................................... A1/P1 4.83 07/09/99 2,105,000 2,102,727
Ford Motor Credit Co. Puerto Rico, Inc. ..................... A1/P1 4.90 07/19/99 1,000,000 997,541
General Electric Capital Corp. .............................. A1+/P1 4.84 07/19/99 1,439,000 1,435,498
General Electric Capital Corp. .............................. A1+/P1 4.84 07/20/99 1,419,000 1,415,355
Great Lakes Chemical Corp. .................................. A1/P1 4.80 07/09/99 3,000,000 2,996,779
GTE Funding, Inc. ........................................... A1/P1 5.10 07/19/99 3,175,000 3,166,897
IBM Credit Corp. ............................................ A1/P1 4.91 08/09/99 3,065,000 3,048,650
International Lease Fin. Corp. .............................. A1+/P1 4.87 08/05/99 1,720,000 1,711,831
International Lease Fin. Corp. .............................. A1+/P1 4.90 08/19/99 314,000 311,898
Merrill Lynch & Co., Inc. ................................... A1+/P1 5.35 07/01/99 500,000 500,000
Merrill Lynch & Co., Inc. ................................... A1+/P1 4.80 07/02/99 822,000 821,890
Merrill Lynch & Co., Inc. ................................... A1+/P1 4.90 08/02/99 2,000,000 1,991,254
Motorola Credit Corp. ....................................... A1+/P1 5.15 08/17/99 763,000 757,865
Northern States Power Co. ................................... A1+/P1 5.25 07/07/99 2,000,000 1,998,249
Northern States Power Co. ................................... A1+/P1 4.92 08/23/99 586,000 581,740
PetroFina Delaware, Inc. .................................... A1/P1 4.83 07/23/99 1,950,000 1,944,216
PetroFina Delaware, Inc. .................................... A1/P1 4.89 07/23/99 1,300,000 1,296,100
Proctor & Gamble Co. ........................................ A1+/P1 4.85 07/28/99 800,000 797,081
Toyota Motor Credit Co. ..................................... A1+/P1 5.01 08/10/99 3,040,000 3,023,044
Wisconsin Electric Fuel ..................................... A1+/P1 4.85 07/15/99 1,039,000 1,037,030
Wisconsin Electric Fuel ..................................... A1+/P1 4.90 07/29/99 2,027,000 2,019,244
-----------
64,488,558
-----------
TOTAL SHORT-TERM DEBT SECURITIES:
(Cost: $69,489,800) 100% .................................................................................. $69,488,558
===========
</TABLE>
- ----------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investor
Services, Inc.
** Floating Rate Note (rate adjusted weekly); valued at par which approximates
market.
The accompanying notes are an integral part of these financial statements.
9
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MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS :
COMMON STOCKS
3Com Corp. ..................................... 15,146 $ 404,209
Abbott Laboratories ............................ 64,362 2,928,471
Adobe Systems, Inc. ............................ 2,611 214,510
Advanced Micro Devices, Inc. ................... 6,171 111,464
AES Corp. ...................................... 8,037 467,151
Aetna, Inc. .................................... 6,035 539,755
Aflac, Inc. .................................... 11,249 538,546
Air Products & Chemicals, Inc. ................. 9,681 389,660
Alberto-Culver Co. ............................. 2,371 63,128
Albertson's, Inc. .............................. 17,680 911,646
Alcan Aluminum Ltd. ............................ 9,754 311,518
ALCOA Inc. ..................................... 15,500 959,063
Allegheny Teledyne, Inc. ....................... 8,282 187,380
Allergan, Inc. ................................. 2,786 309,246
AlliedSignal, Inc. ............................. 23,521 1,481,823
Allstate Corp. ................................. 34,639 1,242,674
Alltel Corp. ................................... 11,869 848,634
Alza Corp. ..................................... 4,283 217,898
Amerada Hess Corp. ............................. 3,815 226,993
Ameren Corp. ................................... 5,880 225,645
America Online, Inc. ........................... 45,923 5,074,492
American Electric Power, Inc. .................. 8,078 303,430
American Express Co. ........................... 19,214 2,500,222
American General Corp. ......................... 10,641 802,065
American Greetings Corp. Cl A .................. 2,837 85,465
American Home Products Corp. ................... 55,895 3,213,963
American Int'l Group, Inc. ..................... 52,362 6,129,627
Ameritech Corp. ................................ 46,397 3,410,180
Amgen, Inc. .................................... 21,490 1,308,204
AMR Corp. ...................................... 6,465 441,236
Amsouth Bancorporation ......................... 7,420 172,051
Anadarko Petroleum Corp. ....................... 5,093 187,486
Andrew Corp. ................................... 3,464 65,600
Anheuser-Busch Cos., Inc. ...................... 20,177 1,431,306
Aon Corp. ...................................... 10,770 444,263
Apache Corp. ................................... 4,708 183,612
Apple Computer, Inc. ........................... 6,694 310,016
Applied Materials, Inc. ........................ 15,578 1,150,825
Archer-Daniels-Midland Co. ..................... 24,996 385,876
Armstrong World Inds., Inc. .................... 1,690 97,703
Asarco, Inc. ................................... 1,760 33,110
Ashland, Inc. .................................. 3,139 125,952
Associates First Capital Corp. ................. 30,735 1,361,945
AT&T Corp. ..................................... 134,496 7,506,558
Atlantic Richfield Co. ......................... 13,763 1,150,071
Autodesk, Inc. ................................. 2,541 75,118
Automatic Data Processing, Inc. ................ 26,008 1,144,352
AutoZone, Inc. ................................. 6,432 193,764
Avery Dennison Corp. ........................... 4,787 289,015
Avon Products, Inc. ............................ 11,083 615,107
Baker Hughes, Inc. ............................. 13,802 462,367
Ball Corp. ..................................... 1,353 57,164
Bank of America Corp. .......................... 73,608 5,396,387
Bank of New York Co., Inc. ..................... 32,113 1,178,146
Bank One Corp. ................................. 49,641 2,956,742
BankBoston Corp. ............................... 12,517 639,932
Bard (C.R.), Inc. .............................. 2,164 103,466
Barrick Gold Corp. ............................. 16,417 318,079
Battle Mountain Gold Co. ....................... 10,197 24,855
Bausch & Lomb, Inc. ............................ 2,368 181,152
Baxter International, Inc. ..................... 12,301 745,748
BB & T Corp. ................................... 13,123 481,450
Bear Stearns Cos., Inc. ........................ 4,902 229,169
Becton Dickinson & Co. ......................... 10,512 315,360
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Bell Atlantic Corp. ........................ 65,831 $4,303,702
BellSouth Corp. ............................ 80,055 3,752,578
Bemis Co. .................................. 2,211 87,887
Bestfoods .................................. 11,764 582,318
Bethlehem Steel Corp. ...................... 5,752 44,219
Biomet, Inc. ............................... 4,742 188,495
Black & Decker Corp. ....................... 3,710 234,194
Block (H. & R.), Inc. ...................... 4,186 209,300
BMC Software, Inc. ......................... 9,927 536,058
Boeing Co. ................................. 41,008 1,812,041
Boise Cascade Corp. ........................ 2,378 101,957
Boston Scientific Corp. .................... 16,588 728,835
Briggs & Stratton Corp. .................... 991 57,230
Bristol-Myers Squibb Co. ................... 83,893 5,909,213
Brown-Forman Corp. Cl B .................... 2,892 188,522
Browning-Ferris Inds., Inc. ................ 6,781 291,583
Brunswick Corp. ............................ 3,879 108,127
Burlington Northern Santa Fe ............... 19,804 613,924
Burlington Resources, Inc. ................. 7,488 323,856
Cabletron Systems, Inc. .................... 7,297 94,861
Campbell Soup Co. .......................... 18,769 870,412
Capital One Financial Corp. ................ 8,307 462,596
Cardinal Health, Inc. ...................... 11,486 736,540
Carnival Corp. ............................. 25,875 1,254,938
Carolina Power & Light Co. ................. 6,389 273,529
Case Corp. ................................. 3,124 150,343
Caterpillar, Inc. .......................... 15,143 908,580
CBS Corp. .................................. 29,810 1,294,872
Cendant Corp. .............................. 32,335 662,868
Centex Corp. ............................... 2,511 94,319
Central & South West Corp. ................. 9,110 212,946
CenturyTel, Inc. ........................... 5,910 234,923
Ceridian Corp. ............................. 6,040 197,433
Champion International Corp. ............... 4,035 193,176
Charles Schwab Corp. ....................... 17,220 1,892,048
Chase Manhattan Corp. ...................... 35,869 3,107,152
Chevron Corp. .............................. 27,670 2,633,838
Chubb Corp. ................................ 6,879 478,091
CIGNA Corp. ................................ 8,717 775,813
Cincinnati Financial Corp. ................. 6,951 261,097
CINergy Corp. .............................. 6,695 214,240
Circuit City Group, Inc. ................... 4,241 394,413
Cisco Systems, Inc. ........................ 135,016 8,708,532
Citigroup, Inc. ............................ 142,990 6,792,025
Clear Channel Communications ............... 14,007 965,608
Clorox Co. ................................. 4,946 528,295
CMS Energy Corp. ........................... 4,939 206,821
Coastal Corp. .............................. 8,978 359,120
Coca-Cola Co. .............................. 104,071 6,504,438
Coca-Cola Enterprises, Inc. ................ 17,869 531,603
Colgate-Palmolive Co. ...................... 12,362 1,220,748
Columbia Energy Group ...................... 3,523 220,848
Columbia/HCA Healthcare Corp. .............. 23,916 545,584
Comcast Corp. Cl A ......................... 31,222 1,200,096
Comerica, Inc. ............................. 6,567 390,326
Compaq Computer Corp. ...................... 71,853 1,702,018
Computer Associates Intl., Inc ............. 22,745 1,250,975
Computer Sciences Corp. .................... 6,705 463,902
Compuware Corp. ............................ 15,515 493,571
Conagra, Inc. .............................. 20,659 550,046
Conseco, Inc. .............................. 13,564 412,854
Consolidated Edison, Inc. .................. 9,566 432,862
Consolidated Natural Gas Co. ............... 4,046 245,795
Consolidated Stores Corp. .................. 4,623 124,821
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, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Constellation Energy Group ................... 6,301 $ 186,667
Cooper Industries, Inc. .................... 3,984 207,168
Cooper Tire & Rubber Co. ................... 3,200 75,600
Coors (Adolph) Co. Cl B .................... 1,611 79,745
Corning, Inc. .............................. 10,275 720,534
Costco Co. ................................. 9,216 737,856
Countrywide Credit Industries .............. 4,752 203,148
Crane Co. .................................. 3,051 95,916
Crown Cork & Seal, Inc. .................... 5,165 147,203
CSX Corp. .................................. 9,163 415,198
Cummins Engine Co., Inc. ................... 1,708 97,570
CVS Corp. .................................. 16,463 835,497
Cyprus Amax Minerals Co. ................... 3,808 57,834
Dana Corp. ................................. 7,093 326,721
Danaher Corp. .............................. 5,647 328,232
Darden Restaurants, Inc. ................... 5,634 122,892
Data General Corp. ......................... 2,197 31,994
Dayton-Hudson Corp. ........................ 18,611 1,209,715
Deere & Co. ................................ 9,755 386,542
Dell Computer Corp. ........................ 107,423 3,974,651
Delphi Automotive Systems Corp ............. 23,756 440,971
Delta Air Lines, Inc. ...................... 5,980 344,598
Deluxe Corp. ............................... 3,289 128,065
Dillard's Inc. Cl A ........................ 4,608 161,856
Disney (Walt) Co. .......................... 86,791 2,674,248
Dollar General Corp. ....................... 9,486 275,094
Dominion Resources, Inc. ................... 8,248 357,242
Donnelley (R.R.) & Sons Co. ................ 5,507 204,103
Dover Corp. ................................ 8,983 314,405
Dow Chemical Co. ........................... 9,344 1,185,520
Dow Jones & Co., Inc. ...................... 3,813 202,327
DTE Energy Co. ............................. 6,216 248,640
Du Pont (E.I.) de Nemours & Co ............. 47,747 3,261,717
Duke Energy Corp. .......................... 15,282 830,959
Dun & Bradstreet Corp. ..................... 6,974 247,141
Eastern Enterprises ........................ 957 38,041
Eastman Chemical Co. ....................... 3,346 173,156
Eastman Kodak Co. .......................... 13,676 926,549
Eaton Corp. ................................ 3,014 277,288
Ecolab, Inc. ............................... 5,462 238,280
Edison International ....................... 14,891 398,334
EG&G, Inc. ................................. 1,888 67,260
Electronic Data Systems Corp. .............. 20,803 1,176,670
EMC Corp. .................................. 42,705 2,348,775
Emerson Electric Co. ....................... 18,465 1,160,987
Engelhard Corp. ............................ 5,273 119,302
Enron Corp. ................................ 14,825 1,211,944
Entergy Corp. .............................. 10,411 325,344
Equifax, Inc. .............................. 6,225 222,155
Exxon Corp. ................................ 102,641 7,916,187
Fannie Mae ................................. 43,974 3,006,722
FDX Corp. .................................. 12,494 677,800
Federated Department Stores ................ 8,839 467,915
Fifth Third Bancorp ........................ 11,230 747,497
First Data Corp. ........................... 18,183 889,831
First Union Corp. .......................... 40,748 1,915,156
Firstar Corporation ........................ 27,845 779,660
FirstEnergy Corp. .......................... 10,009 310,279
Fleet Financial Group, Inc. ................ 23,993 1,064,689
Fleetwood Enterprises, Inc. ................ 1,528 40,397
Fluor Corp. ................................ 3,191 129,236
FMC Corp. .................................. 1,337 91,334
Ford Motor Co. ............................. 51,316 2,896,147
Fort James Corp. ........................... 9,308 352,541
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Fortune Brands, Inc. ....................... 7,033 $ 290,990
Foster Wheeler Corp. ....................... 1,808 25,538
FPL Group, Inc. ............................ 7,637 417,171
Franklin Resources, Inc. ................... 10,666 433,306
Freddie Mac ................................ 29,326 1,700,908
Freeport-McMoran Copper Cl B ............... 6,882 123,446
Frontier Corp. ............................. 7,245 427,455
Fruit of the Loom, Inc. .................... 3,199 31,190
Gannett Co., Inc. .......................... 11,889 848,577
Gap, Inc. .................................. 36,099 1,818,487
Gateway, Inc. .............................. 6,598 389,282
General Dynamics Corp. ..................... 5,350 366,475
General Electric Co. ....................... 138,341 15,632,533
General Instrument Corp. ................... 7,267 308,848
General Mills, Inc. ........................ 6,474 520,348
General Motors Corp. ....................... 27,756 1,831,896
Genuine Parts Co. .......................... 7,595 265,825
Georgia-Pacific Group (Ga-Pac Gp.) ......... 7,226 342,332
Gillette Co. ............................... 47,044 1,928,804
Golden West Financial Corp. ................ 2,403 235,494
Goodrich (B.F.) Co. ........................ 3,140 133,450
Goodyear Tire & Rubber Co. ................. 6,581 387,045
GPU, Inc. .................................. 5,291 223,214
Grainger (W.W.), Inc. ...................... 3,929 211,429
Great Atlantic & Pac. Tea, Inc ............. 1,697 57,380
Great Lakes Chemical Corp. ................. 2,495 114,926
GTE Corp. .................................. 40,930 3,100,448
Guidant Corp. .............................. 12,719 654,234
Halliburton Co. ............................ 18,561 839,885
Harcourt General, Inc. ..................... 2,999 154,636
Harnischfeger Industries, Inc. ............. 2,120 4,240
Harrah's Entertainment, Inc. ............... 5,415 119,130
Harris Corp. ............................... 3,330 130,494
Hartford Financial Svs. Gp,Inc ............. 9,554 557,118
Hasbro, Inc. ............................... 8,414 242,428
HCR Manor Care ............................. 4,674 113,052
HealthSouth Corp. .......................... 17,460 260,809
Heinz (H.J.) Co. ........................... 15,274 765,609
Helmerich & Payne, Inc. .................... 2,081 49,554
Hercules, Inc. ............................. 4,196 164,955
Hershey Food Corp. ......................... 5,883 349,303
Hewlett-Packard Co. ........................ 42,851 4,306,526
Hilton Hotels Corp. ........................ 11,009 156,190
Home Depot, Inc. ........................... 62,505 4,027,666
Homestake Mining Co. ....................... 10,954 89,686
Honeywell, Inc. ............................ 5,317 616,107
Household International, Inc. .............. 20,383 965,645
Humana, Inc. ............................... 7,408 95,841
Huntington Bancshares, Inc. ................ 8,897 311,395
Ikon Office Solutions, Inc. ................ 6,260 93,900
Illinois Tool Works, Inc. .................. 10,557 865,674
IMS Health, Inc. ........................... 13,457 420,531
Inco Ltd. .................................. 8,081 145,458
Ingersoll Rand Co. ......................... 6,942 448,627
Intel Corp. ................................ 140,754 8,374,863
International Paper Co. .................... 17,312 874,256
Interpublic Group of Cos.,Inc .............. 5,868 508,316
Intl. Business Machines Corp. .............. 77,922 10,071,419
Intl. Flavors & Fragrances ................. 4,547 201,773
ITT Industries, Inc. ....................... 3,701 141,101
Jefferson-Pilot Corp. ...................... 4,475 296,189
Johnson & Johnson .......................... 56,769 5,563,362
Johnson Controls, Inc. ..................... 3,584 248,416
Jostens, Inc. .............................. 1,447 30,477
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, 1999 (Unaudited)
Shares Value
------ -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Kansas City Southern Inds ................ 4,626 $ 295,197
Kaufman & Broad Home Corp. ............... 2,017 50,173
Kellogg Co. .............................. 17,111 564,663
Kerr-McGee Corp. ......................... 3,646 182,984
KeyCorp .................................. 19,217 617,346
Kimberly Clark Corp. ..................... 22,877 1,303,989
King World Productions, Inc. ............. 3,019 105,099
KLA Tencor Corp. ......................... 3,707 240,492
Kmart Corp. .............................. 20,810 342,064
Knight-Ridder, Inc. ...................... 3,312 181,953
Kohl's Corp. ............................. 6,863 529,738
Kroger Co. ............................... 34,736 970,437
Laidlaw, Inc. ............................ 14,634 107,926
Lehman Brothers Holdings, Inc. ........... 5,001 311,312
Lilly (Eli) & Co. ........................ 46,427 3,325,334
Limited, Inc. ............................ 8,974 407,195
Lincoln National Corp. ................... 8,532 446,330
Liz Claiborne, Inc. ...................... 2,654 96,871
Lockheed Martin Corp. .................... 16,571 617,270
Loews Corp. .............................. 4,599 363,896
Longs Drug Stores Corp. .................. 1,727 59,689
Louisiana-Pacific Corp. .................. 4,588 108,965
Lowe's Companies, Inc. ................... 15,677 888,690
LSI Logic Corp. .......................... 5,970 275,366
Lucent Technologies ...................... 128,455 8,662,714
Mallinckrodt, Inc. ....................... 3,009 109,452
Marriott International, Inc. ............. 10,525 393,372
Marsh & McLennan Cos., Inc. .............. 11,105 838,428
Masco Corp. .............................. 14,321 413,519
Mattel, Inc. ............................. 17,540 463,714
May Department Stores Co. ................ 14,067 574,989
Maytag Corp. ............................. 3,798 264,673
MBIA, Inc. ............................... 4,257 275,641
MBNA Corp. ............................... 33,849 1,036,626
McDermott International, Inc. ............ 2,627 74,213
McDonald's Corp. ......................... 57,385 2,370,718
McGraw-Hill Cos., Inc. ................... 8,308 448,113
MCI WorldCom, Inc. ....................... 78,644 6,783,045
McKesson HBOC, Inc. ...................... 11,697 375,766
Mead Corp. ............................... 4,299 179,483
MediaOne Group, Inc. ..................... 25,622 1,905,636
Medtronic, Inc. .......................... 24,663 1,920,631
Mellon Bank Corp. ........................ 22,050 802,069
Mercantile Bancorporation ................ 6,643 379,481
Merck & Co., Inc. ........................ 100,568 7,442,032
Meredith Corp. ........................... 2,200 76,175
Merrill Lynch & Co., Inc. ................ 15,487 1,237,992
MGIC Investment Corp. .................... 4,623 224,793
Micron Technology, Inc. .................. 10,456 421,508
Microsoft Corp. .......................... 215,723 19,455,666
Milacron, Inc. ........................... 1,559 28,842
Millipore Corp. .......................... 1,946 78,935
Minnesota Mining & Mfg. Co. .............. 16,972 1,475,503
Mirage Resorts, Inc. ..................... 8,369 140,181
Mobil Corp. .............................. 33,072 3,274,128
Monsanto Co. ............................. 26,449 1,043,082
Moore Corp., Ltd. ........................ 3,925 32,872
Morgan (J.P.) & Co., Inc. ................ 7,482 1,051,221
Morgan Stanley Dean Witter ............... 24,498 2,511,045
Motorola, Inc. ........................... 25,338 2,400,776
Nabisco Group Holdings ................... 13,713 268,261
NACCO Industries, Inc. Cl A .............. 362 26,607
