SEMI-ANNUAL REPORTS OF
MUTUAL OF AMERICA INVESTMENT CORPORATION
SCUDDER VARIABLE LIFE INVESTMENT FUND
AMERICAN CENTURY VP CAPITAL APPRECIATION FUND
CALVERT SOCIAL BALANCED PORTFOLIO
FIDELITY INVESTMENTS(R) VARIABLE INSURANCE
PRODUCTS FUND:
EQUITY-INCOME PORTFOLIO
FIDELITY INVESTMENTS(R) VARIABLE INSURANCE
PRODUCTS FUND II:
CONTRAFUND AND ASSET MANAGER PORTFOLIOS
June 30, 2000
This report is not to be construed as an offering for sale of any
Variable Policy. No offering is made except in conjunction with a
prospectus which must precede or accompany this report.
<PAGE>
CONTENTS
Page
----
Semi-Annual Report of Mutual of America Investment Corporation
President's Message ....................................................... 1
Portfolio Management Discussions ....................................... 2
Portfolio of Investments in Securities:
Money Market Fund .................................................... 10
All America Fund ..................................................... 12
Equity Index Fund .................................................... 20
Mid-Cap Equity Index Fund ............................................ 25
Bond Fund ............................................................ 30
Short-Term Bond Fund ................................................. 33
Mid-Term Bond Fund ................................................... 35
Composite Fund ....................................................... 37
Aggressive Equity Fund ............................................... 41
Statement of Assets and Liabilities .................................... 43
Statement of Operations ................................................ 44
Statements of Changes in Net Assets .................................... 45
Financial Highlights ................................................... 47
Notes to Financial Statements .......................................... 53
Semi-Annual Report of Scudder Variable Life Investment Fund
Semi-Annual Report of VP Capital Appreciation Fund of American Century
Variable Portfolios, Inc.
Semi-Annual Report of Calvert Social Balanced Portfolio of Calvert Variable
Series, Inc.
Semi-Annual Report of Fidelity Investments Variable Insurance Products Fund:
Equity-Income Portfolio
Semi-Annual Report of Fidelity Investments Variable Insurance Products Fund II:
Contrafund Portfolio
Semi-Annual Report of Fidelity Investments Variable Insurance Products Fund II:
Asset Manager Portfolio
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
We are pleased to present the results of Funds offered by Mutual of
America for the six-month period ending June 30, 2000.
The U.S. economy remains fundamentally strong at mid year, although
indications that it may be slowing have appeared. The Federal Reserve has raised
rates by a total of 1.75% in a little over a year, but should the economy indeed
lose steam, the central bankers may defer further rate increases for the near
term as the risk of inflation wanes. The combination of a more relaxed economy
and slowing job growth has produced Treasury yields that are lower than at any
time since December.
There was substantial volatility in the stock market during the first half
of this year. In the second quarter, the S&P 500 Index, the NASDAQ and the
Russell 2000 declined. Second quarter earnings, however, should reflect the
underlying strength in the U.S. and global economies.
Total Returns -- Six Months to June 30, 2000
Money Market Fund......................................... + 3.0%
All America Fund.......................................... + 5.0%
Equity Index Fund......................................... - .4%
Mid-Cap Equity Index Fund................................. + 8.1%
Bond Fund................................................. + 3.6%
Short-Term Bond Fund...................................... + 3.3%
Mid-Term Bond Fund........................................ + 1.6%
Composite Fund............................................ + .2%
Aggressive Equity Fund.................................... + 3.8%
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. All Fund
performances presented throughout this report are historical, reflect the full
reinvestment of dividends paid, and should not be considered indicative of
future results.
On the pages which immediately follow are brief presentations and graphs
for each Fund (except the Money Market Fund) which illustrate each Fund's
respective:
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 5.5% for
the year ended June 30, 2000. Short-term rates rose substantially during this
period, as the Federal Reserve Board raised the Federal Funds rate in an attempt
to quell prospective inflation. The seven-day effective yield as of August 8,
2000, is 6.5%. As with all performance reporting, 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, while the remaining 40% of the Fund is actively
managed. The actively managed portion of the Fund utilizes four different
investment approaches -- large cap growth, small cap growth, large cap value and
small cap value -- with each approach managing approximately equal portions of
the actively managed portion. Beginning in early 2000, approximately half of the
actively managed assets were managed by two subadvisors, with Mutual of America
Capital Management Corporation managing the remainder. Previously, three
subadvisors were retained to manage approximately three quarters of these active
assets.
The Fund's return for the twelve-month period ended June 30, 2000 was
17.6%, well in excess of the 7.2% return of its benchmark index, the S&P 500.
The Fund's twelve-month performance reflected investors' continued quest for
growth opportunities -- both the large and small cap growth portions
outperformed the value segments. Nevertheless, the small cap value segment
performed strongly. Only the large cap value portion turned in negative
performance.
[The following table represents a line graph in the printed report.]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
06/90 06/91 06/92 06/93 05/94 06/94 06/95 06/96 06/97 06/98 06/99 06/00
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
All America Fund 10,000 10,538 11,579 13,165 13,523 13,217 16,875 21,049 26,958 33,431 39,795 46,815
S & P 500 Index 10,000 10,740 12,180 13,840 14,224 14,033 17,691 22,291 30,026 39,081 47,973 51,446
</TABLE>
----------------------------------------------------------
All America Fund*
-----------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $11,764 17.6% 17.6%
Since 5/2/94* $34,619 246.2% 22.3%
5 Years $27,742 177.4% 22.6%
10 Years $46,815 368.1% 16.7%
----------------------------------------------------------
----------------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,724 7.2% 7.2%
Since 5/2/94 $36,169 261.7% 23.2%
5 Years $29,080 190.8% 23.8%
10 Years $51,446 414.5% 17.8%
----------------------------------------------------------
* Prior to May 2, 1994, the Fund was known as the Stock Fund, had a
different investment objective and did not have any subadvisers.
Performance data which includes periods prior to 5/2/94, reflects
performance results achieved in accordance with the previous objective of
the Fund.
The line representing the performance return of the All America Fund
includes expenses, such as transaction costs and management fees, that
reduce returns, while the performance return line of the index does not.
2
<PAGE>
EQUITY INDEX FUND
The Equity Index Fund invests in the 500 stocks which comprise the S&P 500
Index. The S&P Index 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 the twelve months ended June 30, 2000 was 7.1%, in line with the
benchmark's return of 7.2%. Technology has continued to be the dominant theme,
with defensive sectors such as utilities doing much better in the past few
months. Price-earnings and price-to-book multiples have come under some
pressure, reflecting the Federal Reserve's attempts to slow the economy through
higher interest rates.
[The following table represents a line graph in the printed report.]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
2/93 6/93 6/94 6/95 6/96 6/97 6/98 6/99 6/00
---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Equity Index Fund 10,000 10,116 10,266 12,915 16,183 21,789 28,276 34,723 37,174
S & P 500 Index 10,000 10,153 10,294 12,978 16,352 22,026 28,669 35,191 37,739
</TABLE>
----------------------------------------------------------
Equity Index Fund
-----------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,706 7.1% 7.1%
5 Years $28,783 187.8% 23.5%
Since 2/5/93
(Inception) $37,174 271.7% 19.4%
----------------------------------------------------------
----------------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,724 7.2% 7.2%
5 Years $29,080 190.8% 23.8%
Since 2/5/93
(Inception) $37,739 277.4% 19.6%
----------------------------------------------------------
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>
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. 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 16.0% during the twelve-month period ended June
30, 2000 versus the S&P 400's return of 17.0%. Mid-Cap stocks have done better
than large caps over the past year as investors have backed away from fully
exploited sectors of the market in search of attractive growth rates at lower
price-earnings ratios.
[The following table represents a line graph in the printed report.]
GROWTH OF A $10,000 INVESTMENT
05/99 06/99 06/00
----- ----- -----
Mid-Cap Equity Index Fund 10,000 10,409 12,079
S&P MidCap 400 Index 10,000 10,581 12,377
----------------------------------------------------------
Mid-Cap Equity Index Fund
-------------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $11,604 16.0% 16.0%
Since 5/3/99
(Inception) $12,079 20.8% 17.7%
----------------------------------------------------------
----------------------------------------------------------
S&P MidCap 400 Index
--------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $11,697 17.0% 17.0%
Since 5/3/99
(Inception) $12,377 23.8% 20.1%
----------------------------------------------------------
The line representing the performance return of the Mid-Cap 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.
4
<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
Brothers Government/Corporate Index, which is over 50% invested in U.S.
Government issues, returned 4.3% for the year ended June 30, 2000. The Fund
overemphasized higher yielding, but lower quality, longer corporate bonds which
caused it to underperform its Index over the past twelve months.
[The following table represents a line graph in the printed report.]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
06/90 06/91 06/92 06/93 06/94 06/95 06/96 06/97 06/98 06/99 06/00
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Bond Fund 10,000 10,765 12,276 14,164 14,127 15,978 16,827 18,116 20,215 20,474 21,181
Lehman Bros
Gov't/Corp. Bond Index 10,000 11,023 12,584 14,239 14,033 15,824 16,562 17,845 19,858 20,395 21,269
</TABLE>
---------------------------------------------------------------
Bond Fund
----------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,345 3.5% 3.5%
5 Years $13,256 32.6% 5.8%
10 Years $21,181 111.8% 7.8%
---------------------------------------------------------------
---------------------------------------------------------------
Lehman Bros. Gov't/Corp. Bond Index
-----------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,429 4.3% 4.3%
5 Years $13,441 34.4% 6.1%
10 Years $21,269 112.7% 7.8%
---------------------------------------------------------------
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.
5
<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 index, the Salomon Brothers
1-3 Year Bond Index, in the face of rising interest rates and the negative yield
curve induced by the Federal Reserve.
[The following table represents a line graph in the printed report.]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
02/93 06/93 06/94 06/95 06/96 06/97 06/98 06/99 06/00
----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Short-Term Bond Fund 10,000 10,240 10,439 11,066 11,625 12,324 13,056 13,706 14,457
Salomon Bros. 1-3 Year
Bond Index 10,000 10,232 10,406 11,206 11,824 12,605 13,468 14,165 14,867
</TABLE>
----------------------------------------------------------
Short-Term Bond Fund
--------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,548 5.5% 5.5%
5 Years $13,064 30.6% 5.5%
Since 2/5/93
(Inception) $14,457 44.6% 5.1%
----------------------------------------------------------
----------------------------------------------------------
Salomon Bros. 1-3 Year Bond Index
---------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,495 5.0% 5.0%
5 Years $13,267 32.7% 5.8%
Since 2/5/93
(Inception) $14,867 48.7% 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.
6
<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. During the first half of 2000,
corporate bond yields widened substantially as investors anticipated the
possible effects of an economic slowdown caused by the Federal Reserve as it
raised the Federal Funds Rate. This caused the Fund for the twelve months ended
June 30, 2000 to return 2.8%, less than the 4.0% return of the Salomon Brothers
3-7 Year Bond Index, which is dominated by U.S. Government issues.
[The following table represents a line graph in the printed report.]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
02/93 06/93 06/94 06/95 06/96 06/97 06/98 06/99 06/00
----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Mid-Term Bond Fund 10,000 10,457 10,302 11,469 11,947 12,864 13,850 14,315 14,713
Salomon Bros. 3-7 Year
Bond Index 10,000 10,460 10,399 11,561 12,122 13,025 14,213 14,820 15,411
</TABLE>
----------------------------------------------------------
Mid-Term Bond Fund
------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,279 2.8% 2.8%
5 Years $12,829 28.3% 5.1%
Since 2/5/93
(Inception) $14,713 47.1% 5.4%
----------------------------------------------------------
----------------------------------------------------------
Salomon Bros. 3-7 Year Bond Index
---------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,399 4.0% 4.0%
5 Years $13,330 33.3% 5.9%
Since 2/5/93
(Inception) $15,411 54.1% 6.0%
----------------------------------------------------------
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.
7
<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. The
Fund invests in the Index's top 25 stocks by market capitalization in
approximately the same weight as their cumulative representation within the
Index. The remaining stocks are selected for their unique opportunities and
attractiveness, while keeping the Fund's sector weights similar to that of 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. For
the twelve months ended June 30, 2000, the Lehman Bros. Government/Corporate
Index returned 4.3%; the S&P 500 Index returned 7.2%. During the same period,
the Composite Fund returned 9.3%.
[The following table represents a line graph in the printed report.]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
6/90 6/91 6/92 6/93 6/94 6/95 6/96 6/97 6/98 6/99 6/00
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Composite Fund 10,000 10,802 11,866 14,055 13,857 15,792 17,964 20,612 24,840 27,340 29,873
Lehman Bros Gov't/Corp
Bond Index 10,000 11,023 12,584 14,239 14,033 15,824 16,562 17,845 19,858 20,395 21,269
S & P 500 Index 10,000 10,740 12,180 13,840 14,033 17,691 22,291 30,026 39,081 47,973 51,446
Salomon Bros. 3-Month
Treasury Bill Index 10,000 10,695 11,193 11,545 11,932 12,574 13,258 13,955 14,685 15,378 16,193
</TABLE>
------------------------------------------------------------
Composite Fund
--------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,927 9.3% 9.3%
5 Years $18,917 89.2% 13.6%
10 Years $29,873 198.7% 11.6%
------------------------------------------------------------
------------------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,724 7.2% 7.2%
5 Years $29,080 190.8% 23.8%
10 Years $51,446 414.5% 17.8%
------------------------------------------------------------
------------------------------------------------------------
Lehman Bros Gov't/Corp. Bond Index
----------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,429 4.3% 4.3%
5 Years $13,441 34.4% 6.1%
10 Years $21,269 112.7% 7.8%
------------------------------------------------------------
------------------------------------------------------------
Salomon Bros. 3-Month T-Bill Index
----------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $10,530 5.3% 5.3%
5 Years $12,878 28.8% 5.2%
10 Years $16,193 61.9% 4.9%
------------------------------------------------------------
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.
