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
DECEMBER 31, 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
----
Annual Report of Mutual of America Investment Corporation
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
Report of Independent Public Accountants ............................... 55
Annual Report of Scudder Variable Life Investment Fund
Annual Report of VP Capital Appreciation Fund of American Century Variable
Portfolios, Inc.
Annual Report of Calvert Social Balanced Portfolio of Calvert Variable Series,
Inc.
Annual Report of Fidelity Investments Variable Insurance Products Fund:
Equity-Income Portfolio
Annual Report of Fidelity Investments Variable Insurance Products Fund II:
Contrafund Portfolio
Annual Report of Fidelity Investments Variable Insurance Products Fund II: Asset
Manager Portfolio
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
We are pleased to present the results of Funds offered by Mutual of America
for the year ending December 31, 1999. Eight of the nine funds delivered
positive returns. In addition, all of the nine funds were either in-line with or
ahead of their respective benchmarks.
The U.S. economy enjoyed an enviable combination of strong Gross Domestic
Product growth, low inflation, solid corporate profits and moderate interest
rates in 1999. The economy continued its near record expansion as consumer
confidence reached an all-time high, due largely to high employment levels and a
surging stock market. Global economies stabilized, providing further foundation
and fuel for the domestic economy.
The Federal Reserve, concerned with a strong expanding economy and tight
labor markets, responded with three rate increases totaling 75 basis points
during 1999. Long rates rose approximately 140 basis points during the year. The
strong economy, higher commodity prices and tight labor markets have increased
the potential for higher rates going forward.
The equity market, as represented by the S&P 500 Index, posted a record
ninth year of positive return. Technology was the dominant factor across all
capitalization levels within the equity markets, as evidenced by the NASDAQ's
remarkable 86% return. Investors seeking growth opportunities favored smaller
capitalization stocks, allowing them to outperform the steadier, but slower
growing, large caps.
Total Returns -- Year Ended to December 31, 1999
The total return performance of each Fund for the year ended December 31,
1999 was as follows (please note that the Mid-Cap Equity Index Fund commenced
operations on May 3, 1999):
Money Market Fund ..................................... + 5.1%
All America Fund ...................................... +25.8%
Equity Index Fund ..................................... +20.6%
Mid-Cap Equity Index Fund ............................. +11.8%
Bond Fund ............................................. - 1.9%
Short-Term Bond Fund .................................. + 4.2%
Mid-Term Bond Fund .................................... + 1.4%
Composite Fund ........................................ +15.2%
Aggressive Equity Fund ................................ +43.3%
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
annual average 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
<PAGE>
MONEY MARKET FUND
The Money Market Fund's investment objective is the realization of 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 Fund returned 5.1% for
1999. Short-term rates rose substantially during the year, allowing the Fund to
achieve a higher current return in December than was available from similar
maturities the previous January. The seven-day effective yield as of February
15, 2000 is 5.7%. As with all performance reportings, this yield is not
necessarily indicative of future annual yields.
ALL AMERICA FUND
The All America Fund's investment objective is to outperform the Standard &
Poor's 500 Index. The Fund is approximately 60% invested in the 500 stocks that
comprise the S&P 500. In 1999, the remaining 40% of the Fund was actively
managed by three subadvisors and Mutual of America Capital Management
Corporation. Each manager invests approximately 10% of the Fund's assets, using
a different investment approach. The four approaches are large cap growth, small
cap growth, large cap value and small cap value.
The Fund returned 25.8% for 1999, exceeding the Index's return of 21.0%.
The Fund's 1999 performance reflected investors' continued quest for growth
opportunities -- both the large and small cap growth portions significantly
outperformed the value segments. Nevertheless, the small cap value segment
performed strongly. Only the large cap value portion turned in a negative
performance.
GROWTH OF A $10,000 INVESTMENT
All America Fund* S&P 500 Index
12/89 10,000 10,000
12/90 9,849 9,680
12/91 12,255 12,637
12/92 12,643 13,608
12/93 14,180 14,967
5/94 13,892 14,663
12/94 14,361 15,166
12/95 19,614 20,865
12/96 23,679 25,664
12/97 30,023 34,225
12/98 36,405 44,004
12/99 45,798 53,262
All America Fund*
-----------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- -------------------------------------------------------------------------------
1 Year $12,580 25.8% 25.8%
Since 5/2/94* $32,967 229.7% 29.1%
5 Years $31,890 218.9% 26.1%
10 Years $45,798 358.0% 16.4%
S&P 500 Index
---------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $12,104 21.0% 21.0%
Since 5/2/94 $36,323 263.2% 31.9%
5 Years $35,120 251.2% 28.6%
10 Years $53,262 432.6% 18.2%
* 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 reflect performance results achieved in
accordance with the previous objective of the Stock Fund.
The line representing the performance return of the All America Fund includes
expenses, such as transaction costs and management fees, that reduce returns,
while the performance return line of the index does not.
2
<PAGE>
MID CAP EQUITY INDEX FUND
The Standard & Poor's Mid-Cap Equity Index Fund invests in the 400 stocks
included in the S&P 400. The S&P 400 Index was created in early 1991. The Fund
became available on May 3, 1999 and performance figures reflect performance from
that date forward. Companies included in the Index were selected by Standard &
Poor's with the expectation that they would be typical of this asset class, the
medium-capitalized sector of the U.S. securities market. The Fund's performance
was 11.8%, equaling the performance of the S&P 400 Index for the same period.
For 1999, the Technology sector single-handedly erased negative returns posted
by the Basic Materials, Consumer Cyclicals, Consumer Staples, Financial,
Transportation and Utility sectors. Positive performance was also received from
the Communications and Energy sectors. During the fourth quarter of 1999,
mid-cap stocks of larger capitalization were strong, although the smaller cap
stocks within the Index outperformed for the year. Investors appear to have
accepted stocks with high price/earnings ratios in the belief that these
companies possess higher earnings growth potential than those with lower P/Es.
EQUITY INDEX FUND
The Equity Index Fund invests in the 500 stocks which comprise the S&P 500
Index. The S&P 500 is a market-value weighted index of 500 domestic stocks that
are traded on the New York Stock Exchange, American Stock Exchange and NASDAQ
National Market System. The weightings make each company's influence on the
Index's performance directly proportional to that company's market value. The
companies included in the Index tend to be industry leaders. The Fund's
performance for 1999 was 20.6%, closely mirroring the S&P's 21.0% return. The
Index enjoyed a fifth straight year of double-digit returns and a record ninth
consecutive year of positive returns. The prevailing theme of 1999 was the
dominance of technology, which was the best performing sector, returning 75% for
the year and contributing nearly three-quarters of the Index's annual
performance. Three other sectors outperformed the overall index, including Basic
Materials, Capital Goods and Consumer Cyclicals. The worst performing sectors
were Consumer Staples and Health Care. Investor perceptions of Federal reserve
actions, a bias towards large cap stocks and a persistent search for earnings
growth drove multiple expansion, which contributed two-thirds of annual return.
GROWTH OF A $10,000 INVESTMENT
Equity Index\Fund S&P 500 Index
02/93 10,000 10,000
12/93 10,619 10,729
12/94 10,781 10,871
12/95 14,729 14,957
12/96 18,079 18,397
12/97 24,063 24,534
12/98 30,940 31,543
12/99 37,320 38,180
Equity Index Fund
-----------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $12,062 20.6% 20.6%
5 Years $34,617 246.2% 28.2%
Since 2/5/93
(Inception) $37,320 273.2% 21.0%
S&P 500 Index
---------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $12,104 21.0% 21.0%
5 Years $35,120 251.2% 28.6%
Since 2/5/93
(Inception) $38,180 281.8% 21.4%
The line representing the performance return of the Equity Index Fund includes
expenses, such as transaction costs and management fees, that reduce returns,
while the performance return line of the index does not.
3
<PAGE>
BOND FUND
The Bond Fund seeks a high level of return consistent with the
preservation of capital through investments in publicly traded debt securities.
The Fund primarily invests in corporate and U.S. Government agency securities,
which yield more than U.S. Treasury issues. The Fund's benchmark, the Lehman
Bros. Government/Corporate Bond Index, had a rare negative return for 1999
(-2.2%), as did the Bond Fund (-1.9%), although the Bond Fund's less volatile
nature enabled it to outperform the Index by a modest margin. Fears of
inflation, fed by a strong domestic economy, a booming stock market, and higher
oil prices, depressed bond returns. The inability of coupon income to keep pace
with interest rate increases further damaged prospects for bond returns.
GROWTH OF A $10,000 INVESTMENT
Lehman Brothers Govt/
Bond Fund Corp Bond Index
12/89 10,000 10,000
12/90 10,503 10,828
12/91 12,151 12,575
12/92 13,195 13,529
12/93 14,944 15,021
12/94 14,477 14,496
12/95 17,290 17,285
12/96 17,894 17,786
12/97 19,759 19,522
12/98 21,172 21,371
12/99 20,769 20,912
Bond Fund
---------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $ 9,809 - 1.9% - 1.9%
5 Years $14,346 43.5% 7.5%
10 Years $20,769 107.7% 7.6%
Lehman Bros. Gov't/Corp. Bond Index
-----------------------------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $ 9,785 - 2.2% - 2.2%
5 Years $14,426 44.3% 7.6%
10 Years $20,912 109.1% 7.7%
The line representing the performance return of the Bond Fund includes
expenses, such as transaction costs and management fees, that reduce returns,
while the performance return line of the index does not.
4
<PAGE>
SHORT-TERM BOND FUND
The Short-Term Bond Fund seeks a high level of return consistent with the
preservation of capital through investments in publicly traded debt securities.
The Fund primarily invests in corporate, U.S. Government agency, and mortgage
backed securities, which yield more than U.S. Treasury issues. The Fund's
strategy focused on tightly structured U.S. Government agency mortgage
securities, which were relatively less volatile than other securities of similar
maturity. This enabled the Fund to outperform its benchmark, the Salomon
Brothers 1-3 Year Bond Index, 4.2% to 3.3%.
GROWTH OF A $10,000 INVESTMENT
Salomon Bros 1-3
Short-Term Bond Fund Year Bond Index
-------------------- ---------------
02/93 10,000 10,000
12/93 10,449 10,448
12/94 10,600 10,511
12/95 11,421 11,655
12/96 11,985 12,257
12/97 12,705 13,074
12/98 13,425 13,985
12/99 13,994 14,444
Short-Term Bond Fund
--------------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $10,424 4.2% 4.2%
5 Years $13,202 32.0% 5.7%
Since 2/5/93
(Inception) $13,994 39.9% 5.0%
Salomon Bros. 1-3 Year Bond Index
---------------------------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $10,328 3.3% 3.3%
5 Years $13,742 37.4% 6.6%
Since 2/5/93
(Inception) $14,444 44.4% 5.5%
The line representing the performance return of the Short-Term Bond Fund
includes expenses, such as transaction costs and management fees, that reduce
returns, while the performance return line of the index does not.
5
<PAGE>
MID-TERM BOND FUND
The 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 more than U.S. Treasury issues. Interest rates rose substantially
during the year due to a strong economy and investor fears of renewed
inflationary pressures. By keeping average maturities slightly shorter than
those of securities held in the benchmark index, the Fund returned 1.4% for the
1999 calendar year versus the Salomon Brothers 3-7 Year Bond Index return of
- -1.0%.
GROWTH OF A $10,000 INVESTMENT
Mid-Term Bond Fund Salomon Bros 3-7 Year Bond Index
------------------ --------------------------------
02/93 10,000 10,000
12/93 10,727 10,722
12/94 10,355 10,436
12/95 12,042 12,197
12/96 12,510 12,669
12/97 13,429 13,717
12/98 14,282 14,939
12/99 14,479 14,790
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $10,138 1.4% 1.4%
5 Years $13,982 39.8% 6.9%
Since 2/5/93
(Inception) $14,479 44.8% 5.5%
Salomon Bros. 3-7 Year Bond Index
---------------------------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $ 9,900 - 1.0% - 1.0%
5 Years $14,172 41.7% 7.2%
Since 2/5/93
(Inception) $14,790 47.9% 5.8%
The line representing the performance return of the Mid-Term Bond Fund includes
expenses, such as transaction costs and management fees, that reduce returns,
while the performance return line of the index does not.
6
<PAGE>
COMPOSITE FUND
The Composite Fund's investment objective is the achievement of a high
total rate of return, through both appreciation of capital and current income,
as is consistent with prudent investment risk. This is carried out through
investment in both stocks and fixed income securities. The Fund may invest in
approximately 100 stocks, all of which are included in the S&P 500 Index. They
include the Index's top 25 stocks by market capitalization, in which the Fund
invests in approximately the same weight as their representation within the
Index. The remaining 75 stocks are selected for their unique opportunities and
attractiveness, as well as to keep the Fund's sector weights similar to the
Index. The Bond portion of the Fund invests primarily in corporate and U.S.
Government agency issues, which yield more than U.S. Treasury securities. The
Lehman Bros. Government/Corporate Index returned -2.2%. The S&P 500 returned
21.0%. The Composite Fund returned 15.2% on a consolidated basis, which is
comprised of approximately 60% equities, with the rest mainly fixed income
securities.
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
Lehman Bros Govt/ Salomon Bros. 3 Mo.
Composite Fund Corp Bond Index S&P 500 Index Treasury Bill Index
-------------- --------------- ------------- -------------------
<S> <C> <C> <C> <C>
12/89 10,000 10,000 10,000 10,000
12/90 10,299 10,828 9,680 10,792
12/91 12,167 12,575 12,637 11,413
12/92 12,890 13,529 13,608 11,827
12/93 15,103 15,021 14,967 12,192
12/94 14,640 14,496 15,166 12,709
12/95 17,846 17,285 20,865 13,440
12/96 19,968 17,786 25,664 14,146
12/97 23,504 19,522 34,225 14,889
12/98 26,902 21,371 44,004 15,640
12/99 30,987 20,912 53,262 16,382
</TABLE>
Composite Fund
--------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $11,518 15.2% 15.2%
5 Years $21,166 111.7% 16.2%
10 Years $30,987 209.9% 12.0%
Lehman Bros Gov't/Corp. Bond Index
----------------------------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $ 9,785 - 2.2% - 2.2%
5 Years $14,426 44.3% 7.6%
10 Years $20,912 109.1% 7.7%
S&P 500 Index
---------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $12,104 21.0% 21.0%
5 Years $35,120 251.2% 28.6%
10 Years $53,262 432.6% 18.2%
Salomon Bros. 3-Month T-Bill Index
----------------------------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $10,474 4.7% 4.7%
5 Years $12,890 28.9% 5.2%
10 Years $16,382 63.8% 5.1%
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
<PAGE>
AGGRESSIVE EQUITY FUND
The Fund's investment objective is capital appreciation through investing
in stocks characterized as both growth and value stocks. It is expected that
approximately 50% of the Fund's assets will be invested in each category. During
1999, growth stocks, both in the Fund and in the broader market, significantly
outperformed value stocks, as investors favored companies which exhibited
earnings growth, some of which was expected and some which was not. The Fund was
heavily weighted in the Technology sector, which has dominated the equity
markets as it has offered the most growth potential. The Fund returned 43.3%,
significantly outperforming its benchmark, the Russell 2000 Index, which
returned 21.3%.
GROWTH OF A $10,000 INVESTMENT
Aggressive Equity Fund Russell 2000 Index
---------------------- ------------------
5/94 10,000 10,000
12/94 10,597 9,845
12/95 14,640 12,645
12/96 18,608 14,730
12/97 22,556 18,024
12/98 21,395 17,564
12/99 30,656 21,298
Aggressive Equity Fund
----------------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $14,328 43.3% 43.3%
5 Years $28,929 189.3% 23.7%
Since 5/2/94
(Inception) $30,656 206.6% 21.9%
Russell 2000 Index
------------------
Total Return
Period Growth ----------------------------
Ended of Cumu- Annual
12/31/99 $10,000 lative Average
- --------------------------------------------------------------------------------
1 Year $12,126 21.3% 21.3%
5 Years $21,634 116.3% 16.7%
Since 5/2/94
(Inception) $21,298 113.0% 14.3%
The line representing the performance return of the Aggressive Equity Fund
includes expenses, such as transaction costs and management fees, that reduce
returns, while the performance return line of the index does not.
8
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
Discount Face Amortized
Rating* Rate Maturity Amount Cost
-------- -------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER
Allied Signal, Inc. ........................................ A1/P1 5.83% 01/18/00 $2,000,000 $1,994,454
Allied Signal, Inc. ........................................ A1/P1 5.90 01/27/00 1,000,000 995,716
American Express Credit Corp. .............................. A1/P1 5.80 01/19/00 575,000 573,318
Archer-Daniels-Midland Co. ................................. A1+/P1 6.30 01/25/00 250,000 248,947
Associates Corp. North America.............................. A1+/P1 5.92 02/04/00 1,000,000 994,386
AT&T Corp. ................................................. A1+/P1 6.01 01/25/00 2,500,000 2,489,951
Avery Dennison Corp. ....................................... A1/P1 5.93 01/14/00 2,500,000 2,494,624
Baltimore Gas & Electric Co. ............................... A1/P1 5.90 01/13/00 1,410,000 1,407,216
Bear Stearns Cos Inc........................................ A1/P1 5.94 01/10/00 2,500,000 2,496,233
Bell Atlantic Network Funding Corp. ........................ A1/P1 5.88 01/21/00 2,500,000 2,491,793
Bemis, Inc. ................................................ A1/P1 6.03 01/19/00 2,900,000 2,891,229
British Telecommunications.................................. A1+/P1 5.85 01/18/00 957,000 954,337
British Telecommunications.................................. A1+/P1 5.86 01/24/00 1,295,000 1,290,117
Campbell Soup Company....................................... A1+/P1 5.80 01/21/00 2,500,000 2,491,905
Cargill, Inc. .............................................. A1+/P1 6.25 01/14/00 2,000,000 1,995,474
Carolina Power & Light Corp. ............................... A1/P1 6.40 01/26/00 870,000 866,123
CIT Group Holdings, Inc ................................... A1/P1 5.95 01/04/00 2,500,000 2,498,748
CIT Group Holdings, Inc. ................................... A1/P1 5.87 01/10/00 500,000 499,263
Coca-Cola Co. .............................................. A1+/P1 5.78 01/13/00 1,020,000 1,018,022
DaimlerChrysler AG.......................................... A1/P1 5.95 01/18/00 1,000,000 997,149
DaimlerChrysler AG.......................................... A1/P1 5.95 02/07/00 2,025,000 2,012,567
Du Pont (E.I.) de Nemours................................... A1+/P1 5.78 01/26/00 1,180,000 1,175,234
Ford Motor Credit Corp. .................................... A1/P1 5.98 01/14/00 1,300,000 1,297,179
Ford Motor Credit Corp. .................................... A1/P1 5.90 01/19/00 2,000,000 1,994,075
General Electric Capital Corp. ............................. A1+/P1 5.95 01/20/00 743,000 740,655
General Electric Capital Corp. ............................. A1+/P1 5.80 01/21/00 500,000 498,378
Great Lakes Chemical Corp. ................................. A1/P1 5.90 01/28/00 2,500,000 2,488,892
Great Lakes Chemical Corp. ................................. A1/P1 6.05 01/28/00 425,000 423,065
GTE Funding, Inc. .......................................... A1/P1 5.90 01/18/00 2,500,000 2,492,989
Heinz (H.J.) Co. ........................................... A1/P1 6.15 01/11/00 2,375,000 2,370,932
Heinz (H.J.) Co. ........................................... A1/P1 6.05 01/13/00 550,000 548,887
Merrill Lynch & Co., Inc. .................................. A1+/P1 5.88 01/21/00 1,000,000 996,712
Merrill Lynch & Co., Inc. .................................. A1+/P1 5.95 01/28/00 695,000 691,882
Merrill Lynch & Co., Inc. .................................. A1+/P1 6.00 01/28/00 1,500,000 1,493,222
Minnesota Mining & Mfg. Co. ................................ A1+/P1 6.05 01/28/00 1,200,000 1,194,540
Northern Illinois Gas Co. .................................. A1+/P1 5.88 01/21/00 2,855,000 2,845,629
Northern States Power Co. .................................. A1+/P1 6.00 01/10/00 2,054,000 2,050,908
Panasonic Finance, Inc. .................................... A1+/P1 5.87 02/03/00 2,795,000 2,779,897
Procter & Gamble Co. ....................................... A1+/P1 6.10 01/12/00 500,000 499,065
Procter & Gamble Co. ....................................... A1+/P1 5.85 01/26/00 985,000 980,979
SBC Communications, Inc. ................................... A1+/P1 5.82 01/20/00 2,500,000 2,492,271
Sony Capital Corp. ......................................... A1/P1 6.27 01/18/00 2,500,000 2,492,576
Toyota Credit de Puerto Rico................................ A1+/P1 6.37 01/13/00 1,000,000 997,870
Toyota Credit de Puerto Rico................................ A1+/P1 5.98 01/21/00 1,000,000 996,661
Toyota Credit de Puerto Rico................................ A1+/P1 6.02 02/03/00 1,000,000 994,459
Toyota Motor Credit Corp. .................................. A1+/P1 6.04 01/13/00 295,000 294,404
UBS Finance (Delw.) Inc. ................................... A1+/P1 4.00 01/03/00 2,250,000 2,249,500
Xerox Credit................................................ A1/P1 5.87 01/18/00 1,800,000 1,794,964
-----------
TOTAL SHORT-TERM DEBT SECURITIES:
(Cost: $73,577,397) 100%................................................................................... $73,577,397
===========
</TABLE>
- ----------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investors
Services, Inc.