Nalco Chemical Co. ....................... 2,765 143,434
National City Corp. ...................... 13,237 867,024
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
National Semiconductor Corp. ............... 7,071 $ 178,985
National Service Industries ................ 1,720 61,920
Navistar International Corp. ............... 2,795 139,750
New Century Energies, Inc. ................. 4,942 191,811
New York Times Co. Cl A .................... 7,431 273,554
Newell Rubbermaid, Inc. .................... 11,860 551,490
Newmont Mining Corp. ....................... 7,059 140,298
Nextel Communications, Inc. ................ 12,460 625,336
Niagara Mohawk Holdings, Inc. .............. 7,910 127,054
Nicor, Inc. ................................ 2,119 80,654
Nike, Inc. Cl B ............................ 11,930 755,318
Nordstrom, Inc. ............................ 6,092 204,082
Norfolk Southern Corp. ..................... 16,009 482,271
Nortel Networks Corp ....................... 28,016 2,432,139
Northern States Power Co. .................. 6,441 155,792
Northern Trust Corp. ....................... 4,688 454,736
Northrop Grumman Corp. ..................... 2,905 192,638
Novell, Inc. ............................... 14,252 377,678
Nucor Corp. ................................ 3,697 175,376
Occidental Petroleum Corp. ................. 14,604 308,510
Omnicom Group, Inc. ........................ 7,531 602,480
Oneok, Inc. ................................ 1,399 44,418
Oracle Corp. ............................... 60,775 2,256,272
Owens Corning .............................. 2,397 82,397
Owens-Illinois Inc. ........................ 6,559 214,397
Paccar, Inc. ............................... 3,298 176,031
PacifiCorp ................................. 12,741 234,116
Paine Webber Group, Inc. ................... 6,148 287,419
Pall Corp. ................................. 5,253 116,551
Parametric Technology Corp. ................ 11,465 159,077
Parker Hannifin Corp. ...................... 4,651 212,783
Paychex, Inc. .............................. 10,362 330,289
PE Corp-PE Biosystems Group ................ 2,103 241,319
Peco Energy Co. ............................ 8,075 338,141
Penney (J.C.) Co., Inc. .................... 11,126 540,306
Peoples Energy Corp. ....................... 1,570 59,169
Peoplesoft, Inc. ........................... 10,135 174,829
Pep Boys-Manny, Moe & Jack ................. 2,251 48,678
PepsiCo, Inc. .............................. 62,224 2,407,291
Pfizer, Inc. ............................... 54,790 6,013,203
PG & E Corp. ............................... 16,149 524,843
Pharmacia & Upjohn, Inc. ................... 21,449 1,218,571
Phelps Dodge Corp. ......................... 2,446 151,499
Phillip Morris Cos., Inc. .................. 102,786 4,130,712
Phillips Petroleum Co. ..................... 10,750 540,859
Pioneer Hi-Bred Intl., Inc. ................ 10,109 393,619
Pitney Bowes, Inc. ......................... 11,510 739,518
Placer Dome, Inc. .......................... 13,702 161,855
PNC Bank Corp. ............................. 12,703 732,010
Polaroid Corp. ............................. 1,957 54,062
Potlatch Corp. ............................. 1,287 56,548
PP&L Resources, Inc. ....................... 6,639 204,149
PPG Industries, Inc. ....................... 7,430 438,834
Praxair, Inc. .............................. 6,660 325,924
Proctor & Gamble Co. ....................... 56,055 5,002,909
Progressive Corp. of Ohio .................. 3,060 443,700
Providian Financial Corp. .................. 5,978 558,943
Public Svc. Enterprise Group ............... 9,420 385,043
Pulte Corp. ................................ 1,913 44,119
Quaker Oats Co. ............................ 5,752 381,789
Ralston Purina Co. ......................... 13,863 421,955
Raychem Corp. .............................. 3,268 120,916
Raytheon Co. ............................... 14,226 1,001,155
Reebok International Ltd. .................. 2,357 43,899
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, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Regions Financial Corp. .................... 9,337 $ 358,891
Reliant Energy Inc. ........................ 12,475 344,622
Republic New York Corp. .................... 4,428 301,934
Reynolds Metals Co. ........................ 2,721 160,539
Rite-Aid Corp. ............................. 11,076 272,747
RJ Reynolds Tobacco Holdings ............... 4,571 143,987
Rockwell Intl., Corp. ...................... 8,011 486,668
Rohm & Haas Co. ............................ 8,955 383,946
Rowan Cos., Inc. ........................... 3,497 64,476
Royal Dutch Petroleum Co.--
N.Y Shs .................................. 90,527 5,454,252
Russell Corp. .............................. 1,438 28,041
Ryder System, Inc. ......................... 3,026 78,676
Safeco Corp. ............................... 5,752 253,807
Safeway, Inc. .............................. 20,949 1,036,976
Sara Lee Corp. ............................. 38,504 873,560
SBC Communications, Inc. ................... 82,845 4,805,010
Schering-Plough Corp. ...................... 62,325 3,303,225
Schlumberger, Ltd. ......................... 23,047 1,467,806
Scientific-Atlanta, Inc. ................... 3,187 114,732
Seagate Technology ......................... 9,376 240,260
Seagram Co. Ltd. (The) ..................... 18,019 907,707
Sealed Air Corp. New ....................... 3,522 228,490
Sears Roebuck & Co. ........................ 16,174 720,754
Sempra Energy .............................. 10,284 232,676
Service Corp. International ................ 11,748 226,149
Shared Medical Systems Corp. ............... 1,178 76,865
Sherwin-Williams Co. ....................... 7,161 198,718
Sigma-Aldrich Corp. ........................ 4,248 146,291
Silicon Graphics, Inc. ..................... 7,920 129,690
SLM Holding Corp. .......................... 6,996 320,504
Snap-On, Inc. .............................. 2,761 99,914
Solectron Corp. ............................ 10,619 708,155
Sonat, Inc. ................................ 4,645 153,866
Southern Co. ............................... 29,436 780,054
Southtrust Corp ............................ 7,077 271,580
Southwest Airlines Co. ..................... 14,200 441,975
Springs Industries, Inc. Cl A .............. 819 35,729
Sprint Corp. ............................... 36,420 1,923,431
Sprint Corp. ............................... 18,567 1,060,640
St. Jude Medical, Inc. ..................... 3,553 126,576
St. Paul Companies, Inc. ................... 9,527 303,078
Stanley Works .............................. 3,749 120,671
Staples, Inc. .............................. 19,461 602,075
State Street Corp. ......................... 6,776 578,501
Summit Bancorp ............................. 7,329 306,444
Sun Microsystems, Inc. ..................... 32,530 2,240,504
Sunoco, Inc. ............................... 3,808 114,954
Suntrust Banks, Inc. ....................... 13,530 939,489
Supervalu, Inc. ............................ 5,069 130,210
Synovus Financial Corp. .................... 11,285 224,289
Sysco Corp. ................................ 14,056 419,045
Tandy Corp. ................................ 8,148 398,234
Tektronix, Inc. ............................ 1,978 59,711
Tellabs, Inc. .............................. 16,402 1,108,160
Temple-Inland, Inc. ........................ 2,347 160,183
Tenet Healthcare Corp. ..................... 13,268 246,287
Tenneco, Inc. .............................. 7,183 171,494
Texaco, Inc. ............................... 22,567 1,410,438
Texas Instruments, Inc. .................... 16,465 2,387,425
Shares Value
------ -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Texas Utilities Co. ........................ 11,919 $ 491,659
Textron, Inc. .............................. 6,348 522,520
Thermo Electron Corp. ...................... 6,647 133,355
Thomas & Betts Corp. ....................... 2,396 113,211
Time Warner, Inc. .......................... 50,418 3,705,723
Times Mirror Co. Cl A ...................... 3,053 180,890
Timken Co. ................................. 2,766 53,937
TJX Companies, Inc. ........................ 13,644 454,516
Torchmark Corp. ............................ 5,614 191,578
Toys R Us, Inc. ............................ 10,463 216,453
Transamerica Corp. ......................... 5,266 394,950
Tribune Co. ................................ 5,014 436,845
Tricon Global Restaurants Inc. ............. 6,439 348,511
TRW, Inc. .................................. 5,056 277,448
Tupperware Corp. ........................... 2,561 65,306
Tyco International Ltd. .................... 34,619 3,280,150
U.S. Bancorp ............................... 30,767 1,046,078
U.S. West, Inc. ............................ 21,244 1,248,085
Unicom Corp. ............................... 9,169 353,580
Unilever N.V ............................... 24,130 1,683,068
Union Carbide Corp. ........................ 5,610 273,488
Union Pacific Corp. ........................ 10,444 609,016
Union Pacific Resources Group .............. 10,597 172,864
Union Planters Corp. ....................... 6,004 268,304
Unisys Corp. ............................... 11,351 441,980
United Healthcare Corp. .................... 7,289 456,474
United Technologies Corp. .................. 20,300 1,455,256
Unocal Corp. ............................... 10,190 403,779
UNUMProvident Corp. ........................ 10,010 548,064
US Airways Group Inc. ...................... 3,108 135,392
UST, Inc. .................................. 7,414 216,860
USX-Marathon Group ......................... 12,986 422,857
USX-U.S. Steel Group ....................... 3,729 100,683
V F Corp. .................................. 5,063 216,443
Viacom, Inc. Cl B .......................... 29,369 1,292,236
Vodaphone Airtouch plc-Sp ADR .............. 12,194 2,402,120
W.R. Grace & Co. ........................... 2,911 53,490
Wachovia Corp. ............................. 8,560 732,415
Wal-Mart Stores, Inc. ...................... 187,738 9,058,359
Walgreen Co. ............................... 42,148 1,238,098
Warner-Lambert Co. ......................... 35,811 2,484,388
Washington Mutual, Inc. .................... 25,046 886,002
Waste Management, Inc. ..................... 25,693 1,380,999
Watson Pharmaceuticals, Inc. ............... 4,100 143,756
Wellpoint Health Networks Inc. ............. 2,841 241,130
Wells Fargo & Company ...................... 69,725 2,980,744
Wendy's International, Inc. ................ 5,254 148,754
Westvaco Corp. ............................. 4,236 122,844
Weyerhaeuser Co. ........................... 8,401 577,569
Whirlpool Corp. ............................ 3,210 237,540
Willamette Industries, Inc. ................ 4,685 215,803
Williams Cos., Inc. ........................ 18,060 768,679
Winn-Dixie Stores, Inc. .................... 6,364 235,070
Worthington Industries, Inc. ............... 3,905 64,188
Wrigley (Wm.) Jr. Co. ...................... 4,902 441,180
Xerox Corp. ................................ 27,897 1,647,667
-----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $196,384,171) 59.7% ................. 476,247,500
-----------
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
----- -------- -------- -----------
<S> <C> <C> <C> <C>
INDEXED ASSETS (CONTINUED):
SHORT-TERM DEBT SECURITIES:
U. S. GOVERNMENT (*)
U.S. Treasury Bill (a) ............................................. 4.50% 09/16/99 $ 30,000 $ 29,700
U.S. Treasury Bill (a) ............................................. 4.63 09/23/99 20,000 19,781
------------
49,481
------------
COMMERCIAL PAPER (0.1%)
Duke Power Company ................................................. 5.65 07/01/99 659,000 659,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $708,494) 0.1% .................................................................................... 708,481
------------
TOTAL INDEXED ASSETS
(Cost: $197,092,665) 59.8% ............................................................................... $476,955,981
============
</TABLE>
- ----------
* Less than .1%
(a) This security has been segregated to cover initial margin requirements on
open futures contracts.
- ----------
<TABLE>
<CAPTION>
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1999:
Expiration Underlying Face Unrealized
Date Amount at Value Gain
-------------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
2 S&P 500 Stock Index Futures Contracts ......................... September 1999 $690,850 $20,017
======== =======
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities: .1%.
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, 1999 (Unaudited)
Shares Value
------ -----------
ACTIVE ASSETS:
COMMON STOCKS
BASIC MATERIALS (0.7%)
Cabot Corp. .............................. 50,000 $ 1,209,375
Lone Star Technologies, Inc.* ............ 92,000 1,633,000
Praxair, Inc. ............................ 38,800 1,898,775
TETRA Tech, Inc.* ........................ 68,625 1,132,313
-----------
5,873,463
-----------
CONSUMER, CYCLICAL (7.2%)
Ames Dept. Stores, Inc.* ................. 35,000 1,596,875
At Home Corp. Cl A* ...................... 35,840 1,933,120
Atlantic Coast Airlines Hldgs.* .......... 39,000 741,000
Bed Bath & Beyond, Inc.* ................. 69,300 2,668,050
BJ's Wholesale Club, Inc.* ............... 98,600 2,964,163
Blyth Industries, Inc.* .................. 37,000 1,271,875
Broadcast.Com, Inc.* ..................... 13,000 1,736,313
CNET, Inc.* .............................. 18,400 1,060,300
Chancellor Media Corp. Cl A* ............. 18,000 992,250
Consolidated Graphics, Inc.* ............. 22,500 1,125,000
Cox Radio, Inc.* ......................... 17,000 922,250
eBay, Inc.* .............................. 11,100 1,676,100
Ethan Allen Interiors, Inc. .............. 48,150 1,817,663
Family Dollar Stores Inc. ................ 72,300 1,735,200
Ford Motor Co. ........................... 18,000 1,015,875
Furniture Brands Intl., Inc.* ............ 12,800 356,800
Gannett Co., Inc. ........................ 34,100 2,433,888
Goodyear Tire & Rubber Co. ............... 21,200 1,246,825
Jones Intercable Inc.* ................... 20,000 980,000
Lands End Inc.* .......................... 9,700 470,450
Linens'n Things, Inc.* ................... 55,100 2,410,625
Masco Corp. .............................. 76,200 2,200,275
Mattel, Inc. ............................. 34,300 906,806
Meredith Corp. ........................... 29,000 1,004,125
Nordstrom, Inc. .......................... 51,900 1,738,650
Office Depot, Inc.* ...................... 82,500 1,820,156
Outback Steakhouse, Inc.* ................ 59,100 2,323,369
Outdoor Systems, Inc.* ................... 33,662 1,228,663
Rent-Way, Inc.* .......................... 32,400 797,850
Rubio's Restaurants, Inc.* ............... 27,000 416,813
Saks Incorporated* ....................... 30,500 880,688
Skywest, Inc. ............................ 86,800 2,164,575
Sonic Automotive, Inc.* .................. 54,000 742,500
Speedway Motorsports, Inc.* .............. 20,100 790,181
Starbucks Corp.* ......................... 43,400 1,630,213
The Cheesecake Factory, Inc.* ............ 29,000 884,500
The Men's Wearhouse, Inc.* ............... 33,000 841,500
Tiffany & Co. ............................ 40,600 3,917,900
Young & Rubicam, Inc.* ................... 38,400 1,744,800
-----------
57,188,186
-----------
CONSUMER, NON-CYCLICAL (3.7%)
Albertson's, Inc. ........................ 33,800 1,742,813
American Home Products Corp. ............. 18,600 1,069,500
AmeriSource Health Corp. Cl A* ........... 21,600 550,800
Anesta Corp.* ............................ 35,000 715,313
Baxter International, Inc. ............... 18,000 1,091,250
Bestfoods ................................ 29,800 1,475,100
Biomet, Inc. ............................. 18,300 727,425
Diageo plc.--Sponsored ADR ............... 26,000 1,118,000
Dura Pharmaceuticals, Inc.* .............. 69,000 823,688
Forest Laboratories, Inc.* ............... 46,900 2,169,125
Fort James Corp. ......................... 56,000 2,121,000
IDEC Pharmaceuticals Corp.* .............. 8,200 631,913
Lilly (Eli) & Co. ........................ 22,500 1,611,563
Medimmune, Inc.* ......................... 26,400 1,788,600
- ----------
* Non-income producing security.
Shares Value
------ -----------
ACTIVE ASSETS (CONTINUED):
CONSUMER, NON-CYCLICAL (CONTINUED)
Medquist, Inc.* .......................... 99,700 $ 4,361,875
Phillip Morris Cos., Inc. ................ 60,200 2,419,288
SangStat Medical Corp.* .................. 36,000 621,000
United Natural Foods Inc.* ............... 30,000 742,500
US Foodservice* .......................... 64,050 2,730,131
Williams-Sonoma, Inc.* ................... 21,800 758,913
-----------
29,269,797
-----------
ENERGY (1.6%)
BP Amoco plc ADR ......................... 21,834 2,368,989
Elf Aquitaine--ADR* ...................... 17,100 1,257,919
Mobil Corp. .............................. 18,400 1,821,600
Nabors Industries, Inc.* ................. 45,000 1,099,688
Quanta Services Inc.* .................... 25,000 1,100,000
Schlumberger, Ltd. ....................... 23,300 1,483,919
USX-Marathon Group ....................... 67,700 2,204,481
Varco International, Inc.* ............... 75,000 820,313
Weatherford International Inc* ........... 27,000 988,875
-----------
13,145,784
-----------
FINANCIAL (6.6%)
American Int'l Group, Inc. ............... 34,400 4,026,950
Arden Realty Group ....................... 54,100 1,332,213
Bank of America Corp. .................... 62,763 4,601,312
Boston Properties ........................ 25,000 896,875
Citigroup, Inc. .......................... 168,150 7,987,125
Commerce Bancshares, Inc. ................ 7,980 321,195
Compass Bancshares Inc., ................. 30,000 817,500
Cullen/Frost Bankers, Inc. ............... 40,000 1,102,500
Dime Bancorp, Inc. ....................... 27,000 543,375
Equity Res. Pptys. Tr. Co. ............... 28,600 1,288,788
Fannie Mae ............................... 13,000 888,875
Fleet Financial Group, Inc. .............. 45,200 2,005,750
Frontier Insurance Group, Inc. ........... 40,000 615,000
HCC Insurance Holdings, Inc. ............. 64,000 1,452,000
Heller Financial, Inc. ................... 65,000 1,807,813
Household International, Inc. ............ 50,598 2,397,080
Kimco Realty Corp. ....................... 29,000 1,134,625
Mack-Cali Realty Corp. ................... 38,000 1,175,625
Morgan Stanley Dean Witter ............... 28,200 2,890,500
Mutual Risk Management Ltd. .............. 25,000 834,375
National City Corp. ...................... 28,980 1,898,190
Natl. Commerce Bancorp ................... 35,000 765,625
Oriental Financial Group ................. 40,100 967,413
Providian Financial Corp. ................ 21,700 2,028,950
Public Storage, Inc. ..................... 40,000 1,120,000
SL Green Realty Corp. .................... 66,000 1,348,875
Spieker Pptys., Inc. ..................... 33,000 1,282,875
Torchmark Corp. .......................... 22,100 754,163
UNUMProvident Corp. ...................... 35,551 1,946,417
Vornado Rlty. Trust ...................... 23,000 812,188
Washington Mutual, Inc. .................. 47,629 1,684,876
-----------
52,729,048
-----------
INDUSTRIAL (5.2%)
AlliedSignal, Inc. ....................... 23,300 1,467,900
Applied Materials, Inc. .................. 80,800 5,969,100
BISYS Group, Inc.* ....................... 30,400 1,778,400
Burlington Northern Santa Fe ............. 66,633 2,065,623
CNF Transportation, Inc. ................. 13,000 498,875
Coinstar, Inc.* .......................... 66,000 1,893,375
Covenant Transport, Inc. Cl A* ........... 57,000 897,750
CSG Systems Intl., Inc.* ................. 21,000 549,938
Dycom Industries, Inc.* .................. 15,750 882,000
Emerson Electric Co. ..................... 17,800 1,119,175
15
<PAGE>
The accompanying notes are an integral part of these financial statements.
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------ -----------
ACTIVE ASSETS (CONTINUED):
INDUSTRIAL (CONTINUED)
FactSet Research Systems, Inc.* .......... 25,000 $ 1,415,625
Fiserv, Inc.* ............................ 11,000 344,438
Forward Air Corporation* ................. 70,000 1,968,750
HEICO Corp. .............................. 26,000 646,750
Hooper Holmes, Inc. ...................... 131,500 2,679,313
Kansas City Southern Inds ................ 33,200 2,118,575
Mettler-Toledo International* ............ 29,000 719,563
Metzler Group, Inc.* ..................... 39,000 1,077,375
Nielsen Media Research* .................. 30,100 880,425
Pittway Corp. ............................ 12,000 410,250
PRI Automation, Inc.* .................... 11,700 424,125
Profit Recovery Group Intl.* ............. 25,000 1,182,813
QRS Corp.* ............................... 17,800 1,388,400
Sealed Air Corp. New* .................... 24,000 1,557,000
Semtech Corp.* ........................... 27,000 1,407,375
Sherwin-Williams Co. ..................... 43,200 1,198,800
Swift Transportation Co., Inc.* .......... 55,500 1,221,000
U.S. Xpress Enterprises Cl A* ............ 57,000 609,188
Waste Connections Inc.* .................. 35,200 1,073,600
Williams Cos., Inc. ...................... 40,000 1,702,500
-----------
41,148,001
-----------
TECHNOLOGY (12.1%)
3Com Corp.* .............................. 85,000 2,268,438
Altera Corp.* ............................ 52,400 1,928,975
ANTEC Corp.* ............................. 44,700 1,433,194
Applied Micro Circuits, Corp.* ........... 13,000 1,069,250
ASM Lithography Holding NV* .............. 26,300 1,561,563
AT&T Corp. ............................... 37,000 2,065,063
Atmel Corp.* ............................. 76,200 1,995,488
Aware, Inc.* ............................. 17,300 797,963
Broadcom Corp.* .......................... 12,000 1,734,750
Ceridian Corp.* .......................... 62,700 2,049,506
Ciena Corp.* ............................. 69,000 2,082,938
Cisco Systems, Inc.* ..................... 340,001 21,931,614
Compaq Computer Corp. .................... 160,000 3,790,000
Dionex Corp* ............................. 33,000 1,336,500
Hewlett-Packard Co. ...................... 12,900 1,296,450
- ----------
* Non-income producing security.