8
<PAGE>
AGGRESSIVE EQUITY FUND
The Fund's investment objective is capital appreciation through investing
in stocks characterized as either growth or value. Over the twelve-month period
ended June 30, 2000, growth stocks led the market and accounted for the bulk of
the Fund's return. With the decline in the NASDAQ market starting in early
March, value stocks began to outperform for the first time in years, a shift
that is likely to be temporary. Technology has been the most influential sector
of the Fund over the past year. The Fund returned 39.1% for the twelve-month
period, significantly outperforming its benchmark, the Russell 2000 Index, which
returned 14.3%.
[The following table represents a line graph in the printed report.]
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
5/94 6/94 6/95 6/96 6/97 6/98 6/99 6/00
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Aggressive Equity Fund 10,000 9,781 12,541 16,930 21,068 22,859 22,864 31,812
Russell 2000 Index 10,000 9,479 11,474 13,832 16,091 19,290 19,579 22,385
</TABLE>
--------------------------------------------------------------
Aggressive Equity Fund
----------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $13,914 39.1% 39.1%
5 Years $25,366 153.7% 20.5%
Since 5/2/94
(Inception) $31,812 218.1% 20.7%
--------------------------------------------------------------
--------------------------------------------------------------
Russell 2000 Index
------------------
Total Return
Period Growth ------------
Ended of Cumu- Annual
6/30/00 $10,000 lative Average
----------------------------------------------------------
1 Year $11,433 14.3% 14.3%
5 Years $19,509 95.1% 14.3%
Since 5/2/94
(Inception) $22,385 123.9% 14.0%
--------------------------------------------------------------
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.
9
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Discount Face Amortized
Rating* Rate Maturity Amount Cost
-------- -------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER 100.0%
American Express Credit Corp................................ A1/P1 6.56% 07/24/00 $2,500,000 $ 2,489,447
AT&T Corp................................................... A1+/P1 6.56 08/11/00 1,850,000 1,836,162
Baltimore Gas & Electric Co................................. A1/P1 6.65 08/03/00 760,000 755,366
Bear Stearns Co............................................. A1/P1 6.55 08/21/00 3,500,000 3,467,452
Becton Dickinson & Co....................................... A1/P1 6.54 08/07/00 1,010,000 1,003,184
Becton Dickinson & Co....................................... A1/P1 6.54 08/10/00 2,400,000 2,382,522
Bell South Telecommunications............................... A1+/P1 6.30 07/05/00 1,845,000 1,843,695
Bell South Telecommunications............................... A1+/P1 6.44 07/11/00 1,495,000 1,492,297
Bemis, Inc. ................................................ A1/P1 6.53 08/04/00 3,000,000 2,981,411
Campbell Soup............................................... A1+/P1 6.62 08/28/00 1,340,000 1,325,629
Coca Cola................................................... A1+/P1 6.53 07/27/00 1,220,000 1,214,209
DaimlerChrysler............................................. A1/P1 6.49 07/05/00 550,000 549,599
DaimlerChrysler............................................. A1/P1 6.53 08/14/00 3,000,000 2,975,978
Donnelley (RR) & Sons Co.................................... A1/P1 6.40 07/05/00 3,000,000 2,997,844
Du Pont (E.I.) de Nemours................................... A1+/P1 6.42 07/07/00 300,000 299,676
Du Pont (E.I.) de Nemours................................... A1+/P1 6.53 07/18/00 1,188,000 1,184,311
Emerson Electric............................................ A1+/P1 6.54 07/10/00 990,000 988,370
Fluor Corp.................................................. A1/P1 6.42 07/07/00 350,000 348,943
Fluor Corp.................................................. A1/P1 6.68 07/25/00 300,000 298,664
Ford Motor Credit Corp...................................... A1/P1 6.70 07/20/00 100,000 99,646
Ford Motor Credit Corp...................................... A1/P1 6.43 07/07/00 3,500,000 3,496,211
Gannett Co., Inc. .......................................... A1+/P1 6.50 07/14/00 1,140,000 1,137,303
General Electric Capital Corp............................... A1+/P1 6.57 07/21/00 3,500,000 3,487,111
General Motors Acceptance Corp.............................. A1+/P1 6.60 07/26/00 1,000,000 995,416
Grainger (W.W.) Inc. ....................................... A1+/P1 6.60 07/31/00 2,000,000 1,988,939
Great Lakes Chemical Corp................................... A1/P1 6.55 08/07/00 2,000,000 1,986,492
Great Lakes Chemical Corp................................... A1/P1 6.55 08/11/00 1,000,000 992,514
Great Lakes Chemical Corp................................... A1/P1 6.58 08/25/00 781,000 773,143
Heinz (H.J.) Co............................................. A1/P1 6.53 08/14/00 3,500,000 3,472,005
Hershey Foods Corp.......................................... A1/P1 6.52 07/31/00 2,089,000 2,077,627
International Lease Fin. Corp............................... A1+/P1 6.54 08/10/00 1,135,000 1,126,724
Kansas City Power & Light................................... A1/P1 6.57 08/22/00 1,304,000 1,291,605
Kimberly-Clark.............................................. A1+/P1 6.52 07/26/00 4,000,000 3,981,853
Merrill Lynch & Co., Inc. .................................. A1+/P1 6.45 07/05/00 130,000 129,906
Merrill Lynch & Co., Inc. .................................. A1+/P1 6.54 08/04/00 2,392,000 2,377,155
Merrill Lynch & Co., Inc. .................................. A1+/P1 6.58 08/10/00 1,400,000 1,389,757
Motorola Credit Corp........................................ A1+/P1 6.55 07/28/00 2,000,000 1,990,103
New York Times Co........................................... A1/P1 6.53 08/03/00 1,970,000 1,958,154
New York Times Co........................................... A1/P1 6.60 08/03/00 450,000 447,276
New York Times Co........................................... A1/P1 6.61 08/15/00 450,000 446,281
NIKE Inc. .................................................. A1/P1 6.55 07/17/00 2,110,000 2,103,809
Potomac Electric Power Co................................... A1/P1 6.55 07/11/00 1,155,000 1,152,884
Potomac Electric Power Co................................... A1/P1 6.53 07/28/00 2,326,000 2,314,586
7-Eleven Inc. .............................................. A1+/P1 6.85 07/14/00 1,940,000 1,935,200
SBC Communications, Inc. ................................... A1+/P1 6.35 07/05/00 2,095,000 2,093,507
SBC Communications, Inc. ................................... A1+/P1 6.30 07/06/00 1,000,000 999,116
SBC Communications, Inc. ................................... A1+/P1 6.56 07/20/00 610,000 607,874
Sherwin-Williams............................................ A1+/P1 6.75 07/13/00 250,000 249,437
Sherwin-Williams............................................ A1+/P1 6.55 08/07/00 1,735,000 1,723,295
Sherwin-Williams............................................ A1/P1 6.62 07/27/00 299,000 297,570
Sherwin-Williams............................................ A1/P1 6.62 08/10/00 571,000 566,798
Snap-On, Inc. .............................................. A1+/P1 6.58 07/11/00 2,970,000 2,964,532
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Discount Face Amortized
Rating* Rate Maturity Amount Cost
-------- -------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES (CONTINUED):
COMMERCIAL PAPER (CONTINUED)
Toyota Credit de Puerto Rico................................ A1+/P1 6.42% 07/06/00 $1,824,000 $ 1,822,357
UBS Finance (Delw.) Inc. ................................... A1+/P1 6.96 07/03/00 3,500,000 3,498,646
Unilever Capital Corp....................................... A1+/P1 6.45 07/10/00 2,015,000 2,011,720
Washington Post............................................. A1+/P1 6.53 08/01/00 2,500,000 2,485,876
Wisconson Energy Corp....................................... A1+/P1 6.53 07/19/00 1,590,000 1,584,792
-----------
TOTAL SHORT-TERM DEBT SECURITIES:
(Cost: $94,491,979) 100% ......................................................................... $94,491,979
===========
</TABLE>
----------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investor
Services, Inc.
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
Shares Value
-------- ------------
INDEXED ASSETS:
COMMON STOCKS
3Com Corp......................... 14,493 $ 835,159
Abbott Laboratories............... 64,008 2,852,357
Adaptec, Inc. .................... 4,260 96,915
ADC Telecommunications, Inc. ..... 13,931 1,168,463
Adobe Systems, Inc. .............. 4,946 642,980
Advanced Micro Devices, Inc. ..... 6,328 488,838
AES Corp.......................... 17,608 803,365
Aetna, Inc. ...................... 5,822 373,700
Aflac, Inc. ...................... 10,966 503,751
Agilent Technologies, Inc. ....... 18,555 1,368,431
Air Products & Chemicals, Inc. ... 9,499 292,688
Alberto-Culver Co................. 2,331 71,241
Albertson's, Inc. ................ 17,501 581,908
Alcan Aluminum Ltd................ 9,040 280,240
ALCOA, Inc. ...................... 35,694 1,035,126
Allegheny Technologies, Inc. ..... 3,438 61,884
Allergan, Inc. ................... 5,353 398,799
Allied Waste Industries, Inc. .... 7,823 78,230
Allstate Corp..................... 30,762 684,455
Alltel Corp....................... 13,024 806,674
Altera Corp....................... 8,223 838,232
Alza Corp......................... 4,240 250,690
Amerada Hess Corp................. 3,743 231,130
Ameren Corp....................... 5,669 191,329
America Online, Inc. ............. 94,907 5,006,344
American Electric Power, Inc. .... 13,291 393,752
American Express Co............... 55,188 2,876,675
American General Corp............. 10,262 625,982
American Greetings Corp. Cl A..... 2,694 51,186
American Home Products Corp....... 53,877 3,165,274
American Int'l. Group, Inc. ...... 63,676 7,481,930
American Power Conversion......... 8,008 326,827
Amgen, Inc. ...................... 42,417 2,979,794
AMR Corp.......................... 6,183 163,463
Amsouth Bancorporation............ 16,198 255,119
Anadarko Petroleum Corp........... 5,292 260,962
Analog Devices, Inc. ............. 14,617 1,110,892
Andrew Corp....................... 3,332 111,830
Anheuser-Busch Cos., Inc. ........ 18,662 1,393,818
Aon Corp.......................... 10,570 328,331
Apache Corp....................... 4,698 276,301
Apple Computer, Inc. ............. 13,448 704,339
Applied Materials, Inc. .......... 33,361 3,023,341
Archer-Daniels-Midland Co......... 24,876 244,096
Armstrong Holdings, Inc. ......... 1,673 25,618
Ashland, Inc. .................... 2,915 102,207
Associates First Capital Corp..... 30,090 671,383
AT&T Corp......................... 154,988 4,901,507
Autodesk, Inc. ................... 2,409 83,562
Automatic Data Processing, Inc. .. 25,911 1,387,858
AutoZone, Inc. ................... 5,526 121,572
Avery Dennison Corp............... 4,633 310,990
Avon Products, Inc. .............. 9,808 436,456
Baker Hughes, Inc. ............... 13,636 436,352
Ball Corp......................... 1,228 39,526
Bank of America Corp.............. 68,462 2,943,866
Bank of New York Co., Inc. ....... 30,468 1,416,762
Bank One Corp..................... 47,379 1,258,505
Bard (C.R.), Inc. ................ 2,085 100,341
Barrick Gold Corp................. 16,331 297,020
Bausch & Lomb, Inc. .............. 2,193 169,683
Baxter International, Inc. ....... 11,992 843,188
BB & T Corp....................... 14,390 343,561
Bear Stearns Cos., Inc. .......... 4,569 190,185
Becton Dickinson & Co............. 10,428 299,153
Bed Bath & Beyond, Inc. .......... 5,798 210,178
BellSouth Corp.................... 77,728 3,313,156
Bemis Co.......................... 2,184 73,437
Best Buy Co., Inc. ............... 8,445 534,146
Bestfoods......................... 11,342 785,434
Bethlehem Steel Corp.............. 5,477 19,512
Biogen, Inc. ..................... 6,134 395,643
Biomet, Inc. ..................... 4,888 187,883
Black & Decker Corp............... 3,518 138,301
Block (H. & R.), Inc. ............ 4,088 132,349
BMC Software, Inc. ............... 10,088 368,055
Boeing Co......................... 37,476 1,566,965
Boise Cascade Corp................ 2,387 61,764