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 1999
Shares Value
-------- -----------
INDEXED ASSETS
COMMON STOCKS
3Com Corp. ................................. 14,572 $ 684,884
Abbott Laboratories ........................ 64,928 2,357,698
Adaptec, Inc. .............................. 4,313 215,111
ADC Telecommunications, Inc. ............... 6,318 458,450
Adobe Systems, Inc. ........................ 5,077 341,428
Advanced Micro Devices, Inc. ............... 6,217 179,904
AES Corp. .................................. 8,717 651,596
Aetna, Inc. ................................ 6,321 352,791
Aflac, Inc. ................................ 11,239 530,340
Air Products & Chemicals, Inc. ............. 9,685 325,053
Alberto-Culver Co. Cl B .................... 2,371 61,201
Albertson's, Inc. .......................... 17,888 576,888
Alcan Aluminum Ltd. ........................ 9,256 381,232
ALCOA, Inc. ................................ 15,475 1,284,425
Allegheny Technologies, Inc. ............... 3,951 88,651
Allergan, Inc. ............................. 5,572 277,207
Allied Waste Industries, Inc. .............. 7,976 70,289
Allstate Corp. ............................. 34,016 816,384
Alltel Corp. ............................... 13,259 1,096,354
Alza Corp. ................................. 4,340 150,273
Amerada Hess Corp. ......................... 3,830 217,353
Ameren Corp. ............................... 5,795 189,786
America Online, Inc. ....................... 94,415 7,122,432
American Electric Power, Inc. ............. 8,198 263,361
American Express Co. ....................... 18,907 3,143,289
American General Corp. ..................... 10,437 791,907
American Greetings Corp. Cl A .............. 2,725 64,378
American Home Products Corp. ............... 55,147 2,174,860
American Int'l. Group, Inc. ................ 65,389 7,070,186
Amgen, Inc. ................................ 43,143 2,591,276
AMR Corp. .................................. 6,254 419,018
Amsouth Bancorporation ..................... 16,517 318,985
Anadarko Petroleum Corp. ................... 5,386 183,797
Analog Devices, Inc. ....................... 7,382 686,526
Andrew Corp. ............................... 3,464 65,600
Anheuser-Busch Cos., Inc. .................. 19,651 1,392,765
Aon Corp. .................................. 10,839 433,560
Apache Corp. ............................... 4,818 177,965
Apple Computer, Inc. ....................... 6,795 698,611
Applied Materials, Inc. .................... 15,982 2,024,720
Archer-Daniels-Midland Co. ................. 25,694 313,146
Armstrong World Inds., Inc. ................ 1,690 56,404
Ashland, Inc. .............................. 3,047 100,361
Associates First Capital Corp. Cl A ........ 30,757 843,895
AT&T Corp. ................................. 134,954 6,848,916
Atlantic Richfield Co. ..................... 13,630 1,178,995
Autodesk, Inc. ............................. 2,576 86,940
Automatic Data Processing, Inc. ............ 26,401 1,422,354
AutoZone, Inc. ............................. 6,097 197,009
Avery Dennison Corp. ....................... 4,759 346,812
Avon Products, Inc. ........................ 10,234 337,722
Baker Hughes, Inc. ......................... 13,904 292,853
Ball Corp. ................................. 1,284 50,558
Bank of America Corp. ...................... 72,102 3,618,619
Bank of New York, Inc. ..................... 31,101 1,244,040
Bank One Corp. ............................. 48,438 1,553,043
Bard (C.R.), Inc. .......................... 2,164 114,692
Barrick Gold Corp. ......................... 16,660 294,674
Bausch & Lomb, Inc. ........................ 2,424 165,893
Baxter International, Inc. ................. 12,287 771,777
BB & T Corp. ............................... 13,978 382,648
Bear Stearns Cos., Inc. .................... 5,033 215,161
Becton Dickinson & Co. ..................... 10,572 282,801
Bed Bath & Beyond, Inc. .................... 5,906 205,234
Bell Atlantic Corp. ........................ 65,581 4,037,330
BellSouth Corp. ............................ 79,499 3,721,547
Bemis, Inc. ................................ 2,211 77,109
Best Buy, Inc. ............................. 8,669 435,075
Bestfoods .................................. 11,781 619,239
Bethlehem Steel Corp. ...................... 5,539 46,389
Biomet, Inc. ............................... 4,765 190,600
Black & Decker Corp. ....................... 3,675 192,019
Block (H. & R.), Inc. ...................... 4,123 180,381
BMC Software, Inc. ......................... 10,222 817,121
Boeing Co................................... 39,470 1,640,472
Boise Cascade Corp. ........................ 2,409 97,565
Boston Scientific Corp. .................... 17,515 383,141
Briggs & Stratton Corp. .................... 991 53,142
Bristol-Myers Squibb Co. ................... 83,780 5,377,629
Brown-Forman Corp. Cl B .................... 2,892 165,567
Brunswick Corp. ............................ 3,878 86,286
Burlington Northern Santa Fe Corp. ......... 19,299 468,001
Burlington Resources, Inc. ................. 9,186 303,712
Cabletron Systems, Inc. .................... 7,626 198,276
Campbell Soup Co. .......................... 18,070 699,083
Capital One Financial Corp. ................ 8,328 401,306
Cardinal Health, Inc. ...................... 11,836 566,649
Carnival Corp. ............................. 26,055 1,245,755
Carolina Power & Light Co. ................. 6,740 205,149
Caterpillar, Inc. .......................... 15,017 706,738
CBS Corp. .................................. 32,199 2,058,724
Cendant Corp. .............................. 30,030 797,672
Centex Corp. ............................... 2,511 61,990
Central & South West Corp. ................. 8,981 179,620
CenturyTel, Inc. ........................... 5,899 279,465
Ceridian Corp. ............................. 6,109 131,725
Champion International Corp. ............... 4,063 251,652
Charles Schwab Corp. ....................... 34,631 1,328,965
Chase Manhattan Corp. ...................... 34,834 2,706,166
Chevron Corp. .............................. 27,717 2,400,985
Chubb Corp. ................................ 7,431 418,458
CIGNA Corp. ................................ 7,854 632,738
Cincinnati Financial Corp. ................. 6,931 216,161
CINergy Corp. .............................. 6,712 161,927
Circuit City Group, Inc. ................... 8,584 386,817
Cisco Systems, Inc. ........................ 138,149 14,799,212
Citigroup, Inc. ............................ 142,401 7,912,156
Citrix Systems, Inc. ....................... 3,785 465,555
Clear Channel Communications, Inc. ......... 14,296 1,275,918
Clorox Co. ................................. 9,984 502,944
CMS Energy Corp. ........................... 4,891 152,538
Coastal Corp................................ 9,022 319,717
Coca-Cola Co. .............................. 104,319 6,076,582
Coca-Cola Enterprises, Inc. ................ 17,970 361,646
Colgate-Palmolive Co. ...................... 24,605 1,599,325
Columbia Energy Group ...................... 3,432 217,074
Columbia/HCA Healthcare Corp. .............. 23,790 697,344
Comcast Corp. Cl A ......................... 31,747 1,605,208
Comerica, Inc. ............................. 6,605 308,371
Compaq Computer Corp. ...................... 71,799 1,943,060
Computer Associates Intl., Inc. ............ 22,765 1,592,127
Computer Sciences Corp. .................... 7,032 665,403
Compuware Corp. ............................ 15,114 562,997
Comverse Technology Inc. ................... 2,986 432,224
Conagra, Inc. .............................. 20,790 469,074
Conoco, Inc. ............................... 26,450 657,944
Conseco, Inc. .............................. 13,816 246,961
Consolidated Edison, Inc. .................. 9,335 322,058
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)
December 31, 1999
Shares Value
-------- -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Consolidated Natural Gas Co. ............... 4,051 $ 263,062
Consolidated Stores Corp. .................. 4,675 75,969
Constellation Energy Group, Inc. ........... 6,316 183,164
Cooper Industries, Inc. .................... 3,977 160,820
Cooper Tire & Rubber Co. ................... 3,200 49,800
Coors (Adolph) Co. Cl B .................... 1,554 81,585
Corning, Inc. .............................. 10,338 1,332,956
Costco Wholesale Corp. ..................... 9,369 854,921
Countrywide Credit Industries, Inc. ........ 4,779 120,670
Crane Co. .................................. 2,783 55,312
Crown Cork & Seal, Inc. .................... 5,147 115,164
CSX Corp. .................................. 9,221 289,309
Cummins Engine Co., Inc. ................... 1,769 85,465
CVS Corp. .................................. 16,551 661,006
Dana Corp. ................................. 6,948 208,006
Danaher Corp. .............................. 6,012 290,079
Darden Restaurants, Inc. ................... 5,550 100,594
Dayton-Hudson Corp. ........................ 18,611 1,366,745
Deere & Co. ................................ 9,870 428,111
Dell Computer Corp. ........................ 107,313 5,472,963
Delphi Automotive Systems Corp. ............ 23,863 375,842
Delta Air Lines, Inc. ...................... 5,612 279,548
Deluxe Corp. ............................... 3,100 85,056
Dillard's Inc. Cl A ........................ 4,534 91,530
Disney (Walt) Co. .......................... 87,102 2,547,734
Dollar General Corp. ....................... 11,234 255,574
Dominion Resources, Inc. ................... 8,059 316,316
Donnelley (R.R.) & Sons Co. ................ 5,340 132,499
Dover Corp. ................................ 8,600 390,225
Dow Chemical Co. ........................... 9,262 1,237,635
Dow Jones & Co., Inc. ...................... 3,779 256,972
DTE Energy Co. ............................. 6,126 192,203
Du Pont (E.I.) de Nemours & Co. ............ 44,115 2,906,084
Duke Energy Corp. .......................... 15,444 774,131
Dun & Bradstreet Corp. ..................... 6,795 200,453
Eastern Enterprises ........................ 1,120 64,330
Eastman Chemical Co. ....................... 3,302 157,464
Eastman Kodak Co. .......................... 13,329 883,046
Eaton Corp. ................................ 3,108 225,719
Ecolab, Inc. ............................... 5,473 214,131
Edison International ....................... 14,664 384,014
El Paso Energy Corp. ....................... 9,643 374,269
Electronic Data Systems Corp. .............. 19,883 1,330,918
EMC Corp. .................................. 42,974 4,694,916
Emerson Electric Co. ....................... 18,351 1,052,889
Engelhard Corp. ............................ 5,315 100,321
Enron Corp. ................................ 30,224 1,341,190
Entergy Corp. .............................. 10,425 268,444
Equifax, Inc. .............................. 5,973 140,739
Exxon Mobil Corp. .......................... 145,859 11,750,766
Fannie Mae ................................. 43,290 2,702,919
FDX Corp. .................................. 12,610 516,222
Federated Department Stores, Inc. .......... 8,867 448,338
Fifth Third Bancorp ........................ 13,038 956,663
First Data Corp. ........................... 17,699 872,782
First Union Corp. .......................... 41,717 1,368,839
Firstar Corp. .............................. 41,398 874,533
FirstEnergy Corp. .......................... 9,842 223,290
FleetBoston Financial Corp. ................ 38,668 1,346,130
Fleetwood Enterprises, Inc. ................ 1,408 29,040
Florida Progress Corp. ..................... 4,146 175,428
Fluor Corp. ................................ 3,191 146,387
FMC Corp. .................................. 1,292 74,048
Ford Motor Co. ............................. 51,015 2,726,114
Fort James Corp. ........................... 9,138 250,153
Fortune Brands, Inc. ....................... 6,930 229,123
Foster Wheeler Corp. ....................... 1,720 15,265
FPL Group, Inc. ............................ 7,570 324,091
Franklin Resources, Inc. ................... 10,649 341,434
Freddie Mac ................................ 29,361 1,381,802
Freeport-McMoran Copper & Gold, Inc. Cl B .. 6,905 145,868
Gannett Co., Inc. .......................... 11,774 960,317
Gap, Inc. .................................. 36,162 1,663,452
Gateway, Inc. .............................. 13,382 964,340
General Dynamics Corp. ..................... 8,511 448,955
General Electric Co. ....................... 138,571 21,443,862
General Instrument Corp. ................... 7,350 624,750
General Mills, Inc. ........................ 12,833 458,780
General Motors Corp. ....................... 27,039 1,965,397
Genuine Parts Co. .......................... 7,510 186,342
Georgia-Pacific Group ...................... 7,222 366,517
Gillette Co. ............................... 45,303 1,865,917
Global Crossing Ltd. ....................... 32,051 1,602,550
Golden West Financial Corp. ................ 6,826 228,671
Goodrich (B.F.) Co. ........................ 4,643 127,683
Goodyear Tire & Rubber Co. ................. 6,603 186,122
GPU, Inc. .................................. 5,213 156,064
Grainger (W.W.), Inc. ...................... 3,944 188,573
Great Atlantic & Pacific Tea, Inc. ......... 1,618 45,102
Great Lakes Chemical Corp. ................. 2,429 92,757
GTE Corp. .................................. 41,043 2,896,097
Guidant Corp. .............................. 12,981 610,107
Halliburton Holdings Co. ................... 18,657 750,944
Harcourt General, Inc. ..................... 2,999 120,710
Harrah's Entertainment, Inc. ............... 5,431 143,582
Hartford Financial Svs Gp, Inc. ............ 9,360 443,430
Hasbro, Inc. ............................... 8,184 156,008
HealthSouth Corp. .......................... 16,313 87,682
Heinz (H.J.) Co. ........................... 15,136 602,602
Helmerich & Payne, Inc. .................... 2,081 45,392
Hercules, Inc. ............................. 4,490 125,159
Hershey Food Corp. ......................... 5,844 277,590
Hewlett-Packard Co. ........................ 43,037 4,903,528
Hilton Hotels Corp. ........................ 15,577 149,929
Home Depot, Inc. ........................... 97,239 6,666,949
Homestake Mining Co. ....................... 10,992 85,875
Honeywell International, Inc. .............. 33,433 1,928,666
Household International Corp. .............. 19,856 739,636
Humana, Inc. ............................... 7,075 57,927
Huntington Bancshares, Inc. ................ 9,704 231,683
Ikon Office Solutions, Inc. ................ 6,298 42,905
Illinois Tool Works, Inc. .................. 12,691 857,436
IMS Health, Inc. ........................... 13,005 353,573
Inco Ltd. .................................. 8,107 190,515
Ingersoll Rand Co. ......................... 6,909 380,427
Intel Corp. ................................ 141,106 11,614,788
International Business Machines Corp. ...... 76,132 8,222,256
International Flavors &
Fragrances, .............................. 4,439 167,572
International Paper Co. .................... 17,488 986,979
Interpublic Group of Cos.,Inc .............. 11,853 683,770
ITT Industries, Inc. ....................... 3,713 124,153
Jefferson-Pilot Corp. ...................... 4,423 301,870
Johnson & Johnson .......................... 58,730 5,469,231
Johnson Controls, Inc. ..................... 3,604 204,978
Jostens, Inc. .............................. 1,409 34,256
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)
December 31, 1999
Shares Value
-------- -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Kansas City Southern Inds. ................. 4,668 $ 348,350
Kaufman & Broad Home Corp .................. 2,017 48,786
Kellogg Co. ................................ 17,122 527,572
Kerr-McGee Corp. ........................... 3,646 226,052
KeyCorp. ................................... 18,892 417,986
Kimberly Clark Corp. ....................... 22,990 1,500,098
KLA Tencor Corp. ........................... 3,799 423,114
Kmart Corp. ................................ 20,851 209,813
Knight-Ridder, Inc. ........................ 3,545 210,928
Kohl's Corp. ............................... 6,882 496,794
Kroger Co. ................................. 35,138 663,230
Legget & Platt, Inc. ....................... 8,290 177,717
Lehman Brothers Holdings, Inc. ............. 5,069 429,281
Lexmark Intl Group Inc. Cl A ............... 5,394 488,157
Lilly (Eli) & Co. .......................... 46,058 3,062,857
Limited, Inc. .............................. 9,068 392,758
Lincoln National Corp. ..................... 8,256 330,240
Liz Claiborne, Inc. ........................ 2,497 93,950
Lockheed Martin Corp. ...................... 16,723 365,816
Loews Corp. ................................ 4,479 271,819
Longs Drug Stores Corp. .................... 1,658 42,797
Louisiana-Pacific Corp. .................... 4,496 64,068
Lowe's Companies, Inc. ..................... 16,139 964,305
LSI Logic Corp. ............................ 6,297 425,048
Lucent Technologies, Inc. .................. 132,325 9,899,564
Mallinckrodt, Inc. ......................... 2,939 93,497
Manor Care, Inc. ........................... 4,352 69,632
Marriott International, Inc. Cl A .......... 10,507 331,627
Marsh & McLennan Co., Inc. ................. 11,281 1,079,451
Masco Corp. ................................ 18,879 479,055
Mattel, Inc. ............................... 17,771 233,244
May Department Stores Co. .................. 14,112 455,112
Maytag Corp. ............................... 3,566 171,168
MBIA, Inc. ................................. 4,206 222,129
MBNA Corp. ................................. 33,863 922,767
McDermott International, Inc. .............. 2,506 22,711
McDonald's Corp. ........................... 57,186 2,305,311
McGraw-Hill Cos., Inc. ..................... 8,282 510,378
MCI WorldCom, Inc. ......................... 119,877 6,360,973
McKesson HBOC, Inc. ........................ 11,893 268,336
Mead Corp. ................................. 4,335 188,302
MediaOne Group, Inc. ....................... 25,847 1,985,373
Medtronic, Inc. ............................ 50,482 1,839,438
Mellon Financial Corp. ..................... 21,483 731,765
Merck & Co., Inc. .......................... 98,720 6,620,410
Meredith Corp. ............................. 2,200 91,713
Merrill Lynch & Co., Inc. .................. 15,655 1,307,193
MGIC Investment Corp. ...................... 4,465 268,737
Micron Technology, Inc. .................... 11,397 886,117
Microsoft Corp. ............................ 217,931 25,443,402
Milacron, Inc. ............................. 1,559 23,970
Millipore Corp. ............................ 1,900 73,388
Minnesota Mining & Mfg. Co. ................ 16,950 1,658,981
Mirage Resorts, Inc. ....................... 8,160 124,950
Molex, Inc. ................................ 6,620 375,271
Monsanto Co. ............................... 26,802 954,821
Morgan (J.P.) & Co., Inc. .................. 7,313 926,009
Morgan Stanley Dean Witter ................. 23,523 3,357,908
Motorola, Inc. ............................. 25,725 3,788,006
Nabisco Group Holdings Corp. ............... 13,775 146,359
NACCO Industries, Inc. Cl A ................ 362 20,114
National City Corp ......................... 26,040 616,823
National Semiconductor Corp ................ 7,244 310,134
National Service Industries ................ 1,720 50,740
Navistar International Corp ................ 2,685 127,202
Network Appliance, Inc. .................... 6,307 523,875
New Century Energies, Inc. ................. 4,880 148,230
New York Times Co. Cl A .................... 7,233 355,321
Newell Rubbermaid, Inc. .................... 11,912 345,448
Newmont Mining Corp. ....................... 7,079 173,436
Nextel Communications, Inc. Cl A ........... 15,349 1,582,866
Niagara Mohawk Holdings, Inc. .............. 7,910 110,246
Nicor, Inc. ................................ 1,991 64,708
Nike, Inc. Cl B ............................ 11,827 586,176
Nordstrom, Inc. ............................ 5,852 153,249
Norfolk Southern Corp. ..................... 16,076 329,558
Nortel Networks Corp. ...................... 56,409 5,697,309
Northern States Power Co. .................. 6,538 127,491
Northern Trust Corp. ....................... 9,401 498,253
Northrop Grumman Corp. ..................... 2,931 158,457
Novell, Inc. ............................... 14,067 561,801
Nucor Corp. ................................ 3,697 202,642
Occidental Petroleum Corp. ................. 15,524 335,707
Office Depot, Inc. ......................... 13,903 152,064
Old Kent Financial Corp. ................... 4,972 175,885
Omnicom Group, Inc. ........................ 7,494 749,400
Oneok, Inc. ................................ 1,336 33,567
Oracle Corp. ............................... 60,128 6,738,094
Owens Corning .............................. 2,315 44,708
Owens-Illinois, Inc. ....................... 6,340 158,896
Paccar, Inc. ............................... 3,298 146,143
Pactiv Corp. ............................... 7,237 76,893
Paine Webber Group, Inc. ................... 6,028 233,962
Pall Corp. ................................. 5,253 113,268
Parametric Technology Corp. ................ 11,372 307,755
Parker Hannifin Corp. ...................... 4,730 242,708
Paychex, Inc. .............................. 10,415 416,600
PE Corp-PE Biosystems Group ................ 4,358 524,322
Peco Energy Co. ............................ 7,847 272,683
Penney (J.C.) Co., Inc. .................... 10,991 219,133
Peoples Energy Corp. ....................... 1,498 50,183
Peoplesoft, Inc. ........................... 10,392 221,480
Pep Boys-Manny, Moe & Jack ................. 2,221 20,267
PepsiCo, Inc. .............................. 61,481 2,167,205
Perkin Elmer, Inc. ......................... 1,936 80,707
Pfizer, Inc. ............................... 163,501 5,303,564
PG & E Corp. ............................... 16,217 332,449
Pharmacia & Upjohn, Inc. ................... 21,899 985,455
Phelps Dodge Corp. ......................... 3,421 229,605
Phillip Morris Cos., Inc. .................. 99,933 2,317,196
Phillips Petroleum Co. ..................... 10,697 502,759
Pinnacle West Capital Corp. ................ 3,579 109,383
Pitney Bowes, Inc. ......................... 11,203 541,245
Placer Dome, Inc. .......................... 13,752 147,834
PNC Bank Corp. ............................. 12,417 552,557
Polaroid Corp. ............................. 1,873 35,236
Potlatch Corp. ............................. 1,222 54,532
PP&L Resources, Inc. ....................... 6,069 138,828
PPG Industries, Inc. ....................... 7,340 459,209
Praxair, Inc. .............................. 6,713 337,748
Price (T. Rowe) Associates, Inc. ........... 5,053 186,645
Proctor & Gamble Co. ....................... 55,503 6,081,047
Progressive Corp. of Ohio .................. 3,116 227,858
Providian Financial Corp. .................. 5,996 546,011
Public Svc. Enterprise Group, Inc. ......... 9,232 321,389
Pulte Corp. ................................ 1,826 41,085
Quaker Oats Co. ............................ 5,651 370,847
Qualcomm, Inc. ............................. 27,868 4,911,735
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)
December 31, 1999
Shares Value
-------- -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Quintiles Transnational Corp. .............. 4,855 $ 90,728
Ralston Purina Co. ......................... 13,660 380,773
Raytheon Co. Cl B .......................... 14,293 379,658
Reebok International Ltd. .................. 2,357 19,298
Regions Financial Corp. .................... 9,235 232,029
Reliant Energy, Inc. ....................... 12,488 285,663
Republic New York Corp. .................... 4,428 318,816
Reynolds Metals Co. ........................ 2,655 203,439
Rite-Aid Corp. ............................. 10,936 122,347
Rockwell Intl., Corp. ...................... 8,034 384,628
Rohm & Haas Co. ............................ 9,244 376,115
Rowan Cos., Inc. ........................... 3,517 76,275
Royal Dutch Petroleum Co. N.Y .............. 90,563 5,473,401
Russell Corp. .............................. 1,408 23,584
Ryder System, Inc .......................... 2,712 66,275
Safeco Corp. ............................... 5,491 136,589
Safeway, Inc. .............................. 21,489 764,203
Sara Lee Corp. ............................. 38,378 846,715
SBC Communications, Inc. ................... 144,078 7,023,803
Schering-Plough Corp. ...................... 62,046 2,617,566
Schlumberger, Ltd. ......................... 23,222 1,306,238
Scientific-Atlanta, Inc. ................... 3,318 184,564
Scottish Power plc -- ADR ................... * 9
Seagate Technology ......................... 8,798 409,657
Seagram Ltd. ............................... 18,309 822,761
Sealed Air Corp. New ....................... 3,527 182,743
Sears Roebuck & Co. ........................ 15,963 485,874
Sempra Energy .............................. 10,151 176,374
Service Corp. International ................ 11,490 79,712
Shared Medical Systems Corp. ............... 1,128 57,458
Sherwin-Williams Co. ....................... 7,006 147,126
Sigma-Aldrich Corp. ........................ 4,261 128,096
Silicon Graphics, Inc. ..................... 7,763 76,174
SLM Holding Corp .......................... 6,719 283,878
Snap-On, Inc. .............................. 2,472 65,663
Solectron Corp. ............................ 12,373 1,176,982
Southern Co. ............................... 28,428 668,058
Southtrust Corp. ........................... 7,087 267,977
Southwest Airlines Co. ..................... 21,305 344,875
Springs Industries, Inc. ................... 755 30,153
Sprint Corp. (FON Group) ................... 36,805 2,477,437
Sprint Corp. (PCS Group) ................... 18,201 1,865,603
St. Jude Medical, Inc. ..................... 3,554 109,063
St. Paul Companies, Inc. ................... 9,598 323,333
Stanley Works .............................. 3,799 114,445
Staples, Inc. .............................. 19,616 407,032
State Street Corp. ......................... 6,757 493,683
Summit Bancorp ............................. 7,381 226,043
Sun Microsystems, Inc. ..................... 65,975 5,108,939
Sunoco, Inc. ............................... 3,811 89,559
Suntrust Banks, Inc. ....................... 13,514 929,932
Supervalu, Inc. ............................ 5,896 117,920
Synovus Financial Corp. .................... 11,817 234,863
Sysco Corp. ................................ 13,911 550,354
Tandy Corp. ................................ 8,165 401,616
Tektronix, Inc. ............................ 1,978 76,895
Tellabs, Inc. .............................. 16,990 1,090,546
Temple-Inland, Inc. ........................ 2,347 154,755
Tenet Healthcare Corp. ..................... 13,151 309,049
Teradyne, Inc. ............................. 7,222 476,652
Texaco, Inc. ............................... 23,358 1,268,631
Texas Instruments, Inc. .................... 33,872 3,281,350
Texas Utilities Co. ........................ 11,674 415,157
Textron, Inc. .............................. 6,282 481,751
Thermo Electron Corp. ...................... 6,683 100,245
Thomas & Betts Corp. ....................... 2,442 77,839
Time Warner, Inc. .......................... 54,336 3,935,964
Times Mirror Co. ........................... 2,551 170,917
Timken Co. ................................. 2,615 53,444
TJX Companies, Inc. ........................ 13,096 267,650
Torchmark Corp. ............................ 5,555 161,442
Tosco Corp. ................................ 6,079 165,273
Toys R Us, Inc. ............................ 10,338 147,963
Transocean Sedco Forex, Inc. ............... 4,496 151,452
Tribune Co. ................................ 10,036 552,607
Tricon Global Restaurants, Inc. ............ 6,484 250,445
TRW, Inc. .................................. 5,136 266,751
Tupperware Corp. ........................... 2,433 41,209
Tyco International Ltd. .................... 71,322 2,772,643
U.S. Bancorp ............................... 30,732 731,806
U.S. West, Inc. ............................ 21,341 1,536,552
Unicom Corp. ............................... 9,187 307,765
Unilever N.V ............................... 24,140 1,314,121
Union Carbide Corp. ........................ 5,653 377,338
Union Pacific Corp. ........................ 10,498 457,975
Union Pacific Resources Group, Inc. ........ 10,645 135,724
Union Planters Corp. ....................... 5,956 234,890
Unisys Corp. ............................... 13,073 417,519
United Healthcare Corp. .................... 7,169 380,853
United Technologies Corp. .................. 20,219 1,314,235
Unocal Corp. ............................... 10,238 343,613
UNUMProvident Corp. ........................ 10,137 325,018
US Airways Group Inc. ...................... 3,022 96,893
UST, Inc. .................................. 7,226 182,005
USX-Marathon Group ......................... 13,123 323,974
USX-U.S. Steel Group ....................... 3,729 123,057
V F Corp.................................... 4,989 149,670
Viacom, Inc. Cl B .......................... 29,437 1,779,099
Vulcan Materials Co. ....................... 4,226 168,776
W.R. Grace & Co. ........................... 3,004 41,681
Wachovia Corp. ............................. 8,563 582,284
Wal-Mart Stores, Inc. ...................... 187,949 12,991,975
Walgreen Co. ............................... 42,382 1,239,674
Warner-Lambert Co. ......................... 36,265 2,971,463
Washington Mutual, Inc. .................... 24,382 633,932
Waste Management, Inc. ..................... 26,170 449,797
Watson Pharmaceuticals, Inc. ............... 4,045 144,862
Wellpoint Health Networks Inc. ............. 2,688 177,240
Wells Fargo & Company ...................... 69,362 2,804,826
Wendy's International, Inc. ................ 5,050 104,156
Westvaco Corp. ............................. 4,236 138,200
Weyerhaeuser Co. ........................... 9,919 712,308
Whirlpool Corp. ............................ 3,143 204,491
Willamette Industries, Inc. ................ 4,712 218,814
Williams Cos., Inc. ........................ 18,361 561,158
Winn-Dixie Stores, Inc. .................... 6,277 150,256
Worthington Industries, Inc. ............... 3,764 62,341
Wrigley (Wm.) Jr. Co. ...................... 4,889 405,481
Xerox Corp. ................................ 28,055 636,498
Xilinx, Inc. ............................... 13,506 614,102
Yahoo!, Inc. ............................... 11,118 4,810,620
-----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $214,258,334) 58.7% ...................................... 520,124,650
-----------
- ----------
* Fractional share attributable to Corporate Action.