Shares Value
------- -----------
ACTIVE ASSETS (CONTINUED):
TECHNOLOGY (CONTINUED)
Intel Corp. ................................ 130,000 $ 7,735,000
Intl. Business Machines Corp. .............. 19,600 2,533,300
Intuit, Inc.* .............................. 29,500 2,658,688
L-3 Communications, Corp. Hldgs.* .......... 8,100 391,331
Legato Systems, Inc.* ...................... 20,000 1,155,000
Linear Technology Corp. .................... 99,000 6,657,750
Maxim Integrated Products, Inc* ............ 88,600 5,891,900
Microchip Technology, Inc.* ................ 33,900 1,606,013
Microsoft Corp.* ........................... 22,000 1,984,125
Networks Associates, Inc* .................. 52,000 763,750
Novellus Systems, Inc.* .................... 15,300 1,044,225
Parametric Technology Corp.* ............... 138,000 1,914,750
Raytheon Co. ............................... 48,076 3,383,349
Sanmina Corp.* ............................. 23,600 1,790,650
Teradyne, Inc.* ............................ 21,600 1,549,800
Xerox Corp. ................................ 62,000 3,661,875
Xilinx, Inc.* .............................. 70,600 4,041,850
-----------
96,105,048
-----------
UTILITIES (2.1%)
AES Corp.* ................................. 20,000 1,162,500
CILCORP, Inc. .............................. 14,000 875,000
Commonwealth Energy System ................. 22,000 924,000
Entergy Corp. .............................. 61,300 1,915,625
GTE Corp. .................................. 28,000 2,121,000
MCI WorldCom, Inc.* ........................ 19,441 1,676,786
McLeod USA, Inc. Cl A ...................... 15,300 841,500
MDU Resources Group ........................ 38,000 866,875
Montana Pwr. Co. ........................... 16,500 1,163,250
PacifiCorp ................................. 68,900 1,266,038
SBC Communications, Inc. ................... 27,400 1,589,200
SIGCORP, Inc. .............................. 32,000 906,000
VoiceStream Wireless Corp. ................. 30,000 853,125
Western Wireless Corp.* .................... 30,000 810,000
-----------
16,970,899
-----------
TOTAL ACTIVE ASSETS--COMMON STOCKS
(Cost: $215,708,051) 39.2% ................. 312,430,226
-----------
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, 1999 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
----- --------- --------- -----------
<S> <C> <C> <C> <C>
ACTIVE ASSETS (CONTINUED):
SHORT-TERM DEBT SECURITIES:
U. S. GOVERNMENT (0.1% )
U.S. Treasury Bill ................................................... 4.10% 07/22/99 $ 800,000 $ 798,083
-----------
COMMERCIAL PAPER (0.9%)
CSC Enterprises ...................................................... 5.27 07/16/99 300,000 299,341
Duke Power Company ................................................... 5.65 07/01/99 3,098,000 3,098,000
Export Development Corp. ............................................. 4.77 07/02/99 1,400,000 1,399,814
Ford Motor Credit Co. ................................................ 5.25 07/07/99 2,000,000 1,998,249
Merrill Lynch & Co. .................................................. 5.25 07/12/99 500,000 499,198
-----------
7,294,602
------------
TOTAL ACTIVE ASSETS--SHORT-TERM DEBT SECURITIES
(Cost: $8,092,685) 1.0% .................................................................................. 8,092,685
------------
TOTAL ACTIVE ASSETS
(Cost: $223,800,736) 40.2% ............................................................................... 320,522,911
------------
TOTAL INVESTMENTS
(Cost: $420,893,401) 100.0% .............................................................................. $797,478,892
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS:
COMMON STOCKS
3Com Corp. ................................. 16,244 $ 433,512
Abbott Laboratories ........................ 68,713 3,126,442
Adobe Systems, Inc. ........................ 2,757 226,505
Advanced Micro Devices, Inc. ............... 6,555 118,400
AES Corp. .................................. 8,610 500,456
Aetna, Inc. ................................ 6,358 568,644
Aflac, Inc. ................................ 12,050 576,894
Air Products & Chemicals, Inc. ............. 10,382 417,876
Alberto-Culver Co. ......................... 2,540 67,628
Albertson's, Inc. .......................... 18,962 977,741
Alcan Aluminum Ltd. ........................ 10,306 329,148
ALCOA Inc. ................................. 16,623 1,028,548
Allegheny Teledyne, Inc. ................... 8,691 196,634
Allergan, Inc. ............................. 2,988 331,668
AlliedSignal, Inc. ......................... 25,225 1,589,175
Allstate Corp. ............................. 36,393 1,305,599
Alltel Corp. ............................... 12,688 907,192
Alza Corp. ................................. 4,522 230,057
Amerada Hess Corp. ......................... 4,091 243,415
Ameren Corp. ............................... 6,213 238,424
America Online, Inc. ....................... 49,136 5,429,528
American Electric Power, Inc. .............. 8,664 325,442
American Express Co. ....................... 20,492 2,666,522
American General Corp. ..................... 11,412 860,180
American Greetings Corp. Cl A .............. 3,040 91,580
American Home Products Corp. ............... 59,676 3,431,370
American Int'l. Group, Inc. ................ 55,951 6,549,764
Ameritech Corp. ............................ 49,759 3,657,287
Amgen, Inc. ................................ 23,047 1,402,986
AMR Corp. .................................. 6,925 472,631
Amsouth Bancorporation ..................... 7,948 184,294
Anadarko Petroleum Corp. ................... 5,456 200,849
Andrew Corp. ............................... 3,751 71,035
Anheuser-Busch Cos., Inc. .................. 21,639 1,535,017
Aon Corp. .................................. 11,551 476,479
Apache Corp. ............................... 5,043 196,677
Apple Computer, Inc. ....................... 7,171 332,107
Applied Materials, Inc. .................... 16,706 1,234,156
Archer-Daniels-Midland Co. ................. 26,807 413,833
Armstrong World Inds., Inc. ................ 1,812 104,756
Asarco, Inc. ............................... 1,795 33,768
Ashland, Inc. .............................. 3,367 135,101
Associates First Capital Corp. ............. 32,962 1,460,629
AT&T Corp. ................................. 143,907 8,031,809
Atlantic Richfield Co. ..................... 14,519 1,213,244
Autodesk, Inc. ............................. 2,683 79,316
Automatic Data Processing, Inc ............. 27,893 1,227,292
AutoZone, Inc. ............................. 6,791 204,579
Avery Dennison Corp. ....................... 5,129 309,663
Avon Products, Inc. ........................ 11,886 659,673
Baker Hughes, Inc. ......................... 14,803 495,901
Ball Corp .................................. 1,395 58,939
Bank of America Corp. ...................... 78,806 5,777,465
Bank of New York Co., Inc. ................. 34,441 1,263,554
Bank One Corp. ............................. 53,238 3,170,988
BankBoston Corp. ........................... 13,424 686,302
Bard (C.R.), Inc. .......................... 2,318 110,829
Barrick Gold Corp. ......................... 17,587 340,748
Battle Mountain Gold Co. ................... 10,406 25,365
Bausch & Lomb, Inc. ........................ 2,540 194,310
Baxter International, Inc. ................. 13,169 798,371
BB & T Corp. ............................... 14,074 516,340
Bear Stearns Cos., Inc. .................... 5,251 245,484
Becton Dickinson & Co. ..................... 11,274 338,220
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Bell Atlantic Corp. ........................ 70,283 $4,594,751
BellSouth Corp. ............................ 85,657 4,015,172
Bemis Co. .................................. 2,371 94,247
Bestfoods .................................. 12,602 623,799
Bethlehem Steel Corp. ...................... 5,885 45,241
Biomet, Inc. ............................... 5,085 202,129
Black & Decker Corp. ....................... 3,978 251,111
Block (H. & R.), Inc. ...................... 4,420 221,000
BMC Software, Inc. ......................... 10,677 576,558
Boeing Co. ................................. 43,929 1,941,113
Boise Cascade Corp. ........................ 2,551 109,374
Boston Scientific Corp. .................... 17,790 781,648
Briggs & Stratton Corp. .................... 1,062 61,331
Bristol-Myers Squibb Co. ................... 89,972 6,337,403
Brown-Forman Corp. Cl B .................... 3,102 202,212
Browning-Ferris Inds., Inc. ................ 7,160 307,880
Brunswick Corp. ............................ 4,160 115,960
Burlington Northern Santa Fe ............... 21,239 658,409
Burlington Resources, Inc. ................. 8,031 347,341
Cabletron Systems, Inc. .................... 7,795 101,335
Campbell Soup Co. .......................... 19,671 912,243
Capital One Financial Corp. ................ 8,910 496,176
Cardinal Health, Inc. ...................... 12,318 789,892
Carnival Corp. ............................. 27,750 1,345,875
Carolina Power & Light Co. ................. 6,852 293,351
Case Corp. ................................. 3,351 161,267
Caterpillar, Inc. .......................... 16,240 974,400
CBS Corp. .................................. 31,971 1,388,740
Cendant Corp. .............................. 34,638 710,079
Centex Corp. ............................... 2,693 101,156
Central & South West Corp. ................. 9,626 225,008
CenturyTel, Inc. ........................... 6,244 248,199
Ceridian Corp. ............................. 6,478 211,750
Champion International Corp. ............... 4,328 207,203
Charles Schwab Corp. ....................... 18,435 2,025,546
Chase Manhattan Corp. ...................... 38,295 3,317,304
Chevron Corp. .............................. 29,541 2,811,934
Chubb Corp. ................................ 7,378 512,771
CIGNA Corp. ................................ 9,176 816,664
Cincinnati Financial Corp. ................. 7,446 279,690
CINergy Corp. .............................. 7,180 229,760
Circuit City Group, Inc. ................... 4,549 423,057
Cisco Systems, Inc. ........................ 144,464 9,317,928
Citigroup, Inc. ............................ 153,351 7,284,173
Clear Channel Communications ............... 14,976 1,032,408
Clorox Co. ................................. 5,304 566,534
CMS Energy Corp. ........................... 5,291 221,561
Coastal Corp. .............................. 9,629 385,160
Coca-Cola Co. .............................. 111,613 6,975,813
Coca-Cola Enterprises, Inc. ................ 19,142 569,475
Colgate-Palmolive Co. ...................... 13,257 1,309,129
Columbia Energy Group ...................... 3,778 236,833
Columbia/HCA Healthcare Corp. .............. 25,619 584,433
Comcast Corp. Cl A ......................... 33,484 1,287,041
Comerica, Inc. ............................. 7,042 418,559
Compaq Computer Corp. ...................... 76,881 1,821,119
Computer Associates Intl., Inc ............. 24,393 1,341,615
Computer Sciences Corp. .................... 7,191 497,527
Compuware Corp. ............................ 16,640 529,360
Conagra, Inc. .............................. 22,156 589,904
Conseco, Inc. .............................. 14,505 441,496
Consolidated Edison, Inc. .................. 10,248 463,722
Consolidated Natural Gas Co. ............... 4,339 263,594
Consolidated Stores Corp. .................. 4,958 133,866
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Constellation Energy Group ................. 6,757 $ 200,176
Cooper Industries, Inc. .................... 4,268 221,936
Cooper Tire & Rubber Co. ................... 3,432 81,081
Coors (Adolph) Co. Cl B .................... 1,656 81,972
Corning, Inc. .............................. 11,006 771,796
Costco Co. ................................. 9,884 791,338
Countrywide Credit Industries .............. 5,097 217,897
Crane Co. .................................. 3,107 97,676
Crown Cork & Seal, Inc. .................... 5,539 157,862
CSX Corp. .................................. 9,827 445,286
Cummins Engine Co., Inc. ................... 1,897 108,366
CVS Corp. .................................. 17,656 896,042
Cyprus Amax Minerals Co. ................... 4,117 62,527
Dana Corp. ................................. 7,516 346,206
Danaher Corp. .............................. 6,056 352,005
Darden Restaurants, Inc. ................... 6,035 131,638
Data General Corp. ......................... 2,271 33,071
Dayton-Hudson Corp. ........................ 19,959 1,297,335
Deere & Co. ................................ 10,450 414,081
Dell Computer Corp. ........................ 115,208 4,262,696
Delphi Automotive Systems Corp ............. 25,448 472,378
Delta Air Lines, Inc. ...................... 6,413 369,549
Deluxe Corp. ............................... 3,523 137,177
Dillard's Inc. Cl A ........................ 4,836 169,865
Disney (Walt) Co. .......................... 93,080 2,868,028
Dollar General Corp. ....................... 10,016 290,464
Dominion Resources, Inc. ................... 8,657 374,956
Donnelley (R.R.) & Sons Co. ................ 5,899 218,632
Dover Corp. ................................ 9,623 336,805
Dow Chemical Co. ........................... 10,022 1,271,541
Dow Jones & Co., Inc. ...................... 4,085 216,760
DTE Energy Co. ............................. 6,568 262,720
Du Pont (E.I.) de Nemours & Co ............. 50,976 3,482,298
Duke Energy Corp. .......................... 16,389 891,152
Dun & Bradstreet Corp. ..................... 7,480 265,073
Eastern Enterprises ........................ 1,020 40,545
Eastman Chemical Co. ....................... 3,589 185,731
Eastman Kodak Co. .......................... 14,667 993,689
Eaton Corp. ................................ 3,233 297,436
Ecolab, Inc. ............................... 5,858 255,555
Edison International ....................... 15,658 418,852
EG&G, Inc. ................................. 2,024 72,105
Electronic Data Systems Corp. .............. 22,311 1,261,966
EMC Corp. .................................. 45,721 2,514,655
Emerson Electric Co. ....................... 19,803 1,245,114
Engelhard Corp. ............................ 5,648 127,786
Enron Corp. ................................ 15,881 1,298,272
Entergy Corp. .............................. 11,165 348,906
Equifax, Inc. .............................. 6,514 232,468
Exxon Corp. ................................ 110,079 8,489,843
Fannie Mae ................................. 46,225 3,160,634
FDX Corp. .................................. 13,398 726,842
Federated Department Stores ................ 9,494 502,589
Fifth Third Bancorp ........................ 12,044 801,679
First Data Corp. ........................... 19,479 953,254
First Union Corp. .......................... 43,650 2,051,550
Firstar Corporation ........................ 29,829 835,212
FirstEnergy Corp. .......................... 10,734 332,754
Fleet Financial Group, Inc. ................ 25,732 1,141,858
Fleetwood Enterprises, Inc. ................ 1,579 41,745
Fluor Corp. ................................ 3,422 138,591
FMC Corp. .................................. 1,432 97,824
Ford Motor Co. ............................. 54,786 3,091,985
Fort James Corp. ........................... 9,982 378,068
Shares Value
------ -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Fortune Brands, Inc. ....................... 7,534 $ 311,719
Foster Wheeler Corp. ....................... 1,844 26,047
FPL Group, Inc. ............................ 8,190 447,379
Franklin Resources, Inc. ................... 11,439 464,709
Freddie Mac ................................ 31,351 1,818,358
Freeport-McMoran Copper Cl B ............... 7,372 132,235
Frontier Corp. ............................. 7,770 458,430
Fruit of the Loom, Inc. .................... 3,264 31,824
Gannett Co., Inc. .......................... 12,750 910,031
Gap, Inc. .................................. 38,715 1,950,268
Gateway, Inc. .............................. 7,076 417,484
General Dynamics Corp. ..................... 5,737 392,985
General Electric Co. ....................... 148,365 16,765,245
General Instrument Corp. ................... 7,785 330,863
General Mills, Inc. ........................ 6,943 558,044
General Motors Corp. ....................... 29,633 1,955,778
Genuine Parts Co. .......................... 8,145 285,075
Georgia-Pacific Group (Ga-Pac Gp.) ......... 7,741 366,730
Gillette Co. ............................... 50,226 2,059,266
Golden West Financial Corp. ................ 2,577 252,546
Goodrich (B.F.) Co. ........................ 3,367 143,098
Goodyear Tire & Rubber Co. ................. 7,058 415,099
GPU, Inc. .................................. 5,668 239,119
Grainger (W.W.), Inc. ...................... 4,209 226,497
Great Atlantic & Pac. Tea, Inc ............. 1,734 58,631
Great Lakes Chemical Corp. ................. 2,676 123,263
GTE Corp. .................................. 43,887 3,324,440
Guidant Corp. .............................. 13,641 701,659
Halliburton Co. ............................ 19,906 900,747
Harcourt General, Inc. ..................... 3,216 165,825
Harnischfeger Industries, Inc. ............. 2,137 4,274
Harrah's Entertainment, Inc. ............... 5,717 125,774
Harris Corp. ............................... 3,571 139,939
Hartford Financial Svs Gp,Inc .............. 10,234 596,770
Hasbro, Inc. ............................... 8,885 255,999
HCR Manor Care ............................. 5,019 121,397
HealthSouth Corp. .......................... 18,703 279,376
Heinz (H.J.) Co. ........................... 16,381 821,098
Helmerich & Payne, Inc. .................... 2,237 53,269
Hercules, Inc. ............................. 4,554 179,029
Hershey Food Corp. ......................... 6,302 374,181
Hewlett-Packard Co. ........................ 45,956 4,618,578
Hilton Hotels Corp. ........................ 11,807 167,512
Home Depot, Inc. ........................... 66,919 4,312,093
Homestake Mining Co. ....................... 11,734 96,072
Honeywell, Inc. ............................ 5,702 660,719
Household International, Inc. .............. 21,860 1,035,618
Humana, Inc. ............................... 7,579 98,053
Huntington Bancshares, Inc. ................ 9,542 333,970
Ikon Office Solutions, Inc. ................ 6,687 100,305
Illinois Tool Works, Inc. .................. 11,322 928,404
IMS Health, Inc. ........................... 14,432 451,000
Inco Ltd. .................................. 8,657 155,826
Ingersoll Rand Co. ......................... 7,445 481,133
Intel Corp. ................................ 150,954 8,981,763
International Paper Co. .................... 18,565 937,533
Interpublic Group of Cos.,Inc .............. 6,293 545,131
Intl. Business Machines Corp. .............. 82,074 10,608,065
Intl. Flavors & Fragrances ................. 4,804 213,178
ITT Industries, Inc. ....................... 3,965 151,166
Jefferson-Pilot Corp. ...................... 4,799 317,634
Johnson & Johnson .......................... 60,883 5,966,534
Johnson Controls, Inc. ..................... 3,844 266,437
Jostens, Inc. .............................. 1,550 32,647
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, 1999 (Unaudited)
Shares Value
------ -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Kansas City Southern Inds .................. 4,961 $ 316,574
Kaufman & Broad Home Corp. ............... 2,169 53,954
Kellogg Co. .............................. 18,351 605,583
Kerr-McGee Corp. ......................... 3,910 196,233
KeyCorp .................................. 20,197 648,829
Kimberly Clark Corp. ..................... 3,238 112,723
KLA Tencor Corp. ......................... 3,976 257,943
Kmart Corp. .............................. 22,319 366,869
Knight-Ridder, Inc. ...................... 3,553 195,193
Kohl's Corp. ............................. 7,338 566,402
Kroger Co. ............................... 37,254 1,040,784
Laidlaw, Inc. ............................ 14,949 110,249
Lehman Brothers Holdings, Inc. ........... 5,357 333,473
Lilly (Eli) & Co. ........................ 49,791 3,566,280
Limited, Inc. ............................ 9,613 436,190
Lincoln National Corp. ................... 9,150 478,659
Liz Claiborne, Inc. ...................... 2,843 103,770
Lockheed Martin Corp. .................... 17,772 662,007
Loews Corp. .............................. 4,927 389,849
Longs Drug Stores Corp. .................. 1,763 60,934
Louisiana-Pacific Corp. .................. 4,921 116,874
Lowe's Companies, Inc. ................... 16,813 953,087
LSI Logic Corp. .......................... 6,403 295,338
Lucent Technologies ...................... 137,268 9,256,987
Mallinckrodt, Inc. ....................... 3,228 117,419
Marriott International, Inc. ............. 11,252 420,544
Marsh & McLennan Cos., Inc. .............. 11,871 896,261
Masco Corp. .............................. 15,359 443,491
Mattel, Inc. ............................. 18,789 496,734
May Department Stores Co. ................ 15,069 615,945
Maytag Corp. ............................. 3,988 277,914
MBIA, Inc. ............................... 4,498 291,246
MBNA Corp. ............................... 36,302 1,111,749
McDermott International, Inc. ............ 2,677 75,625
McDonald's Corp. ......................... 61,265 2,531,010
McGraw-Hill Cos., Inc. ................... 8,911 480,637
MCI WorldCom, Inc. ....................... 84,146 7,257,593
McKesson HBOC, Inc. ...................... 12,545 403,008
Mead Corp. ............................... 4,611 192,509
MediaOne Group, Inc. ..................... 27,479 2,043,751
Medtronic, Inc. .......................... 26,450 2,059,794
Mellon Bank Corp. ........................ 23,648 860,196
Mercantile Bancorporation ................ 7,124 406,959
Merck & Co., Inc. ........................ 107,856 7,981,344
Meredith Corp. ........................... 2,359 81,680
Merrill Lynch & Co., Inc. ................ 16,590 1,326,163
MGIC Investment Corp. .................... 4,958 241,083
Micron Technology, Inc. .................. 11,213 452,024
Microsoft Corp. .......................... 230,817 20,816,967
Milacron, Inc. ........................... 1,670 30,895
Millipore Corp. .......................... 1,992 80,801
Minnesota Mining & Mfg. Co. .............. 18,201 1,582,349
Mirage Resorts, Inc. ..................... 8,965 150,164
Mobil Corp. .............................. 35,309 3,495,591
Monsanto Co. ............................. 28,366 1,118,684
Moore Corp., Ltd. ........................ 4,005 33,542
Morgan (J.P.) & Co., Inc. ................ 8,011 1,125,546
Morgan Stanley Dean Witter ............... 25,732 2,637,530
Motorola, Inc. ........................... 27,174 2,574,737
Nabisco Group Holdings ................... 14,707 287,706
NACCO Industries, Inc. Cl A .............. 368 27,048
Nalco Chemical Co. ....................... 2,965 153,809
National City Corp. ...................... 14,180 928,790
National Semiconductor Corp. ............. 7,562 191,413
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
National Service Industries ................ 1,864 $ 67,104
Navistar International Corp. ............... 2,997 149,850
New Century Energies, Inc. ................. 5,175 200,855
New York Times Co. Cl A .................... 7,960 293,028
Newell Rubbermaid, Inc. .................... 12,719 591,434
Newmont Mining Corp. ....................... 7,571 150,474
Nextel Communications, Inc. ................ 13,347 669,853
Niagara Mohawk Holdings, Inc. .............. 8,483 136,258
Nicor, Inc. ................................ 2,156 82,063
Nike, Inc. Cl B ............................ 12,794 810,020
Nordstrom, Inc. ............................ 6,432 215,472
Norfolk Southern Corp. ..................... 17,170 517,246
Nortel Networks Corp ....................... 30,046 2,608,368
Northern States Power Co. .................. 6,908 167,087
Northern Trust Corp. ....................... 5,028 487,716
Northrop Grumman Corp. ..................... 3,116 206,630
Novell, Inc. ............................... 15,285 405,053
Nucor Corp. ................................ 3,965 188,090
Occidental Petroleum Corp. ................. 15,662 330,860
Omnicom Group, Inc. ........................ 8,067 645,360
Oneok, Inc. ................................ 1,428 45,339
Oracle Corp. ............................... 65,179 2,419,770
Owens Corning .............................. 2,456 84,425
Owens-Illinois Inc. ........................ 7,034 229,924
Paccar, Inc. ............................... 3,537 188,787
PacifiCorp ................................. 13,462 247,364
Paine Webber Group, Inc. ................... 6,586 307,896
Pall Corp. ................................. 5,633 124,982
Parametric Technology Corp. ................ 12,106 167,971
Parker Hannifin Corp. ...................... 4,911 224,678
Paychex, Inc. .............................. 11,112 354,195
PE Corp-PE Biosystems Group ................ 2,255 258,761
Peco Energy Co. ............................ 8,650 362,219
Penney (J.C.) Co., Inc. .................... 11,932 579,448
Peoples Energy Corp. ....................... 1,606 60,526
Peoplesoft, Inc. ........................... 10,857 187,283
Pep Boys-Manny, Moe & Jack ................. 2,576 55,706
PepsiCo, Inc. .............................. 66,432 2,570,088
Pfizer, Inc. ............................... 58,760 6,448,910
PG & E Corp. ............................... 17,319 562,868
Pharmacia & Upjohn, Inc. ................... 23,003 1,306,858
Phelps Dodge Corp. ......................... 2,623 162,462
Phillip Morris Cos., Inc. .................. 110,235 4,430,069
Phillips Petroleum Co. ..................... 11,529 580,053
Pioneer Hi-Bred Intl., Inc. ................ 10,842 422,160
Pitney Bowes, Inc. ......................... 12,114 778,325
Placer Dome, Inc. .......................... 14,678 173,384
PNC Bank Corp. ............................. 13,623 785,025
Polaroid Corp. ............................. 1,985 54,836
Potlatch Corp. ............................. 1,309 57,514
PP&L Resources, Inc. ....................... 7,112 218,694
PPG Industries, Inc. ....................... 7,834 462,696