Boston Scientific Corp............ 16,843 369,493
Briggs & Stratton Corp............ 921 31,544
Bristol-Myers Squibb Co........... 81,490 4,746,793
Broadcom Corp. Cl A............... 8,640 1,891,620
Brown-Forman Corp. Cl B........... 2,831 152,166
Brunswick Corp.................... 3,631 60,138
Burlington Northern Santa Fe...... 17,692 405,810
Burlington Resources, Inc. ....... 8,893 340,157
Cabletron Systems, Inc. .......... 7,529 190,107
Campbell Soup Co.................. 17,454 508,348
Capital One Financial Corp........ 8,090 361,016
Cardinal Health, Inc. ............ 11,374 841,676
Carnival Corp. ................... 24,971 486,935
Caterpillar, Inc. ................ 14,401 487,834
Cendant Corp...................... 29,787 417,018
Centex Corp....................... 2,476 58,186
CenturyTel, Inc. ................. 5,793 166,549
Ceridian Corp..................... 5,988 144,086
Charles Schwab Corp............... 56,253 1,891,507
Charter One Financial, Inc. ...... 8,657 199,111
Chase Manhattan Corp.............. 51,092 2,353,425
Chevron Corp. .................... 26,933 2,284,255
Chubb Corp........................ 7,228 444,522
CIGNA Corp........................ 6,727 628,975
Cincinnati Financial Corp. ....... 6,642 208,808
CINergy Corp...................... 6,583 167,455
Circuit City Group, Inc. ......... 8,424 279,572
Cisco Systems, Inc. .............. 287,364 18,265,574
Citigroup, Inc. .................. 139,412 8,399,573
Citrix Systems, Inc. ............. 7,648 144,834
Clear Channel Communications...... 14,001 1,050,075
Clorox Co......................... 9,696 434,502
CMS Energy Corp................... 4,534 100,315
Coastal Corp...................... 8,849 538,683
Coca-Cola Co. .................... 102,248 5,872,870
Coca-Cola Enterprises, Inc. ...... 17,374 283,413
Colgate-Palmolive Co.............. 23,822 1,426,342
Columbia Energy Group............. 3,333 218,728
Comcast Corp. Cl A................ 37,084 1,501,902
Comerica, Inc. ................... 6,477 290,655
Compaq Computer Corp. ............ 70,146 1,793,107
Computer Associates Intl., Inc. .. 24,309 1,244,317
Computer Sciences Corp............ 6,913 516,315
Compuware Corp.................... 14,816 153,716
Comverse Technology Inc. ......... 6,308 586,644
Conagra, Inc. .................... 20,335 387,636
Conexant Systems, Inc. ........... 8,978 436,555
Conoco, Inc. ..................... 25,791 633,491
Conseco, Inc. .................... 13,555 132,161
Consolidated Edison, Inc. ........ 8,756 259,397
Consolidated Stores Corp. ........ 4,623 55,476
Constellation Energy Group........ 6,195 201,725
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
-------- ------------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Convergys Corp.................... 6,334 $ 328,576
Cooper Industries, Inc. .......... 3,849 125,333
Cooper Tire & Rubber Co........... 3,049 33,920
Coors (Adolph) Co. Cl B........... 1,516 91,718
Corning, Inc. .................... 11,395 3,075,226
Costco Wholesale Corp............. 18,456 609,048
Countrywide Credit Industries..... 4,682 141,923
CP&L Energy, Inc. (Holding Co).... 6,611 211,139
Crane Co.......................... 2,501 60,806
Crown Cork & Seal, Inc. .......... 5,293 79,395
CSX Corp.......................... 9,044 191,620
Cummins Engine Co., Inc. ......... 1,729 47,115
CVS Corp.......................... 16,119 644,760
Dana Corp......................... 6,293 133,333
Danaher Corp...................... 5,853 289,358
Darden Restaurants, Inc. ......... 5,111 83,054
Deere & Co........................ 9,681 358,197
Dell Computer Corp................ 106,375 5,245,617
Delphi Automotive Systems Corp.... 23,258 338,695
Delta Air Lines, Inc. ............ 5,060 255,846
Deluxe Corp....................... 2,988 70,405
Dillard's Inc. Cl A............... 3,866 47,359
Disney (Walt) Co.................. 85,836 3,331,510
Dollar General Corp. ............. 13,595 265,103
Dominion Resources, Inc. ......... 9,832 421,547
Donnelley (R.R.) & Sons Co........ 5,036 113,625
Dover Corp........................ 8,387 340,198
Dow Chemical Co................... 27,929 843,107
Dow Jones & Co., Inc. ............ 3,663 268,315
DTE Energy Co..................... 5,893 180,105
Du Pont (E.I.) de Nemours & Co.... 43,265 1,892,844
Duke Energy Corp.................. 15,180 855,773
Dun & Bradstreet Corp............. 6,663 190,728
Eastern Enterprises............... 1,128 71,064
Eastman Chemical Co............... 3,168 151,272
Eastman Kodak Co. ................ 12,797 761,422
Eaton Corp. ...................... 3,003 201,201
Ecolab, Inc. ..................... 5,357 209,258
Edison International.............. 13,728 281,424
El Paso Energy Corp............... 9,554 486,657
Electronic Data Systems Corp...... 19,243 793,774
EMC Corp.......................... 89,641 6,896,764
Emerson Electric Co............... 17,629 1,064,351
Engelhard Corp.................... 5,253 89,629
Enron Corp........................ 30,241 1,950,545
Entergy Corp...................... 9,501 258,308
Equifax, Inc. .................... 5,831 153,064
Exxon Mobil Corp.................. 143,809 11,289,007
Fannie Mae........................ 41,616 2,171,835
Federated Department Stores....... 8,841 298,384
FedEx Corp........................ 11,978 455,164
Fifth Third Bancorp............... 12,786 808,715
First Data Corp................... 17,031 845,163
First Union Corp.................. 40,507 1,005,080
Firstar Corp...................... 40,072 844,017
FirstEnergy Corp.................. 9,539 222,974
FleetBoston Financial Corp........ 37,229 1,265,786
Florida Progress Corp. ........... 4,073 190,922
Fluor Corp........................ 3,172 100,315
FMC Corp.......................... 1,254 72,732
Ford Motor Co..................... 49,791 2,141,013
Fort James Corp................... 8,500 196,563
Fortune Brands, Inc. ............. 6,540 150,829
FPL Group, Inc. .................. 7,360 364,320
Franklin Resources, Inc. ......... 10,061 305,603
Freddie Mac....................... 28,719 1,163,120
Freeport-McMoran Copper Cl B...... 6,610 61,143
Gannett Co., Inc. ................ 11,009 658,476
Gap, Inc. ........................ 35,151 1,098,469
Gateway, Inc. .................... 13,294 754,435
General Dynamics Corp. ........... 8,289 433,100
General Electric Co............... 408,707 21,661,471
General Mills, Inc. .............. 12,041 460,568
General Motors Corp............... 22,101 1,283,239
Genuine Parts Co.................. 7,306 146,120
Georgia-Pacific Group............. 7,045 184,931
Gillette Co....................... 43,124 1,506,645
Global Crossing Ltd............... 36,422 958,354
Golden West Financial Corp. ...... 6,531 266,546
Goodrich (B.F.) Co. .............. 4,434 151,033
Goodyear Tire & Rubber Co......... 6,475 129,500
GPU, Inc. ........................ 5,012 135,637
Grainger (W.W.), Inc. ............ 3,901 120,200
Great Atlantic & Pac. Tea, Inc. .. 1,603 26,650
Great Lakes Chemical Corp......... 2,249 70,844
GTE Corp.......................... 39,772 2,475,807
Guidant Corp...................... 12,661 626,720
Halliburton Co.................... 18,340 865,419
Harcourt General, Inc. ........... 2,971 161,548
Harley-Davidson, Inc. ............ 12,534 482,559
Harrah's Entertainment, Inc. ..... 5,049 105,713
Hartford Financial Svs Gp., Inc. . 8,877 496,557
Hasbro, Inc. ..................... 7,110 107,094
HCA - The Healthcare Company...... 23,037 699,749
HealthSouth Corp. ................ 16,002 115,014
Heinz (H.J.) Co................... 14,551 636,606
Hercules, Inc. ................... 4,440 62,438
Hershey Food Corp................. 5,667 274,850
Hewlett-Packard Co................ 41,315 5,159,211
Hilton Hotels Corp................ 15,280 143,250
Home Depot, Inc. ................. 95,574 4,772,727
Homestake Mining Co............... 10,781 74,119
Honeywell International, Inc. .... 32,973 1,110,778
Household International, Inc. .... 19,547 812,422
Humana, Inc. ..................... 6,939 33,828
Huntington Bancshares, Inc. ...... 9,170 145,001
Illinois Tool Works, Inc. ........ 12,445 709,365
IMS Health, Inc. ................. 12,278 221,004
Inco Ltd.......................... 7,506 115,405
Ingersoll Rand Co................. 6,686 269,112
Intel Corp. ...................... 138,350 18,495,666
International Paper Co............ 19,993 596,041
Interpublic Group of Cos., Inc. .. 12,464 535,952
Intl. Business Machines Corp. .... 73,238 8,024,138
Intl. Flavors & Fragrances........ 4,247 128,206
ITT Industries, Inc. ............. 3,631 110,292
Jefferson-Pilot Corp.............. 4,259 240,367
Johnson & Johnson................. 57,459 5,853,636
Johnson Controls, Inc. ........... 3,542 181,749
Kansas City Southern Inds......... 4,614 409,204
Kaufman & Broad Home Corp. ....... 1,991 39,447
Kellogg Co. ...................... 16,755 498,461
Kerr-McGee Corp................... 3,889 229,208
KeyCorp........................... 17,961 316,563
Kimberly Clark Corp............... 22,953 1,316,928
KLA Tencor Corp. ................. 7,683 449,936
Kmart Corp........................ 19,871 135,371
Knight-Ridder, Inc. .............. 3,209 170,679
Kohl's Corp....................... 13,476 749,603
Kroger Co......................... 34,456 760,186
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
-------- ------------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Legget & Platt.................... 8,132 $ 134,178
Lehman Brothers Holdings, Inc. ... 4,992 472,056
Lexmark Int'l, Inc. .............. 5,332 358,577
Lilly (Eli) & Co.................. 46,655 4,659,668
Limited, Inc. .................... 17,789 384,687
Lincoln National Corp............. 7,921 286,146
Linear Technology Corp. .......... 12,851 821,661
Liz Claiborne, Inc. .............. 2,255 79,489
Lockheed Martin Corp.............. 16,534 410,250
Loews Corp........................ 4,074 244,440
Longs Drug Stores Corp. .......... 1,641 35,692
Louisiana-Pacific Corp. .......... 4,303 46,795
Lowe's Companies, Inc. ........... 15,794 648,541
LSI Logic Corp.................... 12,682 686,413
Lucent Technologies............... 134,525 7,970,606
Mallinckrodt, Inc. ............... 2,776 120,583
Manor Care, Inc. ................. 4,305 30,135
Marriott International, Inc. ..... 9,899 356,983
Marsh & McLennan Cos., Inc. ...... 11,137 1,163,120
Masco Corp........................ 18,512 334,373
Mattel, Inc. ..................... 17,586 231,915
Maxim Integrated Products, Inc. .. 11,668 792,695
May Department Stores Co.......... 13,736 329,664
Maytag Corp....................... 3,238 119,401
MBIA, Inc. ....................... 4,064 195,834
MBNA Corp......................... 33,122 898,434
McDermott International, Inc. .... 2,486 21,908
McDonald's Corp................... 55,201 1,818,183
McGraw-Hill Cos., Inc. ........... 8,035 433,890
McKesson HBOC, Inc. .............. 11,664 244,215
Mead Corp. ....................... 4,246 107,212
Medimmune, Inc. .................. 8,620 637,880
Medtronic, Inc. .................. 49,445 2,462,979
Mellon Financial Corp............. 20,292 739,390
Merck & Co., Inc. ................ 94,991 7,278,685
Mercury Interactive Corp.......... 3,150 304,763
Meredith Corp..................... 2,093 70,639
Merrill Lynch & Co., Inc. ........ 16,024 1,842,760
MGIC Investment Corp.............. 4,372 198,926
Micron Technology, Inc. .......... 22,920 2,018,393
Microsoft Corp. .................. 217,395 17,391,570
Millipore Corp.................... 1,904 143,514
Minnesota Mining & Mfg. Co........ 16,351 1,348,958
Molex Inc., Cl A.................. 8,118 390,679
Morgan (J.P.) & Co., Inc. ........ 6,706 738,498
Morgan Stanley Dean Witter........ 46,757 3,892,520
Motorola, Inc. ................... 88,911 2,583,976
Nabisco Group Holdings............ 13,510 350,416
National City Corp. .............. 25,044 427,313
National Semiconductor Corp....... 7,294 413,935
National Service Industries....... 1,700 33,150
Navistar International Corp....... 2,557 79,427
NCR Corp.......................... 3,930 153,024
Network Appliance, Inc. .......... 12,582 1,012,851
New Century Energies, Inc. ....... 4,824 144,720
New York Times Co. Cl A........... 7,020 277,290
Newell Rubbermaid, Inc. .......... 11,011 283,533
Newmont Mining Corp............... 6,942 150,121
Nextel Communications, Inc. ...... 31,328 1,916,882