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------- --------- ----------- --------------
<S> <C> <C> <C> <C>
INDEXED ASSETS (CONTINUED):
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.1%)
U.S. Treasury Bill (a).............................................. 5.15% 01/13/00 $1,000,000 $ 998,275
------------
COMMERCIAL PAPER (0.1%)
UBS Finance (Delw.) Inc............................................. 4.00 01/03/00 560,000 559,876
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,558,151) 0.2%................................................................................. 1,558,151
------------
TOTAL INDEXED ASSETS
(Cost: $215,816,485) 58.9%.............................................................................. $521,682,801
------------
</TABLE>
- ---------------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 1999:
<TABLE>
<CAPTION>
Expiration Underlying Face Unrealized
Date Amount at Value Gain
------------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
4 S&P 500 Stock Index Futures Contracts ...................................... March 2000 $1,484,200 $41,713
========== =======
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities: 0.2%.
- ----------------
(a) This security has been segregated to cover initial margin requirements on
open contracts.
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)
December 31, 1999
Shares Value
-------- -----------
ACTIVE ASSETS:
COMMON STOCKS
BASIC MATERIALS (0.8%)
Cabot Corp. .............................. 50,100 $ 1,020,787
Lone Star Technologies, Inc.* ............ 82,600 2,302,475
Newmont Mining Corp....................... 38,500 943,250
Placer Dome, Inc. ........................ 70,000 752,500
Praxair, Inc. ............................ 38,800 1,952,125
-----------
6,971,137
-----------
CONSUMER, CYCLICAL (4.9%)
eBay, Inc.* .............................. 12,261 1,534,924
Abercrombie & Fitch Co. Cl A* ............ 35,151 938,092
Bed Bath & Beyond, Inc.* ................. 65,477 2,275,326
BJ Services Co * ......................... 23,065 964,405
BJ's Wholesale Club, Inc.* ............... 92,990 3,394,135
CNET, Inc.* .............................. 27,208 1,544,054
Cox Radio, Inc.* ......................... 16,092 1,605,177
Dayton-Hudson Corp........................ 31,200 2,291,250
Diedrich Coffee, Inc.* ................... 212,900 864,906
Ethan Allen Interiors, Inc................ 45,521 1,459,517
Ford Motor Co............................. 18,000 961,875
Furniture Brands Intl., Inc.* ............ 12,150 267,300
Gannett Co., Inc ......................... 34,100 2,781,281
Linens'n Things, Inc.* ................... 52,028 1,541,330
Mandalay Resort Group .................... 91,000 1,831,375
Masco Corp. .............................. 89,000 2,258,375
Meredith Corp. ........................... 28,800 1,200,600
Nordstrom, Inc. .......................... 51,900 1,359,131
Outback Steakhouse, Inc.* ................ 55,894 1,449,751
Skywest, Inc. ............................ 17,462 488,936
Telewest Communications plc--ADR* ........ 39,272 2,169,778
The Cheesecake Factory, Inc.* ............ 33,800 1,183,000
The Men's Wearhouse, Inc.* ............... 32,600 957,625
Tiffany & Co. ............................ 35,808 3,195,864
TJX Companies ............................ 21,900 447,581
True North Communications, Inc. .......... 23,000 1,027,813
Young & Rubicam, Inc. .................... 43,605 3,085,054
-----------
43,078,455
-----------
CONSUMER, NON-CYCLICAL (2.8%)
Albertson's, Inc. ........................ 50,300 1,622,175
American Home Products Corp. ............. 18,600 733,538
Baxter International, Inc. ............... 18,000 1,130,625
Bestfoods ................................ 29,800 1,566,362
Cardinal Health, Inc. .................... 27,900 1,335,712
Cygnus, Inc.* ............................ 50,000 912,500
Diageo plc-- Sponsored ADR ............... 26,000 832,000
Dura Pharmaceuticals, Inc.* .............. 68,900 960,294
Enzon, Inc.* ............................. 26,200 1,136,425
Forest Laboratories, Inc.* ............... 44,172 2,713,817
Fort James Corp. ......................... 56,000 1,533,000
IDEC Pharmaceuticals Corp.* .............. 7,288 716,046
Lilly (Eli) & Co.......................... 17,500 1,163,750
Medimmune, Inc.* ......................... 14,206 2,356,420
Medquist, Inc.* .......................... 14,858 383,522
Minimed, Inc.* ........................... 29,200 2,138,900
SangStat Medical Corp.* .................. 36,300 1,079,925
Sepracor, Inc.* .......................... 9,041 896,754
US Foodservice* .......................... 55,000 921,250
Williams-Sonoma, Inc.* ................... 15,544 715,024
-----------
24,848,039
-----------
ENERGY (2.1%)
BP Amoco Corp. ........................... 43,668 2,590,058
Calpine Corp.* ........................... 50,484 3,230,976
Exxon Mobil Corp. ........................ 24,290 1,956,863
Midcoast Energy Res., Inc. ............... 14,000 234,500
Nabors Industries, Inc.* ................. 50,100 1,549,969
Quanta Services, Inc.* ................... 40,100 1,132,825
Schlumberger, Ltd. ....................... 38,600 2,171,250
Total Fina S.A ........................... 24,985 1,730,211
Transocean Sedco Forex, Inc. ............. 7,473 251,745
USX-Marathon Group ....................... 67,700 1,671,344
Varco International, Inc.* ............... 70,710 720,358
Weatherford International, Inc.* ......... 30,100 1,202,119
-----------
18,442,218
-----------
FINANCIAL (4.8%)
American General Corp. ................... 13,400 1,016,725
American Int'l. Group, Inc. .............. 37,100 4,011,437
Arden Realty Group ....................... 66,400 1,332,150
Bank of America Corp. .................... 57,063 2,863,849
Boston Properties, Inc. .................. 30,100 936,863
Citigroup, Inc. .......................... 141,150 7,842,647
Compass Bancshares Inc., ................. 33,800 754,163
Cullen/Frost Bankers, Inc. ............... 32,600 839,450
Equity Res. Pptys. Tr. Co ................ 32,600 1,391,613
Fannie Mae ............................... 28,000 1,748,250
FleetBoston Financial Corp. .............. 45,200 1,573,525
HCC Insurance Holdings, Inc. ............. 63,900 842,681
Heller Financial, Inc. ................... 65,100 1,306,069
Kimco Realty Corp. ....................... 33,800 1,144,975
Mack-Cali Realty Corp. ................... 46,300 1,206,694
Morgan Stanley Dean Witter ............... 23,300 3,326,075
Natl. Commerce Bancorp ................... 33,011 748,937
Providian Financial Corp. ................ 21,700 1,976,056
SL Green Realty Corp. .................... 76,400 1,661,700
Spieker Pptys., Inc. ..................... 40,100 1,461,144
Vornado Rlty. Trust ...................... 40,100 1,303,250
Washington Mutual, Inc. .................. 57,329 1,490,554
Wells Fargo & Company .................... 36,700 1,484,056
-----------
42,262,863
-----------
INDUSTRIAL (5.9%)
Applied Materials, Inc.* ................. 68,700 8,703,431
Asyst Technologies, Inc.* ................ 20,000 1,311,250
BISYS Group, Inc.* ....................... 28,600 1,866,150
Caterpillar, Inc. ........................ 25,800 1,214,212
Citadel Communications, Corp.* ........... 22,652 1,469,548
Coinstar, Inc.* .......................... 41,657 583,198
CommScope, Inc.* ......................... 23,500 947,344
Computer Sciences Corp.* ................. 21,000 1,987,125
Conexant Systems, Inc.* .................. 43,326 2,875,763
Covenant Transport, Inc. Cl A* ........... 57,600 1,000,800
CSG Systems Intl., Inc.* ................. 23,800 949,025
Dycom Industries, Inc.* .................. 27,000 1,189,687
Emerson Electric Co. ..................... 17,800 1,021,275
EOG Resources, Inc. ...................... 35,268 619,394
FactSet Research Systems, Inc. ........... 23,624 1,881,061
Forward Air Corporation* ................. 66,099 2,867,044
Honeywell International, Inc. ............ 23,300 1,344,119
Hooper Holmes, Inc. ...................... 102,333 2,635,075
Kent Electronics Corp.* .................. 31,800 723,450
Kulicke and Soffa Industries, Inc.* ...... 27,000 1,149,188
Mettler-Toledo International, Inc.* ...... 27,270 1,041,373
Official Payments Corp.* ................. 16,000 832,000
Pittway Corp. ............................ 11,399 510,818
PRI Automation, Inc.* .................... 25,263 1,695,779
Radio One, Inc.* ......................... 16,000 1,472,000
- -------------
* Non-income producing security
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
Shares Value
-------- -----------
ACTIVE ASSETS (CONTINUED):
INDUSTRIAL (CONTINUED)
Salem Communications Corp. Cl A* ....... 21,725 $ 491,528
SDL, Inc.* ............................. 9,250 2,016,500
Semtech Corp.* ......................... 52,600 2,741,775
Spartech Corp........................... 43,000 1,386,750
Swift Transportation Co., Inc.* ........ 56,300 992,288
U.S. Xpress Enterprises, Inc. Cl A* .... 57,600 424,800
Williams Cos., Inc. .................... 61,000 1,864,312
------------
51,808,062
------------
TECHNOLOGY (16.2%)
3Com Corp* ............................. 72,600 3,412,200
Altera Corp.* .......................... 45,342 2,247,263
ANTEC Corp.* ........................... 34,673 1,265,564
Applied Micro Circuits, Corp.* ......... 39,824 5,067,604
ASM Lithography Holding NV* ............ 24,776 2,818,270
AT&T Corp. ............................. 37,000 1,877,750
Atmel Corp.* ........................... 152,400 4,505,325
ATMI, Inc.* ............................ 34,052 1,125,844
Aware, Inc.* ........................... 16,398 596,477
Broadcom Corp.* ........................ 5,959 1,623,083
Business Objects S.A.-Sp ADR* .......... 9,000 1,202,625
Ciena Corp.* ........................... 55,000 3,162,500
Cisco Systems, Inc.* ................... 289,500 31,012,687
Compaq Computer Corp.................... 181,500 4,911,844
Critical Path, Inc.* ................... 25,100 2,368,812
Dallas Semiconductor Corp............... 14,313 922,294
Digital Island, Inc.* .................. 14,000 1,331,750
Dionex Corp* ........................... 33,800 1,392,137
Documentum, Inc.* ...................... 12,400 742,450
E-Speed, Inc. Cl A* .................... 35,000 1,244,687
Efficient Networks, Inc.* .............. 21,400 1,455,200
Emulex Corp.* .......................... 18,000 2,025,000
Exodus Communications, Inc.* ........... 20,028 1,778,737
Hewlett-Packard Co...................... 12,900 1,469,794
Intel Corp. ............................ 106,000 8,725,125
Intl. Business Machines Corp. .......... 19,600 2,116,800
Intuit, Inc.* .......................... 83,379 4,997,529
JDA Software Group, Inc.* .............. 85,000 1,391,875
Lattice Semiconductor Corp.* ........... 24,278 1,144,101
Legato Systems, Inc.* .................. 45,100 3,103,444
Linear Technology Corp. ................ 106,315 7,608,167
Manugistics Group, Inc.* ............... 37,000 1,195,563
Maxim Integrated Products, Inc* ........ 162,400 7,663,250
McLeod USA, Inc. Cl A* ................. 28,957 1,704,843
Microchip Technology, Inc.* ............ 35,281 2,414,543
Microsoft Corp.* ....................... 18,800 2,194,900
Networks Associates, Inc* .............. 58,900 1,571,894
Novellus Systems, Inc.* ................ 15,000 1,837,970
Parametric Technology Corp.* ........... 118,000 3,193,375
Protein Design Labs, Inc.* ............. 11,015 771,050
Sawtek, Inc.* .......................... 19,000 1,264,687
Varian Semiconductor Equipment
Associates, Inc.* .................... 35,000 1,190,000
Vignette Corporation* .................. 9,466 1,542,958
Vitesse Semiconductor Corp.* ........... 19,173 1,005,384
Waters Corp.* .......................... 22,177 1,175,381
Xerox Corp. ............................ 62,000 1,406,625
Xilinx, Inc.* .......................... 108,000 4,910,630
------------
143,689,991
------------
UTILITIES (2.0%)
El Paso Energy Corp. ................... 34,000 1,319,625
GTE Corp .............................. 28,000 1,975,750
Illinova Corp. ......................... 40,100 1,393,475
ITC DeltaCom, Inc.* .................... 56,418 1,558,547
Kinder Morgan, Inc. .................... 60,000 1,211,250
MCI WorldCom, Inc.* .................... 29,162 1,547,382
MDU Resources Group .................... 48,800 976,000
Montana Pwr. Co. ....................... 38,800 1,399,225
NSTAR .................................. 27,615 1,118,407
SBC Communications, Inc. ............... 27,400 1,335,750
SIGCORP, Inc. .......................... 38,800 882,700
Time Warner Telecom, Inc. Cl A* ........ 31,000 1,548,062
Western Wireless Corp. Cl A* ........... 33,800 2,256,150
------------
18,522,323
------------
TOTAL ACTIVE ASSETS--COMMON STOCKS
(Cost: $223,407,634) 39.5% .................................... 349,623,088
-----------
- ----------------
* Non-income producing security.
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)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
<S> <C> <C> <C> <C>
ACTIVE ASSETS (CONTINUED):
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.2%)
U.S. Treasury Bill.................................................. 5.17% 01/13/00 $1,800,000 $ 1,796,888
U.S. Treasury Bill.................................................. 5.17 01/13/00 100,000 99,827
------------
1,896,715
------------
COMMERCIAL PAPER (1.4%)
Abbott Laboratories................................................. 6.25 01/13/00 1,164,000 1,161,570
AES Barbers Pt., Inc. .............................................. 6.60 01/12/00 1,000,000 997,981
Countrywide Credit Industries, Inc. ................................ 5.25 01/07/00 700,000 699,387
Exxon Asset Management Corp. ....................................... 6.47 01/06/00 3,000,000 2,997,302
General Electric Capital Corp. ..................................... 6.52 01/12/00 4,580,000 4,570,861
Merrill Lynch & Co., Inc. .......................................... 5.55 01/27/00 1,000,000 995,990
Toronto Dominion Hldgs, Inc. ....................................... 5.94 01/27/00 700,000 696,995
UBS Finance (Delw.) Inc. ........................................... 4.00 01/03/00 110,000 109,976
------------
12,230,062
------------
TOTAL ACTIVE ASSETS--SHORT-TERM DEBT SECURITIES
(Cost: $14,126,777) 1.6% ................................................................................ 14,126,777
------------
TOTAL ACTIVE ASSETS
(Cost: $237,534,411) 41.1% .............................................................................. 363,749,865
------------
TOTAL INVESTMENTS
(Cost: $453,350,896) 100.0% ............................................................................. $885,432,666
============
</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
December 31, 1999
Shares Value
------- -----------
INDEXED ASSETS
COMMON STOCKS
3Com Corp. ................................. 16,269 $ 764,643
Abbott Laboratories ........................ 72,488 2,632,221
Adaptec, Inc. .............................. 4,815 240,148
ADC Telecommunications, Inc. ............... 7,054 511,856
Adobe Systems, Inc. ........................ 5,668 381,173
Advanced Micro Devices, Inc. ............... 6,941 200,855
AES Corp. .................................. 9,731 727,392
Aetna, Inc. ................................ 7,057 393,869
Aflac, Inc. ................................ 12,548 592,109
Air Products & Chemicals, Inc. ............. 10,812 362,878
Alberto-Culver Co. Cl B .................... 2,656 68,558
Albertson's, Inc. .......................... 19,971 644,065
Alcan Aluminum Ltd. ........................ 10,333 425,590
ALCOA, Inc. ................................ 17,277 1,433,991
Allegheny Technologies, Inc. ............... 4,411 98,972
Allergan, Inc. ............................. 6,200 308,450
Allied Waste Industries, Inc. .............. 8,905 78,475
Allstate Corp. ............................. 37,976 911,424
Alltel Corp. ............................... 14,803 1,224,023
Alza Corp. ................................. 4,837 167,481
Amerada Hess Corp ......................... 4,276 242,663
Ameren Corp. ............................... 6,470 211,893
America Online, Inc. ....................... 105,408 7,951,716
American Electric Power, Inc. ............. 9,152 294,008
American Express Co. ....................... 21,109 3,509,371
American General Corp. ..................... 11,652 884,096
American Greetings Corp. Cl A .............. 3,042 71,867
American Home Products Corp. ............... 61,568 2,428,088
American Int'l. Group, Inc. ................ 73,003 7,893,449
Amgen, Inc. ................................ 48,167 2,893,030
AMR Corp, .................................. 6,982 467,794
Amsouth Bancorporation ..................... 18,441 356,142
Anadarko Petroleum Corp. ................... 6,013 205,194
Analog Devices, Inc. ....................... 8,245 766,785
Andrew Corp. ............................... 3,869 73,269
Anheuser-Busch Cos., Inc. .................. 21,939 1,554,927
Aon Corp. .................................. 12,101 484,040
Apache Corp. ............................... 5,379 198,687
Apple Computer, Inc. ....................... 7,586 779,936
Applied Materials, Inc. .................... 17,843 2,260,485
Archer-Daniels-Midland Co. ................. 28,686 349,611
Armstrong World Inds., Inc. ................ 1,907 63,646
Ashland, Inc. .............................. 3,403 112,086
Associates First Capital Corp. Cl A ........ 34,338 942,149
AT&T Corp. ................................. 150,668 7,646,401
Atlantic Richfield Co. ..................... 15,218 1,316,357
Autodesk, Inc. ............................. 2,876 97,065
Automatic Data Processing, Inc. ............ 29,475 1,587,966
AutoZone, Inc. ............................. 6,807 219,951
Avery Dennison Corp. ....................... 5,313 387,185
Avon Products, Inc. ........................ 11,425 377,025
Baker Hughes, Inc. ......................... 15,523 326,953
Ball Corp. ................................. 1,448 57,015
Bank of America Corp. ...................... 80,498 4,039,993
Bank of New York, Inc. ..................... 34,723 1,388,920
Bank One Corp. ............................. 54,078 1,733,876
Bard (C.R.), Inc. .......................... 2,439 129,267
Barrick Gold Corp. ......................... 18,565 328,368
Bausch & Lomb, Inc. ........................ 2,734 187,108
Baxter International, Inc. ................. 13,718 861,662
BB & T Corp. ............................... 15,606 427,214
Bear Stearns Cos., Inc. .................... 5,619 240,212
Becton Dickinson & Co. ..................... 11,803 315,730
Bed Bath & Beyond, Inc. .................... 6,594 229,142
Bell Atlantic Corp. ........................ 73,217 4,507,422
BellSouth Corp. ............................ 88,756 4,154,890
Bemis, Inc. ................................ 2,490 86,839
Best Buy, Inc. ............................. 9,702 486,919
Bestfoods .................................. 13,152 691,302
Bethlehem Steel Corp. ...................... 6,184 51,791
Biomet, Inc. ............................... 5,320 212,800
Black & Decker Corp. ....................... 4,096 214,016
Block (H. & R.), Inc. ...................... 4,615 201,906
BMC Software, Inc. ......................... 11,427 913,446
Boeing Co. ................................. 44,066 1,831,493
Boise Cascade Corp. ........................ 2,717 110,039
Boston Scientific Corp. .................... 19,554 427,744
Briggs & Stratton Corp. .................... 1,109 59,470
Bristol-Myers Squibb Co. ................... 93,536 6,003,842
Brown-Forman Corp. Cl B .................... 3,230 184,918
Brunswick Corp. ............................ 4,330 96,343
Burlington Northern Santa Fe Corp. ......... 21,546 522,491
Burlington Resources, Inc. ................. 10,255 339,056
Cabletron Systems, Inc. .................... 8,514 221,364
Campbell Soup Co. .......................... 20,173 780,443
Capital One Financial Corp. ................ 9,297 447,999
Cardinal Health, Inc. ...................... 13,214 632,620
Carnival Corp. ............................. 29,089 1,390,818
Carolina Power & Light Co. ................. 7,525 229,042
Caterpillar, Inc. .......................... 16,765 789,003
CBS Corp. .................................. 35,949 2,298,489
Cendant Corp. .............................. 33,526 890,534
Centex Corp. ............................... 2,795 69,002
Central & South West Corp. ................. 10,027 200,540
CenturyTel, Inc. ........................... 6,586 312,012
Ceridian Corp. ............................. 6,820 147,056
Champion International Corp. ............... 4,536 280,949
Charles Schwab Corp. ....................... 38,663 1,483,693
Chase Manhattan Corp. ...................... 38,890 3,021,267
Chevron Corp. .............................. 30,944 2,680,524
Chubb Corp. ................................ 8,296 467,169
CIGNA Corp. ................................ 8,768 706,372
Cincinnati Financial Corp. ................. 7,738 241,329
CINergy Corp. .............................. 7,493 180,769
Circuit City Group, Inc. ................... 9,565 431,023
Cisco Systems, Inc. ........................ 154,235 16,522,424
Citigroup, Inc. ............................ 158,982 8,833,438
Citrix Systems, Inc. ....................... 4,225 519,675
Clear Channel Communications, Inc. ......... 15,961 1,424,519
Clorox Co. ................................. 11,147 561,530
CMS Energy Corp. ........................... 5,460 170,284
Coastal Corp. .............................. 10,072 356,927
Coca-Cola Co. .............................. 116,465 6,784,086
Coca-Cola Enterprises, Inc. ................ 20,062 403,748
Colgate-Palmolive Co. ...................... 27,470 1,785,550
Columbia Energy Group ...................... 3,832 242,374
Columbia/HCA Healthcare Corp. .............. 26,560 778,540
Comcast Corp. Cl A ......................... 35,444 1,792,137
Comerica, Inc. ............................. 7,374 344,274
Compaq Computer Corp. ...................... 80,159 2,169,303
Computer Associates Intl., Inc. ............ 25,416 1,777,532
Computer Sciences Corp. .................... 7,850 742,806
Compuware Corp. ............................ 16,873 628,519
Comverse Technology Inc. ................... 3,335 482,741
Conagra, Inc. .............................. 23,211 523,698
Conoco, Inc. ............................... 29,529 734,534
Conseco, Inc. .............................. 15,424 275,704
Consolidated Edison, Inc. .................. 10,422 359,559
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)
December 31, 1999
Shares Value
------- -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Consolidated Natural Gas Co. ............... 4,523 $ 293,712
Consolidated Stores Corp. .................. 5,243 85,199
Constellation Energy Group, Inc. ........... 7,052 204,508
Cooper Industries, Inc. .................... 4,440 179,543
Cooper Tire & Rubber Co. ................... 3,576 55,652
Coors (Adolph) Co. Cl B .................... 1,752 91,980
Corning, Inc. .............................. 11,542 1,488,197
Costco Wholesale Corp. ..................... 10,460 954,475
Countrywide Credit Industries, Inc. ........ 5,336 134,734
Crane Co. .................................. 3,107 61,752
Crown Cork & Seal, Inc. .................... 5,746 128,567
CSX Corp. .................................. 10,295 323,006
Cummins Engine Co., Inc. ................... 1,952 94,306