Praxair, Inc. .............................. 7,143 349,561
Proctor & Gamble Co. ....................... 60,117 5,365,442
Progressive Corp. of Ohio .................. 3,282 475,890
Providian Financial Corp. .................. 6,411 599,429
Public Svc. Enterprise Group ............... 9,902 404,744
Pulte Corp. ................................ 1,954 45,064
Quaker Oats Co. ............................ 6,169 409,467
Ralston Purina Co. ......................... 14,868 452,545
Raychem Corp. .............................. 3,505 129,685
Raytheon Co. ............................... 15,257 1,073,711
Reebok International Ltd. .................. 2,556 47,606
Regions Financial Corp. .................... 10,013 384,875
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, 1999 (Unaudited)
Shares Value
------ ----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Reliant Energy Inc. ........................ 13,364 $ 369,181
Republic New York Corp. .................... 4,744 323,482
Reynolds Metals Co. ........................ 2,918 172,162
Rite-Aid Corp. ............................. 11,715 288,482
RJ Reynolds Tobacco Holdings ............... 4,902 154,413
Rockwell Intl., Corp. ...................... 8,592 521,964
Rohm & Haas Co. ............................ 9,604 411,792
Rowan Cos., Inc. ........................... 3,796 69,989
Royal Dutch Petroleum Co.--
N.Y. Shs ................................. 97,087 5,849,492
Russell Corp. .............................. 1,540 30,030
Ryder System, Inc. ......................... 3,245 84,370
Safeco Corp. ............................... 6,169 272,207
Safeway, Inc. .............................. 22,396 1,108,602
Sara Lee Corp. ............................. 41,294 936,858
SBC Communications, Inc. ................... 88,813 5,151,154
Schering-Plough Corp. ...................... 66,540 3,526,620
Schlumberger, Ltd. ......................... 24,717 1,574,164
Scientific-Atlanta, Inc. ................... 3,418 123,048
Seagate Technology ......................... 10,044 257,378
Seagram Co. Ltd. (The) ..................... 19,303 972,389
Sealed Air Corp. New ....................... 3,777 245,033
Sears Roebuck & Co. ........................ 17,346 772,981
Sempra Energy .............................. 10,867 245,866
Service Corp. International ................ 12,376 238,238
Shared Medical Systems Corp. ............... 1,204 78,561
Sherwin-Williams Co. ....................... 7,785 216,034
Sigma-Aldrich Corp. ........................ 4,556 156,897
Silicon Graphics, Inc. ..................... 8,494 139,089
SLM Holding Corp. .......................... 7,345 336,493
Snap-On, Inc. .............................. 2,958 107,043
Solectron Corp. ............................ 11,388 759,437
Sonat, Inc. ................................ 4,982 165,029
Southern Co. ............................... 31,569 836,579
Southtrust Corp ............................ 7,482 287,122
Southwest Airlines Co. ..................... 15,229 474,003
Springs Industries, Inc. Cl A .............. 812 35,424
Sprint Corp. ............................... 39,014 2,060,427
Sprint Corp. ............................... 19,913 1,137,530
St. Jude Medical, Inc. ..................... 3,811 135,767
St. Paul Companies, Inc. ................... 10,205 324,647
Stanley Works .............................. 4,021 129,426
Staples, Inc. .............................. 20,871 645,697
State Street Corp. ......................... 7,267 620,420
Summit Bancorp ............................. 7,723 322,918
Sun Microsystems, Inc. ..................... 34,887 2,402,842
Sunoco, Inc. ............................... 4,079 123,135
Suntrust Banks, Inc. ....................... 14,511 1,007,608
Supervalu, Inc. ............................ 5,436 139,637
Synovus Financial Corp. .................... 12,103 240,547
Sysco Corp. ................................ 15,074 449,394
Tandy Corp. ................................ 8,728 426,581
Tektronix, Inc. ............................ 2,121 64,028
Tellabs, Inc. .............................. 17,590 1,188,424
Temple-Inland, Inc. ........................ 2,517 171,785
Tenet Healthcare Corp. ..................... 14,042 260,655
Tenneco, Inc. .............................. 7,703 183,909
Texaco, Inc. ............................... 24,202 1,512,625
Texas Instruments, Inc. .................... 17,658 2,560,410
Shares Value
------ -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Texas Utilities Co. ........................ 12,783 $ 527,299
Textron, Inc. .............................. 6,800 559,725
Thermo Electron Corp. ...................... 7,192 144,290
Thomas & Betts Corp. ....................... 2,570 121,433
Time Warner, Inc. .......................... 53,945 3,964,958
Times Mirror Co. Cl A ...................... 3,271 193,807
Timken Co. ................................. 2,812 54,834
TJX Companies, Inc. ........................ 14,632 487,429
Torchmark Corp. ............................ 6,014 205,228
Toys R Us, Inc. ............................ 11,366 235,134
Transamerica Corp. ......................... 5,647 423,525
Tribune Co. ................................ 5,377 468,471
Tricon Global Restaurants Inc. ............. 6,906 373,787
TRW, Inc. .................................. 5,422 297,532
Tupperware Corp. ........................... 2,608 66,504
Tyco International Ltd. .................... 37,113 3,516,457
U.S. Bancorp ............................... 32,996 1,121,864
U.S. West, Inc. ............................ 22,783 1,338,501
Unicom Corp. ............................... 9,833 379,185
Unilever N.V ............................... 25,879 1,805,060
Union Carbide Corp. ........................ 6,017 293,329
Union Pacific Corp. ........................ 11,200 653,100
Union Pacific Resources Group .............. 11,365 185,392
Union Planters Corp. ....................... 6,432 287,430
Unisys Corp. ............................... 12,160 473,480
United Healthcare Corp. .................... 7,808 488,976
United Technologies Corp. .................. 21,746 1,558,916
Unocal Corp. ............................... 10,928 433,022
UnumProvident Corp. ........................ 10,736 587,785
US Airways Group Inc. ...................... 3,330 145,063
UST, Inc. .................................. 7,942 232,304
USX-Marathon Group ......................... 13,927 453,498
USX-U.S. Steel Group ....................... 4,000 108,000
V F Corp. .................................. 5,430 232,133
Viacom, Inc. Cl B .......................... 31,498 1,385,912
Vodaphone Airtouch plc-Sp ADR .............. 13,030 2,566,812
W.R. Grace & Co. ........................... 3,119 57,312
Wachovia Corp. ............................. 9,180 785,464
Wal-Mart Stores, Inc. ...................... 201,343 9,714,800
Walgreen Co. ............................... 45,202 1,327,809
Warner-Lambert Co. ......................... 38,362 2,661,364
Washington Mutual, Inc. .................... 26,861 950,208
Waste Management, Inc. ..................... 27,508 1,478,555
Watson Pharmaceuticals, Inc. ............... 4,307 151,014
Wellpoint Health Networks Inc. ............. 3,044 258,360
Wells Fargo & Company ...................... 74,748 3,195,477
Wendy's International, Inc. ................ 5,635 159,541
Westvaco Corp. ............................. 4,543 131,747
Weyerhaeuser Co. ........................... 9,010 619,438
Whirlpool Corp. ............................ 3,443 254,782
Willamette Industries, Inc. ................ 5,024 231,418
Williams Cos., Inc. ........................ 19,368 824,351
Winn-Dixie Stores, Inc. .................... 6,730 248,589
Worthington Industries, Inc. ............... 4,188 68,840
Wrigley (Wm.) Jr. Co. ...................... 5,257 473,130
Xerox Corp. ................................ 29,867 1,764,020
-----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $339,637,877) 95.7% ................. 509,543,564
-----------
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
---- -------- --------- ------------
<S> <C> <C> <C> <C>
ACTIVE PORTION:
SHORT-TERM DEBT SECURITIES:
U. S. GOVERNMENT (0.4%)
U.S. Treasury Bill (a) .............................................. 4.24% 08/05/99 $ 300,000 $ 298,760
U.S. Treasury Bill (a) .............................................. 4.25 08/19/99 300,000 298,250
U.S. Treasury Bill (a) .............................................. 4.63 09/23/99 310,000 306,618
U.S. Treasury Bill (a) .............................................. 4.52 09/23/99 900,000 890,140
-----------
1,793,768
-----------
COMMERCIAL PAPER (3.9%)
Alabama Power Co. ................................................... 5.05 07/06/99 1,379,000 1,378,032
American Express Credit Corp. ....................................... 5.00 07/02/99 1,455,000 1,454,798
American Express Credit Corp. ....................................... 4.92 07/06/99 4,992,000 4,988,583
Archer-Daniels-Midland Co. .......................................... 4.92 07/06/99 5,455,000 5,451,263
Duke Power Company .................................................. 5.65 07/01/99 7,612,000 7,612,000
-----------
20,884,676
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $22,678,801) 4.3% ................................................................................ 22,678,444
-----------
TOTAL INVESTMENTS
(Cost: $362,316,678) 100.0% ............................................................................. $532,222,008
===========
</TABLE>
(a) This security has been segregated to cover initial margin requirements on
open futures contracts.
- ----------
<TABLE>
<CAPTION>
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1999:
Expiration Underlying Face Unrealized
Date Amount at Value Gain
-------------- --------------- ----------
PURCHASED
<S> <C> <C> <C>
67 S&P 500 Stock Index Futures Contracts ............................... September 1999 $23,143,475 $833,521
=========== ========
</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.
22
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Shares Value
------ --------
INDEXED ASSETS:
COMMON STOCKS
A. Schulman, Inc. ............................ 335 $ 5,758
Abercrombie & Fitch Co. Cl A ................. 1,102 52,896
ACNielsen Corp. .............................. 600 18,150
Acuson Corp. ................................. 300 5,156
ADC Telecommunications, Inc. ................. 1,439 65,564
Affiliated Computer Svcs ..................... 525 26,578
AGCO Corp. ................................... 600 6,788
AGL Resources, Inc. .......................... 600 11,063
Airborne Freight Corp. ....................... 519 14,370
Airgas Inc. .................................. 800 9,800
AK Steel Holding Corp. ....................... 634 14,265
Alaska Air Group, Inc. ....................... 281 11,732
Albany International Corp. Cl A .............. 300 6,225
Albemarle Corp. .............................. 500 11,563
Alexander & Baldwin, Inc. .................... 463 10,302
Aliant Communications Inc. ................... 380 17,551
Allamerica Financial Corp. ................... 606 36,852
Allegheny Energy Inc. ........................ 1,245 39,918
Alliant Energy Corp. ......................... 834 23,665
Allied Waste Industries, Inc. ................ 2,000 39,500
Altera Corp. ................................. 2,117 77,932
Ambac Financial Group, Inc. .................. 746 42,615
American Financial Group ..................... 641 21,834
American Power Conversion .................... 2,049 41,236
American Standard Companies .................. 752 36,096
American Water Works Co. ..................... 868 26,691
Ametek Inc. .................................. 344 7,912
Analog Devices, Inc. ......................... 1,723 86,473
Apollo Group Inc. Cl A ....................... 835 22,180
Apria Healthcare Group, Inc. ................. 554 9,418
Arnold Industries Inc. ....................... 265 4,091
Arrow Electronics, Inc. ...................... 1,000 19,000
Arvin Industries, Inc. ....................... 276 10,454
Associated Banc-Corp ......................... 677 28,096
Astoria Financial Corp. ...................... 600 26,363
Atmel Corp. .................................. 1,070 28,021
Avnet, Inc. .................................. 375 17,438
Bandag, Inc. ................................. 234 8,117
Banta Corp. .................................. 300 6,300
Barnes & Noble, Inc. ......................... 733 20,066
Beckman Coulter Inc. ......................... 300 14,588
Bed Bath & Beyond, Inc. ...................... 1,500 57,750
Belo (A.H.) Corp. ............................ 1,260 24,806
Bergen Brunswig Corp. ........................ 1,433 24,719
Best Buy Co., Inc. ........................... 2,185 147,488
Beverly Enterprises, Inc. .................... 1,100 8,869
Biogen, Inc. ................................. 1,600 102,900
BJ Services Co. .............................. 756 22,255
BJ's Wholesale Club, Inc. .................... 800 24,050
Black Hills Corp. ............................ 229 5,296
Bob Evans Farms, Inc. ........................ 438 8,705
Borders Group, Inc. .......................... 800 12,650
Borg-Warner Automotive, Inc. ................. 285 15,675
Bowater, Inc. ................................ 554 26,177
Brinker International, Inc. .................. 700 19,031
Buffets, Inc. ................................ 500 5,750
Burlington Industries ........................ 600 5,438
Cabot Corp. .................................. 700 16,931
Cadence Design Systems, Inc. ................. 2,582 32,921
Callaway Golf Co. ............................ 800 11,700
Cambridge Tech. Partners, Inc. ............... 636 11,170
Carlisle Companies, Inc. ..................... 322 15,496
Carpenter Technology Corp. ................... 234 6,684
Carter-Wallace, Inc. ......................... 500 9,094
CBRL Group, Inc. ............................. 642 11,115
Shares Value
------ -------
INDEXED ASSETS: (CONTINUED)
COMMON STOCKS (CONTINUED)
CCB Financial Corp. .......................... 427 $22,578
Centocor, Inc. ............................... 757 35,295
Charter One Financial, Inc. .................. 1,776 49,395
Chesapeake Corp. ............................. 230 8,611
Chiron Corp. ................................. 1,939 40,234
Chris-Craft Industries, Inc. ................. 358 16,871
Church & Dwight .............................. 200 8,700
Cincinnati Bell, Inc. ........................ 1,470 36,658
Cintas Corp. ................................. 1,184 79,550
Cirrus Logic, Inc. ........................... 647 5,742
Citrix Systems, Inc. ......................... 932 52,658
City National Corp. .......................... 500 18,719
Claire's Stores, Inc. ........................ 542 13,889
Clayton Homes, Inc. .......................... 1,543 17,648
Cleco Corporation ............................ 241 7,320
Cleveland Cliffs, Inc. ....................... 120 3,885
CMP Group, Inc. .............................. 346 9,061
CNF Transportation, Inc. ..................... 514 19,725
Comair Holdings, Inc. ........................ 1,040 21,645
Comdisco, Inc. ............................... 1,600 41,000
CompUSA, Inc. ................................ 1,000 7,438
COMSAT Corp. ................................. 562 18,265
Comverse Technology Inc. ..................... 734 55,417
Concentra Managed Care, Inc. ................. 500 7,406
Concord EFS, Inc. ............................ 1,370 57,968
Conectiv Inc. ................................ 991 24,218
Consolidated Papers .......................... 968 25,894
Convergys Corp. .............................. 1,625 31,281
Cordant Technologies, Inc. ................... 400 18,075
Covance, Inc. ................................ 626 14,985
Crompton & Knowles ........................... 699 13,674
Cypress Semiconductor Corp. .................. 1,106 18,249
Cytec Industries, Inc. ....................... 457 14,567
Dean Foods Co. ............................... 421 17,498
Dentsply International, Inc. ................. 563 15,764
Dexter Corp. ................................. 246 10,040
Dial Corp. ................................... 1,100 40,906
Diebold, Inc. ................................ 736 21,160
Dime Bancorp, Inc. ........................... 1,200 24,150
Dole Food Company ............................ 600 17,625
Dollar Tree Stores ........................... 654 28,776
Donaldson Company, Inc. ...................... 500 12,250
DPL, Inc. .................................... 1,700 31,238
Dreyers Grand Ice Cream, Inc. ................ 300 4,538
E*Trade Group, Inc. .......................... 2,490 99,444
Edwards (A.G.), Inc. ......................... 1,000 32,250
El Paso Energy Corp. ......................... 1,300 45,744
Electronic Arts Inc. ......................... 653 35,425
Energy East Corporation ...................... 1,251 32,526
Enesco Gorup, Inc. ........................... 165 3,816
ENSCO International, Inc. .................... 1,464 29,189
Ethyl Corp. .................................. 900 5,400
Everest Reinsurance Hldgs .................... 519 16,932
Family Dollar Stores Inc. .................... 1,843 44,232
Fastenal Co. ................................. 400 20,975
Federal Signal Corp. ......................... 500 10,594
Federal-Mogul Corp. .......................... 753 39,156
Ferro Corp. .................................. 375 10,313
First Tennessee Natl. Corp. .................. 1,400 53,638
Finova Group, Inc. ........................... 652 34,312
First Health Group Corp. ..................... 540 11,644
First Security Corp. ......................... 2,064 56,244
First Virginia Banks, Inc. ................... 535 26,282
Fiserv, Inc. ................................. 1,317 41,239
Florida Progress Corp. ....................... 1,045 43,172
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------ -------
INDEXED ASSETS: (CONTINUED)
COMMON STOCKS (CONTINUED)
Flowers Industries, Inc. ..................... 1,068 $23,162
Flowserve Corporation ........................ 400 7,575
Forest Laboratories, Inc. .................... 883 40,839
Foundation Health Systems Cl A ............... 1,300 19,500
Fuller( H.B.) Co. ............................ 150 10,256
Furniture Brands Intl., Inc. ................. 549 15,303
GATX Corp. ................................... 528 20,097
GenCorp, Inc. ................................ 445 11,236
General Nutrition Cos., Inc. ................. 700 16,319
Genzyme Surgical Products .................... 1,040 43,473
Georgia Gulf Corp. ........................... 330 5,569
Georgia-Pacific (Timber Group) ............... 900 22,725
Gilead Sciences, Inc. ........................ 331 17,295
Glatfelter (P.H.) Co. ........................ 450 6,581
Global Marine, Inc. .......................... 1,853 28,606
Granite Constr. Inc. ......................... 300 8,794
GreenPoint Financial Corp. ................... 1,164 38,194
GTECH Holdings Corp. ......................... 400 9,425
Gulfstream Aerospace Corp. ................... 765 51,685
Hanna ( M. A.) Co. ........................... 500 8,219
Hannaford Brothers Co. ....................... 451 24,129
Harley-Davidson, Inc. ........................ 1,638 89,066
Harsco Corp. ................................. 440 14,080
Hawaiian Electric Inds ....................... 344 12,212
Health Management Associates ................. 2,700 30,375
Heilig-Meyers Co. ............................ 600 4,088
Hibernia Corp. Cl A .......................... 1,700 26,669
Hillenbrand Industries, Inc. ................. 700 30,275
Hispanic Broadcasting Corp. .................. 527 39,986
HON Industries, Inc. ......................... 654 19,089
Horace Mann Educators Corp. .................. 439 11,935
Hormel Foods Corp. ........................... 784 31,556
Houghton Mifflin Co. ......................... 328 15,437
HSB Group, Inc. .............................. 300 12,356
Hubbell, Inc. Cl B ........................... 700 31,763
IBP, Inc. .................................... 1,000 23,750
ICN Pharmasuticals Inc. ...................... 830 26,716
IDACORP, Inc. ................................ 400 12,600
Illinova Corp. ............................... 747 20,356
Imation Corp. ................................ 400 9,925
IMC Global, Inc. ............................. 1,200 21,150
Indiana Energy, Inc. ......................... 300 6,394
Information Resources, Inc. .................. 300 2,625
Informix Corp. ............................... 2,025 17,276
Integrated Device Tech., Inc. ................ 939 10,212
International Game Technology ................ 1,048 19,388
International Multifoods Corp. ............... 200 4,513
Interstate Bakeries Corp. .................... 749 16,806
Intuit, Inc. ................................. 653 58,852
Investment Technology Grp, Inc. .............. 330 10,601
IPALCO Enterprises, Inc. ..................... 915 19,387
Ivax Corp. ................................... 1,161 16,399
J.B. Hunt Transport Srvcs, Inc. .............. 400 6,500
J.M. Smucker Co. ............................. 300 6,675
Jabil Circuit, Inc. .......................... 875 39,484
Jacobs Engineering Group, Inc. ............... 277 10,526
Jones Apparel Group, Inc. .................... 1,300 44,621
K N Energy Inc. .............................. 756 10,112
Kansas City Power & Light .................... 661 16,856
Kaydon Corp. ................................. 340 11,433
Keane, Inc. .................................. 765 17,308
Kelly Services, Inc. ......................... 400 12,850
Kennametal, Inc. ............................. 320 9,920
KeySpan Corporation .......................... 1,525 40,222
Keystone Financial, Inc. ..................... 521 15,402
Shares Value
------ --------
INDEXED ASSETS: (CONTINUED)
COMMON STOCKS (CONTINUED)
Lancaster Colony Corp. ....................... 439 $ 15,146
Lance Inc. ................................... 300 4,688
Lands End Inc. ............................... 323 15,666
Lear Corp. ................................... 714 35,522
Lee Enterprises .............................. 473 14,427
Legato Systems, Inc. ......................... 433 25,006
Legget & Platt ............................... 2,100 58,406
Lexmark Intl Group Inc. Cl A ................. 1,374 90,770
LG & E Energy Corp. .......................... 1,400 29,400
Lincare Holdings, Inc. ....................... 623 15,575
Linear Technology Corp. ...................... 1,634 109,887
Litton Industries, Inc. ...................... 485 34,799
Lone Star Steakhouse ......................... 400 3,888
Longview Fibre Co. ........................... 552 8,625
Lubrizol Corp. ............................... 582 15,860
Lyondell Petrochemical Co. ................... 1,195 24,647
Magnatek, Inc. ............................... 300 3,169
Mandalay Resort Group ........................ 968 20,449
Manpower, Inc. ............................... 845 19,118
Mark IV Industries, Inc. ..................... 525 11,091
Marshall & Ilsley Corp. ...................... 1,116 71,843
Martin Marietta Materials .................... 500 29,500
Maxim Integrated Products, Inc. .............. 1,440 95,760
Maxxam Inc. .................................. 75 4,838
McCormick & Co., Inc. ........................ 763 24,082
MCN Energy Group Inc. ........................ 852 17,679
Media General Inc. Cl A ...................... 287 14,637
Medimmune, Inc. .............................. 600 40,650
Mentor Graphics Corp. ........................ 700 8,969
Mercantile Bankshares Corp. .................. 744 26,319
Meritor Automotive, Inc. ..................... 738 18,819
Micro Warehouse, Inc. ........................ 400 7,150
Microchip Technology, Inc. ................... 541 25,630
Midamerican Energy Hldgs. Co. ................ 628 21,745
Miller (Herman) Inc. ......................... 850 17,850
Minerals Technologies Inc. ................... 230 12,837
Minnesota Power & Light ...................... 800 15,900
Modine Manufacturing Co. ..................... 300 9,769
Modis Professional Services .................. 1,024 14,080
Mohawk Industries, Inc. ...................... 647 19,653
Molex Inc., Cl A ............................. 1,655 61,235
Montana Pwr. Co. ............................. 588 41,454
Murphy Oil Soap .............................. 480 23,430
Mylan Laboratories, Inc. ..................... 1,377 36,491
Nabors Industries, Inc. ...................... 1,142 27,908
National Fuel Gas Co. ........................ 413 20,031
NCH Corp. .................................... 58 2,871
NCR Corp. .................................... 1,068 52,132
Networks Associates, Inc ..................... 1,476 21,679
Nevada Power Co. ............................. 547 13,675
New England Electric System .................. 631 31,629
Newport News Shipbuilding Inc. ............... 374 11,033
NiSource Inc. ................................ 1,333 34,408
Noble Affiliates, Inc. ....................... 600 16,913
Noble Drilling Corp. ......................... 1,400 27,563
Nordson Corp. ................................ 178 10,903
North Fork Bancorp, Inc. ..................... 1,500 31,969
Northeast Utilities .......................... 1,400 24,763
NOVA Corp. ................................... 800 20,000
Ocean Energy, Inc. ........................... 1,800 17,325
Office Depot, Inc. ........................... 4,000 88,250
OfficeMax, Inc. .............................. 1,210 14,520
Ogden Corp. .................................. 524 14,115
OGE Energy Corp. ............................. 831 19,736
Old Kent Financial Corp. ..................... 1,100 46,063
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------ --------
INDEXED ASSETS: (CONTINUED)
COMMON STOCKS (CONTINUED)
Old Republic Intl. Corp. ..................... 1,408 $ 24,376
Olin Corp. ................................... 500 6,594
Olsten Corp. ................................. 900 5,681
Omnicare, Inc. ............................... 1,000 12,625
Oregon Steel Mills, Inc. ..................... 300 3,994
Outback Steakhouse, Inc. ..................... 800 31,450
Overseas Shipholding Group ................... 400 5,150
Oxford Health Plans, Inc. .................... 866 13,477
Pacific Century Finl. Corp. .................. 858 18,501