Niagara Mohawk Holdings, Inc. .... 7,121 99,249
Nicor, Inc. ...................... 1,919 62,607
Nike, Inc. Cl B................... 11,296 449,722
Nordstrom, Inc. .................. 5,561 134,159
Norfolk Southern Corp. ........... 15,826 235,412
Nortel Networks Corp. Holding..... 122,374 8,352,026
Northern States Power Co.......... 6,491 131,037
Northern Trust Corp............... 9,184 597,534
Northrop Grumman Corp............. 2,884 191,065
Novell, Inc. ..................... 13,609 125,883
Novellus Systems, Inc. ........... 5,397 305,268
Nucor Corp........................ 3,513 116,588
Occidental Petroleum Corp. ....... 15,227 320,719
Office Depot, Inc. ............... 13,062 81,638
Old Kent Financial Corp........... 5,673 151,757
Omnicom Group, Inc. .............. 7,338 653,541
Oneok, Inc. ...................... 1,206 31,281
Oracle Corp....................... 117,257 9,856,917
Owens Corning..................... 2,288 21,164
Owens-Illinois, Inc. ............. 6,054 70,756
Paccar, Inc. ..................... 3,161 125,452
Pactiv Corp....................... 6,979 54,960
Paine Webber Group, Inc. ......... 6,016 273,728
Pall Corp......................... 5,108 94,498
Parametric Technology Corp........ 11,402 125,422
Parker Hannifin Corp.............. 4,625 158,406
Paychex, Inc. .................... 15,317 643,314
PE Corp-PE Biosystems Group....... 8,605 566,854
Peco Energy Co.................... 7,005 282,389
Penney (J.C.) Co., Inc. .......... 10,778 198,719
Peoples Energy Corp............... 1,483 48,012
Peoplesoft, Inc. ................. 11,401 190,967
PepsiCo, Inc. .................... 59,530 2,645,364
Perkin Elmer, Inc. ............... 2,030 134,234
Pfizer, Inc. ..................... 260,034 12,481,620
PG & E Corp....................... 15,905 391,661
Pharmacia Corp.................... 52,437 2,710,337
Phelps Dodge Corp................. 3,253 120,972
Phillip Morris Cos., Inc. ........ 94,465 2,509,227
Phillips Petroleum Co. ........... 10,492 531,813
Pinnacle West Capital Corp........ 3,501 118,596
Pitney Bowes, Inc. ............... 10,647 425,880
Placer Dome, Inc. ................ 13,484 128,941
PNC Financial Services Group...... 11,997 562,359
Polaroid Corp..................... 1,859 33,578
Potlatch Corp..................... 1,211 40,114
PPG Industries, Inc. ............. 7,198 318,961
PPL Corporation................... 6,000 131,625
Praxair, Inc. .................... 6,513 243,830
Price (T. Rowe) Associates........ 4,995 212,288
Proctor & Gamble Co. ............. 54,030 3,093,218
Progressive Corp. of Ohio......... 3,018 223,332
Providian Financial Corp.......... 5,886 529,740
Public Svc. Enterprise Group...... 8,937 309,444
Pulte Corp........................ 1,701 36,784
Quaker Oats Co.................... 5,408 406,276
Qualcomm, Inc. ................... 30,613 1,836,780
Quintiles Transnational Corp...... 4,800 67,800
Radioshack Corp................... 7,711 365,309
Ralston Purina Co................. 12,637 251,950
Raytheon Co....................... 14,018 269,847
Reebok International Ltd.......... 2,348 37,421
Regions Financial Corp............ 9,115 181,161
Reliant Energy, Inc. ............. 12,248 362,082
Rite-Aid Corp..................... 10,726 70,389
Rockwell Intl., Corp. ............ 7,767 244,661
Rohm Haas Co...................... 8,986 310,017
Rowan Cos., Inc. ................. 3,851 116,974
Royal Dutch Petroleum Co. N.Y. ... 88,583 5,453,391
Russell Corp. .................... 1,381 27,620
Ryder System, Inc. ............... 2,457 46,529
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
-------- ------------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Sabre Group Holdings, Inc. ....... 5,332 $ 151,962
Safeco Corp....................... 5,272 104,781
Safeway, Inc. .................... 20,507 925,378
Sanmina Corp...................... 6,125 523,688
Sapient Corp...................... 2,431 259,965
Sara Lee Corp..................... 35,922 693,744
SBC Communications, Inc. ......... 140,529 6,077,879
Schering-Plough Corp.............. 60,484 3,054,442
Schlumberger, Ltd................. 23,508 1,754,285
Scientific-Atlanta, Inc. ......... 6,579 490,136
Seagate Technology................ 9,387 516,285
Seagram Co. Ltd. (The)............ 18,029 1,045,682
Sealed Air Corp. (New)............ 3,456 181,008
Sears Roebuck & Co................ 14,564 475,151
Sempra Energy..................... 8,465 143,905
Sherwin-Williams Co. ............. 6,765 143,333
Siebel Systems, Inc. ............. 8,246 1,348,736
Sigma-Aldrich Corp................ 3,522 103,019
SLM Holding Corp.................. 6,470 242,221
Snap-On, Inc. .................... 2,445 65,098
Solectron Corp.................... 24,630 1,031,381
Southern Co....................... 26,795 624,658
SouthTrust Corp................... 6,949 157,221
Southwest Airlines Co............. 20,500 388,219
Springs Industries, Inc. Cl A..... 747 24,044
Sprint Corp. (FON Group).......... 36,214 1,846,914
Sprint Corp. (PCS Group).......... 37,809 2,249,636
St. Jude Medical, Inc. ........... 3,463 158,865
St. Paul Companies, Inc. ......... 8,761 298,969
Stanley Works..................... 3,620 85,975
Staples, Inc. .................... 20,008 307,623
Starbucks Corp. .................. 7,583 289,576
State Street Corp................. 6,646 704,891
Summit Bancorp.................... 7,237 178,211
Sun Microsystems, Inc. ........... 65,536 5,959,680
Sunoco, Inc. ..................... 3,655 107,594
Suntrust Banks, Inc. ............. 12,494 570,820
Supervalu, Inc. .................. 5,431 103,528
Synovus Financial Corp............ 11,666 205,613
Sysco Corp. ...................... 13,765 579,851
Target Corp....................... 18,838 1,092,604
Tektronix, Inc. .................. 1,991 147,334
Tellabs, Inc. .................... 16,916 1,157,689
Temple-Inland, Inc. .............. 2,165 90,930
Tenet Healthcare Corp............. 12,896 348,192
Teradyne, Inc. ................... 7,154 525,819
Texaco, Inc. ..................... 22,806 1,214,420
Texas Instruments, Inc. .......... 67,601 4,643,344
Textron, Inc. .................... 5,957 323,540
Thermo Electron Corp.............. 6,439 135,621
Thomas & Betts Corp. ............. 2,414 46,168
Tiffany & Co...................... 2,990 201,825
Time Warner, Inc. ................ 54,355 4,130,980
Timken Co......................... 2,518 46,898
TJX Companies, Inc. .............. 12,392 232,350
Torchmark Corp.................... 5,294 130,696
Tosco Corp. ...................... 5,970 169,026
Toys R Us, Inc. .................. 8,933 130,087
Transocean Sedco Forex, Inc. ..... 8,694 464,586
Tribune Co........................ 12,739 445,865
Tricon Global Restaurants Inc. ... 6,091 172,071
TRW, Inc. ........................ 5,077 220,215
Tupperware Corp................... 2,409 52,998
TXU Corp.......................... 10,894 321,373
Tyco International Ltd............ 69,733 3,303,601
U.S. Bancorp...................... 31,059 597,886
U.S. West, Inc. .................. 20,973 1,798,435
Unicom Corp....................... 7,344 284,121
Unilever N.V...................... 23,612 1,015,316
Union Carbide Corp. .............. 5,564 275,418
Union Pacific Corp. .............. 10,239 380,763
Union Pacific Resources Group..... 10,441 229,702
Union Planters Corp. ............. 5,590 156,171
Unisys Corp. ..................... 12,880 187,565
United Technologies Corp.......... 19,438 1,144,412
UnitedHealth Group Inc. .......... 6,709 575,297
Unocal Corp. ..................... 10,042 332,641
UNUMProvident Corp. .............. 9,941 199,441
US Airways Group Inc. ............ 2,752 107,328
UST, Inc. ........................ 6,701 98,421
USX-Marathon Group................ 12,869 322,529
USX-U.S. Steel Group.............. 3,693 68,551
V F Corp.......................... 4,717 112,324
Veritas Software Corp............. 16,149 1,825,089
Verizon Communications............ 63,852 3,244,480
Viacom, Inc. Cl B................. 62,999 4,295,744
Visteon Corp...................... 5,369 65,103
Vulcan Materials Co. ............. 4,177 178,306
W.R. Grace & Co. ................. 2,789 33,817
Wachovia Corp. ................... 8,364 453,747
Walgreen Co....................... 41,636 1,340,159
Wal-Mart Stores, Inc. ............ 184,123 10,610,088
Washington Mutual, Inc. .......... 22,629 653,412
Waste Management, Inc. ........... 25,665 487,635
Watson Pharmaceuticals, Inc. ..... 4,008 215,430
Wellpoint Health Networks Inc. ... 2,564 185,730
Wells Fargo & Company............. 66,561 2,579,239
Wendy's International, Inc. ...... 4,699 83,701
Westvaco Corp. ................... 4,190 103,964
Weyerhaeuser Co................... 9,624 413,832
Whirlpool Corp.................... 3,018 140,714
Willamette Industries, Inc. ...... 4,576 124,696
Williams Cos., Inc. .............. 18,250 760,797
Winn-Dixie Stores, Inc. .......... 5,969 85,431
WorldCom Inc. .................... 118,276 5,425,912
Worthington Industries, Inc. ..... 3,561 37,391
Wrigley (Wm.) Jr. Co. ............ 4,714 378,004
Xerox Corp........................ 27,512 570,874
Xilinx, Inc. ..................... 13,273 1,095,852
Yahoo!, Inc. ..................... 22,443 2,780,127
Young & Rubicam, Inc. ............ 2,981 170,476
------------
TOTAL INDEXED ASSETS--COMMON STOCKS
(Cost: $245,088,171) 58.2%................ 517,984,909
------------
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<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)............................................... 5.68% 08/24/00 $ 600,000 $ 594,857
U.S. Treasury Bill(a)............................................... 5.56 09/28/00 640,000 630,865
------------
1,225,722
------------
COMMERCIAL PAPER (2.0%)
Ford Motor Credit Puerto Rico ...................................... 6.60 07/07/00 5,000,000 4,994,492
Sony Capital Corp................................................... 6.62 07/10/00 4,810,000 4,802,028
UBS Finance (Delw.) Inc............................................. 6.65 07/05/00 5,000,000 4,996,300
UBS Finance (Delw.) Inc............................................. 6.96 07/03/00 3,010,000 3,008,836
------------
17,801,656
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $19,027,701) 2.1%................................................................................ 19,027,378
------------
TOTAL INDEXED ASSETS
(Cost: $264,115,872) 60.3%.............................................................................. $537,012,287
------------
</TABLE>
----------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 2000:
<TABLE>
<CAPTION>
Expiration Underlying Face Unrealized
Date Amount at Value (Loss)
------------ --------------- ----------
Purchased
<S> <C> <C> <C>
53 S&P 500 Stock Index Futures Contracts............................ September 2000 $19,452,325 $(430,334)
=========== =========
</TABLE>
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 2.2%
----------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- ------------
ACTIVE ASSETS:
COMMON STOCKS
BASIC MATERIALS (0.4%)
Alcan Aluminum Ltd................ 23,800 $ 737,800
Eastman Chemical Co............... 21,000 1,002,750
Millenium Chemical, Inc........... 52,900 899,300
Newmont Mining Corp............... 35,500 767,688
------------
3,407,538
------------
CONSUMER, CYCLICAL (3.1%)
AT&T Corp - Liberty Media 'A'*.... 54,200 1,314,350
Bed Bath & Beyond, Inc.*.......... 16,877 611,791
BJ Services Co.*.................. 19,865 1,241,563
BJ's Wholesale Club, Inc.*........ 36,440 1,202,520
CNET Networks, Inc.*.............. 54,008 1,326,572
Cox Radio, Inc.*.................. 43,876 1,228,528
CVS Corp.......................... 68,700 2,748,000
Disney (Walt) Co.................. 70,500 2,736,281
Gallagher (Arthur J.) & Co. ...... 55,100 2,314,200
Harrah's Entertainment, Inc.*..... 52,000 1,088,750
Marriott International, Inc. ..... 30,000 1,081,875
Michaels Stores, Inc.*............ 19,400 888,763
New York Times Co. Cl A........... 20,000 790,000
Outback Steakhouse, Inc.*......... 35,000 1,023,750
Radio One, Inc. Cl D*............. 16,000 353,000
Reebok International Ltd.*........ 76,000 1,211,250
Trex, Inc. ....................... 46,100 2,305,000
Viacom, Inc. Cl B*................ 39,700 2,707,044
Young & Rubicam, Inc. ............ 23,705 1,355,630
------------
27,528,867
------------
CONSUMER, NON-CYCLICAL (0.9%)