CVS Corp. .................................. 18,478 737,965
Dana Corp. ................................. 7,757 232,225
Danaher Corp. .............................. 6,712 323,854
Darden Restaurants, Inc. ................... 6,197 112,321
Dayton-Hudson Corp. ........................ 20,778 1,525,884
Deere & Co. ................................ 11,019 477,949
Dell Computer Corp. ........................ 119,808 6,110,208
Delphi Automotive Systems Corp. ............ 26,641 419,596
Delta Air Lines, Inc. ...................... 6,265 312,075
Deluxe Corp. ............................... 3,461 94,961
Dillard's Inc. Cl A ........................ 5,090 102,754
Disney (Walt) Co. .......................... 97,243 2,844,358
Dollar General Corp. ....................... 12,542 285,331
Dominion Resources, Inc. ................... 8,997 353,132
Donnelley (R.R.) & Sons Co. ................ 5,962 147,932
Dover Corp. ................................ 9,602 435,691
Dow Chemical Co. ........................... 10,340 1,381,683
Dow Jones & Co., Inc. ...................... 4,219 286,892
DTE Energy Co. ............................. 6,839 214,574
Du Pont (E.I.) de Nemours & Co. ............ 49,253 3,244,525
Duke Energy Corp. .......................... 17,243 864,305
Dun & Bradstreet Corp. ..................... 7,586 223,787
Eastern Enterprises ........................ 1,278 73,405
Eastman Chemical Co. ....................... 3,689 175,919
Eastman Kodak Co. .......................... 14,881 985,866
Eaton Corp. ................................ 3,470 252,009
Ecolab, Inc. ............................... 6,110 239,054
Edison International ....................... 16,372 428,742
El Paso Energy Corp. ....................... 10,766 417,855
Electronic Data Systems Corp. .............. 22,198 1,485,879
EMC Corp. .................................. 47,979 5,241,699
Emerson Electric Co. ....................... 20,488 1,175,499
Engelhard Corp. ............................ 5,934 112,004
Enron Corp. ................................ 33,743 1,497,346
Entergy Corp. .............................. 11,639 299,704
Equifax, Inc. .............................. 6,669 157,138
Exxon Mobil Corp. .......................... 162,843 13,119,039
Fannie Mae ................................. 48,331 3,017,667
FDX Corp. .................................. 14,078 576,318
Federated Department Stores, Inc. .......... 9,899 500,518
Fifth Third Bancorp ........................ 14,556 1,068,047
First Data Corp. ........................... 19,760 974,415
First Union Corp. .......................... 46,574 1,528,209
Firstar Corp. .............................. 46,219 976,372
FirstEnergy Corp. .......................... 10,988 249,290
FleetBoston Financial Corp. ................ 43,171 1,502,891
Fleetwood Enterprises, Inc. ................ 1,540 31,763
Florida Progress Corp. ..................... 4,630 195,907
Fluor Corp. ................................ 3,609 165,563
FMC Corp. .................................. 1,442 82,645
Ford Motor Co. ............................. 56,954 3,043,479
Fort James Corp. ........................... 10,202 279,280
Fortune Brands, Inc. ....................... 7,737 255,805
Foster Wheeler Corp. ....................... 1,939 17,209
FPL Group, Inc. ............................ 8,452 361,851
Franklin Resources, Inc. ................... 11,889 381,191
Freddie Mac ................................ 32,779 1,542,662
Freeport-McMoran Copper & Gold,
Inc. Cl B ................................ 7,709 162,853
Gannett Co., Inc. .......................... 13,145 1,072,139
Gap, Inc. .................................. 40,372 1,857,112
Gateway, Inc. .............................. 14,911 1,074,524
General Dynamics Corp. ..................... 9,484 500,281
General Electric Co ........................ 154,706 23,940,754
General Instrument Corp..................... 8,206 697,510
General Mills, Inc. ........................ 14,327 512,190
General Motors Corp. ....................... 30,187 2,194,218
Genuine Parts Co. .......................... 8,384 208,028
Georgia-Pacific Group ...................... 8,062 409,147
Gillette Co. ............................... 50,578 2,083,181
Global Crossing Ltd. ....................... 35,783 1,789,150
Golden West Financial Corp. ................ 7,620 255,270
Goodrich (B.F.) Co. ........................ 5,194 142,835
Goodyear Tire & Rubber Co. ................. 7,371 207,770
GPU, Inc. .................................. 5,820 174,236
Grainger (W.W.), Inc. ...................... 4,403 210,518
Great Atlantic & Pac. Tea, Inc. ............ 1,825 50,872
Great Lakes Chemical Corp. ................. 2,712 103,565
GTE Corp. .................................. 45,822 3,233,315
Guidant Corp. .............................. 14,493 681,171
Halliburton Holdings Co. ................... 20,830 838,408
Harcourt General, Inc. ..................... 3,355 135,039
Harrah's Entertainment, Inc. ............... 6,063 160,291
Hartford Financial Svs Gp, Inc.............. 10,450 495,069
Hasbro, Inc. ............................... 9,136 174,155
HealthSouth Corp. .......................... 18,213 97,895
Heinz (H.J.) Co. ........................... 16,898 672,752
Helmerich & Payne, Inc. .................... 2,356 51,390
Hercules, Inc. ............................. 5,013 139,737
Hershey Food Corp. ......................... 6,525 309,938
Hewlett-Packard Co. ........................ 48,048 5,474,469
Hilton Hotels Corp. ........................ 17,391 167,388
Home Depot, Inc. ........................... 108,561 7,443,214
Homestake Mining Co. ....................... 12,272 95,875
Honeywell International, Inc. .............. 37,326 2,153,244
Household International Corp. .............. 22,168 825,758
Humana, Inc. ............................... 7,899 64,673
Huntington Bancshares, Inc. ................ 10,834 258,662
Ikon Office Solutions, Inc. ................ 7,032 47,906
Illinois Tool Works, Inc. .................. 14,168 957,226
IMS Health, Inc. ........................... 14,519 394,735
Inco Ltd. .................................. 9,051 212,699
Ingersoll Rand Co. ......................... 7,713 424,697
Intel Corp. ................................ 157,536 12,967,182
International. Business
Machines Corp. ........................... 84,997 9,179,676
International. Flavors &
Fragrances, Inc. ......................... 4,956 187,089
International Paper Co. .................... 19,525 1,101,942
Interpublic Group of Cos.,Inc. ............. 13,233 763,379
ITT Industries, Inc. ....................... 4,145 138,598
Jefferson-Pilot Corp. ...................... 4,938 337,019
Johnson & Johnson .......................... 65,568 6,106,020
Johnson Controls, Inc. ..................... 4,023 228,808
Jostens, Inc. .............................. 1,573 38,244
Kansas City Southern Inds. ................. 5,211 388,871
Kaufman & Broad Home Corp. ................. 2,249 54,398
Kellogg Co. ................................ 19,116 589,012
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)
December 31, 1999
Shares Value
------- -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Kerr-McGee Corp. ........................... 4,077 $ 252,774
KeyCorp .................................... 21,091 466,638
Kimberly Clark Corp. ....................... 25,667 1,674,772
KLA Tencor Corp. ........................... 4,241 472,341
Kmart Corp. ................................ 23,279 234,245
Knight-Ridder, Inc. ........................ 3,958 235,501
Kohl's Corp. ............................... 7,683 554,617
Kroger Co. ................................. 39,230 740,466
Legget & Platt, Inc. ....................... 9,255 198,404
Lehman Brothers Holdings, Inc. ............. 5,659 479,247
Lexmark Intl Group Inc. Cl A ............... 6,023 545,082
Lilly (Eli) & Co. .......................... 51,421 3,419,497
Limited, Inc. .............................. 10,124 438,496
Lincoln National Corp. ..................... 9,217 368,680
Liz Claiborne, Inc. ........................ 2,787 104,861
Lockheed Martin Corp. ...................... 18,670 408,406
Loews Corp. ................................ 5,000 303,438
Longs Drug Stores Corp. .................... 1,869 48,244
Louisiana-Pacific Corp. .................... 5,019 71,521
Lowe's Companies, Inc. ..................... 18,019 1,076,635
LSI Logic Corp. ............................ 7,017 473,648
Lucent Technologies, Inc. .................. 147,732 11,052,200
Mallinckrodt, Inc. ......................... 3,281 104,377
Manor Care, Inc. ........................... 4,859 77,744
Marriott International, Inc Cl A ........... 11,731 370,260
Marsh & McLennan Cos., Inc. ................ 12,571 1,202,888
Masco Corp. ................................ 21,087 535,083
Mattel, Inc. ............................... 19,841 260,413
May Department Stores Co. .................. 15,756 508,131
Maytag Corp. ............................... 3,981 191,088
MBIA, Inc. ................................. 4,695 247,955
MBNA Corp. ................................. 37,806 1,030,214
McDermott International, Inc. .............. 2,825 25,602
McDonald's Corp. ........................... 63,845 2,573,752
McGraw-Hill Cos., Inc. ..................... 9,247 569,846
MCI WorldCom, Inc. ......................... 133,834 7,101,593
McKesson HBOC, Inc. ........................ 13,278 299,585
Mead Corp. ................................. 4,840 210,238
MediaOne Group, Inc. ....................... 28,856 2,216,502
Medtronic, Inc. ............................ 56,360 2,053,618
Mellon Financial Corp. ..................... 23,984 816,955
Merck & Co., Inc. .......................... 110,215 7,391,293
Meredith Corp. ............................. 2,434 101,467
Merrill Lynch & Co., Inc. .................. 17,478 1,459,413
MGIC Investment Corp. ...................... 4,984 299,975
Micron Technology, Inc. .................... 12,724 989,291
Microsoft Corp. ............................ 243,307 28,406,064
Milacron, Inc. ............................. 1,762 27,091
Millipore Corp. ............................ 2,143 82,773
Minnesota Mining & Mfg. Co. ................ 18,924 1,852,187
Mirage Resorts, Inc. ....................... 9,110 139,497
Molex Inc. ................................. 7,393 419,091
Monsanto Co. ............................... 29,923 1,066,007
Morgan (J.P.) & Co., Inc. .................. 8,164 1,033,767
Morgan Stanley Dean Witter ................. 26,262 3,748,901
Motorola, Inc. ............................. 28,720 4,229,020
Nabisco Group Holdings Corp. ............... 15,379 163,402
NACCO Industries, Inc. Cl A ................ 388 21,558
National City Corp. ........................ 29,072 688,643
National Semiconductor Corp. ............... 8,088 346,268
National Service Industries ................ 1,925 56,788
Navistar International Corp................. 2,998 142,030
Network Appliance, Inc. .................... 7,042 584,926
New Century Energies, Inc. ................. 5,448 165,483
New York Times Co. Cl A .................... 8,075 396,684
Newell Rubbermaid, Inc. .................... 13,299 385,671
Newmont Mining Corp. ....................... 7,903 193,624
Nextel Communications, Inc. Cl A ........... 17,136 1,767,150
Niagara Mohawk Holdings, Inc. .............. 8,831 123,082
Nicor, Inc. ................................ 2,245 72,963
Nike, Inc. Cl B ............................ 13,205 654,473
Nordstrom, Inc. ............................ 6,533 171,083
Norfolk Southern Corp. ..................... 17,947 367,914
Nortel Networks Corp. ...................... 62,977 6,360,677
Northern States Power Co. .................. 7,299 142,331
Northern Trust Corp. ....................... 10,496 556,288
Northrop Grumman Corp. ..................... 3,305 178,677
Novell, Inc. ............................... 15,705 627,218
Nucor Corp. ................................ 4,112 225,389
Occidental Petroleum Corp. ................. 17,332 374,804
Office Depot, Inc. ......................... 15,522 169,772
Old Kent Financial Corp. ................... 5,551 196,367
Omnicom Group, Inc. ........................ 8,367 836,700
Oneok, Inc. ................................ 1,506 37,838
Oracle Corp. ............................... 67,129 7,522,644
Owens Corning .............................. 2,610 50,406
Owens-Illinois, Inc. ....................... 7,079 177,417
Paccar, Inc. ............................... 3,693 163,646
Pactiv Corp. ............................... 8,080 85,850
Paine Webber Group, Inc. ................... 6,729 261,169
Pall Corp. ................................. 5,855 126,248
Parametric Technology Corp. ................ 12,696 343,586
Parker Hannifin Corp. ...................... 5,281 270,981
Paychex, Inc. .............................. 11,627 465,080
PE Corp-PE Biosystems Group ................ 4,856 584,238
Peco Energy Co. ............................ 8,760 304,410
Penney (J.C.) Co., Inc. .................... 12,270 244,633
Peoples Energy Corp. ....................... 1,689 56,582
Peoplesoft, Inc. ........................... 11,580 246,799
Pep Boys-Manny, Moe & Jack ................. 2,510 22,904
PepsiCo, Inc. .............................. 68,639 2,419,525
Perkin Elmer, Inc. ......................... 2,183 91,004
Pfizer, Inc. ............................... 182,539 5,921,109
PG & E Corp. ............................... 18,106 371,173
Pharmacia & Upjohn, Inc. ................... 24,448 1,100,160
Phelps Dodge Corp. ......................... 3,818 256,310
Phillip Morris Cos., Inc. .................. 111,569 2,587,006
Phillips Petroleum Co. ..................... 11,943 561,321
Pinnacle West Capital Corp. ................ 3,996 122,128
Pitney Bowes, Inc. ......................... 12,507 604,244
Placer Dome, Inc. .......................... 15,353 165,045
PNC Bank Corp. ............................. 13,863 616,904
Polaroid Corp. ............................. 2,112 39,732
Potlatch Corp. ............................. 1,378 61,493
PP&L Resources, Inc. ....................... 6,775 154,978
PPG Industries, Inc. ....................... 8,195 512,700
Praxair, Inc. .............................. 7,495 377,092
Price (T. Rowe) Associates, Inc. ........... 5,642 208,401
Proctor & Gamble Co. ....................... 61,966 6,789,150
Progressive Corp. of Ohio .................. 3,473 253,963
Providian Financial Corp. .................. 6,694 609,572
Public Svc. Enterprise Group, Inc. ......... 10,307 358,812
Pulte Corp. ................................ 2,059 46,328
Quaker Oats Co. ............................ 6,309 414,028
Qualcomm, Inc. ............................. 31,112 5,483,490
Quintiles Transnational Corp. .............. 5,420 101,286
Ralston Purina Co. ......................... 15,250 425,094
Raytheon Co. Cl B .......................... 15,957 423,858
Reebok International Ltd. .................. 2,671 21,869
Regions Financial Corp. .................... 10,310 259,039
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)
December 31, 1999
Shares Value
------- -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Reliant Energy, Inc. ....................... 13,942 $ 318,923
Republic New York Corp. .................... 4,939 355,608
Reynolds Metals Co. ........................ 2,994 229,415
Rite-Aid Corp. ............................. 12,209 136,588
Rockwell Intl., Corp. ...................... 8,969 429,391
Rohm & Haas Co. ............................ 10,321 419,936
Rowan Cos., Inc. ........................... 3,926 85,145
Royal Dutch Petroleum Co. N.Y .............. 101,108 6,110,715
Russell Corp. .............................. 1,587 26,582
Ryder System, Inc. ......................... 3,028 73,997
Safeco Corp. ............................... 6,130 152,484
Safeway, Inc. .............................. 23,991 853,180
Sara Lee Corp. ............................. 42,847 945,312
SBC Communications, Inc. ................... 160,854 7,841,633
Schering-Plough Corp. ...................... 69,270 2,922,328
Schlumberger, Ltd. ......................... 25,926 1,458,338
Scientific-Atlanta, Inc. ................... 3,704 206,035
Scottish Power plc - ADR ................... * 25
Seagate Technology ......................... 9,822 457,337
Seagram Ltd. ............................... 20,441 918,567
Sealed Air Corp. New ....................... 3,938 204,038
Sears Roebuck & Co. ........................ 17,821 542,427
Sempra Energy .............................. 11,333 196,911
Service Corp. International ................ 12,828 88,994
Shared Medical Systems Corp. ............... 1,272 64,793
Sherwin-Williams Co. ....................... 7,821 164,241
Sigma-Aldrich Corp. ........................ 4,757 143,007
Silicon Graphics, Inc. ..................... 8,667 85,045
SLM Holding Corp. .......................... 7,501 316,917
Snap-On, Inc. .............................. 2,759 73,286
Solectron Corp. ............................ 13,813 1,313,962
Southern Co. ............................... 31,738 745,843
Southtrust Corp. ........................... 7,912 299,173
Southwest Airlines Co. ..................... 23,785 385,020
Springs Industries, Inc. ................... 851 33,987
Sprint Corp. (FON Group) ................... 41,090 2,765,871
Sprint Corp. (PCS Group) ................... 20,320 2,082,800
St. Jude Medical, Inc. ..................... 3,968 121,768
St. Paul Companies, Inc. ................... 10,716 360,995
Stanley Works .............................. 4,233 127,519
Staples, Inc. .............................. 21,900 454,425
State Street Corp. ......................... 7,543 551,110
Summit Bancorp ............................. 8,241 252,381
Sun Microsystems, Inc. ..................... 73,657 5,703,814
Sunoco, Inc. ............................... 4,254 99,969
Suntrust Banks, Inc. ....................... 15,087 1,038,174
Supervalu, Inc. ............................ 6,612 132,240
Synovus Financial Corp. .................... 13,193 262,211
Sysco Corp. ................................ 15,531 614,445
Tandy Corp. ................................ 9,115 448,344
Tektronix, Inc. ............................ 2,231 86,730
Tellabs, Inc. .............................. 18,968 1,217,509
Temple-Inland, Inc. ........................ 2,658 175,262
Tenet Healthcare Corp. ..................... 14,682 345,027
Teradyne, Inc. ............................. 8,063 532,158
Texaco, Inc. ............................... 26,078 1,416,361
Texas Instruments, Inc. .................... 37,816 3,663,425
Texas Utilities Co. ........................ 13,033 463,486
Textron, Inc. .............................. 7,013 537,809
Thermo Electron Corp. ...................... 7,461 111,915
Thomas & Betts Corp. ....................... 2,709 86,349
Time Warner, Inc. .......................... 60,662 4,394,204
Times Mirror Co. ........................... 2,849 190,883
Timken Co. ................................. 2,948 60,250
TJX Companies, Inc. ........................ 14,621 298,817
Torchmark Corp. ............................ 6,202 180,246
Tosco Corp. ................................ 6,787 184,522
Toys R Us, Inc. ............................ 11,542 165,195
Transocean Sedco Forex, Inc. ............... 5,019 169,087
Tribune Co. ................................ 11,205 616,975
Tricon Global Restaurants Inc. ............. 7,239 279,606
TRW, Inc. .................................. 5,734 297,810
Tupperware Corp. ........................... 2,743 46,460
Tyco International Ltd. .................... 79,626 3,095,461
U.S. Bancorp ............................... 34,310 817,007
U.S. West, Inc. ............................ 23,826 1,715,472
Unicom Corp. ............................... 10,256 343,576
Unilever N.V. .............................. 26,951 1,467,145
Union Carbide Corp. ........................ 6,340 423,195
Union Pacific Corp. ........................ 11,721 511,329
Union Pacific Resources Group, Inc. ........ 11,885 151,534
Union Planters Corp. ....................... 6,650 262,259
Unisys Corp ................................ 14,613 466,703
United Healthcare Corp. .................... 8,004 425,213
United Technologies Corp. .................. 22,574 1,467,310
Unocal Corp. ............................... 11,431 383,653
UNUMProvident Corp. ........................ 11,318 362,883
US Airways Group Inc. ...................... 3,369 108,019
UST, Inc. .................................. 8,067 203,188
USX-Marathon Group ......................... 14,651 361,697
USX-U.S. Steel Group ....................... 4,168 137,544
V F Corp. .................................. 5,570 167,100
Viacom, Inc. Cl B .......................... 32,864 1,986,218
Vulcan Materials Co. ....................... 4,718 188,425
W.R. Grace & Co. ........................... 3,388 47,009
Wachovia Corp. ............................. 9,560 650,080
Wal-Mart Stores, Inc. ...................... 209,834 14,504,775
Walgreen Co. ............................... 47,317 1,384,022
Warner-Lambert Co .......................... 40,488 3,317,486
Washington Mutual, Inc. .................... 27,221 707,746
Waste Management, Inc. ..................... 29,217 502,167
Watson Pharmaceuticals, Inc. ............... 4,526 162,087
Wellpoint Health Networks Inc. ............. 3,001 197,878
Wells Fargo & Company ...................... 77,438 3,131,399
Wendy's International, Inc. ................ 5,638 116,284
Westvaco Corp. ............................. 4,730 154,316
Weyerhaeuser Co. ........................... 11,074 795,252
Whirlpool Corp. ............................ 3,509 228,304
Willamette Industries, Inc. ................ 5,260 244,261
Williams Cos., Inc. ........................ 20,499 626,501
Winn-Dixie Stores, Inc. .................... 7,008 167,754
Worthington Industries, Inc. ............... 4,202 69,596
Wrigley (Wm.) Jr. Co. ...................... 5,459 452,756
Xerox Corp. ................................ 31,321 710,595
Xilinx, Inc. ............................... 15,082 685,760
Yahoo!, Inc. ............................... 12,412 5,370,517
-----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $378,405,133) 99.7% ..................................... 580,708,546
-----------
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------ -------- ---------- ------------
<S> <C> <C> <C> <C>
Short-Term Debt Securities:
U.S. GOVERNMENT (0.1%)
U.S. Treasury Bill (a).............................................. 5.13% 01/20/00 $ 500,000 $ 498,642
U.S. Treasury Bill (a).............................................. 5.14 01/20/00 200,000 199,453
------------
698,095
------------
COMMERCIAL PAPER (0.2%)
UBS Finance (Delw.) Inc............................................. 4.00 01/03/00 1,338,000 1,337,703
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $2,035,798) 0.3%................................................................................... 2,035,798
------------
TOTAL INVESTMENTS
(Cost: $380,440,931) 100.0% .............................................................................. $582,744,344
============
FUTURES CONTRACTS OUTSTANDING AS OF December 31, 1999:
Expiration Underlying Face Unrealized
Date Amount at Value Gain
------------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
5 S&P 500 Stock Index Futures Contracts ................................. March 2000 $1,855,250 $53,550
========== =======
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities : 0.3%.