Pacificare Health Systems,Inc ................ 487 35,034
Papa John's Intl. Inc. ....................... 322 14,389
Payless Shoesource, Inc. ..................... 342 18,297
Pennzoil-Quaker State Co. .................... 800 12,000
Pentair, Inc. ................................ 455 20,816
Perrigo Co. .................................. 800 6,100
Pinnacle West Capital Corp. .................. 900 36,225
Pioneer Natural Resources Co. ................ 1,100 12,100
Pittston Bax Group ........................... 436 11,663
Policy Management Systems Corp. .............. 379 11,370
Potomac Electric Power Co. ................... 1,266 37,268
Precision Castparts Corp. .................... 261 11,093
Premark International, Inc. .................. 654 24,525
Price (T. Rowe) Associates ................... 1,300 49,888
Promus Hotel Corp. ........................... 900 27,900
Protective Life Corp. ........................ 700 23,100
Provident Financial Group .................... 455 19,906
PSS World Medical Inc. ....................... 800 8,950
Public Service Co. New Mexico ................ 435 8,646
Puget Sound Power & Light Co. ................ 900 21,600
Qualcomm, Inc. ............................... 1,608 230,704
Quantum Corp. ................................ 1,800 43,425
Questar Corp. ................................ 900 17,213
Quintiles Transnational Corp. ................ 1,200 50,400
Quorum Health Group Inc. ..................... 800 10,050
Ranger Oil Ltd. .............................. 1,400 6,913
Rational Software Corp. ...................... 900 29,644
Rayonier, Inc. ............................... 300 14,944
Reader's Digest Assn ......................... 1,147 45,593
Reliastar Financial Corp. .................... 945 41,344
Reynolds & Reynolds Co. ...................... 822 19,163
RJ Reynolds Tobacco Holdings ................. 1,156 36,414
Robert Half Intl., Inc. ...................... 976 25,376
Rollins Inc. ................................. 300 4,781
Ross Stores, Inc. ............................ 500 25,188
RPM, Inc. .................................... 1,200 17,025
Ruddick Corp. ................................ 500 10,000
Ryerson Tull Inc. ............................ 267 6,024
Saks Incorporated ............................ 1,542 44,525
Sanmina Corp. ................................ 610 46,284
Santa Fe Snyder Corp. ........................ 1,813 13,824
Sbarro Inc. .................................. 219 5,927
Scana Corp. .................................. 1,100 25,713
Scholastic Corp. ............................. 176 8,910
SCI Systems, Inc. ............................ 770 36,575
Sensormatic Electronics ...................... 800 11,150
Sepracor, Inc. ............................... 350 28,438
Sequa Corp. Cl A ............................. 111 7,770
Sequent Computer Systems, Inc. ............... 448 7,952
Shaw Industries .............................. 1,500 24,750
Siebel Systems, Inc. ......................... 972 64,517
Smith International, Inc. .................... 522 22,674
Snyder Communications Inc. ................... 801 26,233
Solutia, Inc. ................................ 1,200 25,575
Sonoco Products Co. .......................... 1,100 32,931
Sotheby's Holdings ........................... 616 23,485
Shares Value
------ -------
INDEXED ASSETS: (CONTINUED)
COMMON STOCKS (CONTINUED)
Southdown, Inc. .............................. 408 $26,214
Sovereign Bancorp, Inc. ...................... 1,700 20,613
SPX, Inc. .................................... 332 27,722
Standard Register Co. ........................ 300 9,225
Starbucks Corp. .............................. 1,942 72,946
Steris Corp. ................................. 700 13,563
Sterling Commerce, Inc. ...................... 1,017 37,121
Sterling Software, Inc. ...................... 900 24,019
Stewart & Stevenson Svcs., Inc ............... 300 4,575
Stewart Enterprises .......................... 1,200 17,475
Storage Technology Corp. ..................... 1,067 24,274
Structural Dynamics Research ................. 400 7,425
Stryker Corp. ................................ 1,034 62,169
Suiza Foods Corp. ............................ 361 15,117
Sungard Data Sys Inc. ........................ 1,231 42,470
Superior Industries Intl ..................... 300 8,194
Sybron Intl. Corp. ........................... 1,100 30,319
Sylvan Learning Systems Inc. ................. 552 15,008
Symantec Corp. ............................... 600 15,300
Symbol Technologies, Inc. .................... 940 34,663
Synopsys, Inc. ............................... 757 41,777
TCA Cable TV, Inc. ........................... 530 29,415
TCF Financial ................................ 900 25,088
Tech Data Corp. .............................. 546 20,885
Teco Energy Inc. ............................. 1,400 31,850
Tecumseh Products Co. Cl A ................... 218 13,203
Teleflex, Inc. ............................... 400 17,375
Telephone & Data Systems, Inc. ............... 649 47,418
Teradyne, Inc. ............................... 909 65,221
The PMI Group Inc. ........................... 320 20,100
Tidewater, Inc. .............................. 600 18,300
Tiffany & Co. ................................ 375 36,188
Tosco Corp. .................................. 1,627 42,200
Total Renal Care Holdings .................... 900 14,006
Transocean Offshore, Inc. .................... 1,074 28,193
Trigon Healthcare, Inc. ...................... 452 16,442
Trinity Industries ........................... 461 15,444
Tyson Foods, Inc. ............................ 2,459 55,328
UCAR Int'l., Inc. ............................ 500 12,625
Ultramar Diamond Shamrock Corp. .............. 925 20,177
Unifi, Inc. .................................. 638 13,558
Unisource Worldwide, Inc. .................... 750 9,047
Universal Corp. .............................. 349 9,925
Universal Foods Corp. ........................ 537 11,344
Univision Communications, Inc. ............... 983 64,878
US Foodservice ............................... 529 22,549
USG Corp. .................................... 532 29,792
UtiliCorp United, Inc. ....................... 1,000 24,313
Valero Energy Corp. .......................... 600 12,863
Varco International, Inc. .................... 700 7,656
Veritas Software Corp. ....................... 884 83,925
Viad Corp. ................................... 1,063 32,887
Vishay Intertechnology, Inc. ................. 904 18,979
VISX, Inc. ................................... 675 53,452
Vitesse Semiconductor Corp. .................. 812 54,759
Vlasic Foods International ................... 500 3,656
Vulcan Materials Co. ......................... 1,077 51,965
Wallace Computer Svcs Inc. ................... 449 11,225
Warnaco Group, Inc. Cl A ..................... 600 16,050
Washington Gas Light Co. ..................... 500 13,000
Washington Post Co. Cl B ..................... 108 58,077
Watts Industries, Inc. Cl A .................. 300 5,756
Wausau-Mosinee Paper Corp. ................... 559 10,062
Weatherford International Inc. ............... 1,043 38,200
Wellman, Inc. ................................ 335 5,339
The accompanying notes are an integral part of these financial statements.
25
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Shares Value
------ -----------
INDEXED ASSETS: (CONTINUED)
COMMON STOCKS (CONTINUED)
Westamerica Bancorp .......................... 418 $ 15,256
Westpoint Stevens, Inc. ...................... 600 17,888
Whitman Corp. ................................ 936 16,848
Wilmington Trust Corp. ....................... 353 20,253
Wisconsin Central Transport .................. 546 10,306
Wisconsin Energy Corp. ....................... 1,244 31,178
Witco Corp. .................................. 600 12,000
Shares Value
------ -----------
INDEXED ASSETS: (CONTINUED)
COMMON STOCKS (CONTINUED)
Xilinx, Inc. ................................. 1,544 $ 88,394
York International Corp. ..................... 426 18,238
Zions Bancorporation ......................... 844 53,594
-----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $9,723,242) 79.9% ..................... 10,094,064
-----------
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
----- -------- --------- ----------
<S> <C> <C> <C> <C>
ACTIVE PORTION:
SHORT-TERM DEBT SECURITIES:
U. S. GOVERNMENT (4.1%)
U.S. Treasury Bill (a) ................................................ 4.50% 09/16/99 $ 200,000 $ 197,983
U.S. Treasury Bill (a) ................................................ 4.43 07/29/99 20,000 19,931
U.S. Treasury Bill (a) ................................................ 4.24 08/05/99 100,000 99,587
U.S. Treasury Bill (a) ................................................ 4.44 08/19/99 200,000 198,784
----------
516,285
----------
AGENCIES (4.4%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION .................................... 4.84 07/06/99 550,000 549,630
----------
COMMERCIAL PAPER (11.6%)
Alabama Power Co. ..................................................... 5.30 07/09/99 607,000 606,285
American Express Credit Corp. ......................................... 4.95 07/01/99 420,000 420,000
AT&T Corp. ............................................................ 5.08 07/02/99 445,000 444,937
----------
1,471,222
----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $2,537,227) 20.1% ................................................................................. 2,537,137
----------
TOTAL INVESTMENTS
(Cost: $12,260,469) 100.0% ............................................................................... $12,631,201
==========
</TABLE>
(a) This security has been segregated to cover initial margin requirements on
open futures contracts.
- ----------
<TABLE>
<CAPTION>
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 1999:
Expiration Underlying Face Unrealized
Date Amount at Value Gain
-------------- --------------- ----------
PURCHASED
<S> <C> <C> <C>
12 S&P MidCap 400 Stock Index Futures Contracts ......................... September 1999 $2,516,100 $41,075
========== =======
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities: 19.9%.
The accompanying notes are an integral part of these financial statements.
27
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
---- -------- ----------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.6%)
U.S. Treasury Note .................................................... 6.50% 08/15/05 $ 2,500,000 $ 2,576,950
U.S. Treasury Strip ................................................... 0.00 05/15/14 10,000,000 3,926,800
U.S. Treasury Strip ................................................... 0.00 02/15/17 15,000,000 4,933,500
------------
11,437,250
------------
AGENCIES/OTHER GOVERNMENTS (43.2%)
Connecticut Housing Fin. Auth. ........................................ 7.63 05/15/21 2,500,000 2,506,103
FHLB .................................................................. 0.00 07/14/17 25,000,000 5,906,250
FHLB .................................................................. 0.00 06/26/17 50,000,000 11,500,000
FHLB .................................................................. 0.00 07/07/22 50,000,000 8,078,000
FHLB .................................................................. 0.00 07/07/17 125,000,000 29,648,750
FHLMC ................................................................. 6.50 04/15/08 775,000 778,387
FHLMC ................................................................. 7.00 10/15/06 80,423 80,272
FHLMC ................................................................. 6.38 11/15/06 1,100,000 1,102,057
FHLMC ................................................................. 7.00 09/15/16 320,540 320,338
FHLMC ................................................................. 0.00 05/22/28 60,000,000 7,012,200
FHLMC ................................................................. 0.00 08/26/22 250,000,000 39,335,000
FHLMC ................................................................. 7.00 05/15/06 680,448 683,851
FHLMC ................................................................. 7.50 04/01/07 162,524 162,911
FHLMC ................................................................. 8.00 07/15/06 434,735 446,825
FHLMC ................................................................. 8.50 08/01/02 287,520 292,534
FHLMC ................................................................. 5.00 08/15/19 1,250,000 1,234,763
FHLMC ................................................................. 6.00 04/15/08 500,000 495,935
FNMA .................................................................. 6.25 01/25/20 850,000 848,139
FNMA .................................................................. 7.00 09/25/05 19,997 19,915
FNMA .................................................................. 5.00 04/25/21 600,000 584,622
FNMA .................................................................. 6.00 06/25/19 900,000 891,000
FNMA .................................................................. 0.00 07/13/17 200,000,000 47,750,000
FNMA .................................................................. 7.00 10/25/05 861,031 866,136
FNMA .................................................................. 7.00 12/25/18 305,291 305,386
New York City ......................................................... 10.00 08/01/05 2,000,000 2,218,174
New York City ......................................................... 9.50 06/01/09 5,000,000 5,426,674
Republic of Iceland ................................................... 6.13 02/01/04 5,000,000 4,901,450
Suffolk County, New York .............................................. 5.88 11/01/05 4,000,000 3,936,420
Suffolk County, New York .............................................. 5.80 11/01/04 4,000,000 3,949,208
Tennessee Valley Authority ............................................ 7.85 06/15/44 10,000,000 10,681,100
------------
191,962,400
------------
Basic Materials (5.8%)
Fletcher Challenge Ltd. ............................................... 9.00 09/15/99 2,000,000 2,011,180
Georgia-Pacific Group ................................................. 8.63 04/30/25 7,000,000 7,156,870
Inco Ltd. ............................................................. 9.60 06/15/22 7,500,000 7,285,500
Millennium America Inc. ............................................... 7.63 11/15/26 5,000,000 4,265,600
Praxair, Inc. ......................................................... 6.90 11/01/06 5,000,000 4,915,700
------------
25,634,850
------------
CONSUMER, CYCLICAL (9.0%)
Centex Corp. .......................................................... 8.75 03/01/07 2,000,000 2,097,900
</TABLE>
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
---- -------- ----------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
CONSUMER, CYCLICAL (CONTINUED)
Centex Corp. .......................................................... 7.38% 06/01/05 $ 5,000,000 $ 4,746,900
Fruit of the Loom, Inc. ............................................... 7.00 03/15/11 2,500,000 2,149,600
Fruit of the Loom, Inc. ............................................... 7.38 11/15/23 1,250,000 1,005,038
Gannett Co., Inc. ..................................................... 5.85 05/01/00 3,500,000 3,515,890
Neiman-Marcus Group Inc. .............................................. 7.13 06/01/28 2,500,000 2,232,825
Oakwood Homes Corp .................................................... 8.13 03/01/09 2,500,000 2,400,530
Polaroid Corp. ........................................................ 7.25 01/15/07 3,750,000 3,277,612
Shopko Stores, Inc. ................................................... 9.00 11/15/04 5,000,000 5,354,250
Tommy Hilfiger USA, Inc. .............................................. 6.50 06/01/03 5,000,000 4,877,250
V F Corp. ............................................................. 9.25 05/01/22 1,000,000 1,072,690
Valassis Communication, Inc. .......................................... 9.55 12/01/03 5,000,000 5,471,950
Venator Group, Inc. ................................................... 7.00 10/15/02 2,000,000 1,720,000
------------
39,922,435
------------
CONSUMER, NON-CYCLICAL (7.5%)
Bausch & Lomb, Inc. ................................................... 6.15 08/01/01 5,000,000 4,971,800
Bausch & Lomb, Inc. ................................................... 6.38 08/01/03 5,250,000 5,183,378
Bausch & Lomb, Inc. ................................................... 6.75 12/15/04 5,000,000 4,854,250
Panamerican Beverages, Inc. ........................................... 7.25 07/01/09 5,000,000 4,268,400
Ralston Purina Co. .................................................... 8.63 02/15/22 7,500,000 8,267,775
Rhone-Poulenc S.A. .................................................... 7.75 01/15/02 3,000,000 3,041,850
Supervalu, Inc. ....................................................... 8.88 11/15/22 2,500,000 2,688,600
------------
33,276,053
------------
ENERGY (4.9%)
Lyondell/Arco Petrochemical ........................................... 10.25 11/01/10 7,500,000 7,710,525
Southern Union Co. .................................................... 7.60 02/01/24 10,000,000 9,003,900
Tosco Corp. ........................................................... 8.25 05/15/03 5,000,000 5,235,300
------------
21,949,725
------------
FINANCIAL (11.7%)
Bear Stearns Cos., Inc. ............................................... 6.63 10/01/04 2,000,000 1,973,100
Berkley (W.R.) Corp. .................................................. 8.70 01/01/22 5,000,000 5,103,650
Chase Manhattan Corp. ................................................. 6.88 12/12/12 5,000,000 5,031,600
Citicorp Mortgage Sec. Inc. ........................................... 6.25 03/25/24 140,866 140,382
Executive Risk, Inc. .................................................. 7.13 12/15/07 5,000,000 4,992,700
Fairfax Financial Holdings,Ltd ........................................ 8.25 10/01/15 2,500,000 2,500,075
First American Financial .............................................. 7.55 04/01/28 1,500,000 1,372,860
Harleysville Group Inc. ............................................... 6.75 11/15/03 2,500,000 2,460,025
Lehman Brothers Holdings, Inc. ........................................ 0.00 07/28/28 10,000,000 998,300
Morgan (J.P.) & Co., Inc. ............................................. 0.00 04/15/27 32,500,000 3,601,000
Nationwide Health Properties .......................................... 7.90 11/20/06 5,000,000 4,688,250
Progressive Corp. of Ohio ............................................. 10.00 12/15/00 1,500,000 1,578,720
Rank Group Financial .................................................. 6.75 11/30/04 5,000,000 4,756,550
SunAmerica, Inc. ...................................................... 9.95 02/01/12 5,000,000 6,242,550
Triad Guaranty ........................................................ 7.90 01/15/28 3,250,000 3,149,841
Vesta Insurance Group, Inc. ........................................... 8.75 07/15/25 5,000,000 3,405,250
------------
51,994,853
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
29
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
---- -------- ----------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
INDUSTRIAL (9.7%)
Clark Equipment Co. ................................................... 8.35% 05/15/23 $ 5,000,000 $ 5,375,600
Geon Co. .............................................................. 7.50 12/15/15 3,750,000 3,599,362
Owens Corning ......................................................... 7.00 03/15/09 2,500,000 2,356,350
Pulte Corp. ........................................................... 7.63 10/15/17 7,500,000 6,908,700
Thermo Electron Corp. ................................................. 4.25 01/01/03 7,500,000 6,618,750
Thermo Instrument Systems, Inc ........................................ 4.00 01/15/05 10,000,000 8,250,000
Williams Cos., Inc. ................................................... 6.50 11/15/02 10,000,000 9,972,400
------------
43,081,162
------------
UTILITIES (3.8%)
New Orleans Public Service ............................................ 8.00 03/01/06 4,000,000 4,077,520
Pacific Gas & Electric Co. ............................................ 8.75 01/01/01 2,000,000 2,070,660
UtiliCorp United, Inc. ................................................ 8.00 03/01/23 10,000,000 10,502,200
------------
.......................................................................................................... 16,650,380
------------
TOTAL LONG-TERM DEBT SECURITIES (Cost: $446,561,328) 98.2% ................................................ 435,909,108
------------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (1.8%)
Duke Power Company .................................................... 5.65 07/01/99 5,191,000 5,191,000
Sony Capital Corp. .................................................... 4.95 07/02/99 2,895,000 2,894,601
------------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $8,085,601) 1.8% .................................................. 8,085,601
------------
TOTAL INVESTMENTS (Cost: $454,646,929) 100.0% ............................................................. $443,994,709
============
</TABLE>
- ----------
Abbreviations: FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
30
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
---- -------- ----------- ------------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT:
U.S. GOVERNMENT (13.0%)
U.S. Treasury Note .................................................... 5.38% 02/15/01 $ 2,200,000 $ 2,196,568
U.S. Treasury Note .................................................... 6.13 07/31/00 500,000 503,750
------------
2,700,318
------------
AGENCIES (72.4%)
FHLMC ................................................................. 8.50 08/01/02 318,667 324,225
FHLMC ................................................................. 6.50 05/15/21 133,765 133,807
FHLMC ................................................................. 7.50 09/01/07 379,634 382,630
FHLMC ................................................................. 7.50 02/15/07 322,448 328,091
FHLMC ................................................................. 5.00 08/15/19 600,000 592,686
FHLMC ................................................................. 7.95 12/15/20 21,449 21,462
FHLMC ................................................................. 8.25 10/01/09 297,625 305,869
FHLMC ................................................................. 6.00 09/15/08 144,253 142,991
FHLMC ................................................................. 6.00 12/15/17 197,103 196,917
FHLMC ................................................................. 6.00 05/15/22 132,383 131,266
FHLMC ................................................................. 6.50 09/15/06 500,000 501,715
FHLMC ................................................................. 7.00 05/15/06 340,224 341,925
FHLMC ................................................................. 8.00 04/01/02 149,805 151,691
FHLMC ................................................................. 6.00 04/15/08 500,000 495,935
FHLMC ................................................................. 7.75 12/01/02 174,191 175,696
FHLMC ................................................................. 6.50 04/15/08 725,000 728,168
FHLMC ................................................................. 7.00 03/15/08 229,347 230,636
FHLMC ................................................................. 7.00 04/15/01 250,000 251,093
FHLMC ................................................................. 8.00 05/01/02 261,872 264,171
FHLMC ................................................................. 7.00 10/15/06 740,982 747,925
FHLMC ................................................................. 8.50 09/01/17 136,167 141,107
FNMA .................................................................. 7.50 01/01/09 214,240 217,973
FNMA .................................................................. 7.75 03/01/08 234,161 239,413
FNMA .................................................................. 8.00 04/01/08 159,148 164,723
FNMA .................................................................. 8.25 09/25/05 68,482 68,738
FNMA .................................................................. 7.00 09/25/05 13,998 13,941
FNMA .................................................................. 7.00 11/25/05 391,552 393,753
FNMA .................................................................. 8.25 10/01/05 72,625 72,792
FNMA .................................................................. 6.50 12/25/18 201,631 201,127
FNMA .................................................................. 5.50 04/25/19 260,218 259,159
FNMA .................................................................. 7.00 10/25/05 369,013 371,201
FNMA .................................................................. 6.30 09/25/18 305,000 304,619
FNMA .................................................................. 6.00 12/25/20 750,000 738,278
FNMA .................................................................. 7.50 02/25/07 250,000 254,375
FNMA .................................................................. 5.00 01/01/06 951,374 919,560
FNMA .................................................................. 0.00 12/01/01 132,891 125,650
FNMA .................................................................. 6.50 12/18/17 650,000 652,841
FNMA .................................................................. 6.70 01/18/19 199,792 199,728
FNMA .................................................................. 6.10 08/25/21 132,951 132,368
FNMA .................................................................. 6.00 06/25/19 800,000 792,000
FNMA .................................................................. 6.25 01/25/20 650,000 648,577
FNMA .................................................................. 5.00 04/25/21 620,000 604,109
FNMA .................................................................. 7.00 12/25/18 305,291 305,385
</TABLE>
The accompanying notes are an integral part of these financial statements.