Alberto-Culver Co................. 37,000 1,130,813
Anheuser-Busch Cos., Inc. ........ 14,000 1,045,625
Hershey Food Corp................. 22,000 1,067,000
Kroger Co.*....................... 101,000 2,228,313
Safeway, Inc.*.................... 54,300 2,450,288
------------
7,922,039
------------
ENERGY (3.9%)
Anadarko Petroleum Corp........... 3,000 147,938
Core Laboratories N.V.*........... 61,800 1,792,200
Devon Energy Corp................. 3,000 168,563
Enron Corp........................ 2,600 167,700
Forest Oil Corp.*................. 77,900 1,241,531
Grey Wolf Inc.*................... 195,200 976,000
Kerr-McGee Corp................... 33,500 1,974,406
Kinder Morgan, Inc. .............. 93,400 3,228,138
Lyondell Petrochemical Co. ....... 56,900 953,075
Midcoast Energy Res., Inc. ....... 38,100 600,075
Murphy Oil Corp................... 38,400 2,282,400
NewField Exploration Company*..... 47,900 1,874,088
Occidental Petroleum Corp. ....... 84,500 1,779,781
Ocean Energy, Inc.*............... 253,300 3,593,694
Precision Drilling Corp.*......... 54,000 2,085,750
Pride International, Inc.*........ 63,800 1,579,050
Quanta Services, Inc.*............ 20,850 1,146,750
R & B Falcon Corp.*............... 77,100 1,816,669
Rowan Cos., Inc.*................. 98,900 3,004,088
Schlumberger, Ltd................. 17,900 1,335,788
Stone Energy Corp.*............... 42,580 2,544,155
Transocean Sedco Forex, Inc. ..... 20,000 1,068,750
------------
35,360,589
------------
FINANCIAL (5.9%)
Ace, Ltd.......................... 75,600 2,116,800
American Express Co............... 24,600 1,282,275
American Int'l. Group, Inc........ 27,175 3,193,063
Apartment Investment & Mgmt. Co... 28,500 1,232,625
Arden Realty Group................ 40,500 951,750
Bank of America Corp.............. 25,900 1,113,700
Bank of New York Co., Inc. ....... 56,800 2,641,200
Boston Properties................. 54,000 2,085,750
Chubb Corp........................ 15,800 971,700
Citigroup, Inc. .................. 150,050 9,040,513
Equity Res. Pptys. Tr. Co......... 42,200 1,941,200
FleetBoston Financial Corp........ 70,000 2,380,000
HCC Insurance Holdings, Inc. ..... 62,600 1,181,575
Hilb, Rogal & Hamilton Co......... 58,000 2,011,875
Home Properties Inc. ............. 43,300 1,299,000
Kimco Realty Corp................. 47,800 1,959,800
Marsh & McLennan Cos., Inc. ...... 26,400 2,757,150
Mellon Financial Corp............. 45,000 1,639,688
Morgan Stanley Dean Witter........ 35,800 2,980,350
Mutual Risk Management Ltd........ 115,800 2,004,788
SL Green Realty Corp.............. 74,300 1,987,525
Spieker Properties, Inc. ......... 40,900 1,932,525
St. Paul Companies, Inc. ......... 30,200 1,030,575
Vornado Realty Trust.............. 27,600 959,100
XL Capital Limited................ 36,100 1,953,913
------------
52,648,440
------------
HEALTHCARE (3.9%)
Alza Corp.*....................... 33,650 1,989,556
Bristol-Myers Squibb Co........... 21,700 1,264,025
Celgene Corp.*.................... 34,400 2,025,300
Forest Laboratories, Inc.*........ 38,472 3,885,672
HCA - The Healthcare Company...... 86,350 2,622,881
IDEC Pharmaceuticals Corp.*....... 8,900 1,044,081
King Pharmaceuticals Inc.*........ 66,100 2,900,138
Lifepoint Hospitals Inc.*......... 84,800 1,886,800
Lilly (Eli) & Co.................. 13,600 1,358,300
Minimed, Inc.*.................... 25,600 3,020,800
Oxford Health Plans, Inc.*........ 203,200 4,838,700
Pharmacia Corp.................... 28,200 1,457,588
Province Healthcare Co.*.......... 56,300 2,033,838
Sepracor, Inc.*................... 22,782 2,748,079
Triad Hospitals, Inc.*............ 75,600 1,828,575
------------
34,904,333
------------
INDUSTRIAL (4.5%)
AES Corp.*........................ 38,400 1,752,000
Aspect Communications Inc.*....... 26,300 1,033,919
Asyst Technologies, Inc.*......... 25,700 880,225
BISYS Group, Inc.*................ 38,600 2,373,900
Boeing Co......................... 27,000 1,128,938
CommScope, Inc.*.................. 24,300 996,300
Convergys Corp.*.................. 24,000 1,245,000
CSG Systems Intl., Inc.*.......... 21,900 1,227,769
Documentum, Inc.*................. 30,400 2,717,000
Dycom Industries, Inc.*........... 25,400 1,168,400
FactSet Research Systems, Inc. ... 43,948 1,241,531
Fiserv, Inc.*..................... 16,800 726,600
Forward Air Corporation*.......... 85,848 3,433,920
Grant Prideco, Inc.*.............. 27,800 695,000
Hooper Holmes, Inc. .............. 103,800 830,400
HS Resources, Inc.*............... 51,300 1,539,000
Kent Electronics Corp.*........... 45,700 1,362,431
KLA Tencor Corp.*................. 13,600 796,450
Lam Research Corp.*............... 23,300 873,750
Mettler-Toledo International*..... 23,870 954,800
Millipore Corp.................... 10,900 821,588
Olin Corp......................... 63,500 1,047,750
PRI Automation, Inc.*............. 36,463 2,384,337
SDL, Inc.*........................ 9,100 2,595,206
Spartech Corp..................... 39,700 1,071,900
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- ------------
ACTIVE ASSETS (CONTINUED):
INDUSTRIAL (CONTINUED)
Varco International, Inc.*........ 112,790 $ 2,622,368
Waters Corp.*..................... 9,977 1,245,254
Wellman, Inc. .................... 63,500 1,027,906
------------
39,793,642
------------
TECHNOLOGY (14.2%)
Analog Devices, Inc.*............. 18,000 1,368,000
ANTEC Corp.*...................... 29,173 1,212,503
Applied Materials, Inc.*.......... 91,400 8,283,125
Atmel Corp.*...................... 108,700 4,008,313
ATMI, Inc.*....................... 30,152 1,402,068
Aware, Inc.*...................... 13,898 710,535
Business Objects S.A.-Sp. ADR*.... 31,100 2,740,688
Ciena Corp.*...................... 39,500 6,584,156
Cisco Systems, Inc.*.............. 340,900 21,668,456
Compaq Computer Corp. ............ 23,700 605,831
Comverse Technology Inc.*......... 17,000 1,581,000
Critical Path, Inc.*.............. 27,900 1,626,919
Cytyc Corporation*................ 36,400 1,942,850
Dallas Semiconductor Corp......... 27,226 1,109,460
Efficient Networks, Inc.*......... 19,000 1,397,688
Entrust Technologies, Inc.*....... 33,200 2,747,300
E-Speed, Inc. Cl A*............... 22,200 964,313
Getty Images, Inc.*............... 35,200 1,304,600
Intel Corp. ...................... 82,450 11,022,534
Intuit, Inc.*..................... 11,379 470,806
ISS Group, Inc. .................. 15,600 1,540,257
JDA Software Group, Inc.*......... 63,500 1,218,406
JDS Uniphase Corp.*............... 44,500 5,334,438
Kana Communications, Inc.*........ 16,400 1,014,750
Lattice Semiconductor Corp.*...... 21,978 1,519,229
Liberare Technologies*............ 15,500 454,344
Linear Technology Corp. .......... 98,850 6,320,222
Lockheed Martin Corp.............. 33,700 836,181
Maxim Integrated Products, Inc.*.. 91,400 6,209,488
Metasolv Software, Inc.*.......... 15,300 673,200
Microchip Technology, Inc.*....... 46,671 2,719,314
Micromuse, Inc.*.................. 7,400 1,224,585
Micron Technology, Inc.*.......... 20,000 1,761,250
Microsoft Corp.*.................. 16,100 1,287,987
Networks Associates, Inc.*........ 110,700 2,255,513
Northrop Grumman Corp............. 12,400 821,500
Perkin Elmer, Inc. ............... 32,600 2,155,675
Phone.com, Inc.*.................. 17,100 1,113,638
RealNetworks, Inc.*............... 22,100 1,117,431
Symbol Technologies, Inc. ........ 15,300 826,200
Teletech Holdings, Inc.*.......... 55,700 1,730,181
United Technologies Corp.......... 20,000 1,177,500
Varian Semiconductor Equip.*...... 23,600 1,482,375
Veritas Software Corp.*........... 12,000 1,356,187
Vignette Corporation*............. 18,798 977,789
Vitria Technology, Inc.*.......... 46,000 2,811,750
Xilinx, Inc.*..................... 48,200 3,979,513
------------
126,670,048
------------
TELECOMMUNICATIONS (1.6%)
AT&T Corp......................... 35,000 1,106,875
Global Crossing Ltd.*............. 39,900 1,049,869
ITC DeltaCom, Inc.*............... 59,518 1,327,995
McLeod USA, Inc. Cl A*............ 60,471 1,250,994
NTL Incorporated*................. 24,700 1,478,913
Sprint Corp. (FON Group).......... 32,400 1,652,400
Telewest Communications-ADR*...... 36,172 1,338,364
Time Warner Telecom, Inc. Cl A*... 36,900 2,375,438
True North Communications Inc..... 18,800 827,200
Western Wireless Corp. Cl A*...... 31,200 1,700,400
------------
14,108,448
------------
UTILITIES (0.5%)
El Paso Energy Corp............... 35,700 1,818,469
Montana Pwr. Co................... 57,300 2,023,406
NSTAR............................. 18,615 757,398
------------
4,599,273
------------
TOTAL ACTIVE ASSETS--COMMON STOCKS
(Cost: $257,538,509) 38.9%................. 346,943,217
------------
-------------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------- --------- ----------- --------------
<S> <C> <C> <C> <C>
ACTIVE ASSETS (CONTINUED):
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (0.8%)
Alliant Energy Resources............................................ 6.60% 07/25/00 $1,500,000 $ 1,493,395
Bank Austria Comml. Paper Inc....................................... 6.58 07/14/00 2,000,000 1,995,247
Bell South Telecommunications....................................... 6.65 07/03/00 1,250,000 1,249,538
Ford Motor Credit Corp.............................................. 6.72 07/03/00 450,000 449,832
UBS Finance (Delw.) Inc............................................. 6.96 07/03/00 1,815,000 1,814,298
-----------
TOTAL ACTIVE ASSETS--SHORT-TERM DEBT SECURITIES
(Cost: $7,002,310) 0.8%................................................................................. 7,002,310
-----------
TOTAL ACTIVE ASSETS
(Cost: $264,540,819) 39.7%.............................................................................. 353,945,527
-----------
TOTAL INVESTMENTS
(Cost: $528,656,691) 100.0%............................................................................. $890,957,814
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
Shares Value
-------- ------------
INDEXED ASSETS:
COMMON STOCKS
3Com Corp......................... 15,584 $ 898,028
Abbott Laboratories............... 68,824 3,066,970
Adaptec, Inc. .................... 4,617 105,037
ADC Telecommunications, Inc. ..... 14,981 1,256,531
Adobe Systems, Inc. .............. 5,318 691,340
Advanced Micro Devices, Inc. ..... 6,805 525,686
AES Corp.......................... 18,933 863,818
Aetna, Inc. ...................... 6,260 401,814
Aflac, Inc. ...................... 11,791 541,649
Agilent Technologies, Inc. ....... 20,077 1,480,679
Air Products & Chemicals, Inc. ... 10,186 313,856
Alberto-Culver Co................. 2,486 75,978
Albertson's, Inc. ................ 18,817 625,665
Alcan Aluminum Ltd................ 9,719 301,289
ALCOA, Inc. ...................... 38,380 1,113,020
Allegheny Technologies, Inc. ..... 3,696 66,528
Allergan, Inc. ................... 5,756 428,822
Allied Waste Industries, Inc. .... 8,415 84,150
Allstate Corp..................... 33,076 735,941
Alltel Corp....................... 13,989 866,444
Altera Corp....................... 8,842 901,331
Alza Corp. ....................... 4,551 269,078
Amerada Hess Corp................. 4,024 248,482
Ameren Corp....................... 6,114 206,348
America Online, Inc. ............. 102,048 5,383,032
American Electric Power, Inc. .... 14,292 423,389
American Express Co. ............. 59,340 3,093,098
American General Corp............. 11,033 673,013
American Greetings Corp. Cl A..... 2,874 54,606
American Home Products Corp...... 57,931 3,403,446
American Int'l. Group, Inc. ...... 68,467 8,044,873
American Power Conversion......... 8,610 351,396
Amgen, Inc. ...................... 45,608 3,203,962
AMR Corp.......................... 6,649 175,783
Amsouth Bancorporation............ 17,428 274,491
Anadarko Petroleum Corp........... 5,682 280,194
Analog Devices, Inc. ............. 15,716 1,194,416
Andrew Corp....................... 3,582 120,221
Anheuser-Busch Cos., Inc. ........ 20,067 1,498,754
Aon Corp.......................... 11,365 353,025
Apache Corp....................... 5,051 297,062
Apple Computer, Inc. ............. 14,458 757,238
Applied Materials, Inc. .......... 35,871 3,250,809
Archer-Daniels-Midland Co......... 26,747 262,455
Armstrong Holdings, Inc. ......... 1,784 27,318