- -----------
(a) This security has been segregated to cover initial margin requirements on
open contracts.
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
December 31, 1999
Shares Value
------- -----------
INDEXED ASSETS
COMMON STOCKS
A. Schulman, Inc. .......................... 1,083 $ 17,666
Abercrombie & Fitch Co. Cl A ............... 3,591 95,835
ACNielsen Corp. ............................ 2,018 49,693
Acuson Corp. ............................... 932 11,708
Acxiom Corp. ............................... 2,949 70,776
Adtran, Inc. ............................... 1,371 70,521
Affiliated Computer Svcs. Cl A ............ 1,711 78,706
AGCO Corp. ................................. 2,070 27,816
AGL Resources, Inc. ........................ 1,979 33,643
Airborne Freight Corp. ..................... 1,691 37,202
Airgas, Inc. ............................... 2,461 23,380
AK Steel Holding Corp. ..................... 3,570 67,384
Alaska Air Group, Inc. ..................... 917 32,210
Albany International Corp. Cl A ............ 1,056 16,363
Albemarle Corp. ............................ 1,636 31,391
Alexander & Baldwin, Inc. .................. 1,506 34,356
Allamerica Financial Corp. ................. 1,885 104,853
Allegheny Energy, Inc. ..................... 3,826 103,063
Alliant Energy Corp. ....................... 2,728 75,020
Altera Corp. ............................... 6,915 342,725
Ambac Financial Group, Inc. ............... 2,431 126,868
American Eagle Outfitters .................. 1,618 72,810
American Financial Group ................... 2,023 53,357
American Power Conversion .................. 6,683 176,264
American Standard Cos., Inc. ............... 2,459 112,807
American Water Works Inc. .................. 3,359 71,379
Ametek, Inc. ............................... 1,128 21,502
Apollo Group, Inc. Cl A .................... 2,687 53,908
Apria Healthcare Group, Inc. ............... 1,809 32,449
Arnold Industries, Inc. .................... 865 12,164
Arrow Electronics, Inc. .................... 3,336 84,651
Arvin Industries, Inc. ..................... 898 25,481
Associated Banc-Corp. ...................... 2,199 75,316
Astoria Financial Corp. .................... 1,905 57,983
Atmel Corp. ................................ 6,970 206,051
Avnet, Inc. ................................ 1,460 88,330
Bandag, Inc. ............................... 762 19,050
Banta Corp. ................................ 945 21,322
Barnes & Noble, Inc. ....................... 2,411 49,727
Beckman Coulter, Inc. ...................... 998 50,773
Belo (A.H.) Corp. Cl A ..................... 4,115 78,442
Bergen Brunswig Corp. Cl A ................. 4,667 38,794
Beverly Enterprises, Inc. .................. 3,564 15,592
Biogen, Inc. ............................... 5,227 441,681
BJ Services Co. ............................ 2,464 103,026
BJ's Wholesale Club, Inc. .................. 2,562 93,513
Black Hills Corp. .......................... 756 16,774
Blyth Industries, Inc. ..................... 1,686 41,412
Bob Evans Farms, Inc. ...................... 1,379 21,288
Borders Group, Inc. ........................ 2,697 43,321
Borg-Warner Automotive, Inc. ............... 929 37,624
Bowater, Inc. .............................. 1,781 96,731
Brinker International, Inc. ................ 2,266 54,384
BroadWing, Inc. ............................ 7,520 277,300
Buffets, Inc. .............................. 1,465 14,650
Burlington Industries ...................... 1,840 7,360
Cabot Corp. ................................ 2,299 46,842
Cadence Design Systems, Inc. ............... 8,436 202,464
Callaway Golf Co. .......................... 2,637 46,642
Calpine Corp ............................... 2,179 139,456
Cambridge Technology Partners, Inc. ........ 2,093 54,941
Carlisle Companies, Inc. ................... 1,049 37,764
Carpenter Technology Corp. ................. 762 20,907
Carter-Wallace, Inc. ....................... 1,564 28,054
CBRL Group, Inc. ........................... 2,031 19,707
CCB Financial Corp. ........................ 1,380 60,116
CDW Computers Centers, Inc. ................ 1,504 118,252
Charter One Financial, Inc. ................ 7,350 140,569
Checkfree Holdings Corp. ................... 1,905 199,072
Chesapeake Corp. ........................... 607 18,513
Chiron Corp. ............................... 6,293 266,666
Chris-Craft Industries, Inc. ............... 1,167 84,170
Church & Dwight, Inc. ...................... 1,352 36,081
Cintas Corp. ............................... 3,857 204,903
Cirrus Logic, Inc. ......................... 2,280 30,352
City National Corp. ........................ 1,585 52,206
CK Witco Corporation ....................... 4,129 55,225
Claire's Stores, Inc. ...................... 1,775 39,716
Clayton Homes, Inc. ........................ 4,848 44,541
Cleco Corporation .......................... 783 25,105
Cleveland Cliffs, Inc. ..................... 390 12,139
CMP Group, Inc. ............................ 1,128 31,090
CNF Transportation, Inc. ................... 1,681 57,994
Comdisco, Inc. ............................. 5,325 198,356
Compass Bancshares Inc., ................... 3,951 88,157
CompUSA, Inc. .............................. 3,190 16,349
COMSAT Corp. ............................... 1,834 36,451
Concord EFS, Inc. .......................... 7,111 183,108
Conectiv, Inc. ............................. 3,222 54,170
Consolidated Papers, Inc. .................. 3,154 100,337
Convergys Corp. ............................ 5,306 163,159
Cordant Technologies, Inc. ................. 1,275 42,075
Covance, Inc. .............................. 2,044 22,101
Cypress Semiconductor Corp. ................ 3,786 122,572
Cytec Industries, Inc. ..................... 1,488 34,410
Dean Foods Co. ............................. 1,371 54,497
Dentsply International, Inc. ............... 1,839 43,446
Devon Energy Corp. ......................... 2,972 97,704
DeVry, Inc. ................................ 2,413 44,942
Dexter Corp. ............................... 801 31,840
Dial Corp. ................................. 3,650 88,741
Diebold, Inc. .............................. 2,398 56,353
Dime Bancorp, Inc. ......................... 3,840 58,080
Dole Food Company, Inc. .................... 1,934 31,427
Dollar Tree Stores, Inc. ................... 2,154 104,334
Donaldson Company, Inc. .................... 1,605 38,620
DPL, Inc. .................................. 5,518 95,530
DQE, Inc. .................................. 2,618 90,648
Dreyers Grand Ice Cream, Inc. .............. 959 16,303
DST Systems, Inc. .......................... 2,203 168,116
E*Trade Group, Inc. ........................ 8,468 221,226
Edwards (A.G.), Inc. ....................... 3,190 102,279
Electronic Arts, Inc. ...................... 2,167 182,028
Energy East Corporation .................... 3,978 82,792
ENSCO Group, Inc. .......................... 4,774 109,205
Ethyl Corp. ................................ 2,902 11,427
Everest Reinsurance Holdings ............... 1,627 36,302
Express Scripts, Inc. Cl A ................. 1,337 85,568
Family Dollar Stores, Inc. ................. 6,006 97,973
Fastenal Co. ............................... 1,319 59,273
Federal Signal Corp. ....................... 1,606 25,796
Federal-Mogul Corp. ........................ 2,558 51,480
Ferro Corp. ................................ 1,231 27,082
Finova Group, Inc. ......................... 2,127 75,508
First Health Group Corp. ................... 1,700 45,687
First Security Corp......................... 6,789 173,332
First Tennessee Natl. Corp.................. 4,543 129,475
First Virginia Banks, Inc .................. 1,744 74,992
Firstmerit Corp. ........................... 3,111 71,553
Fiserv, Inc. ............................... 4,248 162,751
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)
December 31, 1999
Shares Value
------- -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Flowers Industries, Inc .................... 3,486 $ 55,558
Flowserve Corporation ...................... 1,301 22,117
Forest Laboratories, Inc. .................. 2,901 178,230
Foundation Health Systems, Inc.
Cl A ..................................... 4,250 42,234
Fuller( H.B.) Co. .......................... 488 27,297
Furniture Brands Intl., Inc. ............... 1,710 37,620
Gartner Group, Inc. Cl B ................... 3,062 42,294
GATX Corp, Inc. ............................ 1,723 58,151
Genzyme Corp. .............................. 2,899 130,455
Georgia Gulf Corp. ......................... 1,076 32,751
Georgia-Pacific Group ..................... 2,881 70,945
Gilead Sciences, Inc. ...................... 1,522 82,378
Glatfelter (P.H.) Co. ...................... 1,467 21,363
Global Marine, Inc. ........................ 6,057 100,698
Granite Construction ....................... 945 17,423
Greenpoint Financial Corp................... 3,735 88,940
GTECH Holdings Corp. ....................... 1,212 26,664
Hanna ( M. A.) Co. ......................... 1,700 18,594
Hannaford Brothers Co. ..................... 1,466 101,612
Hanover Compressor Co. ..................... 995 37,561
Harley-Davidson, Inc. ...................... 5,242 335,816
Harris Corp. ............................... 2,773 74,004
Harsco Corp. ............................... 1,391 44,164
Harte-Hanks, Inc. .......................... 2,379 51,743
Hawaiian Electric Inds., Inc. .............. 1,120 32,340
Health Management Associates, Inc. ......... 8,777 117,392
Heilig-Meyers Co. .......................... 2,082 5,725
Hibernia Corp Cl A ......................... 5,571 59,192
Hillenbrand Industries, Inc. ............... 2,268 71,867
Hilton Hotels Corp. ........................ 8,103 77,991
Hispanic Broadcasting Corp. ................ 1,890 174,294
HON Industries, Inc. ....................... 2,091 45,871
Horace Mann Educators Corp. ................ 1,427 28,005
Hormel Foods Corp. ......................... 2,534 102,944
Houghton Mifflin Co. ....................... 1,079 45,520
HSB Group, Inc. ............................ 1,005 33,982
Hubbell, Inc. Cl B ......................... 2,260 61,585
IBP, Inc. .................................. 3,208 57,744
ICN Pharmaceuticals, Inc. .................. 2,720 68,850
IdaCorp, Inc. .............................. 1,308 35,071
Illinova Corp ............................. 2,431 84,477
Imation Corp. .............................. 1,270 42,624
IMC Global, Inc. ........................... 3,981 65,189
Indiana Energy, Inc. ....................... 1,036 18,389
Informix Corp. ............................. 6,975 79,341
Integrated Device Technology, Inc. ......... 3,154 91,466
International Game Technology .............. 3,133 63,639
International Multifoods Corp. ............. 652 8,639
International Speedway Corp. Cl A .......... 1,847 93,043
Interstate Bakeries Corp. .................. 2,440 44,225
Intuit, Inc. ............................... 6,766 405,537
Investment Technology Grp, Inc. ............ 1,075 30,906
IPALCO Enterprises, Inc. ................... 2,981 50,863
Ivax Corp. ................................. 3,656 94,142
J.B. Hunt Transport Srvcs, Inc. ............ 1,239 17,152
J.M. Smucker Co. Cl A ...................... 1,014 19,773
Jabil Circuit, Inc. ........................ 3,049 222,577
Jacobs Engineering Group, Inc. ............. 901 29,282
Jones Apparel Group, Inc. .................. 4,257 115,471
Kansas City Power & Light Co. .............. 2,152 47,477
Kaydon Corp. ............................... 1,067 28,609
Keane, Inc. ................................ 2,490 79,057
Kelly Services, Inc. Cl A .................. 1,247 31,331
Kennametal, Inc. ........................... 1,041 35,004
Keyspan Corporation ........................ 4,637 107,520
Keystone Financial, Inc. ................... 1,687 35,532
Kinder Morgan, Inc. ........................ 3,906 78,852
Lancaster Colony Corp. ..................... 1,387 45,944
Lance Inc. ................................. 1,042 10,420
Lands End, Inc. ............................ 1,045 36,314
Lear Corp. ................................. 2,324 74,368
Lee Enterprises, Inc. ...................... 1,544 49,311
Legato Systems, Inc. ....................... 2,944 202,584
Legg Mason, Inc. ........................... 1,975 71,594
LG & E Energy Corp. ........................ 4,509 78,626
Lincare Holdings, Inc. ..................... 1,872 64,935
Linear Technology Corp. .................... 5,322 380,856
Litton Industries, Inc. .................... 1,580 78,802
Lone Star Steakhouse Saloon ................ 1,151 10,269
Longview Fibre Co. ......................... 1,797 25,607
Lubrizol Corp. ............................. 1,899 58,632
Lyondell Chemical Co. ...................... 4,085 52,084
Magnatek, Inc............................... 835 6,419
Mandalay Resort Group ...................... 3,159 63,575
Manpower, Inc. ............................. 2,628 98,878
Mark IV Industries, Inc. ................... 1,619 28,636
Marshall & Ilsley Corp. .................... 3,690 231,778
Martin Marietta Materials, Inc. ............ 1,624 66,584
Maxim Integrated Products, Inc. ............ 9,470 446,866
Maxxam, Inc. ............................... 243 10,419
McCormick & Co., Inc. ...................... 2,479 73,750
MCN Energy Group Inc. ...................... 2,978 70,728
Media General Inc. Cl A .................... 925 48,100
Medimmune, Inc. ............................ 2,336 387,484
Mentor Graphics Corp. ...................... 2,224 29,329
Mercantile Bankshares Corp. ................ 2,407 76,874
Meritor Automotive, Inc. ................... 2,403 46,558
Micro Warehouse, Inc. ...................... 1,245 23,032
Microchip Technology, Inc. ................. 1,768 120,997
Midamerican Energy Hldgs. Co. .............. 2,074 69,868
Millennium Pharmaceuticals Inc. ............ 1,259 153,598
Miller (Herman), Inc. ...................... 2,767 63,641
Minerals Technologies, Inc. ................ 745 29,847
Minimed, Inc. .............................. 1,075 78,744
Minnesota Power, Inc. ...................... 2,543 43,072
Modine Manufacturing Co. ................... 1,027 25,675
Modis Professional Services ................ 3,335 47,524
Mohawk Industries, Inc. .................... 2,108 55,598
Montana Power. Co. ......................... 3,832 138,191
Murphy Oil Corp. ........................... 1,564 89,735
Mylan Laboratories, Inc. ................... 4,492 113,142
Nabors Industries, Inc. .................... 4,807 148,717
National Commerce Bancorporation ........... 3,750 85,078
National Fuel Gas Co. ...................... 1,349 62,729
Navigant Consulting Co.. ................... 1,443 15,693
NCH Corp. .................................. 188 8,378
NCO Group, Inc. ............................ 866 26,088
NCR Corp. .................................. 3,345 126,692
Neiman-Marcus Group, Inc. .................. 1,704 47,606
Networks Associates, Inc. .................. 4,833 128,981
New England Electric System ................ 2,056 106,398
Newport News Shipbuilding Inc. ............. 1,142 31,405
NiSource, Inc. ............................. 4,348 77,721
Noble Affiliates, Inc. ..................... 1,982 42,489
Noble Drilling Corp. ....................... 4,553 149,111
Nordson Corp. .............................. 575 27,744
North Fork Bancorp, Inc. ................... 4,517 79,048
Northeast Utilities ........................ 4,571 93,991
NOVA Corp. ................................. 2,548 80,421
Novellus Systems, Inc. ..................... 1,354 165,907
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)
December 31, 1999
Shares Value
------- -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
NSTAR ...................................... 2,083 $ 84,362
Ocean Energy, Inc. ......................... 5,793 44,896
OfficeMax, Inc. ............................ 3,941 21,676
Ogden Corp. ................................ 1,711 20,425
OGE Energy Corp. ........................... 2,705 51,395
Ohio Casualty Corp. ........................ 2,081 33,426
Old Republic Intl. Corp. ................... 4,373 59,582
Olin Corp. ................................. 1,573 31,165
Olsten Corp. ............................... 2,827 31,980
Omnicare, Inc. ............................. 3,172 38,064
Oregon Steel Mills, Inc. ................... 896 7,112
Outback Steakhouse, Inc. ................... 2,617 67,878
Overseas Shipholding Group, Inc. ........... 1,161 17,197
Oxford Health Plans, Inc. .................. 2,828 35,880
Pacific Century Finl Corp. ................. 2,791 52,157
Pacificare Health Systems,Inc. ............. 1,509 79,977
Papa John's Intl., Inc. .................... 1,054 27,470
Park Place Entertainment Corp. ............. 1 0,562 132,025
Payless Shoesource, Inc. ................... 1,076 50,572
Pennzoil-Quaker State Co. .................. 2,707 27,578
Pentair, Inc. .............................. 1,675 64,488
Perrigo Co. ................................ 2,548 20,384
Pioneer Natural Resources Co. .............. 3,488 31,174
Pittston Brinx Group ....................... 1,421 31,262
Policy Management Systems Corp. ............ 1,237 31,621
Polycom, Inc. .............................. 1,142 72,731
Potomac Electric Power Co. ................. 4,122 94,548
Precision Castparts Corp. .................. 852 22,365
Premier Parks, Inc. ........................ 2,717 78,453
Protective Life Corp. ...................... 2,243 71,355
Provident Financial Group, Inc. ............ 1,510 54,171
PSS World Medical Inc. ..................... 2,468 23,292
Public Service Co. New Mexico .............. 1,418 23,043
Puget Sound Energy, Inc. ................... 2,940 56,963
QlLogic Corporation ........................ 1,260 201,443
Quantum Corp. .............................. 5,709 86,337
Questar Corp. .............................. 2,876 43,140
Quorum Health Group, Inc. .................. 2,448 22,797
Rational Software Corp. .................... 3,030 148,849
Rayonier, Inc. ............................. 965 46,622
Reader's Digest Association, Inc. .......... 3,688 107,874
Reliastar Financial Corp. .................. 3,075 120,502
Reynolds & Reynolds Co. Cl A ............... 2,686 60,435
RJ Reynolds Tobacco Holdings, Inc. ......... 3,775 66,534
Robert Half Intl., Inc. .................... 3,108 88,772
Rollins, Inc. .............................. 1,055 15,825
Ross Stores, Inc. .......................... 3,134 56,216
RPM, Inc. .................................. 3,742 38,122
Ruddick Corp. .............................. 1,615 25,033
Ryerson Tull, Inc. ......................... 868 16,872
Saks Incorporated .......................... 5,031 78,295
Sanmina Corp. .............................. 2,028 202,547
Santa Fe Snyder Corp. ...................... 6,389 51,112
Scana Corp. ................................ 3,602 96,804
Scholastic Corp. ........................... 572 35,571
SCI Systems, Inc. .......................... 2,508 206,126
Sensormatic Electronics Corp. .............. 2,629 45,843
Sepracor, Inc. ............................. 1,145 113,570
Sequa Corp. Cl A ........................... 360 19,418
Shaw Industries, Inc. ...................... 4,635 71,553
Siebel Systems, Inc. ....................... 6,678 560,952
Sierra Pacific Resources ................... 2,717 47,033
Smith International, Inc. .................. 1,720 85,463
Solutia, Inc. .............................. 3,816 58,910
Sonoco Products Co. ........................ 3,545 80,649
Sotheby's Holdings, Inc. ................... 2,044 61,320
Southdown, Inc. ............................ 1,248 64,428
Sovereign Bancorp, Inc. .................... 7,614 56,748
SPX, Corp. ................................. 1,084 87,601
Standard Register Co. ...................... 980 18,988
Starbucks Corp. ............................ 6,335 153,624
Steris Corp. ............................... 2,341 24,142
Sterling Commerce, Inc. .................... 3,071 104,606
Sterling Software, Inc. .................... 2,929 92,264
Stewart & Stevenson Svcs., Inc. ............ 973 11,524
Stewart Enterprises, Inc. Cl A ............. 3,762 17,870
Storage Technology Corp. ................... 3,483 64,218
Structural Dynamics Research Corp. ......... 1,248 15,912
Stryker Corp. .............................. 3,370 234,636
Suiza Foods Corp. .......................... 1,081 42,835
Sungard Data Sys Inc. ...................... 4,442 105,498
Superior Industries Intl., Inc. ............ 933 25,016
Swift Transportation, Inc. ................. 2,235 39,392
Sybron Intl. Corp. ......................... 3,608 89,073
Sykes Enterprises, Inc. .................... 1,471 64,540
Sylvan Learning Systems, Inc. .............. 1,765 22,945
Symantec Corp. ............................. 2,014 118,071
Symbol Technologies, Inc. .................. 3,068 195,010
Synopsys, Inc. ............................. 2,463 164,405
TCF Banking & Savings ...................... 2,901 72,162
Tech Data Corp. ............................ 1,782 48,337
Teco Energy, Inc. .......................... 4,484 83,234
Tecumseh Products Co. Cl A ................ 701 33,078
Teleflex, Inc. ............................. 1,318 41,270
Telephone & Data Systems, Inc. ............. 2,137 269,262
The PMI Group, Inc. ........................ 1,556 75,952
Tidewater, Inc. ............................ 1,934 69,624
Tiffany & Co. .............................. 2,499 223,036
Total Renal Care Holdings, Inc. ............ 2,823 18,879
Transaction Systems Architects,
Inc. Cl A ................................ 1,132 31,696
Transocean Sedco Forex, Inc. ............... 3,497 117,805
Trigon Healthcare, Inc. Cl A ............... 1,360 40,120
Trinity Industries, Inc. ................... 1,394 39,642
Tyson Foods, Inc. Cl A ..................... 7,953 129,236
UCAR Int'l., Inc. .......................... 1,568 27,930
Ultramar Diamond Shamrock Corp. ............ 3,012 68,335
Unifi, Inc. ................................ 2,078 25,585
Unitrin Inc. ............................... 2,516 94,665
Universal Corp. ............................ 1,073 24,478
Universal Foods Corp. ...................... 1,748 35,616
Univision Communications, Inc.