31
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
---- -------- --------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT (CONTINUED):
AGENCIES (CONTINUED)
FNMA .................................................................. 8.25% 01/01/10 $ 467,217 $ 482,775
GNMA .................................................................. 9.00 03/15/10 182,397 192,770
GNMA .................................................................. 9.50 12/20/03 47,928 49,963
-----------
14,995,824
-----------
CONSUMER, CYCLICAL (2.4%)
Venator Group, Inc. ................................................... 7.00 06/01/00 500,000 490,230
-----------
ENERGY (2.0%)
Columbia Energy Group ................................................. 6.61 11/28/02 400,000 399,452
-----------
FINANCIAL (5.3%)
Chase Mortgage Finance Corp. .......................................... 6.50 09/25/09 500,000 500,155
Citicorp Mortgage Securitites Inc. .................................... 6.25 03/25/24 57,175 56,978
FBC Mortgage Securities Trust ......................................... 8.30 08/20/09 53,086 52,970
GE Capital Mtge. Services,Inc. ........................................ 6.00 09/25/08 80,143 79,892
Morgan Stanley Capital Inc. ........................................... 6.85 02/15/20 241,903 242,622
Prudential Home Mtge. Secs. Co. ....................................... 6.75 08/25/08 166,802 166,644
-----------
1,099,261
-----------
INDUSTRIAL (2.4%)
EdperBrascan Corp. .................................................... 7.38 10/01/02 500,000 499,675
-----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost $20,295,413) 97.5% 20,184,760
-----------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (2.5%)
Duke Power Company .................................................... 5.65 07/01/99 528,000 528,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $528,000) 2.5% ................................................................................... 528,000
-----------
TOTAL INVESTMENTS
(Cost: $20,823,413) 100.0% .............................................................................. $20,712,760
===========
</TABLE>
- ----------
Abbreviations: FHLMC= Federal Home Loan Mortgage Corporation
FNMA= Federal National Mortgage Association
GNMA= Government National Mortgage Association
The accompanying notes are an integral part of these financial statements.
32
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
---- -------- --------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT:
U.S. GOVERNMENT (26.9%)
U.S. Treasury Note .................................................... 5.88% 02/15/04 $3,500,000 $ 3,522,435
-----------
AGENCIES/OTHER GOVERNMENTS (21.5%)
FHLMC ................................................................. 8.00 07/15/06 217,368 223,413
FHLMC ................................................................. 8.00 04/15/03 338,072 343,352
FHLMC ................................................................. 6.38 11/15/06 590,000 591,103
FNMA .................................................................. 7.00 11/25/04 89,865 89,612
FNMA .................................................................. 6.50 12/25/18 113,418 113,134
FNMA .................................................................. 7.00 03/18/18 108,074 107,803
FNMA .................................................................. 6.50 11/25/05 356,192 355,301
FNMA .................................................................. 7.00 04/25/07 600,000 604,308
New York City ......................................................... 9.50 06/01/09 350,000 379,867
-----------
2,807,893
-----------
CONSUMER, CYCLICAL (7.0%)
Tommy Hilfiger USA, Inc. .............................................. 6.50 06/01/03 500,000 487,725
Venator Group, Inc. ................................................... 7.00 10/15/02 500,000 430,000
-----------
917,725
-----------
CONSUMER, NON-CYCLICAL (3.7%)
Bausch & Lomb, Inc. ................................................... 6.75 12/15/04 250,000 242,713
Bausch & Lomb, Inc. ................................................... 6.38 08/01/03 250,000 246,828
-----------
489,541
-----------
FINANCIAL (19.6%)
Bear Stearns Cos., Inc. ............................................... 9.38 06/01/01 250,000 262,965
Bear Stearns Cos., Inc. ............................................... 6.63 10/01/04 500,000 493,275
Harleysville Group Inc. ............................................... 6.75 11/15/03 250,000 246,003
Nationwide Health Properties .......................................... 7.90 11/20/06 250,000 234,412
Nationwide Health Properties .......................................... 7.60 11/20/28 350,000 345,191
Rank Group Financial .................................................. 6.75 11/30/04 500,000 475,655
Salomon Smith Barney Hldgs. ........................................... 6.50 10/15/02 500,000 499,860
-----------
2,557,361
-----------
INDUSTRIAL (12.9%)
Airborne Freight Corp. ................................................ 8.88 12/15/02 250,000 258,575
Crown Cork & Seal, Inc. ............................................... 6.75 04/15/03 500,000 494,005
Thermo Electron Corp. ................................................. 4.25 01/01/03 500,000 441,250
Williams Cos., Inc. ................................................... 6.50 11/15/02 500,000 498,620
-----------
1,692,450
-----------
UTILITIES (3.9%)
Baltimore Gas & Electric Co. .......................................... 6.13 07/01/03 250,000 248,188
Public Svc. Electric & Gas Co. ........................................ 7.88 11/01/01 250,000 257,877
-----------
506,065
-----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES (Cost $12,741,411) 95.5% ........................................... 12,493,470
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
Face
Rate Maturity Amount Value
----- -------- --------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (4.5%)
Gillette Company ...................................................... 5.65% 07/01/99 $ 284,000 $ 284,000
Warner Lambert ........................................................ 5.65 07/01/99 300,000 300,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $584,000) 4.5% ..................................................... 584,000
-----------
TOTAL INVESTMENTS (Cost: $13,325,411) 100.0% ............................................................... $13,077,470
===========
</TABLE>
- ----------
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
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
June 30, 1990 (Unaudited)
Shares Value
------ -----------
COMMON STOCKS:
BASIC MATERIALS (2.1%)
ALCOA Inc. .............................. 13,200 $ 816,750
Du Pont (E.I.) de Nemours &
Co. Inc. .............................. 65,000 4,440,313
International Paper Co. ................. 39,200 1,979,600
-----------
7,236,663
-----------
CONSUMER, CYCLICAL (10.6%)
America Online, Inc.* ................... 16,700 1,845,350
Circuit City Group, Inc. ................ 11,000 1,023,000
Corning, Inc. ........................... 32,900 2,307,112
Costco Co.* ............................. 37,600 3,010,350
General Electric Co. .................... 62,100 7,017,300
Home Depot, Inc. ........................ 28,900 1,862,244
Interpublic Group of Cos., Inc. ......... 38,200 3,309,075
New York Times Co. Cl A ................. 19,500 717,844
Omnicom Group, Inc. ..................... 42,100 3,368,000
Ryder System, Inc. ...................... 58,500 1,521,000
Southwest Airlines Co. .................. 18,200 566,475
TJX Companies, Inc. ..................... 60,400 2,012,075
Viacom, Inc. Cl B* ...................... 85,800 3,775,200
Wal-Mart Stores, Inc. ................... 83,400 4,024,050
-----------
36,359,075
-----------
CONSUMER, NON-CYCLICAL(10.7%)
Albertson's, Inc. ....................... 10,899 561,980
American Home Products Corp. ............ 8,000 460,000
Anheuser-Busch Cos., Inc. ............... 20,900 1,482,594
Bristol-Myers Squibb Co. ................ 38,800 2,732,975
Cardinal Health, Inc. ................... 68,500 4,392,563
Coca-Cola Co. ........................... 46,700 2,918,750
Columbia/HCA Healthcare Corp. ........... 93,600 2,135,250
Heinz (H.J.) Co. ........................ 45,500 2,280,688
Johnson & Johnson ....................... 26,900 2,636,200
Kimberly Clark Corp. .................... 10,700 609,900
Lilly (Eli) & Co. ....................... 21,600 1,547,100
Merck & Co., Inc. ....................... 46,800 3,463,200
PepsiCo, Inc. ........................... 98,500 3,810,719
Pfizer, Inc. ............................ 25,800 2,831,550
Pharmacia & Upjohn, Inc. ................ 28,300 1,607,794
Proctor & Gamble Co. .................... 25,500 2,275,874
Sara Lee Corp. .......................... 63,000 1,429,312
-----------
37,176,449
-----------
ENERGY (3.5%)
Atlantic Richfield Co. .................. 12,200 1,019,463
Chevron Corp. ........................... 11,100 1,056,581
Exxon Corp. ............................. 45,600 3,516,900
Halliburton Co. ......................... 14,600 660,650
Mobil Corp. ............................. 14,800 1,465,200
Texaco, Inc. ............................ 15,900 993,750
- ----------
* Non-income producing security.
Shares Value
------ -----------
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Royal Dutch Petroleum Co.--
N.Y. Shs ............................. 40,700 $ 2,452,175
Schlumberger, Ltd. ..................... 17,100 1,089,055
-----------
12,253,774
-----------
FINANCIAL (9.6%)
Aetna, Inc. ............................ 37,200 3,327,075
American Express Co. ................... 16,600 2,160,075
American Int'l. Group, Inc. ............ 20,400 2,388,075
Bank of America Corp. .................. 33,300 2,441,306
Bank One Corp. ......................... 54,100 3,222,331
Chase Manhattan Corp. .................. 23,200 2,009,700
CIGNA Corp. ............................ 42,100 3,746,900
Citigroup, Inc. ........................ 63,150 2,999,625
Comerica, Inc. ......................... 10,000 594,375
Conseco, Inc. .......................... 19,700 599,619
Countrywide Credit Industries .......... 15,300 654,075
Firstar Corporation .................... 129,100 3,614,800
Freddie Mac ............................ 9,200 533,600
Household International, Inc. .......... 11,000 521,125
KeyCorp ................................ 58,400 1,876,100
Lehman Brothers Holdings, Inc. ......... 10,000 622,500
Morgan Stanley Dean Witter ............. 10,700 1,096,750
National City Corp. .................... 15,400 1,008,700
-----------
33,416,731
-----------
INDUSTRIAL (1.2%)
Owens-Illinois Inc.* ................... 70,000 2,288,125
Tyco International Ltd. ................ 19,100 1,809,725
-----------
4,097,850
-----------
TECHNOLOGY (16.0%).........................
AlliedSignal, Inc. ..................... 10,100 636,300
Apple Computer, Inc.* .................. 55,700 2,579,606
AT&T Corp. ............................. 50,350 2,810,159
Cisco Systems, Inc.* ................... 60,800 3,921,600
Comcast Corp. Cl A ..................... 95,400 3,666,938
Dell Computer Corp.* ................... 46,600 1,724,200
General Dynamics Corp. ................. 31,500 2,157,750
Intel Corp. ............................ 62,400 3,712,800
Intl. Business Machines Corp. .......... 36,600 4,730,550
Lucent Technologies, Inc. .............. 49,400 3,331,413
Microsoft Corp.* ....................... 94,300 8,504,681
Motorola, Inc. ......................... 47,000 4,453,250
Nortel Networks Corp ................... 54,500 4,731,281
Texas Instruments, Inc. ................ 13,600 1,972,000
Unisys Corp.* .......................... 150,000 5,840,625
United Technologies Corp. .............. 9,200 659,525
-----------
55,432,678
-----------
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, 1999 (Unaudited)
Shares Value
------ -----------
COMMON STOCKS (CONTINUED):
UTILITIES (6.3%)
Bell Atlantic Corp. ....................... 66,400 $ 4,340,900
CINergy Corp. ............................. 18,700 598,400
Duke Energy Corp. ......................... 9,500 516,563
Edison International ...................... 22,900 612,575
FirstEnergy Corp. ......................... 18,700 579,700
FPL Group, Inc. ........................... 9,800 535,325
GTE Corp. ................................. 58,500 4,431,375
MCI WorldCom, Inc.* ....................... 35,100 3,027,375
Nextel Communications, Inc.* .............. 45,500 2,283,531
- ----------
* Non-income producing security.
<PAGE>
Shares Value
------ -----------
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Peco Energy Co. ......................... 11,400 $ 477,375
PG & E Corp. ............................ 16,900 549,250
Public Svc. Enterprise Group ............ 13,700 559,988
SBC Communications, Inc. ................ 38,400 2,227,200
Southern Co. ............................ 22,500 596,250
Texas Utilities Co. ..................... 12,500 515,625
-----------
21,851,432
-----------
TOTAL COMMON STOCKS
(Cost: $168,710,951) 60.0% ............ 207,824,652
-----------
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1990 (Unaudited)
Face
Rate Maturity Amount Value
---- -------- ------------ -----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
AGENCIES/OTHER GOVERNMENTS (13.8%)
Connecticut Housing Fin. Auth. ........................................ 7.63% 05/15/21 $ 1,000,000 $ 1,002,441
FHLB .................................................................. 0.00 07/07/17 25,000,000 5,929,750
FHLB .................................................................. 0.00 07/14/17 25,000,000 5,906,250
FHLMC ................................................................. 8.00 07/15/06 217,368 223,413
FHLMC ................................................................. 0.00 05/22/28 20,000,000 2,337,400
FHLMC ................................................................. 7.00 04/15/17 125,190 125,111
FHLMC ................................................................. 6.00 07/15/18 142,278 142,055
FNMA .................................................................. 7.00 11/25/05 1,174,657 1,181,259
FNMA .................................................................. 0.00 07/13/17 100,000,000 23,875,000
FNMA .................................................................. 6.80 06/25/05 244,258 243,647
FNMA .................................................................. 6.65 01/25/17 176,703 176,592
FNMA .................................................................. 6.50 07/25/20 500,000 500,780
New York City ......................................................... 9.50 06/01/09 2,000,000 2,170,670
New York City ......................................................... 10.00 08/01/05 500,000 554,544
Republic of Iceland ................................................... 6.13 02/01/04 2,500,000 2,450,725
Suffolk County, New York .............................................. 5.88 11/01/05 750,000 738,079
Suffolk County, New York .............................................. 5.80 11/01/04 250,000 246,826
-----------
47,804,542
-----------
BASIC MATERIALS (2.6%)
Georgia-Pacific(Timber Group) ......................................... 8.63 04/30/25 2,000,000 2,044,820
Inco Ltd. ............................................................. 9.60 06/15/22 2,500,000 2,428,500
Millennium America Inc. ............................................... 7.63 11/15/26 2,500,000 2,132,800
Praxair, Inc. ......................................................... 6.90 11/01/06 2,500,000 2,457,850
-----------
9,063,970
-----------
CONSUMER, CYCLICAL (4.7%)
Centex Corp. .......................................................... 7.38 06/01/05 2,000,000 1,898,760
Fruit of the Loom, Inc. ............................................... 7.38 11/15/23 500,000 402,015
Fruit of the Loom, Inc. ............................................... 7.00 03/15/11 1,000,000 859,840
Gannett Co., Inc. ..................................................... 5.85 05/01/00 1,000,000 1,004,540
Neiman-Marcus Group Inc. .............................................. 7.13 06/01/28 2,500,000 2,232,825
Polaroid Corp. ........................................................ 7.25 01/15/07 1,000,000 874,030
Pulte Corp. ........................................................... 7.63 10/15/17 2,500,000 2,302,900
Shopko Stores, Inc. ................................................... 9.00 11/15/04 1,000,000 1,070,850
Tommy Hilfiger USA, Inc. .............................................. 6.50 06/01/03 2,850,000 2,780,033
Valassis Communication, Inc. .......................................... 9.55 12/01/03 2,000,000 2,188,780
Venator Group, Inc. ................................................... 7.00 10/15/02 1,000,000 860,000
-----------
16,474,573
-----------
CONSUMER, NON-CYCLICAL (3.0%)
Bausch & Lomb, Inc. ................................................... 6.75 12/15/04 2,500,000 2,427,125
Bausch & Lomb, Inc. ................................................... 6.38 08/01/03 2,500,000 2,468,275
Ralston Purina Co. .................................................... 8.63 02/15/22 2,500,000 2,755,925
Rhone-Poulenc S.A. .................................................... 7.75 01/15/02 1,000,000 1,013,950
Supervalu, Inc. ....................................................... 8.88 11/15/22 1,500,000 1,613,160
-----------
10,278,435
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1990 (Unaudited)
Face
Rate Maturity Amount Value
---- -------- ----------- -----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
ENERGY (2.8%)
Lyondell/Arco Petrochemical ......................................... 10.25% 11/01/10 $ 2,500,000 $ 2,570,176
Southern Union Co. .................................................. 7.60 02/01/24 5,000,000 4,501,950
Tosco Corp. ......................................................... 8.25 05/15/03 2,500,000 2,617,650
------------
9,689,776
------------
FINANCIAL (5.4%)
Berkley (W.R.) Corp. ................................................ 8.70 01/01/22 1,500,000 1,531,092
Chase Manhattan Corp. 6.88 12/12/12 2,500,000 2,515,800
Executive Risk, Inc. ................................................ 7.13 12/15/07 1,000,000 998,540
Fairfax Financial Holdings,Ltd ...................................... 8.25 10/01/15 500,000 500,014
First American Financial ............................................ 7.55 04/01/28 2,250,000 2,059,290
Harleysville Group Inc. ............................................. 6.75 11/15/03 1,000,000 984,010
Lehman Brothers Holdings, Inc. ...................................... 0.00 07/28/28 3,250,000 324,448
Morgan (J.P.) & Co., Inc. ........................................... 0.00 04/15/27 10,000,000 1,108,000
Nationwide Health Properties ........................................ 7.90 11/20/06 5,000,000 4,688,250
Progressive Corp. of Ohio ........................................... 10.00 12/15/00 500,000 526,240
Prudential Home Mtg Secs Co. ........................................ 6.75 08/25/08 300,243 299,961
SunAmerica, Inc. .................................................... 9.95 02/01/12 2,000,000 2,497,020
Vesta Insurance Group, Inc. ......................................... 8.75 07/15/25 1,000,000 681,050
------------
18,713,715
------------
INDUSTRIAL (2.1%)
Clark Equipment Co. ................................................. 8.35 05/15/23 1,500,000 1,612,680
Geon Co. ............................................................ 7.50 12/15/15 1,000,000 959,830
Owens Corning ....................................................... 7.00 03/15/09 1,500,000 1,413,810
Thermo Electron Corp. ............................................... 4.25 01/01/03 2,500,000 2,206,250
Williams Cos., Inc. ................................................. 6.50 11/15/02 1,000,000 997,240
------------
7,189,810
------------
UTILITIES (1.8%)
Central Telephone Co. ............................................... 9.28 11/27/00 1,000,000 1,040,530
New Orleans Public Service .......................................... 8.00 03/01/06 1,000,000 1,019,380
Pacific Gas & Electric Co. .......................................... 8.75 01/01/01 1,000,000 1,035,330
UtiliCorp United, Inc. .............................................. 8.00 03/01/23 3,000,000 3,150,660
------------
6,245,900
------------
TOTAL LONG-TERM DEBT SECURITIES (Cost: $128,559,752) 36.2% ................................................ 125,460,721
------------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER: (3.8%)
American Express Credit Corp. ....................................... 4.92 07/06/99 5,567,000 5,563,189
Duke Power Company .................................................. 5.65 07/01/99 4,161,000 4,161,000
Ford Motor Credit Co. ............................................... 5.25 07/07/99 3,340,000 3,337,077
------------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $13,061,266) (3.8%) ............................................... 13,061,266
------------
TOTAL INVESTMENTS (Cost: $310,331,969) 100.0% ............................................................. $346,346,639
============
</TABLE>
- ----------
Abbreviations: FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 1999 (Unaudited)
Shares Value
------- -----------
COMMON STOCKS:
BASIC MATERIALS (1.4%)
TETRA Tech, Inc.* ....................... 175,500 $ 2,895,750
-----------
CONSUMER, CYCLICAL (22.8%)
Adelphia Communications Cl A* ........... 30,000 1,908,750
Ames Dept. Stores, Inc.* ................ 112,000 5,110,000
AT&T Corp - Liberty Media `A'* .......... 100,000 3,675,000
Atlantic Coast Airlines Hldgs.* ......... 87,000 1,653,000
BJ's Wholesale Club, Inc.* .............. 85,000 2,555,313
Chancellor Media Corp Cl A* ............. 40,000 2,205,000
Circuit City Group, Inc. ................ 25,000 2,325,000
Consolidated Graphics, Inc.* ............ 100,000 5,000,000
Family Dollar Stores Inc. ............... 118,000 2,832,000
Jones Intercable Inc.* .................. 50,000 2,450,000
Price Communications Corp.* ............. 153,700 2,305,500
Skywest, Inc. ........................... 73,000 1,820,438
The Bombay Company Inc.* ................ 275,000 2,114,063
The Cheesecake Factory, Inc.* ........... 69,900 2,131,950
Tiffany & Co. ........................... 43,000 4,149,500
Viacom, Inc. Cl B* ...................... 50,000 2,200,000
Wet Seal, Inc. Cl A* .................... 88,000 2,519,000
-----------
46,954,514
-----------
CONSUMER, NON-CYCLICAL (3.3%)
Anesta Corp.* ........................... 100,000 2,043,750
Medquist, Inc.* ......................... 56,000 2,450,000
US Foodservice* ......................... 55,000 2,344,376
-----------
6,838,126
-----------
ENERGY (7.4%)
Barrett Resources Corp.* ................ 76,000 2,916,500
Basin Exploration* ...................... 100,000 2,006,250
Devon Energy Corp. ...................... 58,200 2,080,650
Nabors Industries, Inc.* ................ 65,000 1,588,438
NewField Exploration Company* ........... 81,000 2,303,438
Quanta Services Inc.* ................... 100,000 4,400,000
-----------
15,295,276
-----------
FINANCIAL (14.5%)
Arden Realty Group ...................... 75,000 1,846,875
Boston Properties ....................... 55,000 1,973,125
Compass Bancshares Inc. ................. 63,000 1,716,750
Cullen/Frost Bankers, Inc. .............. 110,000 3,031,875
Equity Res. Pptys Tr. Co. ............... 45,400 2,045,837
First Midwest Bancorp ................... 15,500 616,125
GreenPoint Financial Corp. .............. 60,000 1,968,750
Heller Financial, Inc. .................. 49,000 1,362,812
Kimco Realty Corp. ...................... 45,000 1,760,625
Mack-Cali Realty Corp. .................. 58,000 1,794,375
Mutual Risk Management Ltd. ............. 60,000 2,002,500
Paychex, Inc. ........................... 67,500 2,151,562
Public Storage, Inc. .................... 70,000 1,960,000
SL Green Realty Corp. ................... 102,200 2,088,712
- ----------
* Non-income producing security.