Ashland, Inc. .................... 3,135 109,921
Associates First Capital Corp. ... 32,353 721,876
AT&T Corp......................... 166,649 5,270,286
Autodesk, Inc. ................... 2,590 89,841
Automatic Data Processing, Inc. .. 27,853 1,491,876
AutoZone, Inc. ................... 5,942 130,724
Avery Dennison Corp. ............. 4,981 334,350
Avon Products, Inc. .............. 10,546 469,297
Baker Hughes, Inc. ............... 14,671 469,472
Ball Corp......................... 1,348 43,389
Bank of America Corp.............. 73,613 3,165,359
Bank of New York Co., Inc. ....... 32,760 1,523,340
Bank One Corp..................... 50,943 1,353,174
Bard (C.R.), Inc. ................ 2,242 107,896
Barrick Gold Corp................. 17,570 319,554
Bausch & Lomb, Inc. .............. 2,358 182,450
Baxter International, Inc. ....... 12,894 906,609
BB & T Corp....................... 15,482 369,633
Bear Stearns Cos., Inc. .......... 4,913 204,504
Becton Dickinson & Co............. 11,213 321,673
Bed Bath & Beyond, Inc. .......... 6,231 225,874
BellSouth Corp.................... 83,576 3,562,427
Bemis Co.......................... 2,360 79,355
Best Buy Co., Inc. ............... 9,080 574,310
Bestfoods......................... 12,195 844,504
Bethlehem Steel Corp. ............ 5,844 20,819
Biogen, Inc. ..................... 6,595 425,378
Biomet, Inc. ..................... 5,255 201,989
Black & Decker Corp. ............. 3,782 148,680
Block (H. & R.), Inc. ............ 4,362 141,220
BMC Software, Inc. ............... 10,846 395,710
Boeing Co......................... 40,295 1,684,835
Boise Cascade Corp. .............. 2,545 65,852
Boston Scientific Corp............ 18,110 397,288
Briggs & Stratton Corp............ 991 33,942
Bristol-Myers Squibb Co. ......... 87,621 5,103,923
Broadcom Corp. - Cl A............. 9,300 2,036,119
Brown-Forman Corp. Cl B........... 3,052 164,045
Brunswick Corp. .................. 3,903 64,643
Burlington Northern Santa Fe...... 19,024 436,363
Burlington Resources, Inc. ....... 9,563 365,785
Cabletron Systems, Inc. .......... 8,096 204,424
Campbell Soup Co. ................ 18,767 546,589
Capital One Financial Corp........ 8,698 388,148
Cardinal Health, Inc. ............ 12,229 904,946
Carnival Corp. ................... 26,849 523,556
Caterpillar, Inc. ................ 15,484 524,521
Cendant Corp. .................... 32,028 448,392
Centex Corp. ..................... 2,641 62,064
CenturyTel, Inc. ................. 6,224 178,940
Ceridian Corp. ................... 6,445 155,083
Charles Schwab Corp. ............. 60,485 2,033,808
Charter One Financial, Inc. ...... 9,308 214,084
Chase Manhattan Corp. ............ 54,937 2,530,513
Chevron Corp. .................... 28,960 2,456,170
Chubb Corp........................ 7,771 477,917
CIGNA Corp........................ 7,234 676,379
Cincinnati Financial Corp. ....... 7,142 224,527
CINergy Corp...................... 7,082 180,148
Circuit City Group, Inc. ......... 9,032 299,750
Cisco Systems, Inc. .............. 308,985 19,639,859
Citigroup, Inc. .................. 149,901 9,031,535
Citrix Systems, Inc. ............. 8,223 155,723
Clear Channel Communications...... 15,054 1,129,050
Clorox Co......................... 10,426 467,215
CMS Energy Corp. ................. 4,875 107,859
Coastal Corp...................... 9,519 579,469
Coca-Cola Co. .................... 109,941 6,314,736
Coca-Cola Enterprises, Inc. ...... 18,680 304,718
Colgate-Palmolive Co.............. 25,614 1,533,638
Columbia Energy Group............. 3,583 235,134
Comcast Corp. Cl A................ 39,875 1,614,938
Comerica, Inc. ................... 6,969 312,734
Compaq Computer Corp. ............ 75,424 1,928,026
Computer Associates Intl., Inc.... 26,139 1,337,990
Computer Sciences Corp............ 7,433 555,152
Compuware Corp.................... 15,945 165,429
Comverse Technology Inc. ......... 6,783 630,819
Conagra, Inc. .................... 21,865 416,802
Conexant Systems, Inc. ........... 9,653 469,377
Conoco, Inc. ..................... 27,731 681,143
Conseco, Inc. .................... 14,578 142,136
Consolidated Edison, Inc. ........ 9,415 278,919
Consolidated Stores Corp.......... 4,933 59,196
Constellation Energy Group........ 6,664 216,997
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
-------- ------------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Convergys Corp.................... 6,811 $ 353,321
Cooper Industries, Inc. .......... 4,139 134,776
Cooper Tire & Rubber Co........... 3,278 36,468
Coors (Adolph) Co. Cl B........... 1,642 99,341
Corning, Inc. .................... 12,251 3,306,239
Costco Wholesale Corp............. 19,845 654,885
Countrywide Credit Industries..... 5,043 152,866
CP&L Energy, Inc. (Holding Co).... 7,112 227,140
Crane Co.......................... 2,690 65,401
Crown Cork & Seal, Inc. .......... 5,690 85,350
CSX Corp.......................... 9,729 206,133
Cummins Engine Co., Inc. ......... 1,844 50,249
CVS Corp.......................... 17,332 693,280
Dana Corp......................... 6,767 143,376
Danaher Corp. .................... 6,293 311,110
Darden Restaurants, Inc. ......... 5,496 89,310
Deere & Co........................ 10,413 385,281
Dell Computer Corp. .............. 114,379 5,640,314
Delphi Automotive Systems Corp. .. 25,008 364,179
Delta Air Lines, Inc. ........... 5,440 275,060
Deluxe Corp. ..................... 3,213 75,706
Dillard's Inc. Cl A............... 4,157 50,923
Disney (Walt) Co.................. 92,294 3,582,161
Dollar General Corp. ............. 14,618 285,051
Dominion Resources, Inc. ......... 10,572 453,275
Donnelley (R.R.) & Sons Co........ 5,415 122,176
Dover Corp........................ 9,017 365,752
Dow Chemical Co................... 30,030 906,531
Dow Jones & Co., Inc. ............ 3,938 288,459
DTE Energy Co..................... 6,337 193,675
Du Pont (E.I.) de Nemours & Co. .. 46,521 2,035,294
Duke Energy Corp. ................ 16,322 920,153
Dun & Bradstreet Corp............. 7,169 205,213
Eastern Enterprises............... 1,203 75,789
Eastman Chemical Co............... 3,407 162,684
Eastman Kodak Co. ................ 13,760 818,720
Eaton Corp. ...................... 3,229 216,343
Ecolab, Inc. ..................... 5,775 225,586
Edison International.............. 14,760 302,580
El Paso Energy Corp. ............. 10,273 523,281
Electronic Data Systems Corp. .... 20,691 853,504
EMC Corp.......................... 96,387 7,415,766
Emerson Electric Co............... 18,954 1,144,348
Engelhard Corp.................... 5,669 96,727
Enron Corp........................ 32,517 2,097,347
Entergy Corp...................... 10,215 277,720
Equifax, Inc. .................... 6,303 165,454
Exxon Mobil Corp.................. 154,629 12,138,377
Fannie Mae........................ 44,747 2,335,234
Federated Department Stores....... 9,506 320,828
FedEx Corp........................ 12,880 489,440
Fifth Third Bancorp............... 13,757 870,130
First Data Corp................... 18,313 908,783
First Union Corp.................. 43,555 1,080,708
Firstar Corp...................... 43,089 907,557
FirstEnergy Corp.................. 10,257 239,757
FleetBoston Financial Corp........ 40,030 1,361,020
Florida Progress Corp. ........... 4,376 205,125
Fluor Corp........................ 3,384 107,019
FMC Corp.......................... 1,362 78,996
Ford Motor Co..................... 53,538 2,302,134
Fort James Corp. ................. 9,140 211,363
Fortune Brands, Inc. ............. 7,033 162,199
FPL Group, Inc. .................. 7,914 391,743
Franklin Resources, Inc. ......... 10,818 328,597
Freddie Mac....................... 30,879 1,250,600
Freeport-McMoran Copper Cl B...... 7,107 65,740
Gannett Co., Inc. ................ 11,838 708,060
Gap, Inc. ........................ 37,796 1,181,125
Gateway, Inc. .................... 14,294 811,185
General Dynamics Corp............. 8,913 465,704
General Electric Co............... 439,457 23,291,221
General Mills, Inc. .............. 12,947 495,223
General Motors Corp............... 23,764 1,379,797
Genuine Parts Co.................. 7,856 157,120
Georgia-Pacific Group............. 7,575 198,844
Gillette Co....................... 46,369 1,620,017
Global Crossing Ltd............... 39,159 1,030,371
Golden West Financial Corp. ...... 7,022 286,585
Goodrich (B.F.) Co. .............. 4,768 162,410
Goodyear Tire & Rubber Co......... 6,967 139,340
GPU, Inc. ........................ 5,389 145,840
Grainger (W.W.), Inc. ............ 4,162 128,242
Great Atlantic & Pac. Tea, Inc. .. 1,709 28,412
Great Lakes Chemical Corp......... 2,418 76,167
GTE Corp.......................... 42,765 2,662,121
Guidant Corp. .................... 13,613 673,844
Halliburton Co. .................. 19,719 930,490
Harcourt General, Inc. ........... 3,170 172,369
Harley-Davidson, Inc. ............ 13,486 519,211
Harrah's Entertainment, Inc. ..... 5,429 113,670
Hartford Financial Svs Gp, Inc. .. 9,545 533,923
Hasbro, Inc. ..................... 7,646 115,168
HCA - The Healthcare Company...... 24,770 752,389
HealthSouth Corp. ................ 17,213 123,718
Heinz (H.J.) Co................... 15,646 684,513
Hercules, Inc. ................... 4,738 66,628
Hershey Food Corp................. 6,093 295,511
Hewlett-Packard Co. .............. 44,424 5,547,447
Hilton Hotels Corp. .............. 16,436 154,088
Home Depot, Inc. ................. 102,765 5,131,827
Homestake Mining Co............... 11,598 79,736
Honeywell International, Inc. .... 35,454 1,194,357
Household International, Inc. .... 21,018 873,561
Humana, Inc. ..................... 7,466 36,397
Huntington Bancshares, Inc. ...... 9,861 155,927
Illinois Tool Works, Inc. ........ 13,390 763,230
IMS Health, Inc. ................. 13,202 237,636
Inco Ltd.......................... 8,071 124,092
Ingersoll Rand Co................. 7,189 289,357
Intel Corp. ...................... 148,760 19,887,353
International Paper Co............ 21,485 640,522
Interpublic Group of Cos., Inc.... 13,401 576,243
Intl. Business Machines Corp. .... 78,748 8,627,828
Intl. Flavors & Fragrances........ 4,567 137,866
ITT Industries, Inc. ............. 3,917 118,979
Jefferson-Pilot Corp.............. 4,579 258,427
Johnson & Johnson................. 61,782 6,294,041
Johnson Controls, Inc. ........... 3,802 195,090
Kansas City Southern Inds. ....... 4,950 439,003
Kaufman & Broad Home Corp. ....... 2,124 42,082
Kellogg Co. ...................... 18,015 535,946
Kerr-McGee Corp................... 4,186 246,712
KeyCorp........................... 19,313 340,392
Kimberly Clark Corp. ............. 24,679 1,415,958
KLA Tencor Corp. ................. 8,261 483,785
Kmart Corp........................ 21,366 145,556
Knight-Ridder, Inc. .............. 3,450 183,497
Kohl's Corp. .................... 14,489 805,951
Kroger Co......................... 37,075 817,967
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
-------- ------------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Legget & Platt.................... 8,747 $ 144,326
Lehman Brothers Holdings, Inc. ... 5,368 507,612
Lexmark Int'l, Inc. .............. 5,741 386,082
Lilly (Eli) & Co.................. 50,165 5,010,229
Limited, Inc. .................... 19,084 412,692
Lincoln National Corp............. 8,516 307,641
Linear Technology Corp. .......... 13,819 883,552
Liz Claiborne, Inc. .............. 2,424 85,446
Lockheed Martin Corp. ............ 17,779 441,141
Loews Corp........................ 4,380 262,800
Longs Drug Stores Corp. .......... 1,750 38,063
Louisiana-Pacific Corp. .......... 4,627 50,319
Lowe's Companies, Inc. ........... 16,982 697,323
LSI Logic Corp.................... 13,635 737,994
Lucent Technologies............... 144,646 8,570,276
Mallinckrodt, Inc. ............... 2,985 129,661
Manor Care, Inc. ................. 4,592 32,144
Marriott International, Inc. ..... 10,644 383,849
Marsh & McLennan Cos., Inc. ...... 11,974 1,250,535
Masco Corp........................ 19,920 359,805
Mattel, Inc. ..................... 18,908 249,349
Maxim Integrated Products, Inc. .. 12,549 852,548
May Department Stores Co.......... 14,770 354,480
Maytag Corp....................... 3,482 128,399
MBIA, Inc. ....................... 4,370 210,579
MBNA Corp......................... 35,614 966,030