Cl A ..................................... 3,529 360,620
US Foodservice ............................. 3,517 58,910
USG Corp. .................................. 1,731 81,573
UtiliCorp United, Inc. ..................... 3,238 62,939
Valero Refining & Marketing Corp. .......... 1,956 38,876
Varco International, Inc. .................. 2,263 23,054
Veritas Software Corp. ..................... 8,978 1,284,976
Viad Corp. ................................. 3,290 91,709
Vishay Intertechnology, Inc. ............... 2,942 93,041
VISX, Inc. ................................. 2,217 114,730
Vitesse Semiconductor Corp. ................ 5,337 279,859
Vlasic Foods International, Inc. ........... 1,582 8,998
Wallace Computer Svcs., Inc. ............... 1,458 24,239
Warnaco Group, Inc. Cl A ................... 1,932 23,788
Washington Gas Light Co. ................... 1,616 44,440
Washington Post Co. Cl B ................... 350 194,556
Waters Corp. ............................... 2,134 113,102
Wausau-Mosinee Paper Corp. ................. 1,781 20,815
Weatherford International, Inc. ............ 3,744 149,526
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)
December 31, 1999
Shares Value
------- -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Webster Financial Corp. .................. 1,579 $ 37,205
Wellman, Inc. ............................ 1,176 21,903
Westamerica Bancorporation ............... 1,303 36,403
Westpoint Stevens, Inc. .................. 1,850 32,375
Westwood One, Inc. ....................... 1,921 145,996
Whitman Corp. ............................ 4,890 65,709
Williams-Sonoma, Inc. .................... 1,942 89,332
Wilmington Trust Corp. ................... 1,153 55,632
Wisconsin Central Transport Corp. ........ 1,782 23,946
Wisconsin Energy Corp. ................... 4,074 78,425
York International Corp. ................. 1,350 37,041
Zions Bancorporation ..................... 2,946 174,366
-----------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $30,291,833) 94.7% .................. 32,122,302
-----------
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID CAP-EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- -------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.7%)
U.S. Treasury Bill (a)...................................... 5.13% 01/20/00 $225,000 $ 224,389
-----------
AGENCY (1.6%)
Federal Home Loan Bank...................................... 4.75 01/12/00 537,000 536,220
-----------
COMMERCIAL PAPER ( 3.0%)
Novartis Finance Corp....................................... 5.15 01/24/00 526,000 524,269
Snap-On, Inc................................................ 4.00 01/03/00 500,000 499,889
-----------
1,024,158
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,784,767) 5.3% .............................................................................. 1,784,767
-----------
Total Investments
(Cost: $32,076,600) 100.0% ........................................................................... $33,907,069
===========
</TABLE>
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF December 31, 1999:
<TABLE>
<CAPTION>
Expiration Underlying Face Unrealized
Date Amount at Value Gain
---------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
8 S&P MidCap 400 Stock Index Futures Contracts .......................... March 2000 $1,796,600 $59,350
========== =======
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities: 5.3%.
- --------------
(a) This security has been segregated to cover initial margin requirements on
open contracts.
The accompanying notes are an integral part of these financial statements.
27
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- --------- ------------ ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.4%)
U.S. Treasury Note ......................................... 6.50% 08/15/05 $ 2,500,000 $ 2,500,000
U.S. Treasury Strip ........................................ 0.00 05/15/14 10,000,000 3,763,400
U.S. Treasury Strip ........................................ 0.00 02/15/17 15,000,000 4,685,250
------------
10,948,650
------------
AGENCIES/OTHER GOVERNMENTS (41.5%)
Connecticut Housing Fin. Auth .............................. 7.63 05/15/21 2,500,000 2,375,050
FHLB ....................................................... 0.00 06/26/17 50,000,000 11,953,000
FHLB ....................................................... 0.00 07/07/17 125,000,000 29,687,500
FHLB ....................................................... 0.00 07/14/17 25,000,000 5,929,750
FHLB ....................................................... 0.00 07/07/22 50,000,000 7,593,500
FHLMC ...................................................... 8.50 08/01/02 212,410 214,953
FHLMC ...................................................... 7.00 05/15/06 441,857 441,442
FHLMC ...................................................... 8.00 07/15/06 374,624 380,360
FHLMC ...................................................... 6.38 11/15/06 1,063,027 1,057,042
FHLMC ...................................................... 7.50 04/01/07 24,906 24,798
FHLMC ...................................................... 6.50 04/15/08 775,000 772,574
FHLMC ...................................................... 6.00 04/15/08 500,000 491,250
FHLMC ...................................................... 7.63 09/09/09 97,000,000 95,803,020
FHLMC ...................................................... 5.00 08/15/19 920,142 902,594
FNMA ....................................................... 7.00 10/25/05 612,826 611,674
FNMA ....................................................... 7.00 12/25/18 126,188 125,754
FNMA ....................................................... 6.00 06/25/19 900,000 880,875
FNMA ....................................................... 6.25 01/25/20 850,000 842,826
FNMA ....................................................... 5.00 04/25/21 583,228 563,725
New York City .............................................. 9.50 06/01/09 5,000,000 5,323,380
New York City .............................................. 10.00 08/01/05 2,000,000 2,166,434
Republic of Iceland ........................................ 6.13 02/01/04 5,000,000 4,775,800
Suffolk County, New York ................................... 5.80 11/01/04 4,000,000 3,914,080
Suffolk County, New York ................................... 5.88 11/01/05 4,000,000 3,894,860
Tennessee Valley Authority ................................. 7.85 06/15/44 10,000,000 9,822,400
------------
190,548,641
------------
BASIC MATERIALS (6.6%)
Arco Chemical Co. .......................................... 10.25 11/01/10 7,500,000 7,405,725
Georgia-Pacific (Timber Group) ............................. 8.63 04/30/25 7,000,000 6,869,870
Inco Ltd. .................................................. 9.60 06/15/22 7,500,000 7,266,525
Millennium America Inc. .................................... 7.63 11/15/26 5,000,000 4,158,400
Praxair, Inc. .............................................. 6.90 11/01/06 5,000,000 4,724,100
------------
30,424,620
------------
CONSUMER, CYCLICAL (8.3%)
Centex Corp. ............................................... 8.75 03/01/07 2,000,000 2,011,300
Centex Corp. ............................................... 7.38 06/01/05 5,000,000 4,761,950
Fruit of the Loom, Inc. .................................... 7.00 03/15/11 2,500,000 562,500
Fruit of the Loom, Inc. .................................... 7.38 11/15/23 1,250,000 431,250
Gannett Co., Inc. .......................................... 5.85 05/01/00 3,500,000 3,496,885
Neiman-Marcus Group, Inc. .................................. 7.13 06/01/28 2,500,000 2,054,975
Oakwood Homes Corp. ........................................ 8.13 03/01/09 2,500,000 2,302,173
</TABLE>
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- --------- ------------ ------------
<S> <C> <C> <C> <C>
Long-Term Debt Securities (CONTINUED):
CONSUMER, CYCLICAL (CONTINUED)
Pulte Corp. ................................................ 7.63% 10/15/17 $ 7,500,000 $ 6,390,750
Polaroid Corp. ............................................. 7.25 01/15/07 3,750,000 3,196,725
Shopko Stores, Inc. ........................................ 9.00 11/15/04 5,000,000 5,210,550
Tommy Hilfiger USA, Inc. ................................... 6.50 06/01/03 5,000,000 4,741,550
V F Corp. .................................................. 9.25 05/01/22 1,000,000 1,051,710
Venator Group, Inc. ........................................ 7.00 10/15/02 2,000,000 1,820,000
------------
38,032,318
------------
CONSUMER, NON-CYCLICAL (9.0%)
Aventis .................................................... 7.75 01/15/02 3,000,000 3,000,930
Bausch & Lomb, Inc., ....................................... 6.15 08/01/01 5,000,000 4,937,950
Bausch & Lomb, Inc. ........................................ 6.38 08/01/03 5,250,000 5,087,198
Bausch & Lomb, Inc. ........................................ 6.75 12/15/04 5,000,000 4,789,050
Kellwood Co. ............................................... 7.88 07/15/09 10,000,000 9,118,200
Panamerican Beverages, Inc ................................. 7.25 07/01/09 5,000,000 4,253,300
Ralston Purina Co. ......................................... 8.63 02/15/22 7,500,000 7,533,450
Supervalu, Inc. ............................................ 8.88 11/15/22 2,500,000 2,628,025
------------
41,348,103
------------
ENERGY (3.1%)
Southern Union Co. ......................................... 7.60 02/01/24 10,000,000 9,329,600
Tosco Corp. ................................................ 8.25 05/15/03 5,000,000 5,091,250
------------
14,420,850
------------
FINANCIAL (11.6%)
Bear Stearns Cos., Inc. .................................... 6.63 10/01/04 2,000,000 1,918,240
Berkley (W.R.) Corp. ....................................... 8.70 01/01/22 5,000,000 4,905,400
Chase Manhattan Corp. ...................................... 6.88 12/12/12 5,000,000 4,817,050
Citicorp Mortgage Securirties, Inc. ........................ 6.25 03/25/24 6,787 6,755
Executive Risk, Inc. ....................................... 7.13 12/15/07 5,000,000 4,804,850
Fairfax Financial Holdings,Ltd ............................. 8.25 10/01/15 2,500,000 2,202,200
First American Financial ................................... 7.55 04/01/28 1,500,000 1,285,980
Freemont General Corp. ..................................... 7.70 03/17/04 5,000,000 4,328,100
Harleysville Group Inc. .................................... 6.75 11/15/03 2,500,000 2,411,900
Lehman Brothers Holdings, Inc. ............................. 0.00 07/28/28 10,000,000 882,100
Morgan (J.P.) & Co., Inc. .................................. 0.00 04/15/27 32,500,000 3,134,625
Nationwide Health Properties ............................... 7.90 11/20/06 5,000,000 4,325,100
Progressive Corp. of Ohio .................................. 10.00 12/15/00 1,500,000 1,541,175
Rank Group Financial ....................................... 6.75 11/30/04 5,000,000 4,629,450
SunAmerica, Inc. ........................................... 9.95 02/01/12 5,000,000 5,920,700
Triad Guaranty ............................................. 7.90 01/15/28 3,250,000 2,981,553
Vesta Insurance Group, Inc. ................................ 8.75 07/15/25 5,000,000 3,255,400
------------
53,350,578
------------
INDUSTRIAL (10.0%)
Browning-Ferris Inds., Inc. ................................ 7.88 03/15/05 5,000,000 4,644,400
Clark Equipment Co. ........................................ 8.35 05/15/23 5,000,000 5,155,000
Geon Co. ................................................... 6.88 12/15/05 5,000,000 4,692,000
Geon Co. ................................................... 7.50 12/15/15 3,750,000 3,416,475
</TABLE>
The accompanying notes are an integral part of these financial statements.
29
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
INDUSTRIAL (CONTINUED)
Owens Corning .............................................. 7.00% 03/15/09 $ 2,500,000 $ 2,199,925
Thermo Electron Corp. ...................................... 4.25 01/01/03 7,500,000 6,328,124
Thermo Instrument Systems, Inc. ............................ 4.00 01/15/05 10,000,000 7,300,000
USX Corp. .................................................. 8.75 09/15/22 2,000,000 2,015,140
Williams Cos., Inc. ........................................ 6.50 11/15/02 10,000,000 9,760,000
------------
45,511,064
------------
UTILITIES (3.5%)
New Orleans Public Service ................................. 8.00 03/01/06 4,000,000 4,027,080
Pacific Gas & Electric Co. ................................. 8.75 01/01/01 2,000,000 2,036,520
UtiliCorp United, Inc. ..................................... 8.00 03/01/23 10,000,000 9,776,300
------------
15,839,900
------------
TOTAL LONG-TERM DEBT SECURITIES (Cost: $467,418,711) 96.0% ........................................... 440,424,724
------------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (4.0%)
Abbott Laboratories ........................................ 6.25 01/13/00 4,668,000 4,658,256
BellSouth Telecommunications ............................... 5.05 02/02/00 3,061,000 3,047,256
General Electric Capital Corp. ............................. 6.33 01/18/00 4,785,000 4,770,656
Gillette Company ........................................... 5.25 01/07/00 4,133,000 4,128,686
UBS Finance (Delw.) Inc. ................................... 4.00 01/03/00 1,595,000 1,594,646
------------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $18,199,500) 4.0% ............................................... 18,199,500
------------
TOTAL INVESTMENTS (Cost: $485,618,211) 100.0% ............................................................. $458,624,224
============
</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>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT SECURITIES:
U.S. GOVERNMENT (4.1%)
U.S. Treasury Note ........................ ............... 6.13% 07/31/00 $ 500,000 $ 500,705
------------
AGENCIES (59.2%)
FHLMC ..................................................... 7.00 04/15/01 211,504 210,976
FHLMC ..................................................... 8.00 04/01/02 113,604 114,276
FHLMC ..................................................... 8.00 05/01/02 204,651 205,717
FHLMC ..................................................... 8.50 08/01/02 235,421 238,239
FHLMC ..................................................... 7.75 12/01/02 139,113 139,444
FHLMC ..................................................... 7.00 05/15/06 220,929 220,721
FHLMC ..................................................... 7.50 02/15/07 274,458 275,915
FHLMC ..................................................... 7.00 03/15/07 282,411 280,821
FHLMC ..................................................... 7.50 09/01/07 328,496 326,985
FHLMC ..................................................... 7.00 03/15/08 154,900 154,802
FHLMC ..................................................... 6.00 09/15/08 119,241 116,707
FHLMC ..................................................... 8.25 10/01/09 248,281 251,315
FHLMC ..................................................... 8.00 05/01/14 212,138 213,225
FHLMC ..................................................... 8.50 09/01/17 110,732 113,258
FHLMC ..................................................... 6.00 12/15/17 89,390 89,026
FHLMC ..................................................... 5.00 08/15/19 441,668 433,245
FHLMC ..................................................... 6.50 05/15/21 114,350 112,920
FHLMC ..................................................... 6.00 05/15/22 108,219 106,190
FNMA ...................................................... 6.03 06/12/03 200,000 194,374
FNMA ...................................................... 8.25 09/25/05 19,120 19,066
FNMA ...................................................... 8.25 10/01/05 47,503 47,504
FNMA ...................................................... 7.00 10/25/05 262,640 262,146
FNMA ...................................................... 7.00 11/25/05 281,404 280,700
FNMA ...................................................... 7.50 11/25/06 451,253 452,381
FNMA ...................................................... 7.50 02/25/07 248,712 249,644
FNMA ...................................................... 7.75 03/01/08 202,534 204,446
FNMA ...................................................... 8.00 04/01/08 141,352 144,590
FNMA ...................................................... 7.50 01/01/09 181,964 182,911
FNMA ...................................................... 8.25 01/01/10 401,450 410,065
FNMA ...................................................... 6.30 09/25/18 305,000 302,139
FNMA ...................................................... 7.00 12/25/18 126,188 125,754
FNMA ...................................................... 6.70 01/18/19 39,052 38,930
FNMA ...................................................... 5.50 04/25/19 131,375 130,431
FNMA ...................................................... 6.50 04/25/19 300,000 298,311
FNMA ...................................................... 6.10 08/25/21 106,520 104,989
GNMA ...................................................... 9.50 12/20/03 37,181 38,214
GNMA ...................................................... 9.00 03/15/10 142,043 147,878
------------
7,238,255
------------
CONSUMER, CYCLICAL (4.0%)
Venator Group, Inc......................................... 7.00 06/01/00 500,000 494,725
------------
CONSUMER, NON-CYCLICAL (1.9%)
Jones Apparel Group, Inc................................... 6.25 10/01/01 240,000 234,269
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
31
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT SECURITIES (CONTINUED):
ENERGY (3.2%)
Columbia Gas Systems, Inc ................................. 6.61% 11/28/02 $ 400,000 $ 390,008
------------
FINANCIAL (6.9%)
Chase Mortgage Finance Corp. ............................... 6.50 09/25/09 500,000 495,310
Citicorp Mortgage Sec. Inc. ................................ 6.25 03/25/24 2,755 2,742
FBC Mortgage Securities Trust. ............................. 8.30 08/20/09 28,557 28,494
GE Capital Mtge. Services,Inc. ............................. 6.00 09/25/08 45,279 44,939
Morgan Stanley Capital, Inc. ............................... 6.85 02/15/20 204,507 202,973
Prudential Home Mtge.Secs. Co. ............................. 6.75 08/25/08 71,033 70,678
------------
845,136
------------
INDUSTRIAL (4.0%)
Edperbrascan Corp. ......................................... 7.38 10/01/02 500,000 490,160
------------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost $10,299,416) 83.3% .............................................................................. 10,193,258
------------
SHORT-TERM DEBT SECURITIES:
AGENCIES (16.7%)
Federal Home Loan Bank ..................................... 1.28 01/03/00 1,390,000 1,389,901
Federal Home Loan Bank ..................................... 4.75 01/12/00 651,000 650,055
------------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $2,039,956) 16.7%......................................... 2,039,956
------------
TOTAL INVESTMENTS (Cost: $12,339,372) 100.0% ..................................................... $ 12,233,214
============
</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>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT SECURITIES:
U.S. Government (26.5%)
U.S. Treasury Note ........................................... 5.88% 02/15/04 $ 3,500,000 $ 3,438,190
------------
AGENCIES/OTHER GOVERNMENTS (18.7%)
FHLMC ...................................................... 8.00 04/15/03 298,686 300,272
FHLMC ...................................................... 8.00 07/15/06 187,312 190,180
FHLMC ...................................................... 6.38 11/15/06 570,169 566,959
FNMA ....................................................... 7.00 11/25/04 82,860 81,022
FNMA ....................................................... 6.50 11/25/05 333,336 327,606
FNMA ....................................................... 7.00 04/25/07 600,000 595,500
New York City .............................................. 9.50 06/01/09 350,000 372,637
------------
2,434,176
------------
CONSUMER, CYCLICAL (7.2%)
Tommy Hilfiger USA, Inc. ................................... 6.50 06/01/03 500,000 474,155
Venator Group, Inc. ........................................ 7.00 10/15/02 500,000 455,000
------------
929,155
------------
CONSUMER, NON-CYCLICAL (3.7%)
Bausch & Lomb, Inc. ........................................ 6.38 08/01/03 250,000 242,247
Bausch & Lomb, Inc. ........................................ 6.75 12/15/04 250,000 239,453
------------
481,700
------------
FINANCIAL (23.0%)
Bear Stearns Cos., Inc. .................................... 9.38 06/01/01 250,000 257,412
Bear Stearns Cos., Inc. .................................... 6.63 10/01/04 500,000 479,560
Freemont Gen Corp. ......................................... 7.70 03/17/04 250,000 216,405
Harleysville Group Inc. .................................... 6.75 11/15/03 250,000 241,190
Nationwide Health Properties ............................... 7.90 11/20/06 250,000 216,255
Nationwide Health Properties ............................... 7.60 11/20/28 350,000 339,020
Rank Group Financial ....................................... 6.75 11/30/04 500,000 462,945
Salomon Smith Barney Hldgs. ................................ 6.50 10/15/02 500,000 492,685
Trinet Corp. Rlty. Trust, Inc. ............................. 6.75 03/01/03 300,000 277,524
------------
2,982,996
------------
INDUSTRIAL (12.7%)
Airborne Freight Corp. ..................................... 8.88 12/15/02 250,000 252,098
Crown Cork & Seal, Inc. .................................... 6.75 04/15/03 500,000 484,725
Thermo Electron Corp. ...................................... 4.25 01/01/03 500,000 421,875
Williams Cos., Inc. ........................................ 6.50 11/15/02 500,000 488,000
------------
1,646,698
------------
UTILITIES (3.8%)
Constellation Energy Group ................................. 6.13 07/01/03 250,000 243,155
Public Svc. Electric & Gas Co. ............................. 7.88 11/01/01 250,000 253,055
------------
496,210
------------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES
(Cost $12,892,564) 95.6% ......................................................................... 12,409,125
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (4.4%)
UBS Finance (Delw.) Inc. .................................. 4.00% 01/03/00 $ 575,000 $ 574,872
------------
TOTAL SHORT-TERM DEBT SECURITIES (COST: $574,872) 4.4%............................................... 574,872
------------
TOTAL INVESTMENTS (COST: $13,467,436) 100.0%......................................................... $ 12,983,997
============
</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
December 31, 1999
Shares Value
------ -----------
COMMON STOCKS:
BASIC MATERIALS (1.7%)
Alcan Aluminum Ltd. ........................ 30,000 $ 1,235,625
ALCOA, Inc. ................................ 32,600 2,705,800
International Paper Co. .................... 21,800 1,230,337
Potlatch Corp. ............................. 18,800 838,950
-----------
6,010,712
-----------
CONSUMER, CYCLICAL (12.7%)
America Online, Inc.* ...................... 36,600 2,761,012
Bed Bath & Beyond, Inc.* ................... 35,400 1,230,150
Circuit City Group ......................... 23,000 1,036,437
Clear Channel Communications, Inc.* ........ 44,200 3,944,850
Corning, Inc. .............................. 28,200 3,636,037
Gannett Co., Inc. .......................... 5,100 415,969
General Electric Co. ....................... 54,100 8,371,975
Home Depot, Inc. ........................... 38,850 2,663,653
Interpublic Group of Cos.,Inc. ............. 24,400 1,407,575
Knight-Ridder, Inc. ........................ 6,200 368,900
New York Times Co. Cl A .................... 68,500 3,365,063
Omnicom Group, Inc. ........................ 34,300 3,430,000
Southwest Airlines Co. ..................... 58,300 943,731
Tandy Corp. ................................ 40,800 2,006,850
Times Mirror Co. Cl A ...................... 5,500 368,500
Tribune Co. ................................ 16,500 908,531
Viacom, Inc. Cl B* ......................... 65,300 3,946,569
Wal-Mart Stores, Inc. ...................... 76,100 5,260,413
-----------
46,066,215
-----------
CONSUMER, NON-CYCLICAL (7.0%)
Bard (C.R.), Inc. .......................... 18,200 964,600
Bestfoods .................................. 6,700 352,169
Bristol-Myers Squibb Co. ................... 36,400 2,336,425
Coca-Cola Co. .............................. 40,000 2,330,000
Colgate-Palmolive Co. ...................... 16,400 1,066,000
Columbia/HCA Healthcare Corp. .............. 63,000 1,846,687
General Mills, Inc. ........................ 9,000 321,750
Johnson & Johnson .......................... 27,000 2,514,375
Kellogg Co. ................................ 9,900 305,044
Kimberly Clark Corp. ....................... 31,300 2,042,325
Medtronic, Inc. ............................ 68,400 2,492,325
Merck & Co., Inc. .......................... 39,800 2,669,088
Pfizer, Inc. ............................... 70,000 2,270,625
Proctor & Gamble Co. ....................... 22,700 2,487,069
Seagram Ltd. ............................... 20,000 898,750
Sysco Corp. ................................ 10,300 407,494
-----------
25,304,726
-----------
ENERGY (3.5%)
Atlantic Richfield Co. ..................... 10,600 916,900
Chevron Corp. .............................. 10,900 944,212
Coastal Corp. .............................. 14,000 496,125
Exxon Mobil Corp. .......................... 42,900 3,456,131
Halliburton Holdings Co. ................... 37,000 1,489,250
Royal Dutch Petroleum Co. N.Y. ............. 36,400 2,199,925
Transocean Sedco Forex, Inc. ............... 9,544 321,530
Schlumberger, Ltd. ......................... 49,300 2,773,125
-----------
12,597,198
-----------
FINANCIAL (7.0%)
American Express Co. ....................... 28,500 4,738,125
American Int'l. Group, Inc. ................ 25,400 2,746,375
Bank of New York, Inc. ..................... 30,200 1,208,000
Chase Manhattan Corp. ...................... 36,900 2,866,669
Citigroup, Inc. ............................ 51,350 2,853,134
FleetBoston Financial Corp. ................ 46,700 1,625,744
MGIC Investment Corp. ...................... 43,100 2,594,081
State Street Corp. ......................... 26,200 1,914,238
Suntrust Banks, Inc. ....................... 32,700 2,250,169
Wells Fargo & Company ...................... 62,100 2,511,169
-----------
25,307,704
-----------
INDUSTRIAL (3.2%)
AES Corp.* ................................. 45,500 3,401,125
Applied Materials, Inc.* ................... 29,400 3,724,612
Illinois Tool Works, Inc. .................. 10,700 722,919
KLA-Tencor Corp.* .......................... 22,600 2,517,075
Parker-Hannifin Corp. ...................... 21,400 1,098,087
-----------
11,463,818
-----------
TECHNOLOGY (24.6%)
Alltel Corp. ............................... 40,400 3,340,575
Amgen, Inc.* .............................. 65,000 3,904,062
Analog Devices, Inc.* ...................... 18,200 1,692,600
AT&T Corp. ................................. 59,350 3,012,013
BMC Software, Inc.* ........................ 27,800 2,222,262
Cisco Systems, Inc.* ....................... 56,800 6,084,700
Comcast Corp. Cl A* ........................ 71,400 3,610,162
Dell Computer Corp.* ....................... 54,800 2,794,800
EMC Corp.* ................................. 40,900 4,468,325
Gateway, Inc.* ............................. 40,000 2,882,500
Intel Corp.................................. 59,300 4,881,131
International Business Machines Corp. ...... 38,500 4,158,000
Lucent Technologies ........................ 55,500 4,152,094
Micron Technology, Inc.* ................... 21,300 1,656,075
Microsoft Corp.* ........................... 94,900 11,079,575
Millipore Corp.............................. 61,900 2,390,888
Network Appliance, Inc.* ................... 20,000 1,661,250
Nortel Networks Corp. ...................... 43,400 4,383,400
Oracle Corp.* .............................. 54,700 6,129,819
Qualcomm, Inc.* ............................ 34,000 5,992,500
Scientific-Atlanta, Inc. ................... 20,800 1,157,000
Solectron Corp.* ........................... 33,800 3,215,225
Sun Microsystems, Inc.* .................... 16,200 1,254,488
Texas Instruments, Inc. .................... 31,000 3,003,125
-----------
89,126,569
-----------
UTILITIES (4.2%)
Bell Atlantic Corp. ........................ 30,500 1,877,656
CenturyTel, Inc. ........................... 32,800 1,553,900
Eastern Enterprises ........................ 11,700 672,019
El Paso Energy Corp......................... 14,500 562,781
Global Crossing Ltd.* ...................... 36,300 1,815,000
MCI WorldCom, Inc.* ........................ 44,400 2,355,975
Nextel Communications, Inc.* ............... 34,700 3,578,438
SBC Communications, Inc. ................... 60,700 2,959,125
-----------
15,374,894
-----------
TOTAL COMMON STOCKS
(Cost: $168,593,139) 63.9% ................. 231,251,836
-----------
- ----------
* Non-income producing security.