Shares Value
------ -----------
COMMON STOCKS (CONTINUED):
FINANCIAL (CONTINUED)
Spieker Pptys., Inc. ...................... 50,000 $ 1,943,750
Vornado Rlty. Trust ....................... 50,000 1,765,625
-----------
30,029,298
-----------
INDUSTRIAL (17.0%)
CNF Transportation, Inc. .................. 40,900 1,569,538
Concord EFS, Inc.* ........................ 65,000 2,750,312
CSG Systems Intl., Inc.* .................. 90,000 2,356,875
ETEC Systems Inc.* ........................ 48,500 1,612,625
Fiserv, Inc.* ............................. 55,000 1,722,187
Forward Air Corporation* .................. 104,400 2,936,250
HEICO Corp.* .............................. 90,000 2,226,250
Hooper Holmes, Inc. ....................... 110,000 2,241,250
Metzler Group, Inc.* ...................... 103,000 2,845,375
PRI Automation, Inc.* ..................... 77,000 2,791,250
Profit Recovery Group Intl.* .............. 55,000 2,602,187
Spartech Corp.* ........................... 20,000 632,500
US Liquids Inc.* .......................... 100,000 2,087,500
Vallen Corp.* ............................. 122,000 1,952,000
Waste Connections Inc.* ................... 109,900 3,351,950
Weatherford International Inc.* ........... 37,000 1,355,125
-----------
35,033,174
-----------
TECHNOLOGY (24.5%)
Altera Corp.* ............................. 73,000 2,687,312
Applied Micro Circuits, Corp.* ............ 47,500 3,906,875
BMC Software, Inc.* ....................... 54,000 2,916,000
CDW Computers Centers, Inc.* .............. 54,000 2,376,000
Legato Systems, Inc.* ..................... 60,000 3,465,000
Linear Technology Corp. ................... 49,000 3,295,250
Maxim Integrated Products, Inc.* .......... 43,000 2,859,500
Millipore Corp. ........................... 80,000 3,245,000
National Instruments Corp.* ............... 100,000 4,037,500
Networks Associates, Inc.* ................ 127,000 1,865,313
Novellus Systems, Inc.* ................... 44,000 3,003,000
Peregrine Systems, Inc.* .................. 100,000 2,568,750
Photronics, Inc.* ......................... 70,000 1,715,000
Teradyne, Inc.* ........................... 44,000 3,157,000
Unisys Corp.* ............................. 159,000 6,191,062
Xilinx, Inc.* ............................. 58,000 3,320,500
-----------
50,609,062
-----------
Utilities (3.2%)
Montana Pwr. Co. .......................... 30,000 2,115,000
Voicestream Wireless Corp.* ............... 70,000 1,990,625
Western Wireless Corp.* ................... 90,000 2,430,000
-----------
6,535,625
-----------
TOTAL COMMON STOCKS
(Cost: $161,095,643) 94.1% .............. 194,190,825
-----------
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (5.9%)
Duke Power Company .................................................... 5.65% 07/01/99 $4,300,000 $ 4,300,000
Koch Industries ....................................................... 5.70 07/01/99 4,700,000 4,700,000
Warner Lambert ........................................................ 5.65 07/01/99 3,138,000 3,138,000
------------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $12,138,000) 5.9% ................................................ 12,138,000
------------
TOTAL INVESTMENTS (Cost: $173,233,643) 100.0% ............................................................. $206,328,825
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
40
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
Mid-Cap
Money Market All America Equity Index Equity Index Bond
Fund Fund Fund Fund Fund
------------ ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments at market value
(Cost:
Money Market Fund -- $69,489,800
All America Fund -- $420,893,401
Equity Index Fund -- $362,316,678
Mid-Cap Equity Index Fund -- $12,260,469
Bond Fund -- $454,646,929)
(Notes 1 and 3) .......................... $69,488,558 $797,478,892 $532,222,008 $12,631,201 $443,994,709
Cash ........................................ 528 2,499,703 248,827 8,087 11,302
Interest and dividends receivable ........... 91,887 698,619 440,642 5,558 4,779,289
Receivable for securities sold .............. -- 4,274,564 401,460 50,644 61,776
----------- ------------ ------------ ----------- ------------
TOTAL ASSETS ................................ 69,580,973 804,951,778 533,312,937 12,695,490 448,847,076
Payable for securities purchased ............ -- 3,617,952 -- -- 7,187
----------- ------------ ------------ ----------- ------------
NET ASSETS .................................. $69,580,973 $801,333,826 $533,312,937 $12,695,490 $448,839,889
=========== ============ ============ =========== ============
NUMBER OF SHARES
OUTSTANDING (Note 4) ..................... 57,400,247 246,411,125 193,845,303 12,196,808 320,667,492
=========== ============ ============ =========== ============
NET ASSET VALUES, offering and
redemption price per share .................. $ 1.21 $ 3.25 $ 2.75 $ 1.04 $ 1.40
=========== ============ ============ =========== ============
</TABLE>
<TABLE>
<CAPTION>
Short-Term Mid-Term Composite Aggressive Equity
Bond Fund Bond Fund Fund Fund
------------ ------------ ------------- -----------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at market value
(Cost:
Short-Term Bond Fund -- $20,823,413
Mid-Term Bond Fund -- $13,325,411
Composite Fund -- $310,331,969
Aggressive Equity Fund -- $173,233,643)
(Notes 1 and 3) ........................................ $20,712,760 $13,077,470 $346,346,639 $206,328,825
Cash ...................................................... 5,422 5,491 14,438 18,322
Interest and dividends receivable ......................... 166,910 186,507 1,697,406 196,099
Receivable for securities sold ............................ 72,910 -- 117,604 812,574
----------- ----------- ------------ ------------
TOTAL ASSETS .............................................. 20,958,002 13,269,468 348,176,087 207,355,820
Payable for securities purchased .......................... 398,111 -- -- --
----------- ----------- ------------ ------------
NET ASSETS ................................................ $20,559,891 $13,269,468 $348,176,087 $207,355,820
=========== =========== ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) ..................... 19,571,492 14,545,183 185,389,019 128,628,404
=========== =========== ============ ============
NET ASSET VALUES, offering and redemption price
per share .............................................. $ 1.05 $ 0.91 $ 1.88 $ 1.61
=========== =========== ============ ============
</TABLE>
41
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
For the Period
May 3, 1999
(Commencement of
Operations) to June 30, 1999
For the Six Months Ended June 30, 1999 (Unaudited) (Unaudited)
-------------------------------------------------- ----------------------------
Mid-Cap
Money Market All America Equity Index Equity Index
Fund Fund Fund Fund
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends ............................... $ -- $ 4,412,282 $ 3,018,875 $ 18,708
Interest ................................ 1,719,515 372,335 568,452 16,154
----------- ------------ ------------ ----------
Total income ............................... 1,719,515 4,784,617 3,587,327 34,862
----------- ------------ ------------ ----------
Expenses:
Investment advisory fees (Note 2) ........ 86,899 1,888,363 293,485 2,394
----------- ------------ ------------ ----------
NET INVESTMENT INCOME ...................... 1,632,616 2,896,254 3,293,842 32,468
----------- ------------ ------------ ----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1 ):
Net realized gain (loss) on investments:
Net proceeds from sales and
maturities ............................ 450,844,472 983,282,762 920,526,589 31,310,265
Cost of securities sold or matured ...... 450,845,370 943,444,327 915,815,627 31,243,669
----------- ------------ ------------ ----------
Net realized gain (loss) ................... (898) 39,838,435 4,710,962 66,596
Net unrealized appreciation
(depreciation) of investments ........... (1,242) 46,809,567 46,922,690 370,732
----------- ------------ ------------ ----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS ................... (2,140) 86,648,002 51,633,652 437,328
----------- ------------ ------------ ----------
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............... $ 1,630,476 $ 89,544,256 $ 54,927,494 $ 469,796
=========== ============ ============ ==========
</TABLE>
<TABLE>
<CAPTION>
For the Six Months Ended June 30, 1999 (Unaudited)
---------------------------------------------------------------------------------
Bond Short-Term Mid-Term Composite Aggressive Equity
Fund Bond Fund Bond Fund Fund Fund
------------ ----------- ----------- ------------ -----------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends ............................... $ -- $ -- $ -- $ 1,205,444 $ 576,438
Interest ................................ 16,954,149 626,317 441,723 5,194,319 79,745
------------ ----------- ----------- ------------ ------------
Total income ............................... 16,954,149 626,317 441,723 6,399,763 656,183
------------ ----------- ----------- ------------ ------------
Expenses:
Investment advisory fees (Note 2) ....... 1,129,899 52,708 35,681 843,996 808,693
------------ ----------- ----------- ------------ ------------
NET INVESTMENT INCOME ...................... 15,824,250 573,609 406,042 5,555,767 (152,510)
------------ ----------- ----------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments:
Net proceeds from sales and
maturities ............................ 545,210,521 $68,069,389 $50,818,914 814,311,678 531,787,259
Cost of securities sold or matured ...... 544,426,788 68,063,377 50,816,290 804,835,124 521,316,446
------------ ----------- ----------- ------------ ------------
Net realized gain (loss) ................... 783,733 6,012 2,624 9,476,554 10,470,813
Net unrealized appreciation (depreciation)
of investments ......................... (24,609,147) (146,453) (370,991) 3,522,587 1,924,633
------------ ----------- ----------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS ................... (23,825,414) (140,441) (368,367) 12,999,141 12,395,446
------------ ----------- ----------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............... $ (8,001,164) $ 433,168 $ 37,675 $ 18,554,908 $ 12,242,936
============ =========== =========== ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
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, 1999 December 31, June 30, 1999 December 31, June 30, 1999 December 31,
(Unaudited) 1998 (Unaudited) 1998 (Unaudited) 1998
-------------- ------------ ------------ ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From Operations:
Net investment income ..................... $ 1,632,616 $ 3,644,306 $ 2,896,254 $ 6,005,853 $ 3,293,842 $ 5,167,556
Net realized gain (loss) on investments ... (898) (1,091) 39,838,435 75,028,110 4,710,962 4,309,294
Unrealized appreciation (depreciation) of
investments ............................... (1,242) -- 46,809,567 51,132,012 46,922,690 72,664,856
------------ ----------- ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. 1,630,476 3,643,215 89,544,256 132,165,975 54,927,494 82,141,706
------------ ------------- ------------ ------------ ------------ ------------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares .......... 7,695,022 49,564,634 19,867,280 8,745,724 68,846,989 111,027,460
Dividends reinvested ...................... -- 3,649,927 -- 87,022,298 -- 31,568,403
Cost of shares redeemed ................... (20,514,203) (39,940,229) (40,426,825) (108,090,679) (1,227,897) (19,365,681)
Dividend distributions .................... -- (3,649,927) -- (87,022,298) -- (31,568,403)
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS ............... (12,819,181) 9,624,405 (20,559,545) (99,344,955) 67,619,092 91,661,779
------------ ----------- ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS ........... (11,188,705) 13,267,620 68,984,711 32,821,020 122,546,586 173,803,485
NET ASSETS, BEGINNING OF PERIOD/YEAR ....... 80,769,678 67,502,058 732,349,115 699,528,095 410,766,351 236,962,866
------------ ----------- ------------ ------------ ------------ ------------
NET ASSETS, END OF PERIOD/ YEAR ............. $ 69,580,973 $80,769,678 $801,333,826 $732,349,115 $533,312,937 $410,766,351
============ =========== ============ ============ ============ =============
COMPONENTS OF NET ASSETS:
Paid-in capital ........................... $ 67,836,469 $80,655,650 $383,498,881 $404,058,426 $365,384,147 $297,765,055
Accumulated undistributed net investment
income (loss) ........................... 1,757,477 124,861 2,527,456 (368,798) 3,319,004 25,162
Accumulated undistributed net realized
gain (loss) on investments .............. (11,731) (10,833) 38,721,998 (1,116,437) (5,295,543) (10,006,505)
Unrealized appreciation (depreciation) of
investments ............................. (1,242) -- 376,585,491 329,775,924 169,905,329 122,982,639
------------ ----------- ------------ ------------ ------------ ------------
NET ASSETS, END OF PERIOD/YEAR .............. $ 69,580,973 $80,769,678 $801,333,826 $732,349,115 $533,312,937 $410,766,351
============ =========== ============ ============ ============ =============
</TABLE>
<TABLE>
<CAPTION>
Mid-Cap Short-Term
Equity Index Fund Bond Fund Bond Fund
-------------------------- ----------------------------- ----------------------------
For the Period May 3, 1999
(Commencement of For the Six For the For the Six For the
Operations) to Months Ended Year Ended Months Ended Year Ended
June 30, 1999 June 30, 1999 December 31, June 30, 1999 December 31,
(Unaudited) (Unaudited) 1998 (Unaudited) 1998
-------------------------- ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From Operations:
Net investment income ......................... $ 32,468 $ 15,824,250 $ 30,222,400 $ 573,609 $ 1,002,162
Net realized gain (loss) on investments ....... 66,596 783,733 747,807 6,012 15,002
Unrealized appreciation (depreciation)
of investments .............................. 370,732 (24,609,147) (41,522) (146,453) (22,056)
----------- ------------ ------------ ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ............................... 469,796 (8,001,164) 30,928,685 433,168 995,108
----------- ------------ ------------ ----------- ------------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares .............. 15,216,343 2,788,049 52,595,906 621,750 8,314,584
Dividends reinvested -- -- 31,972,263 -- 1,010,825
Cost of shares redeemed ....................... (2,990,649) (11,275,988) (31,900,498) (2,470,215) (1,975,185)
Dividend distributions -- -- (31,972,263) -- (1,010,825)
----------- ------------ ------------ ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS .................... 12,225,694 (8,487,939) 20,695,408 (1,848,465) 6,339,399
----------- ------------ ------------ ----------- ------------
INCREASE (DECREASE) IN NET ASSETS ............... 12,695,490 (16,489,103) 51,624,093 (1,415,297) 7,334,507
NET ASSETS, BEGINNING OF PERIOD/ YEAR -- 465,328,992 413,704,899 21,975,188 14,640,681
NET ASSETS, END OF PERIOD/ YEAR ................. $12,695,490 $448,839,889 $465,328,992 $20,559,891 $ 21,975,188
=========== ============ ============ =========== ============
COMPONENTS OF NET ASSETS:
Paid-in capital ............................... $12,225,694 $447,762,444 $456,250,383 $20,084,806 $ 21,933,271
Accumulated undistributed net
investment income (loss) ..................... 32,468 14,947,576 (876,674) 586,834 13,225
Accumulated undistributed net
realized gain (loss)
on investments .............................. 66,596 (3,217,911) (4,001,644) (1,096) (7,108)
Unrealized appreciation (depreciation)
of investments .............................. 370,732 (10,652,220) 13,956,927 (110,653) 35,800
----------- ------------ ------------ ----------- ------------
NET ASSETS, END OF PERIOD/YEAR .................. $12,695,490 $448,839,889 $465,328,992 $20,559,891 $ 21,975,188
=========== ============ ============ =========== ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
43
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Mid-Term
Bond Fund Composite Fund Aggressive Equity 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, 1999 December 31, June 30, 1999 December 31, June 30, 1999 December 31,
(Unaudited) 1998 (Unaudited) 1998 (Unaudited) 1998
-------------- ------------ ------------ ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From Operations:
Net investment income ..................... $ 406,042 $ 790,160 $ 5,555,767 $ 11,772,545 $ (152,510) $ 425,336
Net realized gain (loss) on investments ... 2,624 84,974 9,476,554 3,264,030 10,470,813 (23,621,835)
Unrealized appreciation (depreciation)
of investments .......................... (370,991) (37,685) 3,522,587 28,079,557 1,924,633 9,581,686
------------ ----------- ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. 37,675 837,449 18,554,908 43,116,132 12,242,936 (13,614,813)
------------ ----------- ------------ ------------ ------------ ------------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares .......... 450,387 5,884,740 1,712,707 2,920,925 8,270,513 15,703,714
Dividends reinvested ...................... -- 805,870 -- 14,045,609 -- 1,800,942
Cost of shares redeemed ................... (2,648,898) (5,938,423) (8,292,875) (14,612,177) (18,570,458) (84,056,916)
Dividend distributions .................... -- (805,870) -- (14,045,609) -- (1,800,942)
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS ................ (2,198,511) (53,683) (6,580,168) (11,691,252) (10,299,945) (68,353,202)
INCREASE (DECREASE) IN NET ASSETS ........... (2,160,836) 783,766 11,974,740 31,424,880 1,942,991 (81,968,015)
NET ASSETS, BEGINNING OF PERIOD/ YEAR ....... 15,430,304 14,646,538 336,201,347 304,776,467 205,412,829 287,380,844
------------ ----------- ------------ ------------ ------------ -----------
NET ASSETS, END OF PERIOD/ YEAR ............. $ 13,269,468 $ 15,430,304 $348,176,087 $336,201,347 $207,355,820 $205,412,829
============ ============ ============ ============ ============ ============
COMPONENTS OF NET ASSETS:
Paid-in capital ........................... $ 14,349,358 $ 16,547,869 $300,562,414 $307,142,582 $187,859,505 $198,159,450
Accumulated undistributed net investment
income (loss) ........................... 351,923 (54,119) 6,316,916 761,149 (162,962) (10,452)
Accumulated undistributed net realized
gain (loss) on investments ............. (1,183,872) (1,186,496) 5,282,087 (4,194,467) (13,435,905) (23,906,718)
Unrealized appreciation (depreciation)
of investments ......................... (247,941) 123,050 36,014,670 32,492,083 33,095,182 31,170,549
------------ ----------- ------------ ------------ ----------- ------------
NET ASSETS, END OF PERIOD/YEAR .............. $ 13,269,468 $15,430,304 $348,176,087 $336,201,347 $207,355,820 $205,412,829
============ ============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
44
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a fund
share outstanding throughout the six months ended June 30, 1999 and each of the
five years ended December 31, 1998, (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, 1999 ---------------------------------
(Unaudited) 1998 1997 1996 1995 1994
---------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year ................. $1.18 $1.18 $1.19 $1.18 $1.19 $1.17
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income ................................... 0.03 0.06 0.07 0.06 0.07 0.03
Net Gains or (Losses) on Securities realized and unrealized -- -- -- -- -- 0.02
----- ------ ----- ----- ----- -----
Total From Investment Operations .......................... 0.03 0.06 0.07 0.06 0.07 0.05
----- ------ ----- ----- ----- -----
From Net Investment Income ................................ -- (0.06) (0.08) (0.05) (0.08) (0.03)
----- ------ ----- ----- ----- -----
Total Distributions ....................................... -- (0.06) (0.08) (0.05) (0.08) (0.03)
----- ------ ----- ----- ----- -----
Net Asset Value, End of Period/Year ....................... $1.21 $1.18 $1.18 $1.19 $1.18 $1.19
===== ====== ===== ===== ===== =====
Total Return (%) .......................................... 2.3 5.4 5.5 5.3 5.8 4.1
Net Assets, End of Period/Year ($ millions) ............... 70 81 68 78 73 81
Ratio of Expenses to Average Net Assets (%) ............... .25(a) 0.25 0.25 0.25 0.25 0.25
Ratio of Net Investment Income to Average Net Assets (%) .. 4.69(a) 5.26 5.32 5.21 5.66 4.15
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
45
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
All America Fund (d)
-----------------------------------------------------
Six Months Ended Years Ended December 31,
June 30, 1999 -----------------------------------
(Unaudited) 1998 1997 1996 1995 1994(b)
---------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year. ....................... $2.90 $2.71 $2.44 $2.13 $1.61 $1.80
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income .......................................... 0.01 0.03 0.03 0.03 0.03 0.04
Net Gains or (Losses) on Securities realized and unrealized .... 0.34 0.54 0.62 0.41 0.56 (0.01)
----- ----- ----- ----- ----- -----
Total From Investment Operations ................................. 0.35 0.57 0.65 0.44 0.59 0.03
----- ---- ---- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income ..................................... -- (0.03) (0.03) (0.03) (0.03) (0.04)
From Capital Gains ............................................. -- (0.35) (0.35) (0.10) (0.04) (0.18)
----- ----- ---- ----- ----- ----
Total Distributions .............................................. -- (0.38) (0.38) (0.13) (0.07) (0.22)
----- ----- ---- ----- ----- ----
Net Asset Value, End of Period/Year .............................. $3.25 $2.90 $2.71 $2.44 $2.13 $1.61
===== ===== ===== ===== ===== =====
Total Return (%) ................................................. 12.3 21.3 26.8 20.7 36.6 1.3
Net Assets, End of Period/Year ($ millions) ...................... 801 732 700 637 533 375
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 ............. 0.77(a) 0.84 0.98 1.26 1.57 2.11
Portfolio Turnover Rate (%)(c) ................................... 12.05 40.47 28.64 28.35 33.63 129.80
</TABLE>
- ----------
(a) Annualized.