McDermott International, Inc. .... 2,653 23,380
McDonald's Corp................... 59,354 1,954,972
McGraw-Hill Cos., Inc. ........... 8,640 466,560
McKesson HBOC, Inc. .............. 12,549 262,745
Mead Corp......................... 4,574 115,494
Medimmune, Inc. .................. 9,269 685,906
Medtronic, Inc. .................. 53,165 2,648,282
Mellon Financial Corp............. 21,819 795,030
Merck & Co., Inc. ................ 102,138 7,826,324
Mercury Interactive Corp. ........ 3,400 328,950
Meredith Corp..................... 2,250 75,938
Merrill Lynch & Co., Inc. ........ 17,229 1,981,335
MGIC Investment Corp.............. 4,711 214,351
Micron Technology, Inc. .......... 24,645 2,170,300
Microsoft Corp. .................. 233,751 18,700,046
Millipore Corp.................... 2,046 154,217
Minnesota Mining & Mfg. Co........ 17,581 1,450,433
Molex Inc., Cl A.................. 8,732 420,228
Morgan (J.P.) & Co., Inc. ........ 7,211 794,111
Morgan Stanley Dean Witter........ 50,275 4,185,394
Motorola, Inc. ................... 95,601 2,778,404
Nabisco Group Holdings............ 14,534 376,976
National City Corp. .............. 26,928 459,459
National Semiconductor Corp....... 7,842 445,034
National Service Industries....... 1,813 35,354
Navistar International Corp....... 2,749 85,391
NCR Corp.......................... 4,226 164,550
Network Appliance, Inc. .......... 13,529 1,089,085
New Century Energies, Inc. ....... 5,149 154,470
New York Times Co. Cl A........... 7,549 298,186
Newell Rubbermaid, Inc. .......... 11,839 304,854
Newmont Mining Corp............... 7,469 161,517
Nextel Communications, Inc. ...... 33,685 2,061,101
Niagara Mohawk Holdings, Inc. .... 7,656 106,706
Nicor, Inc. ...................... 2,063 67,305
Nike, Inc. Cl B................... 12,146 483,563
Nordstrom, Inc. .................. 5,979 144,243
Norfolk Southern Corp............. 16,961 252,295
Nortel Networks Corp. Holding..... 131,582 8,980,472
Northern States Power Co.......... 6,979 140,889
Northern Trust Corp............... 9,874 642,427
Northrop Grumman Corp............. 3,095 205,044
Novell, Inc. ..................... 14,633 135,355
Novellus Systems, Inc. ........... 5,802 328,176
Nucor Corp........................ 3,778 125,382
Occidental Petroleum Corp......... 16,381 345,025
Office Depot, Inc. ............... 14,045 87,781
Old Kent Financial Corp........... 6,101 163,188
Omnicom Group, Inc. .............. 7,891 702,792
Oneok, Inc. ...................... 1,297 33,641
Oracle Corp....................... 126,080 10,598,600
Owens Corning..................... 2,441 22,579
Owens-Illinois, Inc. ............. 6,510 76,086
Paccar, Inc. ..................... 3,399 134,898
Pactiv Corp....................... 7,505 59,102
Paine Webber Group, Inc. ......... 6,469 294,340
Pall Corp......................... 5,533 102,361
Parametric Technology Corp........ 12,260 134,860
Parker Hannifin Corp.............. 4,991 170,942
Paychex, Inc. .................... 16,483 692,286
PE Corp-PE Biosystems Group....... 9,253 609,541
Peco Energy Co.................... 7,532 303,634
Penney (J.C.) Co., Inc. .......... 11,597 213,820
Peoples Energy Corp............... 1,581 51,185
Peoplesoft, Inc. ................. 12,259 205,338
PepsiCo, Inc. .................... 64,009 2,844,400
Perkin Elmer, Inc. ............... 2,183 144,351
Pfizer, Inc. ..................... 279,598 13,420,704
PG & E Corp....................... 17,111 421,358
Pharmacia Corp.................... 56,382 2,914,245
Phelps Dodge Corp................. 3,497 130,045
Phillip Morris Cos., Inc. ........ 101,573 2,698,033
Phillips Petroleum Co. ........... 11,288 572,161
Pinnacle West Capital Corp........ 3,776 127,912
Pitney Bowes, Inc. ............... 11,449 457,960
Placer Dome, Inc. ................ 14,510 138,752
PNC Financial Services Group...... 12,899 604,641
Polaroid Corp. ................... 1,984 35,836
Potlatch Corp..................... 1,289 42,698
PPG Industries, Inc. ............. 7,745 343,200
PPL Corporation................... 6,403 140,466
Praxair, Inc. .................... 7,003 262,175
Price (T. Rowe) Associates........ 5,364 227,970
Proctor & Gamble Co. ............. 58,095 3,325,939
Progressive Corp. of Ohio......... 3,244 240,056
Providian Financial Corp.......... 6,326 569,340
Public Svc. Enterprise Group...... 9,610 332,746
Pulte Corp. ...................... 1,829 39,552
Quaker Oats Co. .................. 5,815 436,852
Qualcomm, Inc. ................... 32,916 1,974,960
Quintiles Transnational Corp...... 5,122 72,348
Radioshack Corp................... 8,291 392,786
Ralston Purina Co................. 13,596 271,070
Raytheon Co....................... 15,081 290,309
Reebok International Ltd.......... 2,506 39,939
Regions Financial Corp............ 9,801 194,795
Reliant Energy, Inc. ............. 13,133 388,244
Rite-Aid Corp..................... 11,539 75,725
Rockwell Intl., Corp.............. 8,352 263,088
Rohm Haas Co...................... 9,662 333,339
Rowan Cos., Inc. ................. 4,169 126,633
Royal Dutch Petroleum Co. N.Y. ... 95,248 5,863,705
Russell Corp. .................... 1,472 29,440
Ryder System, Inc. ............... 2,642 50,033
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
-------- ------------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Sabre Group Holdings, Inc. ....... 5,769 $ 164,417
Safeco Corp....................... 5,669 112,671
Safeway, Inc. .................... 22,050 995,006
Sanmina Corp...................... 6,585 563,018
Sapient Corp...................... 2,613 279,428
Sara Lee Corp..................... 38,625 745,945
SBC Communications, Inc. ......... 151,101 6,535,119
Schering-Plough Corp.............. 65,034 3,284,217
Schlumberger, Ltd................. 25,277 1,886,296
Scientific-Atlanta, Inc. ......... 7,074 527,013
Seagate Technology................ 10,093 555,115
Seagram Co. Ltd. (The)............ 19,386 1,124,388
Sealed Air Corp. (New)............ 3,722 194,940
Sears Roebuck & Co................ 15,660 510,908
Sempra Energy..................... 9,106 154,802
Sherwin-Williams Co............... 7,274 154,118
Siebel Systems, Inc. ............. 8,866 1,450,145
Sigma-Aldrich Corp................ 3,786 110,741
SLM Holding Corp.................. 6,956 260,415
Snap-On, Inc. .................... 2,607 69,411
Solectron Corp.................... 26,483 1,108,976
Southern Co....................... 28,811 671,656
SouthTrust Corp................... 7,477 169,167
Southwest Airlines Co............. 22,042 417,420
Springs Industries, Inc. Cl A..... 796 25,621
Sprint Corp. (FON Group).......... 38,938 1,985,838
Sprint Corp. (PCS Group).......... 40,653 2,418,854
St. Jude Medical, Inc. ........... 3,724 170,839
St. Paul Companies, Inc. ......... 9,420 321,458
Stanley Works..................... 3,893 92,459
Staples, Inc. .................... 21,514 330,778
Starbucks Corp. .................. 8,153 311,343
State Street Corp................. 7,146 757,923
Summit Bancorp.................... 7,788 191,780
Sun Microsystems, Inc. ........... 70,467 6,408,093
Sunoco, Inc. ..................... 3,931 115,719
Suntrust Banks, Inc. ............. 13,434 613,766
Supervalu, Inc. .................. 5,840 111,325
Synovus Financial Corp............ 12,543 221,070
Sysco Corp. ...................... 14,801 623,492
Target Corp....................... 20,255 1,174,790
Tektronix, Inc. .................. 2,141 158,434
Tellabs, Inc. .................... 18,189 1,244,810
Temple-Inland, Inc. .............. 2,328 97,776
Tenet Healthcare Corp............. 13,876 374,652
Teradyne, Inc. ................... 7,693 565,436
Texaco, Inc. ..................... 24,521 1,305,743
Texas Instruments, Inc. ......... 72,687 4,992,688
Textron, Inc. .................... 6,405 347,872
Thermo Electron Corp.............. 6,924 145,837
Thomas & Betts Corp. ............. 2,576 49,266
Tiffany & Co...................... 3,215 217,013
Time Warner, Inc. ................ 58,444 4,441,744
Timken Co. ....................... 2,708 50,437
TJX Companies, Inc. .............. 13,325 249,844
Torchmark Corp. .................. 5,692 140,521
Tosco Corp. ...................... 6,414 181,596
Toys R Us, Inc. .................. 9,605 139,873
Transocean Sedco Forex, Inc. ..... 9,348 499,534
Tribune Co........................ 13,697 479,395
Tricon Global Restaurants Inc. ... 6,549 185,009
TRW, Inc. ........................ 5,479 237,652
Tupperware Corp................... 2,569 56,518
TXU Corp.......................... 11,714 345,563
Tyco International Ltd............ 74,980 3,552,178
U.S. Bancorp...................... 33,396 642,873
U.S. West, Inc. .................. 22,551 1,933,748
Unicom Corp....................... 7,897 305,515
Unilever N.V...................... 25,389 1,091,727
Union Carbide Corp. .............. 5,983 296,159
Union Pacific Corp. .............. 11,009 409,397
Union Pacific Resources Group..... 11,233 247,126
Union Planters Corp............... 6,011 167,932
Unisys Corp....................... 13,810 201,108
United Technologies Corp.......... 20,900 1,230,488
UnitedHealth Group Inc. .......... 7,214 618,601
Unocal Corp. ..................... 10,804 357,883
UNUMProvident Corp. .............. 10,696 214,589
US Airways Group Inc. ............ 2,959 115,401
UST, Inc. ........................ 7,205 105,823
USX-Marathon Group................ 13,847 347,040
USX-U.S. Steel Group.............. 3,939 73,118
V F Corp.......................... 5,072 120,777
Veritas Software Corp............. 17,363 1,962,290
Verizon Communications............ 68,657 3,488,634
Viacom, Inc. Cl B................. 67,739 4,618,953
Visteon Corp...................... 5,770 69,960
Vulcan Materials Co. ............. 4,459 190,344
W.R. Grace & Co. ................. 2,998 36,351
Wachovia Corp. ................... 8,993 487,870
Walgreen Co....................... 44,768 1,440,970
Wal-Mart Stores, Inc. ............ 197,976 11,408,367
Washington Mutual, Inc. .......... 24,331 702,558
Waste Management, Inc. ........... 27,614 524,666
Watson Pharmaceuticals, Inc. ..... 4,277 229,889
Wellpoint Health Networks Inc. ... 2,757 199,710
Wells Fargo & Company............. 71,568 2,773,260
Wendy's International, Inc. ...... 5,052 89,989
Westvaco Corp. ................... 4,470 110,912
Weyerhaeuser Co................... 10,348 444,964
Whirlpool Corp.................... 3,244 151,252
Willamette Industries, Inc. ...... 4,920 134,070
Williams Cos., Inc. .............. 19,623 818,034
Winn-Dixie Stores, Inc. .......... 6,419 91,872
WorldCom Inc. .................... 127,174 5,834,107
Worthington Industries, Inc. ..... 3,829 40,205
Wrigley (Wm.) Jr. Co.............. 5,069 406,470
Xerox Corp........................ 29,602 614,242
Xilinx, Inc. ..................... 14,272 1,178,332
Yahoo!, Inc. ..................... 24,131 2,989,228
Young & Rubicam, Inc. ............ 3,206 183,343
------------
TOTAL COMMON STOCKS
(Cost: $381,077,075) 98.7%...................... 556,960,553
------------
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<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)............................................... 5.60% 08/31/00 $ 100,000 $ 99,080
U.S. Treasury Bill(a)............................................... 5.84 08/31/00 450,000 445,550
------------
544,630
------------
COMMERCIAL PAPER (1.2%)
American Express Credit Corp........................................ 6.78 07/07/00 2,460,000 2,457,220
Ford Motor Credit Corp.............................................. 6.72 07/03/00 4,611,000 4,609,277
------------
7,066,497
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $7,611,058) 1.3%................................................................................. 7,611,127
------------
TOTAL INVESTMENTS
(Cost: $388,688,133) 100.0%............................................................................. $564,571,680
============
</TABLE>
----------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 2000:
<TABLE>
<CAPTION>
Expiration Underlying Face Unrealized
Date Amount at Value (Loss)
---------- --------------- ----------
PURCHASED
<S> <C> <C> <C>
21 S&P 500 Stock Index Futures Contracts............................... September 2000 $7,707,525 $(100,800)
========== =========
</TABLE>
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 1.4%.