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)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
AGENCIES/OTHER GOVERNMENTS (12.9%)
Connecticut Housing Fin. Auth. ............................. 7.63% 05/15/21 $ 1,000,000 $ 950,020
FHLB ....................................................... 0.00 07/07/17 25,000,000 5,937,500
FHLB ....................................................... 0.00 07/14/17 25,000,000 5,929,750
FHLMC ...................................................... 8.00 07/15/06 187,312 190,180
FHLMC ...................................................... 7.63 09/09/09 2,500,000 2,469,150
FNMA ....................................................... 7.00 11/25/05 844,212 842,101
FNMA ....................................................... 6.65 01/25/17 75,154 74,825
FNMA ....................................................... 0.00 07/13/17 100,000,00 23,719,000
FNMA ....................................................... 6.50 07/25/20 412,274 410,213
New York City .............................................. 0.00 08/01/05 500,000 541,609
New York City .............................................. 9.50 06/01/09 2,000,000 2,129,352
Republic of Iceland ........................................ 6.13 02/01/04 2,500,000 2,387,900
Suffolk County, New York ................................... 5.80 11/01/04 250,000 244,630
Suffolk County, New York ................................... 5.88 11/01/05 750,000 730,286
------------
46,556,516
------------
BASIC MATERIALS (3.1%)
Arco Chemical Co. .......................................... 0.25 11/01/10 2,500,000 2,468,575
Georgia-Pacific Group ...................................... 8.63 04/30/25 2,000,000 1,962,820
Inco Ltd. .................................................. 9.60 06/15/22 2,500,000 2,422,175
Millennium America Inc. .................................... 7.63 11/15/26 2,500,000 2,079,200
Praxair, Inc. .............................................. 6.90 11/01/06 2,500,000 2,362,050
------------
11,294,820
------------
CONSUMER, CYCLICAL (3.6%)
Centex Corp. ............................................... 7.38 06/01/05 2,000,000 1,904,780
Fruit of the Loom, Inc. .................................... 7.00 03/15/11 1,000,000 225,000
Fruit of the Loom, Inc. .................................... 7.38 11/15/23 500,000 172,500
Gannett Co., Inc. .......................................... 5.85 05/01/00 1,000,000 999,110
Neiman-Marcus Group, Inc. .................................. 7.13 06/01/28 2,500,000 2,054,975
Polaroid Corp. ............................................. 7.25 01/15/07 1,000,000 852,460
Pulte Corp. ................................................ 7.63 10/15/17 2,500,000 2,130,250
Shopko Stores, Inc. ........................................ 9.00 11/15/04 1,000,000 1,042,110
Tommy Hilfiger USA, Inc. ................................... 6.50 06/01/03 2,850,000 2,702,683
Venator Group, Inc. ........................................ 7.00 10/15/02 1,000,000 910,000
------------
12,993,868
------------
CONSUMER, NON-CYCLICAL (3.4%)
Aventis .................................................... 7.75 01/15/02 1,000,000 1,000,310
Bausch & Lomb, Inc. ........................................ 6.38 08/01/03 2,500,000 2,422,475
Bausch & Lomb, Inc. ........................................ 6.75 12/15/04 2,500,000 2,394,525
Kellwood Co. ............................................... 7.88 07/15/09 2,500,000 2,279,550
Ralston Purina Co. ......................................... 8.63 02/15/22 2,500,000 2,511,150
Supervalu, Inc. ............................................ 8.88 11/15/22 1,500,000 1,576,815
------------
12,184,825
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
ENERGY (2.0%)
Southern Union Co......................................... 7.60% 02/01/24 $ 5,000,000 $ 4,664,800
Tosco Corp................................................ 8.25 05/15/03 2,500,000 2,545,625
------------
7,210,425
------------
FINANCIAL (5.1%)
Berkley (W.R.) Corp. ....................................... 8.70 01/01/22 1,500,000 1,471,620
Chase Manhattan Corp. ...................................... 6.88 12/12/12 2,500,000 2,408,525
Executive Risk, Inc. ....................................... 7.13 12/15/07 1,000,000 960,970
Fairfax Financial Holdings,Ltd . ........................... 8.25 10/01/15 500,000 440,440
First American Financial ................................... 7.55 04/01/28 2,250,000 1,928,970
Freemont General Corp. ..................................... 7.70 03/17/04 1,500,000 1,298,430
Harleysville Group Inc. .................................... 6.75 11/15/03 1,000,000 964,760
Lehman Brothers Holdings, Inc. ............................. 0.00 07/28/28 3,250,000 286,683
Morgan (J.P.) & Co., Inc. .................................. 0.00 04/15/27 10,000,000 964,500
Nationwide Health Properties ............................... 7.90 11/20/06 5,000,000 4,325,100
Progressive Corp. of Ohio .................................. 0.00 12/15/00 500,000 513,725
Prudential Home Mtge. Secs. Co. ............................ 6.75 08/25/08 127,860 127,220
SunAmerica, Inc. ........................................... 9.95 02/01/12 2,000,000 2,368,280
Vesta Insurance Group, Inc. ................................ 8.75 07/15/25 1,000,000 651,080
------------
18,710,303
------------
INDUSTRIAL (1.9%)
Clark Equipment Co. ........................................ 8.35 05/15/23 1,500,000 1,546,500
Geon Co. ................................................... 7.50 12/15/15 1,000,000 911,060
Owens Corning .............................................. 7.00 03/15/09 1,500,000 1,319,955
Thermo Electron Corp. ...................................... 4.25 01/01/03 2,500,000 2,109,375
Williams Cos., Inc. ........................................ 6.50 11/15/02 1,000,000 976,000
------------
6,862,890
------------
UTILITIES (1.6%)
Central Telephone Co. ...................................... 9.28 11/27/00 1,000,000 1,023,580
New Orleans Public Service ................................. 8.00 03/01/06 1,000,000 1,006,770
Pacific Gas & Electric Co. ................................. 8.75 01/01/01 1,000,000 1,018,260
UtiliCorp United, Inc. ..................................... 8.00 03/01/23 3,000,000 2,932,890
------------
5,981,500
------------
TOTAL LONG-TERM DEBT SECURITIES
(COST: $130,349,543) 33.6% ......................................................................... 121,795,147
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER: (2.5%)
Exxon Asset Management Corp. ............................. 6.27% 01/05/00 $ 3,646,000 $ 3,643,458
Panasonic Finance, Inc. ............................. 2.45 01/04/00 3,425,000 3,424,301
UBS Finance (Delw.) Inc. ............................. 4.00 01/03/00 1,928,000 1,927,571
------------
TOTAL SHORT-TERM DEBT SECURITIES
(COST: $8,995,330) (2.5%)........................................................................ 8,995,330
------------
TOTAL INVESTMENTS
(COST: $307,938,012)............................................................................. $362,042,313
============
</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
December 31, 1999
Shares Value
------- ------------
COMMON STOCKS:
CONSUMER, CYCLICAL (17.7%)
Ann Taylor Stores Corp.* ................... 56,000 $ 1,928,500
BJ's Wholesale Club, Inc.* ................. 75,000 2,737,500
Cheesecake Factory, Inc.* .................. 69,900 2,446,500
Citadel Communications, Corp.* ............. 52,000 3,373,500
Emmis Communications Cl A* ................. 35,000 4,362,421
IBasis, Inc.* .............................. 80,000 2,300,000
International Speedway Cl A ................ 55,000 2,770,625
Lands End, Inc.* ........................... 50,000 1,737,500
NTL Incorporated* .......................... 30,000 3,742,500
Photronics, Inc.* .......................... 110,000 3,148,750
Radio One, Inc. Cl A* ...................... 48,000 4,416,000
Trex, Inc.* ................................ 80,000 2,140,000
True North Communications, Inc. ............ 70,000 3,128,125
Tiffany & Co. .............................. 37,800 3,373,650
Westwood One, Inc.* ........................ 52,000 3,952,000
Young & Rubicam, Inc. ...................... 50,000 3,537,500
------------
49,095,071
------------
CONSUMER, NON-CYCLICAL (4.0%)
IDEC Pharmaceuticals Corp.* ................ 20,000 1,965,000
Medimmune, Inc.* ........................... 13,000 2,156,375
Minimed, Inc.* ............................. 22,000 1,611,500
Progenics Pharmaceuticals, Inc.* ........... 59,300 2,898,287
Shire Parmaceuticals Group Plc* ............ 85,000 2,475,625
------------
11,106,787
------------
ENERGY (5.6%)
Barrett Resources Corp.* ................... 38,000 1,118,625
Basin Exploration, Inc.* ................... 50,000 881,250
Devon Energy Corp. ......................... 58,200 1,913,325
Forest Oil Corp.* .......................... 150,000 1,978,125
Nabors Industries, Inc.* ................... 65,000 2,010,937
Newfield Exploration Company* .............. 81,000 2,166,750
Nuevo Energy Co.* .......................... 105,000 1,968,750
Pride International, Inc.* ................. 150,000 2,193,750
Weatherford International, Inc.* ........... 37,000 1,477,687
------------
15,709,199
------------
FINANCIAL (6.2%)
Arden Realty Group ......................... 75,000 1,504,687
Boston Properties Inc. ..................... 55,000 1,711,875
Compass Bancshares, Inc. ................... 58,000 1,294,125
Cullen Frost Bankers, Inc. ................. 80,000 2,060,000
Equity Res. Pptys. Tr. Co. ................. 45,400 1,938,013
Kimco Realty Corp. ......................... 45,000 1,524,375
Mack-Cali Realty Corp. ..................... 58,000 1,511,625
SL Green Realty Corp. ...................... 102,200 2,222,850
Spieker Properties., Inc. .................. 50,000 1,821,875
Vornado Realty Trust ....................... 50,000 1,625,000
------------
17,214,425
------------
INDUSTRIAL (18.2%)
Bindview Development Corp.* ................ 68,000 3,378,750
Celgene Corp.* ............................. 22,000 1,540,000
Concord EFS, Inc. .......................... 97,500 2,510,625
CSG Systems Intl., Inc.* ................... 60,000 2,392,500
Dendrite International, Inc.* .............. 97,500 3,302,813
Dycom Industries, Inc.* .................... 70,000 3,084,375
eBenx, Inc.* ............................... 95,000 4,298,750
Exar Corp.* ................................ 62,000 3,650,250
Forward Air Corporation* ................... 104,400 4,528,350
Hooper Holmes, Inc. ........................ 110,000 2,832,500
MKS Instruments, Inc.* ..................... 90,000 3,251,250
PFSweb, Inc.* .............................. 55,000 2,062,500
PRI Automation, Inc.* ...................... 67,000 4,497,375
Semtech Corp.* ............................. 65,000 3,388,125
Spartech Corp. ............................. 80,000 2,580,000
Veeco Instruments, Inc.* ................... 72,000 3,370,500
------------
50,668,663
------------
TECHNOLOGY (37.6%)
Applied Micro Circuits, Corp.* ............. 44,200 5,624,450
Aspect Development, Inc.* .................. 55,000 3,767,500
Atmel Corp.* ............................... 114,000 3,370,125
CDW Computers Centers, Inc.* ............... 54,000 4,245,750
Cypress Semiconductor Corp. ................ 115,000 3,723,125
Cytyc Corporation* ......................... 60,000 3,663,750
Documentum, Inc.* .......................... 70,000 4,191,250
Integrated Device Tech., Inc.* ............. 125,000 3,625,000
Legato Systems, Inc.* ...................... 86,300 5,938,518
Linear Technology Corp. .................... 49,000 3,506,562
Maxim Integrated Products, Inc.* ........... 86,000 4,058,125
Medicalogic, Inc.* ......................... 35,000 735,000
Mercury Interactive Corp.* ................. 45,000 4,857,187
Millipore Corp. ............................ 80,000 3,090,000
Mission Critical Software, Inc.* ........... 64,000 4,480,000
National Instruments Corp.* ................ 150,000 5,737,500
Networks Associates, Inc.* ................. 127,000 3,389,312
Novellus Systems, Inc.* .................... 54,000 6,616,690
Peregrine Systems, Inc.* ................... 80,000 6,735,000
Quest Software, Inc.* ...................... 52,300 5,334,600
RSA Security, Inc.* ........................ 60,000 4,650,000
Verity Inc.* ............................... 57,000 2,426,062
Visual Networks, Inc.* ..................... 70,000 5,547,500
Xilinx, Inc.* .............................. 116,000 5,274,380
------------
104,587,386
------------
UTILITIES (7.1%)
Montana Pwr. Co. ........................... 60,000 2,163,750
Price Communications Corp.* ................ 108,535 3,018,629
Rural Cellular Corp. Cl A* ................. 75,000 6,787,500
Voicestream Wireless Corp.* ................ 31,300 4,454,381
Western Wireless Corp. Cl A* ............... 49,000 3,270,750
------------
19,695,010
------------
TOTAL COMMON STOCK S
(Cost: $177,301,179) 96.4% ................................... 268,076,541
------------
- ------------
* Non-income producing security
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)
December 31, 1999
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
AGENCY (1.2%)
Federal Home Loan Bank..................................... 4.00% 01/05/00 $ 3,390,000 $ 3,388,493
------------
COMMERCIAL PAPER (2.4%)
General Electric Capital Corp.............................. 6.52 01/18/00 715,000 712,795
UBS Finance (Delw.) Inc. ............................. 4.00 01/03/00 5,870,000 5,868,695
------------
6,581,490
------------
TOTAL SHORT-TERM DEBT SECURITIES
(COST: $9,969,983) 3.6%.......................................................................... 9,969,983
------------
TOTAL INVESTMENTS
(COST: $187,271,162) 100.0%...................................................................... $278,046,524
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
40
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999
<TABLE>
<CAPTION>
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 -- $73,577,397
All America Fund -- $453,350,896
Equity Index Fund -- $380,440,931
Mid-Cap Equity Index Fund -- $32,076,600
Bond Fund -- $485,618,211)
(Notes 1 and 3) ........................... $73,577,397 $885,432,666 $582,744,344 $33,907,069 $458,624,224
Cash ........................................ 3,059 1,448,086 4,520 5,022 627
Interest and dividends receivable ........... -- 729,376 520,910 20,449 7,651,827
Receivable for securities sold .............. -- 1,118,055 1,940 16,794 15,643
----------- ------------ ------------ ----------- ------------
TOTAL ASSETS ................................ 73,580,456 888,728,183 583,271,714 33,949,334 466,292,321
Payable for securities purchased ............ -- 3,084,677 2,450 2,200 --
----------- ------------ ------------ ----------- ------------
NET ASSETS .................................. $73,580,456 $885,643,506 $583,269,264 $33,947,134 $466,292,321
=========== ============ ============ =========== ============
NUMBER OF SHARES
OUTSTANDING (Note 4) ..................... 62,006,561 262,964,326 202,461,950 30,624,655 359,474,812
=========== ============ ============ =========== ============
NET ASSET VALUES, offering and
redemption price per share ............... $1.19 $3.37 $2.88 $1.11 $1.30
===== ===== ===== ===== =====
</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 -- $12,339,372
Mid-Term Bond Fund -- $13,467,436
Composite Fund -- $307,938,012
Aggressive Equity Fund -- $187,271,162)
(Notes 1 and 3)...................................... $12,233,214 $12,983,997 $362,042,313 $278,046,524
Cash.................................................... 1,781 1,898 2,417 9,478
Interest and dividends receivable....................... 81,384 197,688 1,812,538 211,880
Receivable for securities sold.......................... 23,803 -- -- --
----------- ----------- ------------ ------------
TOTAL ASSETS............................................ 12,340,182 13,183,583 363,857,268 278,267,882
Payable for securities purchased........................ -- -- -- --
----------- ----------- ------------ ------------
NET ASSETS.............................................. $12,340,182 $13,183,583 $363,857,268 $278,267,882
=========== =========== ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4)................... 12,432,168 15,216,140 190,970,810 128,747,734
=========== =========== ============ ============
NET ASSET VALUES, offering and redemption price
per share ............................................ $ 0.99 $ 0.87 $ 1.91 $ 2.16
=========== =========== ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
41
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
For the Year Ended December 31,
<TABLE>
<CAPTION>
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 ................................. $ -- $ 8,697,430 $ 6,277,262 $ 159,226
Interest .................................. 3,568,525 944,641 1,137,790 135,633
---------- ------------ ----------- ----------
Total income ............................... 3,568,525 9,642,071 7,415,052 294,859
---------- ------------ ----------- ----------
Expenses:
Investment advisory fees (Note 2) ......... 171,989 3,926,185 635,398 18,878
---------- ------------ ----------- ----------
NET INVESTMENT INCOME ...................... 3,396,536 5,715,886 6,779,654 275,981
---------- ------------ ----------- ----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments .... (3,777) 77,162,086 9,635,146 722,209
Net unrealized appreciation
(depreciation) of investments -- 102,305,846 79,320,773 1,830,469
---------- ------------ ----------- ----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS ...................... (3,777) 179,467,932 88,955,919 2,552,678
---------- ------------ ----------- ----------
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. $3,392,759 $185,183,818 $95,735,573 $2,828,659
========== ============ =========== ==========
</TABLE>
<TABLE>
<CAPTION>
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 .................................... $ -- $ -- $ -- $ 2,190,802 $ 1,273,286
Interest ................................... 35,082,080 1,017,505 862,963 10,516,980 473,988
------------ ---------- --------- ----------- -----------
Total income .................................. 35,082,080 1,017,505 862,963 12,707,782 1,747,274
------------ ---------- --------- ----------- -----------
Expenses:
Investment advisory fees (Note 2) ............ 2,304,779 84,855 68,963 1,705,660 1,732,320
------------ ---------- --------- ----------- -----------
NET INVESTMENT INCOME ......................... 32,777,301 932,650 794,000 11,002,122 14,954
------------ ---------- --------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ....... (732,183) (79,368) 2,624 16,247,481 21,546,315
Net unrealized appreciation
(depreciation) of investments ................ (40,950,914) (141,958) (606,489) 21,612,218 59,604,813
------------ ---------- --------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS ........................ (41,683,097) (221,326) (603,865) 37,859,699 81,151,128
------------ ---------- --------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .................... $ (8,905,796) $ 711,324 $ 190,135 $48,861,821 $81,166,082
============ ========== ========= =========== ===========
</TABLE>
- ----------
* Commenced operations May 3, 1999.
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended December 31,
<TABLE>
<CAPTION>
Money Market Fund All America Fund Equity Index Fund
------------------------ ---------------------------- --------------------------
1999 1998 1999 1998 1999 1998
----------- ----------- ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income..................... $ 3,396,536 $ 3,644,306 $ 5,715,886 $ 6,005,853 $ 6,779,654 $ 5,167,556
Net realized gain (loss) on investments... (3,777) (1,091) 77,162,086 75,028,110 9,635,146 4,309,294
Unrealized appreciation (depreciation) of
investments ............................ -- -- 102,305,846 51,132,012 79,320,773 72,664,856
----------- ----------- ------------ ------------ ------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................ 3,392,759 3,643,215 185,183,818 132,165,975 95,735,573 82,141,706
----------- ----------- ------------ ------------ ------------- ------------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares.......... 77,687,366 49,564,634 83,233,506 8,745,724 225,737,689 111,027,460
Dividends reinvested...................... 3,399,058 3,649,927 66,717,511 87,022,298 15,035,198 31,568,403
Cost of shares redeemed................... (88,269,347) (39,940,229) (115,122,933) (108,090,679) (148,970,349) (19,365,681)
Dividend distributions.................... (3,399,058) (3,649,927) (66,717,511) (87,022,298) (15,035,198) (31,568,403)
----------- ----------- ------------ ------------ ------------- ------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM CAPITAL SHARE TRANSACTIONS .... (10,581,981) 9,624,405 (31,889,427) (99,344,955) 76,767,340 91,661,779
----------- ----------- ------------ ------------ ------------- ------------
INCREASE (DECREASE) IN NET ASSETS........... (7,189,222) 13,267,620 153,294,391 32,821,020 172,502,913 173,803,485
NET ASSETS, BEGINNING OF YEAR............... 80,769,678 67,502,058 732,349,115 699,528,095 410,766,351 236,962,866
----------- ----------- ------------ ------------ ------------- ------------
NET ASSETS, END OF YEAR..................... $73,580,456 $80,769,678 $885,643,506 $732,349,115 $ 583,269,264 $410,766,351
=========== =========== ============ ============ ============= ============
COMPONENTS OF NET ASSETS:
Paid-in capital........................... $73,472,727 $80,655,650 $438,886,510 $404,058,426 $ 389,567,592 $297,765,055
Accumulated undistributed net
investment income (loss) 122,339 124,861 (2,856,016) (368,798) 92,482 25,162
Accumulated undistributed net
realized gain (loss) on investments .... (14,610) (10,833 17,531,242 (1,116,437) (8,694,223) (10,006,505)
Unrealized appreciation (depreciation)
of investments ......................... -- -- 432,081,770 329,775,924 202,303,413 122,982,639
----------- ----------- ------------ ------------ ------------- ------------
NET ASSETS, END OF YEAR..................... $73,580,456 $80,769,678 $885,643,506 $732,349,115 $ 583,269,264 $410,766,351
=========== =========== ============ ============ ============= ============
</TABLE>
<TABLE>
<CAPTION>
Mid-Cap Short-Term
Equity Index Fund Bond Fund Bond Fund
----------------- ---------------------------- ---------------------------
1999* 1999 1998 1999 1998
----------------- ------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ...................... $ 275,981 $ 32,777,301 $ 30,222,400 $ 932,650 $ 1,002,162
Net realized gain (loss) on investments .... 722,209 (732,183) 747,807 (79,368) 15,002
Unrealized appreciation (depreciation)
of investments ........................... 1,830,469 (40,950,914) (41,522) (141,958) (22,056)
------------ ------------- ------------ ----------- ----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS ........... 2,828,659 (8,905,796) 30,928,685 711,324 995,108
------------ ------------- ------------ ----------- -----------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares ........... 52,496,765 74,048,382 52,595,906 3,737,066 8,314,584
Dividends reinvested ....................... 270,989 33,494,780 31,972,263 925,610 1,010,825
Cost of shares redeemed .................... (21,378,290) (64,179,257) (31,900,498) (14,083,396) (1,975,185)
Dividend distributions ..................... (270,989) (33,494,780) (31,972,263) (925,610) (1,010,825)
------------ ------------- ------------ ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS FROM CAPITAL SHARE TRANSACTIONS ..... 31,118,475 9,869,125 20,695,408 (10,346,330) 6,339,399
------------ ------------- ------------ ----------- -----------
INCREASE (DECREASE) IN NET ASSETS ............ 33,947,134 963,329 51,624,093 (9,635,006) 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 YEAR ...................... $ 33,947,134 $ 466,292,321 $465,328,992 $12,340,182 $21,975,188
------------ ------------- ------------ ----------- -----------
COMPONENTS OF NET ASSETS:
Paid-in capital ............................ $ 31,389,464 $ 499,614,288 $456,250,383 $12,512,551 $21,933,271
Accumulated undistributed net investment
income (loss) ............................ 4,992 (791,947) (876,674) 20,265 13,225
Accumulated undistributed
net realized gain (loss) on investments .. 722,209 (5,536,033) (4,001,644) (86,476) (7,108)
Unrealized appreciation
(depreciation) of investments ............ 1,830,469 (26,993,987) 13,956,927 (106,158) 35,800
------------ ------------- ------------ ----------- -----------
NET ASSETS, END OF YEAR ..................... $ 33,947,134 $ 466,292,321 $465,328,992 $12,340,182 $21,975,188
============ ============= ============ =========== ===========
</TABLE>
- ----------
* Commenced operations May 3, 1999.