(b) Reflects the combined data of this Fund and that of its predecessor.
(c) Portfolio turnover rate excludes all short-term securities.
(d) Prior to May 2, 1994, this Fund was known as the Stock Fund and had a
different investment objective.
46
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Equity Index Fund Mid-Cap
----------------- Equity Index Fund
-----------------
For the Period
May 3, 1999
(Commencement
Six Months of Operations)
Ended Years Ended December 31, to June 30, 1999
June 30, 1999 -----------------------------------------------------
(Unaudited) 1998 1997 1996 1995 1994 (Unaudited)
------------- ---------------------------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year ........... $2.45 $2.08 $1.59 $1.35 $1.02 $1.04 $1.00
----- ----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income ............................. 0.02 0.03 0.03 0.03 0.02 0.03 0.00
Net Gains or (Losses) on Securities realized
and unrealized .................................... 0.28 0.55 0.50 0.27 0.36 (0.01) 0.04
----- ----- ----- ----- ----- ----- -----
Total From Investment Operations .................... 0.30 0.58 0.53 0.30 0.38 0.02 0.04
----- ----- ----- ----- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income ........................ -- (0.03) (0.03) (0.03) (0.03 )(0.03) --
From Capital Gains .................................. -- (0.17) (0.01) (0.03) (0.02) (0.01) --
----- ----- ----- ----- ----- ----- -----
Total Distributions ................................. -- (0.20) (0.04) (0.06) (0.05) (0.04) --
----- ----- ----- ----- ----- ----- -----
Net Asset Value, End of Period/Year ................. $2.75 $2.45 $2.08 $1.59 $1.35 $1.02 $1.04
===== ===== ===== ===== ===== ===== =====
Total Return (%) .................................... 12.2 28.6 33.1 22.7 36.6 1.5 4.1
Net Assets, End of Period/Year ($ millions) ......... 533 411 237 102 43 26 13
Ratio of Expenses to Average Net Assets (%) ......... 0.13(a) 0.13 0.13 0.13 0.13 0.13 0.13(a)
Ratio of Net Investment Income to Average
Net Assets (%) .................................... 1.41(a) 1.57 1.86 2.19 2.50 2.67 1.12(a)
Portfolio Turnover Rate (%)(b) ...................... 4.20 11.68 14.17 5.85 13.99 6.59 9.29
</TABLE>
- ----------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
47
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Bond Fund
-----------------------------------------------------
Six Months Ended Years Ended December 31,
June 30, 1999 -----------------------------------
(Unaudited) 1998 1997 1996 1995 1994(b)
---------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year .................... $1.42 $1.43 $1.38 $1.43 $1.27 $1.41
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income ...................................... 0.05 0.10 0.09 0.09 0.09 0.09
Net Gains or (Losses) on Securities realized and unrealized .. (0.07) -- 0.06 (0.04) 0.16 (0.14)
----- ----- ----- ----- ----- -----
Total From Investment Operations ............................. (0.02) 0.10 0.15 0.05 0.25 (0.05)
----- ----- ----- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income ................................. -- (0.10) (0.09) (0.09) (0.09) (0.09)
From Capital Gains ........................................... -- (0.01) (0.01) (0.01) -- --
----- ----- ----- ----- ----- -----
Total Distributions .......................................... -- (0.11) (0.10) (0.10) (0.09) (0.09)
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period/Year .......................... $1.40 $1.42 $1.43 $1.38 $1.43 $1.27
===== ===== ===== ===== ===== =====
Total Return (%) ............................................. (1.7) 7.2 10.4 3.5 19.4 (3.2)
Net Assets, End of Period/Year ($ millions) .................. 449 465 414 329 311 249
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 (%) ..... 7.00(a) 6.73 6.69 6.70 6.64 6.32
Portfolio Turnover Rate (%)(b) ............................... 6.41 21.60 57.71 30.14 41.93 51.14
</TABLE>
- ----------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
48
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Short-Term Bond Fund Mid-Term Bond Fund
------------------------------------------ ---------------------------------------------
Six Months Six Months
Ended Years Ended December 31, Ended Years Ended December 31,
June 30, 1999 ---------------------------- June 30, 1999
(Unaudited) 1998 1997 1996 1995 1994 (Unaudited) 1998 1997 1996 1995 1994
---------- ---- ---- ---- ---- ---- ------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period/Year ...................... $1.03 $1.02 $1.03 $1.02 $1.00 $1.02 $0.91 $0.90 $0.90 $1.00 $0.91 $0.99
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income ............... 0.03 0.05 0.07 0.04 0.06 0.04 0.03 0.05 0.05 0.14 0.06 0.03
Net Gains or (Losses) on
Securities realized and unrealized .. (0.01) 0.01 (0.01) 0.01 0.02 (0.02) (0.03) 0.01 0.01 (0.10) 0.09 (0.07)
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Total From Investment Operations ...... 0.02 0.06 0.06 0.05 0.08 0.02 -- 0.06 0.06 0.04 0.15 (0.04)
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income .......... -- (0.05)(0.07)(0.04)(0.06)(0.04) -- (0.05)(0.06) (0.14)(0.06) (0.04)
From Capital Gains .................... -- -- -- -- -- -- -- -- -- -- -- --
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Total Distributions ................... -- (0.05)(0.07)(0.04)(0.06)(0.04) -- (0.05)(0.06) (0.14)(0.06) (0.04)
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net Asset Value, End of
Period/Year ......................... $1.05 $1.03 $1.02 $1.03 $1.02 $1.00 $0.91 $0.91 $0.90 $0.90 $1.00 $0.91
===== ===== ===== ===== ===== ===== ===== ===== ===== ===== ===== =====
Total Return (%) ...................... 2.1 5.7 6.0 4.9 7.7 1.4 0.2 6.4 7.3 3.9 16.3 (3.7)
Net Assets, End of Period/Year
($ millions) ........................ 21 22 15 16 3 2 13 15 15 13 24 24
Ratio of Expenses to Average
Net Assets (%) ...................... 0.50(a) 0.50 0.50 0.50 0.48 0.50 0.50(a) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) .............. 5.44(a) 5.46 5.81 5.42 4.65 3.51 5.69(a) 5.76 5.87 5.80 5.73 4.71
Portfolio Turnover Rate (%)(b) ........ 23.93 91.35 74.95 6.68 16.47 0.00 11.54 23.09 12.89 144.55 73.72 7.52
</TABLE>
- ----------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
49
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Composite Fund Aggressive Equity Fund
-------------------------------------------- -------------------------------------------------
Six Months Six Months
Ended Years Ended December 31, Ended Years Ended December 31,
June 30, 1999 ------------------------------ June 30, 1999 ---------------------------------
(Unaudited) 1998 1997 1996 1995 1994 (Unaudited) 1998 1997 1996 1995 1994(c)
---------- ---- ---- ---- ---- ---- ------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period/Year ....................... $1.78 $1.62 $ 1.77 $1.81 $1.57 $ 1.71 $1.51 $1.61 $1.47 $ 1.35 $1.05 $1.00
----- ----- ----- ----- ----- ------ ----- ----- ----- ------ ----- -----
Income From Investment Operations:
Net Investment Income ............. 0.03 0.07 0.07 0.07 0.08 0.05 -- -- 0.01 0.01 0.01 0.01
Net Gains or (Losses) on Securities
realized and unrealized ........... 0.07 0.17 0.24 0.14 0.27 (0.10) 0.10 (0.9) 0.31 0.36 0.39 0.05
----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- -----
Total From Investment Operations .... 0.10 0.24 0.31 0.21 0.35 (0.05) 0.10 (0.09) 0.32 0.37 0.40 0.06
----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- ----
Less Dividend Distributions:
From Net Investment Income ........ -- (0.07) (0.07)(0.08)(0.08) (0.07) -- -- (0.01) (0.01) (0.01)(0.01)
From Capital Gains .................. -- (0.01) (0.39)(0.17)(0.03) (0.02) -- (0.01) (0.17) (0.24) (0.09) --
----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- -----
Total Distributions ................. -- (0.08) (0.46)(0.25)(0.11) (0.09) -- (0.01) (0.18) (0.25) (0.10)(0.01)
----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- -----
Net Asset Value, End of
Period/Year ....................... $1.88 $1.78 $1.62 $1.77 $1.81 $1.57 1.61 $1.51 $1.61 $ 1.47 $1.35 $1.05
===== ===== ===== ===== ===== ===== ===== ===== ===== ===== ===== =====
Total Return (%) .................... 5.6 14.5 17.7 11.9 21.9 (3.0) 6.9 (5.1) 21.2 27.1 38.2 6.0
Net Assets, End of Period/Year
($ millions) ...................... 348 336 305 283 276 233 207 205 287 136 59 27
Ratio of Expenses to Average
Net Assets (%) .................... 0.50(a) 0.50 0.50 0.50 0.50 0.50 0.85(a) 0.85 0.85 0.85 0.85 0.56
Ratio of Net Investment Income
to Average Net Assets (%) ......... 3.30(a) 3.68 3.57 3.63 4.30 3.88 (0.16)(a) 0.18 0.33 0.45 0.65 0.70
Portfolio Turnover Rate (%)(b) ...... 37.04 73.85 104.04 69.79 76.84 113.86 73.9 144.05 80.94 103.68 116.52 60.86
</TABLE>
- ----------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
(c) Commenced operations May 2, 1994.
50
<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 nine Funds: the Money Market Fund, the All
America Fund, the Equity Index Fund, the Mid-Cap Equity Index Fund, the Bond
Fund, the Short-Term Bond Fund, the Mid-Term Bond Fund, the Composite Fund, and
the Aggressive Equity Fund.
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, 1999, Mutual of America Life owned 97% and American
Life 3% 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.
Equity-type funds with an indexed portfolio component may, in order
to remain more fully invested in the equity markets while minimizing
transaction costs, purchase stock index futures contracts. Initial
cash margin deposits (represented by cash or Treasury bills) are made
upon entering into futures contracts. (This initial margin,
maintained in a segregated account, is equal to approximately 5% of
the contract amount, and does not involve the borrowing of funds to
finance the transaction). During the period the futures contract is
outstanding, changes in the value of the contract are recognized as
unrealized gains or losses by "marking-to-market" on a daily basis to
reflect the market value of the contract at the end of each trading
day. Futures contracts are valued at the settlement price established
each day by the exchange on which traded. Depending upon whether
unrealized gains or losses are incurred, variation margin payments
are received or made. When the contract is closed, a realized gain or
loss from futures transactions is recorded, equal to the net
variation margin received or paid over the period of the contract.
The "Underlying Face Amount at Value" representing the aggregate of
outstanding contractual amounts under futures contracts reflects the
extent of the fund's exposure to off-balance sheet risk.
51
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS--(Unaudited) (Continued)
Security Transactions -- Security transactions are recorded on the trade
date. 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.
Investment Income -- Interest income is accrued as earned. Dividend income
is recorded on the ex-dividend date. Foreign source tax withheld from dividends
is recorded as a reduction from dividend income. Should reclamation efforts
succeed, such amounts are recorded as income upon collection.
Federal Income Taxes -- The Investment Company intends to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to
shareholders.
Therefore, no federal income tax provision is required.
2. EXPENSES
The Investment Company has 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 the Mid-Cap Equity Index Fund, and, .85% of the value of the net assets of
the Aggressive Equity Fund.
Under Sub-Advisory Agreements, the Adviser has delegated a portion of its
investment advisory responsibilities for the All America Fund to subadvisers and
pays the subadvisers directly for their investment advisory services. The
Adviser (not the fund) is responsible for compensation payable under such
Sub-Advisory Agreements.
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.
A Sub-Advisor placed a portion of its portfolio transactions with its
affiliated broker-dealer. Such commissions amounted to $62,761 or 7.3% 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, 1999 was as follows:
<TABLE>
<CAPTION>
Mid-Cap
All America Equity Index Equity Index Bond
Fund Fund Fund Fund
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
Cost of investment purchases ............................... $109,777,960 $ 83,408,979 $ 10,370,169 $ 28,539,300
============ ============= ============ ============
Proceeds from sales of investments ......................... $ 87,086,535 $ 5,690,872 $ 646,926 $ 28,657,768
============ ============= ============ ============
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
---------- ----------- ----------- -----------
Cost of investment purchases ............................... $ 4,862,127 $ 2,961,513 $163,528,301 $139,420,131
============ ============= ============ ============
Proceeds from sales of investments ......................... $ 4,896,670 $ 1,440,374 $121,155,125 $144,677,883
============ ============= ============ ============
</TABLE>
The cost of short-term security purchases for the Money Market Fund for
the period was $437,941,772. Net proceeds from sales and redemptions for the
period was $450,844,472.
52
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS--(Unaudited) (Continued)
At June 30, 1999 the net unrealized appreciation (depreciation) of
investments based on cost, which was substantially the same for Federal income
tax purposes, was as follows:
<TABLE>
<CAPTION>
Mid-Cap
Money All America Equity Index Equity Index Bond
Market Fund Fund Fund Fund Fund
----------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Aggregate gross unrealized appreciation ...... $ -- $391,616,430 $175,794,781 $ 745,952 $ 3,064,375
Aggregate gross unrealized depreciation ...... 1,242 15,030,939 5,889,452 375,220 13,716,595
---------- ------------ ----------- ----------- - -----------
Net unrealized appreciation (depreciation) ... $ (1,242) $376,585,491 $169,905,329 $ 370,732 $(10,652,220)
========== ============ =========== =========== ============
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
---------- ----------- ----------- -----------
Aggregate gross unrealized appreciation ...... $ 16,114 $ 24,896 $ 41,965,101 $ 40,849,344
Aggregate gross unrealized depreciation ...... 126,767 272,837 5,950,431 7,754,162
---------- ----------- ----------- ------------
Net unrealized appreciation (depreciation) ... $ (110,653) $ (247,941) $ 36,014,670 $ 33,095,182
========== =========== ============ ============
</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 nine series of funds as follows:
Authorized No.
Name of fund of Shares
------------ --------------
Money Market Fund .......................................... 100,000,000
All America Fund ........................................... 500,000,000
Equity Index Fund .......................................... 275,000,000
Mid-Cap Equity Index Fund .................................. 150,000,000
Bond Fund .................................................. 425,000,000
Short-Term Bond Fund ....................................... 50,000,000
Mid-Term Bond Fund ......................................... 75,000,000
Composite Fund ............................................. 300,000,000
Aggressive Equity Fund ..................................... 500,000,000
-------------
Sub-Total .............................................. 2,375,000,000
Shares to be allocated at the discretion of the
Board of Directors ....................................... 625,000,000
-------------
Total .................................................. 3,000,000,000
=============
Transactions in shares were as follows:
<TABLE>
<CAPTION>
For the Period
May 3, 1999
(Commencement
of Operations) to
For the Six Months Ended June 30, 1999 June 30, 1999
---------------------------------------------- -------------
Mid-Cap
Money Market All America Equity Index Equity Index
Fund Fund Fund Fund
----------- ---------- --------- ----------
<S> <C> <C> <C> <C>
Shares issued ................................. 20,514,512 14,468,219 56,155,359 15,152,938
Shares issued to shareholders as reinvestment
of dividends ................................ -- -- -- --
---------- ---------- --------- ---------
Total ......................................... 20,514,512 14,468,219 56,155,359 15,152,938
Shares redeemed ............................... 31,309,412 20,941,516 29,869,962 2,956,130
---------- ---------- --------- ----------
Net increase (decrease) ....................... (10,794,900) (6,473,297) 26,285,397 12,196,808
========== ========== ========== ==========
</TABLE>
53
<PAGE>
<TABLE>
<CAPTION>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS--(Unaudited) (Continued)
For the Six Months Ended June 30, 1999
------------------------------------------------------------------------------
Bond Short-term Mid-term Composite Aggressive
Fund Bond Fund Bond Fund Fund Equity Fund
------------- ---------- --------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Shares issued ................................. 19,912,392 1,263,045 1,404,487 4,236,912 11,864,629
Shares issued to shareholders as reinvestment
of dividends ................................ -- -- -- -- --
---------- --------- -------- -------- ---------
Total ......................................... 19,912,392 1,263,045 1,404,487 4,236,912 11,864,629
Shares redeemed ............................... 25,885,223 3,042,628 3,811,410 7,846,619 19,405,930
---------- --------- -------- -------- ---------
Net increase (decrease) ....................... (5,972,831) (1,779,583) (2,406,923) (3,609,707) (7,541,301)
========== ========= ========= ========= =========
For the Year Ended December 31, 1998
--------------------------------------------------------
Money Market All America Equity Index Bond
Fund Fund Fund Fund
------------- ----------- ------------ ----------
<S> <C> <C> <C> <C>
Shares issued ................................................. 65,030,676 16,550,567 99,314,538 77,260,563
Shares issued to shareholders as reinvestment of dividends .... 3,080,576 30,263,002 13,563,464 22,419,396
----------- ---------- ---------- ----------
Total ......................................................... 68,111,252 46,813,569 112,878,002 99,679,959
Shares redeemed ............................................... 57,281,015 51,998,029 59,350,065 62,903,436
----------- ---------- ---------- ----------
Net increase (decrease) ....................................... 10,830,237 (5,184,460) 53,527,937 36,776,523
=========== ========== ========== ==========
For the Year Ended December 31, 1998
--------------------------------------------------------
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
------------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
Shares issued ................................................. 11,305,009 9,542,507 9,518,911 46,769,027
Shares issued to shareholders as reinvestment of dividends .... 981,938 884,933 7,895,857 1,397,187
---------- ---------- ---------- ----------
Total ......................................................... 12,286,947 10,427,440 17,414,768 48,166,214
Shares redeemed ............................................... 5,275,226 9,698,201 16,332,231 90,803,686
---------- ---------- ---------- ----------
Net increase (decrease) ....................................... 7,011,721 729,239 1,082,537 (42,637,472)
========== ========== ========== ===========
</TABLE>
5. DIVIDENDS
No dividends have been declared or paid as of June 30, 1999. 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.
54
<PAGE>
Mutual of America
Life Insurance Company
The American Life
Insurance Company of New York
a Subsidiary of Mutual of America Life Insurance Company
Mutual of America Life Insurance Company is a Registered
Broker-Dealer and Distributes the Variable Products of
The American Life Insurance Company of New York
320 Park Avenue
New York, NY 10022-6839
www.mutualofamerica.com