The accompanying notes are an integral part of these financial statements.
43
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended December 31,
<TABLE>
<CAPTION>
Mid-Term
Bond Fund Composite Fund
---------------------------- ---------------------------
1999 1998 1999 1998
------------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income .................. $ 794,000 $ 790,160 $ 11,002,122 $ 11,772,545
Net realized gain (loss) on investments 2,624 84,974 16,247,481 3,264,030
Unrealized appreciation
(depreciation) of investments ........ (606,489) (37,685) 21,612,218 28,079,557
------------- ----------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .............. 190,135 837,449 48,861,821 43,116,132
------------- ----------- ------------ ------------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares ....... 3,463,522 5,884,740 12,591,610 2,920,925
Dividends reinvested ................... 803,987 805,870 25,503,136 14,045,609
Cost of shares redeemed ................ (5,900,378) (5,938,423) (33,797,510) (14,612,177)
Dividend distributions ................. (803,987) (805,870) (25,503,136) (14,045,609)
------------- ----------- ------------ ------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM CAPITAL SHARE TRANSACTIONS (2,436,856) (53,683) (21,205,900) (11,691,252)
------------- ----------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS ........ (2,246,721) 783,766 27,655,921 31,424,880
NET ASSETS, BEGINNING OF YEAR ............ 15,430,304 14,646,538 336,201,347 304,776,467
------------- ----------- ------------ ------------
NET ASSETS, END OF YEAR .................. $ 13,183,583 $15,430,304 $363,857,268 $336,201,347
============= =========== ============ ============
Components of Net Assets:
Paid-in capital ........................ $ 14,915,000 $16,547,869 $311,439,818 $307,142,582
Accumulated undistributed net
investment income (loss) ............. (64,106) (54,119) 695,713 761,149
Accumulated undistributed net
realized gain (loss) on investments .. (1,183,872) (1,186,496) (2,382,564) (4,194,467)
Unrealized appreciation (depreciation)
of investments ....................... (483,439) 123,050 54,104,301 32,492,083
------------- ----------- ------------ ------------
NET ASSETS, END OF YEAR .................. $ 13,183,583 $15,430,304 $363,857,268 $336,201,347
============= =========== ============ ============
Aggressive Equity Fund
-----------------------------
1999 1998
------------ -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income .................. $ 14,954 $ 425,336
Net realized gain (loss) on investments 21,546,315 (23,621,835)
Unrealized appreciation
(depreciation) of investments ........ 59,604,813 9,581,686
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............. 81,166,082 (13,614,813)
------------ -------------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares ....... 52,349,524 15,703,714
Dividends reinvested ................... 14,891 1,800,942
Cost of shares redeemed ................ (60,660,553) (84,056,916)
Dividend distributions ................. (14,891) (1,800,942)
------------ -------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM CAPITAL SHARE TRANSACTIONS (8,311,029) (68,353,202)
------------ -------------
INCREASE (DECREASE) IN NET ASSETS ........ 72,855,053 (81,968,015)
NET ASSETS, BEGINNING OF YEAR ............ 205,412,829 287,380,844
------------ -------------
NET ASSETS, END OF YEAR ................. $278,267,882 $ 205,412,829
============ =============
Components of Net Assets:
Paid-in capital ........................ $189,863,312 $ 198,159,450
Accumulated undistributed net
investment income (loss) ............. (10,389) (10,452)
Accumulated undistributed net
realized gain (loss) on investments .. (2,360,403) (23,906,718)
Unrealized appreciation (depreciation)
of investments ........................ 90,775,362 31,170,549
------------ -------------
NET ASSETS, END OF YEAR ................. $278,267,882 $ 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 each of the five years ended December 31, 1999, (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
-------------------------------------------------
Years Ended December 31,
-------------------------------------------------
1999 1998 1997 1996 1995
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year ........ $1.18 $1.18 $1.19 $1.18 $1.19
----- ----- ----- ----- -----
Income From Investment
Operations: Net Investment Income ......... 0.06 0.06 0.07 0.06 0.07
Net Gains or (Losses) on Securities
realized and unrealized ................... -- -- -- -- --
----- ----- ----- ----- -----
Total From Investment Operations .......... 0.06 0.06 0.07 0.06 0.07
----- ----- ----- ----- -----
Less: Dividend Distributions
From Net Investment Income ................ (0.05) (0.06) (0.08) (0.05) (0.08)
----- ----- ----- ----- -----
Total Distributions ....................... (0.05) (0.06) (0.08) (0.05) (0.08)
----- ----- ----- ----- -----
Net Asset Value, End of Year .............. $1.19 $1.18 $1.18 $1.19 $1.18
===== ===== ===== ===== =====
Total Return (%) .......................... 5.1 5.4 5.5 5.3 5.8
Net Assets, End of Year ($ millions) ...... 74 81 68 78 73
Ratio of Expenses to Average Net Assets (%) 0.25 0.25 0.25 0.25 0.25
Ratio of Net Investment Income
to Average Net Assets (%) ................. 4.93 5.26 5.32 5.21 5.66
Portfolio Turnover Rate(a) ................ N/A N/A N/A N/A N/A
</TABLE>
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
N/A=Not Applicable
45
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
All America Fund
Years Ended December 31,
-------------------------------------------------
1999 1998 1997 1996 1995
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year ........ $2.90 $2.71 $2.44 $2.13 $1.61
----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income ................... 0.02 0.03 0.03 0.03 0.03
Net Gains or (Losses)
on Securities realized and unrealized . 0.72 0.54 0.62 0.41 0.56
----- ----- ----- ----- -----
Total From Investment Operations .......... 0.74 0.57 0.65 0.44 0.59
----- ----- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income .............. (0.03) (0.03) (0.03) (0.03) (0.03)
From Capital Gains ...................... (0.24) (0.35) (0.35) (0.10) (0.04)
----- ----- ----- ----- -----
Total Distributions ....................... (0.27) (0.38) (0.38) (0.13) (0.07)
----- ----- ----- ----- -----
Net Asset Value, End of Year .............. $3.37 $2.90 $2.71 $2.44 $2.13
===== ===== ===== ===== =====
Total Return (%) .......................... 25.8 21.3 26.8 20.7 36.6
Net Assets, End of Year ($ millions) ...... 886 732 700 637 533
Ratio of Expenses to Average Net Assets (%) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) .................. 0.73 0.84 0.98 1.26 1.57
Portfolio Turnover Rate (%)(a) ............ 30.03 40.47 28.64 28.35 33.63
</TABLE>
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
46
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Mid-Cap Equity
Equity Index Fund Index Fund (b)
---------------------------------------- ----------------
Years Ended December 31,
----------------------------------------------------------------------
1999 1998 1997 1996 1995 1999
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year/Period $2.45 $2.08 $1.59 $1.35 $1.02 $1.00
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income ................. 0.03 0.03 0.03 0.03 0.02 0.01
Net Gains or (Losses) on
Securities realized and unrealized .... 0.48 0.55 0.50 0.27 0.36 0.11
----- ----- ----- ----- ----- -----
Total From Investment Operations ........ 0.51 0.58 0.53 0.30 0.38 0.12
----- ----- ----- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income ............ (0.03) (0.03) (0.03) (0.03) (0.03) (0.01)
From Capital Gains ...................... (0.05) (0.17) (0.01) (0.03) (0.02) --
----- ----- ----- ----- ----- -----
Total Distributions ..................... (0.08) (0.20) (0.04) (0.06) (0.05) (0.01)
----- ----- ----- ----- ----- -----
Net Asset Value, End of Year ............ $2.88 $2.45 $2.08 $1.59 $1.35 $1.11
===== ===== ===== ===== ===== =====
Total Return (%) ........................ 20.6 28.6 33.1 22.7 36.6 11.8
Net Assets, End of Year
($ millions) .......................... 583 411 237 102 43 34
Ratio of Expenses to
Average Net Assets (%) ................ 0.13 0.13 0.13 0.13 0.13 0.13(a)
Ratio of Net Investment Income
to Average Net Assets (%) ............. 1.34 1.57 1.86 2.19 2.50 1.70(a)
Portfolio Turnover Rate (%)(c) .......... 6.89 11.68 14.17 5.85 13.99 31.67
</TABLE>
- ----------
(a) Annualized.
(b) Commenced operations May 3, 1999.
(c) Portfolio turnover rate excludes all short-term securities.
47
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Bond Fund
-----------------------------------------------
Years Ended December 31,
-----------------------------------------------
1999 1998 1997 1996 1995
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year ........ $1.42 $1.43 $1.38 $1.43 $1.27
----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income ................... 0.10 0.10 0.09 0.09 0.09
Net Gains or (Losses) on
Securities realized and unrealized ...... (0.12) -- 0.06 (0.04) 0.16
----- ----- ----- ----- -----
Total From Investment Operations .......... (0.02) 0.10 0.15 0.05 0.25
----- ----- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income .............. (0.10) (0.10) (0.09) (0.09) (0.09)
From Capital Gains ........................ -- (0.01) (0.01) (0.01) --
----- ----- ----- ----- -----
Total Distributions ....................... (0.10) (0.11) (0.10) (0.10) (0.09)
----- ----- ----- ----- -----
Net Asset Value, End of Year .............. $1.30 $1.42 $1.43 $1.38 $1.43
===== ===== ===== ===== =====
Total Return (%) .......................... (1.9) 7.2 10.4 3.5 19.4
Net Assets, End of Year ($ millions) ...... 466 465 414 329 311
Ratio of Expenses to Average Net Assets (%) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment
Income to Average Net Assets (%) ........ 7.11 6.73 6.69 6.70 6.64
Portfolio Turnover Rate (%)(a) ............ 29.32 21.60 57.71 30.14 41.93
</TABLE>
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
48
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Short-Term Bond Fund Mid-Term Bond Fund
--------------------------------- ----------------------------------------------
Years Ended December 31, Years Ended December 31,
--------------------------------- ----------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year ......... $1.03 $1.02 $1.03 $1.02 $1.00 $0.91 $0.90 $0.90 $1.00 $0.91
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income .................... 0.09 0.05 0.07 0.04 0.06 0.05 0.05 0.05 0.14 0.06
Net Gains or (Losses) on
Securities realized and unrealized ....... (0.04) 0.01 (0.01) 0.01 0.02 (0.04) 0.01 0.01 (0.10) 0.09
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Total From Investment Operations ........... 0.05 0.06 0.06 0.05 0.08 0.01 0.06 0.06 0.04 0.15
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income ............... (0.09) (0.05) (0.07) (0.04) (0.06) (0.05) (0.05) (0.06) (0.14) (0.06)
From Capital Gains ......................... -- -- -- -- -- -- -- -- -- --
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Total Distributions ........................ (0.09) (0.05) (0.07) (0.04) (0.06) (0.05) (0.05) (0.06) (0.14) (0.06)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net Asset Value, End of Year ............... $0.99 $1.03 $1.02 $1.03 $1.02 $0.87 $0.91 $0.90 $0.90 $1.00
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
Total Return (%) ........................... 4.2 5.7 6.0 4.9 7.7 1.4 6.4 7.3 3.9 16.3
Net Assets, End of Year ($ millions) ....... 12 22 15 16 3 13 15 15 13 24
Ratio of Expenses to Average
Net Assets (%) 0.50 0.50 0.50 0.50 0.48 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ................... 5.48 5.46 5.81 5.42 4.65 5.75 5.76 5.87 5.80 5.73
Portfolio Turnover Rate (%)(a) ............. 44.68 91.35 74.95 6.68 16.47 10.28 23.0 12.89 144.55 73.72
</TABLE>
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
49
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Composite Fund Aggressive Equity Fund
------------------------------------------ --------------------------------------------
Years Ended December 31, Years Ended December 31,
------------------------------------------ --------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
------ ------ ------ ------ ------ ------- ------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $ 1.78 $ 1.62 $ 1.77 $ 1.81 $ 1.57 $ 1.51 $ 1.61 $ 1.47 $ 1.35 $ 1.05
------ ------ ------- ------ ------ ------- ------- ------ ------ -------
Income From Investment Operations:
Net Investment Income 0.06 0.07 0.07 0.07 0.08 -- -- 0.01 0.01 0.01
Net Gains or (Losses) on
Securities realized and
unrealized 0.21 0.17 0.24 0.14 0.27 0.65 (0.09) 0.31 0.36 0.39
------ ------ ------- ------ ------ ------- ------- ------ ------ -------
Total From Investment Operations 0.27 0.24 0.31 0.21 0.35 0.65 (0.09) 0.32 0.37 0.40
------ ------ ------- ------ ------ ------- ------- ------ ------ -------
Less Dividend Distributions:
From Net Investment Income (0.06) (0.07) (0.07) (0.08) (0.08) -- -- (0.01) (0.01) (0.01)
From Capital Gains (0.08) (0.01) (0.39) (0.17) (0.03) -- (0.01) (0.17) (0.24) (0.09)
------ ------ ------- ------ ------ ------- ------- ------ ------ -------
Total Distributions (0.14) (0.08) (0.46) (0.25) (0.11) -- (0.01) (0.18) (0.25) (0.10)
------ ------ ------- ------ ------ ------- ------- ------ ------ -------
Net Asset Value, End of Year $ 1.91 $ 1.78 $ 1.62 $ 1.77 $ 1.81 $ 2.16 $ 1.51 $ 1.61 $ 1.47 $ 1.35
====== ====== ======= ====== ====== ======= ======= ====== ====== =======
Total Return (%) 15.2 14.5 17.7 11.9 21.9 43.3 (5.1) 21.2 27.1 38.2
Net Assets, End of Year
($ millions) 364 336 305 283 276 278 205 287 136 59
Ratio of Expenses to
Average Net Assets (%) 0.50 0.50 0.50 0.50 0.50 0.85 0.85 0.85 0.85 0.85
Ratio of Net Investment
Income to Average Net Assets (%) 3.23 3.68 3.57 3.63 4.30 0.01 0.18 0.33 0.45 0.65
Portfolio Turnover Rate (%)(a) 99.41 73.85 104.04 69.79 76.84 134.62 144.05 80.94 103.68 116.52
</TABLE>
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
50
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies and Organization
Mutual of America Investment Corporation (the "Investment Company") is a
diversified, open-end management investment company -- a type of company
commonly known as a "mutual fund". It is registered as such under the Investment
Company Act of 1940 (the "Investment Company Act"). The Investment Company was
formed on February 21, 1986 as a Maryland corporation and offers its shares
exclusively to separate accounts of Mutual of America Life Insurance Company
("Mutual of America Life") and Mutual of America Life's indirect wholly-owned
subsidiary, The American Life Insurance Company of New York ("American Life").
As a "series" type mutual fund, the Investment Company issues separate classes
(or series) of capital stock, each of which represents a separate Fund of
investments. There are currently nine Funds: the Money Market Fund, the All
America Fund, the Equity Index Fund, the Mid-Cap Equity Index Fund, (commenced
operations on May 3, 1999) 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 December 31, 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 a Fund's exposure to off-balance sheet risk.
51
<PAGE>
MUTUAL OF AMERICA INVESTMENT
CORPORATION NOTES TO FINANCIAL STATEMENTS (Continued)
1. Significant Accounting Policies and Organization (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 $129,800 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 year ended December
31, 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 .......... $229,110,708 $127,561,732 $ 35,194,744 $151,628,748
============ ============ ============ ============
Proceeds from sales of investments..... $274,746,407 $ 33,339,329 $ 6,440,643 $130,571,443
============ ============ ============ ============
<CAPTION>
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Cost of investment purchases .......... $ 7,132,578 $ 3,469,503 $352,144,881 $263,829,753
============ ============ ============ ============
Proceeds from sales of investments .... $ 17,056,877 $ 1,282,299 $325,906,815 $274,428,281
============ ============ ============ ============
</TABLE>
The cost of short-term security purchases for the Money Market Fund for
the year was $819,561,530. Net proceeds from sales and redemptions for the year
was $830,187,584.
52
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
3. PURCHASES AND SALES (CONTINUED)
At December 31, 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 .... $ -- $454,871,993 $223,151,446 $ 4,914,278 $ 904,614
Aggregate gross unrealized depreciation .... -- 22,790,223 20,848,033 3,083,809 27,898,601
----------- ------------ ------------ ------------ ------------
Net unrealized appreciation (depreciation) . $ -- $432,081,770 $202,303,413 $ 1,830,469 $(26,993,987)
=========== ============ ============ ============ ============
<CAPTION>
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Aggregate gross unrealized appreciation .... $ 496 $ 8,302 $64,869,458 $99,273,216
Aggregate gross unrealized depreciation .... 106,654 491,741 10,765,157 8,497,854
----------- ----------- ----------- -----------
Net unrealized appreciation (depreciation) . $ (106,158) $ (483,439) $54,104,301 $90,775,362
=========== =========== =========== ===========
</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
Name of fund No. 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 Year Ended December 31, 1999 December 31, 1999
----------------------------------------- -----------------
Mid-Cap
Money Market All America Equity Index Equity Index
Fund Fund Fund Fund
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Shares issued ................. 63,634,312 26,871,914 85,556,238 51,089,629
Shares issued to shareholders
as reinvestment of
dividends .................. 2,863,402 19,858,138 5,218,940 244,467
---------- ---------- ---------- ----------
Total ......................... 66,497,714 46,730,052 90,775,178 51,334,096
Shares redeemed ............... 72,686,300 36,650,147 55,873,134 20,709,447
---------- ---------- ---------- ----------
Net increase (decrease) ....... (6,188,586) 10,079,905 34,902,044 30,624,649
========== ========== ========== ==========
</TABLE>
53
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
4. Capital Share Activity (Continued)
<TABLE>
<CAPTION>
For the Year Ended December 31, 1999
---------------------------------------------------------------------
Bond Short-Term Mid-Term Composite Aggressive
Fund Bond Fund Bond Fund Fund Equity Fund
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Shares issued ......... 52,627,528 3,533,532 3,777,841 6,838,024 31,324,123
Shares issued to
shareholders
as reinvestment
of dividends ........ 25,821,845 931,780 927,940 13,403,919 6,890
---------- ---------- --------- ---------- ----------
Total ................. 78,449,373 4,465,312 4,705,781 20,241,943 31,331,013
Shares redeemed ....... 45,614,884 13,384,219 6,441,747 18,269,859 38,746,093
---------- ---------- --------- ---------- ----------
Net increase (decrease) 32,834,489 (8,918,907) (1,735,966) 1,972,084 (7,415,07)
========== ========== ========= ========== ==========
</TABLE>
<TABLE>
<CAPTION>
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
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
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
On December 31, 1999 dividend distributions were declared for each of the
Funds from net realized gains on investment transactions and net investment
income. Additionally, on September 15, 1999 the remaining required distributions
relating to the 1998 Internal Revenue Sec. 855(a) elections were declared for
each of the Funds and paid on September 15, 1999. All dividend distributions are
immediately reinvested in additional shares of each respective Fund.
<TABLE>
<CAPTION>
Mid-Cap
Money Market All America Equity Index Equity Index Bond
Fund Fund Fund Fund Fund
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net investment income .... $ 3,399,058 $ 8,203,104 $ 6,712,334 $ 270,989 $32,692,574
Net realized capital
gains ................. -- 58,514,407 8,322,864 -- 802,206
----------- ----------- ----------- ----------- -----------
Total dividends .......... $ 3,399,058 $66,717,511 $15,035,198 $ 270,989 $33,494,780
=========== =========== =========== =========== ===========
Dividend amounts per
share ................. $ 0.058 $ 0.273 $ 0.076 $ 0.009 $ 0.100
=========== =========== =========== =========== ===========
Increase in number
of shares per Fund .... 2,863,402 19,858,138 5,218,940 244,467 25,821,845
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Short-Term Mid-Term Composite Aggressive
Fund Bond Fund Fund Equity Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net investment income .... $ 925,610 $ 803,987 $11,067,558 $ 14,891
Net realized capital
gains ................. -- -- 14,435,578 --
----------- ----------- ----------- -----------
Total dividends .......... $ 925,610 $ 803,987 $25,503,136 $ 14,891
=========== =========== =========== ===========
Dividend amounts per
share ................. $ 0.088 $ 0.056 $ 0.143 $ 0.000
=========== =========== =========== ===========
Increase in number of
shares per Fund ....... 931,780 927,940 13,403,919 6,890
=========== =========== =========== ===========
</TABLE>
54
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To The Board of Directors and Shareholders
of Mutual of America Investment Corporation:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments in securities, of Mutual of America
Investment Corporation comprising, respectively, the Money Market, All America,
Equity Index, Bond, Short-Term Bond, Mid-Term Bond, Composite, and Aggressive
Equity Funds as of December 31, 1999, and the related statement of operations
for the year then ended, the statements of changes in net assets for each of the
two years in the period then ended and the financial highlights for each of the
five years in the period then ended. We have also audited the statement of
assets and liabilities, including the portfolio of investments in securities, of
Mutual of America Investment Corporation comprising the Mid-Cap Equity Index
Fund as of December 31, 1999 and the related statement of operations, statement
of changes in net assets and the financial highlights for the period May 3, 1999
(commencement of operations) to December 31, 1999. These financial statements
and financial highlights are the responsibility of the Corporation's management.
Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmations of
securities owned as of December 31, 1999 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
Money Market, All America, Equity Index, Bond, Short-Term Bond, Mid-Term Bond,
Composite, and Aggressive Equity Funds of Mutual of America Investment
Corporation as of December 31, 1999, the results of their operations for the
year then ended, the changes in their net assets for each of the two years in
the period then ended and their financial highlights for each of the five years
in the period then ended in conformity with generally accepted accounting
principles. Also, in our opinion, the financial statements and financial
highlights referred to above present fairly, in all material respects, the
financial position of the Mid-Cap Equity Index Fund of Mutual of America
Investment Corporation as of December 31, 1999, and the results of its
operations, changes in net assets and its financial highlights for the period
May 3, 1999 (commencement of operations) to December 31, 1999 in conformity with
generally accepted accounting principles.
Arthur Andersen LLP
New York, New York
February 21, 2000
55
<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