----------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
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
June 30, 2000 (Unaudited)
Shares Value
------- ------------
INDEXED ASSETS:
COMMON STOCKS
A. Schulman, Inc. ................ 1,609 $ 19,409
Abercrombie & Fitch Co. Cl A...... 5,329 64,947
ACNielsen Corp. .................. 3,002 66,044
Acuson Corp....................... 1,457 19,670
Acxiom Corp....................... 4,563 124,342
Adtran, Inc. ..................... 2,047 122,564
Affiliated Computer Svcs.......... 2,609 86,260
AGCO Corp......................... 3,089 37,840
AGL Resources, Inc. .............. 2,861 45,597
Airborne Freight Corp............. 2,583 48,916
Airgas, Inc. ..................... 3,632 20,657
AK Steel Holding Corp............. 5,856 46,848
Alaska Air Group, Inc. ........... 1,370 37,161
Albany International Corp. Cl A... 1,577 22,867
Albemarle Corp.................... 2,424 47,874
Alexander & Baldwin, Inc. ........ 2,192 48,361
Allamerica Financial Corp......... 2,813 147,331
Allegheny Energy, Inc. ........... 5,820 159,323
Alliant Energy Corp............... 4,163 108,238
Ambac Financial Group, Inc. ...... 3,680 201,710
American Eagle Outfitters......... 2,419 33,866
American Financial Group.......... 3,085 76,547
American Standard Cos., Inc. ..... 3,701 151,741
American Water Works Co. ......... 5,152 128,800
Ametek, Inc. ..................... 1,667 29,173
ANTEC Corp........................ 1,987 82,585
Apollo Group, Inc. Cl A........... 3,988 111,664
Apria Healthcare Group, Inc. ..... 2,700 33,075
Arnold Industries, Inc. .......... 1,277 15,404
Arrow Electronics, Inc. .......... 5,087 157,697
Arvin Industries, Inc. ........... 1,338 23,248
Associated Banc-Corp.............. 3,648 79,572
Astoria Financial Corp............ 2,707 69,705
Atmel Corp........................ 11,689 431,032
Avnet, Inc. ...................... 2,324 137,697
Bandag, Inc. ..................... 1,095 26,554
Banknorth Group, Inc. ............ 7,755 118,748
Banta Corp. ...................... 1,378 26,096
Barnes & Noble, Inc. ............. 3,453 76,829
Beckman Coulter, Inc. ............ 1,547 90,306
Belo (A.H.) Corp.................. 6,264 108,446
Bergen Brunswig Corp. ............ 6,965 38,308
BJ Services Co.................... 4,371 273,188
BJ's Wholesale Club, Inc. ........ 3,876 127,908
Black Hills Corp.................. 1,106 24,954
Blyth, Inc. ...................... 2,509 74,016
Bob Evans Farms, Inc. ............ 1,947 29,083
Borders Group, Inc. .............. 4,040 62,872
Borg-Warner, Inc. ................ 1,402 49,245
Bowater, Inc. .................... 2,716 119,844
Brinker International, Inc. ...... 3,438 100,562
BroadWing, Inc. .................. 11,218 290,967
Buffets, Inc. .................... 2,181 27,671
Burlington Industries............. 2,733 4,612
Burr-Brown Corp. ................. 2,945 255,295
C.H. Robinson Worldwide, Inc. .... 2,229 110,336
Cabot Corp. ...................... 3,534 96,302
Cadence Design Systems, Inc. ..... 12,945 263,754
Callaway Golf Co.................. 4,050 66,066
Calpine Corp...................... 6,722 441,972
Cambridge Tech. Partners, Inc. ... 3,288 28,667
Carlisle Companies, Inc........... 1,594 71,730
Carpenter Technology Corp......... 1,137 24,019
Carter-Wallace, Inc. ............. 2,334 46,972
CBRL Group, Inc. ................. 3,040 44,650
CCB Financial Corp. .............. 2,045 75,665
CDW Computers Centers, Inc. ...... 4,580 286,250
Checkfree Holdings Corp. ......... 3,030 156,234
Chesapeake Corp................... 846 25,063
Chiron Corp....................... 9,468 449,730
Chris-Craft Industries, Inc. ..... 1,838 121,423
Church & Dwight................... 2,014 36,252
Cintas Corp....................... 8,825 323,767
Cirrus Logic, Inc. ............... 3,477 55,632
City National Corp................ 2,503 86,979
Claire's Stores, Inc. ............ 2,654 51,090
Clayton Homes, Inc. .............. 7,255 58,040
Cleco Corporation................. 1,166 39,061
Cleveland Cliffs, Inc. ........... 572 14,765
CMP Group, Inc. .................. 1,683 49,333
CNF Transportation, Inc. ......... 2,557 58,172
Comdisco, Inc. ................... 8,025 179,058
CommScope, Inc. .................. 2,690 110,290
Compass Bancshares Inc. .......... 6,358 108,483
COMSAT Corp....................... 2,808 69,323
Concord EFS, Inc. ................ 11,188 290,888
Conectiv, Inc. ................... 4,824 75,074
Consolidated Papers............... 4,804 175,646
Covance, Inc. .................... 3,009 26,517
Crompton Corp..................... 6,000 73,500
CSG Systems Intl., Inc. .......... 2,748 154,060
Cybex Corp........................ 2,230 95,890
Cypress Semiconductor Corp........ 6,295 265,964
Cytec Industries, Inc. ........... 2,190 54,066
Dean Foods Co..................... 1,916 60,713
Dentsply International, Inc. ..... 2,738 84,365
Devon Energy Corp................. 4,559 256,159
DeVry, Inc. ...................... 3,667 96,946
Dexter Corp....................... 1,218 58,464
Dial Corp......................... 5,000 51,875
Diebold, Inc. .................... 3,751 104,559
Dime Bancorp, Inc. ............... 5,887 92,720
Dole Food Company................. 2,895 47,406
Dollar Tree Stores................ 5,413 214,152
Donaldson Company, Inc. .......... 2,388 47,163
DPL, Inc. ........................ 6,931 152,049
DQE, Inc. ........................ 3,569 140,976
Dreyers Grand Ice Cream, Inc. .... 1,481 31,101
DST Systems, Inc. ................ 3,307 251,745
Dynergy, Inc. .................... 8,020 547,866
E*Trade Group, Inc. .............. 15,372 253,638
Edwards (A.G.), Inc. ............. 4,699 183,261
Edwards Lifesciences Corp......... 3,061 58,542
Electronic Arts, Inc. ............ 3,386 246,966
Energizer Holdings Inc. .......... 5,302 96,762
Energy East Corporation........... 6,527 124,421
ENSCO International, Inc. ........ 7,266 260,214
Ethyl Corp........................ 4,329 10,823
Everest RE Group.................. 2,435 80,051
Express Scripts, Inc. Cl A........ 1,998 124,126
Family Dollar Stores, Inc. ....... 8,966 175,397
Fastenal Co....................... 1,999 101,199
Federal Signal Corp............... 2,391 39,452
Federal-Mogul Corp. .............. 3,716 35,534
Ferro Corp........................ 1,830 38,430
Finova Group, Inc. ............... 3,175 41,275
First Health Group Corp. ......... 2,545 83,508
First Security Corp. ............. 10,349 140,358
First Tennessee Natl. Corp........ 6,851 113,470
First Virginia Banks, Inc. ....... 2,500 87,031
The accompanying notes are an integral part of these financial statements.
25
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- ------------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Firstmerit Corp. ................. 4,658 $ 99,565
Fiserv, Inc. ..................... 6,473 279,957
Flowers Industries, Inc. ......... 5,269 105,051
Flowserve Corporation............. 1,935 29,146
Forest Laboratories, Inc. ........ 4,452 449,652
Foundation Health Systems Cl A.... 6,443 83,759
Fuller( H.B.) Co.................. 727 33,124
Furniture Brands Intl., Inc. ..... 2,559 38,705
Galileo International, Inc. ...... 4,819 100,597
Gartner Group, Inc. Cl B.......... 4,570 45,129
GATX Corp......................... 2,513 85,442
Genzyme Surgical Products......... 4,469 265,626
Georgia Gulf Corp................. 1,651 34,361
Georgia-Pacific Group............. 4,249 91,885
Gilead Sciences, Inc. ............ 2,347 166,930
Glatfelter (P.H.) Co.............. 2,190 22,311
Global Marine, Inc. .............. 9,226 260,058
Granite Construction.............. 1,438 35,231
Grant Prideco, Inc. .............. 5,712 142,800
Greenpoint Financial Corp......... 5,434 101,888
GTECH Holdings Corp............... 1,807 40,996
Hanna ( M. A.) Co................. 2,536 22,824
Hannaford Brothers Co............. 2,275 163,516
Hanover Compressor Co............. 3,044 115,672
Harris Corp....................... 3,645 119,374
Harsco Corp....................... 2,080 53,040
Harte-Hanks, Inc. ................ 3,601 90,025
Hawaiian Electric Inds............ 1,703 55,880
Health Management Associates...... 13,140 171,641
Helmerich & Payne, Inc. .......... 2,620 97,923
Hibernia Corp. Cl A............... 8,418 91,546
Hillenbrand Industries, Inc. ..... 3,305 103,488
Hispanic Broadcasting Corp. ...... 5,686 188,349
HON Industries, Inc. ............. 3,130 73,555
Horace Mann Educators Corp. ...... 2,127 31,905
Hormel Foods Corp................. 7,487 125,875
Houghton Mifflin Co............... 1,664 77,688
HSB Group, Inc. .................. 1,509 46,968
Hubbell, Inc. Cl B................ 3,296 84,048
IBP, Inc. ........................ 5,527 85,323
ICN Pharmaceuticals, Inc. ........ 4,187 116,451
IdaCorp, Inc. .................... 1,982 63,920
IDEC Pharmaceuticals Corp. ....... 2,340 274,511
Imation Corp...................... 1,890 55,519
IMC Global, Inc. ................. 6,034 78,442
INCYTE Pharmaceuticals, Inc. ..... 1,676 137,746
Informix Corp..................... 14,776 109,897
Integrated Device Tech., Inc. .... 4,929 295,124
International Game Technology..... 3,802 100,753
International Multifoods Corp..... 971 16,810
International Speedway Corp....... 2,798 115,767
Interstate Bakeries Corp. ........ 3,478 48,692
Intuit, Inc. ..................... 10,628 439,734
Investment Technology Grp., Inc. . 1,609 68,483
IPALCO Enterprises, Inc. ......... 4,516 90,885
Ivax Corp. ....................... 8,210 340,715
J.B. Hunt Transport Srvcs, Inc. .. 1,847 28,513
J.M. Smucker Co................... 1,503 28,933
Jabil Circuit, Inc. .............. 9,998 496,151
Jacobs Engineering Group, Inc. ... 1,382 45,174
Jones Apparel Group, Inc. ........ 6,241 146,664
Kansas City Power & Light......... 3,262 73,395
Kaydon Corp....................... 1,596 33,516
Keane, Inc. ...................... 3,717 80,380
Kelly Services, Inc. ............. 1,860 43,013
Kennametal, Inc. ................. 1,567 33,593
Keyspan Corporation............... 7,055 216,941
Keystone Financial, Inc. ......... 2,578 54,783
Kinder Morgan, Inc. .............. 6,016 207,928
L-3 Communications Hldgs., Inc. .. 1,734 98,946
Lancaster Colony Corp. ........... 2,070 39,718
Lance Inc. ....................... 1,553 13,977
Lands End, Inc. .................. 1,564 52,199
Lear Corp. ....................... 3,480 69,600
Lee Enterprises................... 2,299 53,595
Legato Systems, Inc. ............. 4,573 69,167
Legg Mason, Inc. ................. 3,310 165,500
LG & E Energy Corp................ 6,834 163,162
Lincare Holdings, Inc. ........... 2,802 68,999
Litton Industries, Inc. .......... 2,399 100,758
Lone Star Steakhouse.............. 1,365 13,821
Longview Fibre Co................. 2,679 29,636
Lubrizol Corp. ................... 2,832 59,472
Lyondell Petrochemical Co. ....... 6,195 103,766
Macromedia Inc. .................. 2,599 251,291
Magnatek, Inc. ................... 1,239 9,912
Mandalay Resort Group............. 4,779 95,580
Manpower, Inc. ................... 4,001 128,032
MarchFirst, Inc. ................. 7,738 141,219
Mark IV Industries, Inc. ......... 2,335 48,743
Marshall & Ilsley Corp............ 5,481 227,462
Martin Marietta Materials......... 2,464 99,638
Maxxam, Inc. ..................... 362 6,426
McCormick & Co., Inc. ............ 3,620 117,650
MCN Energy Group Inc. ............ 4,514 96,487
Media General Inc. Cl A........... 1,293 62,791
Mentor Graphics Corp.............. 3,329 66,164
Mercantile Bankshares Corp. ...... 3,575 106,580
Meritor Automotive, Inc. ......... 3,283 36,113
Micrel, Inc. ..................... 4,424 192,168
Microchip Technology, Inc. ....... 4,119 239,996
Millennium Pharmaceuticals Inc. .. 4,821 539,349
Miller (Herman), Inc. ............ 4,138 107,071
Minerals Technologies, Inc. ...... 1,096 50,416
Minimed, Inc. .................... 1,673 197,414
Minnesota Power & Light........... 3,899 67,501
Modine Manufacturing Co........... 1,527 41,229
Modis Professional Services....... 5,082 45,103
Mohawk Industries, Inc. .......... 2,854 62,075
Montana Pwr. Co. ................. 5,563 196,443
Murphy Oil Corp. ................. 2,372 140,986
Mylan Laboratories, Inc. ......... 6,816 124,392
Nabors Industries, Inc. .......... 7,675 318,992
National Fuel Gas Co. ............ 2,064 100,620
Natl. Commerce Bancorp............ 5,695 91,476
Navigant Consulting Co. .......... 2,158 9,172
NCH Corp.......................... 285 10,313
NCO Group, Inc. .................. 1,316 30,433
Neiman-Marcus Group, Inc. ........ 2,545 76,827
Networks Associates, Inc. ........ 7,309 148,921
Newport News Shipbuilding Inc. ... 1,633 60,013
NiSource, Inc. ................... 6,382 118,865
Noble Affiliates, Inc. ........... 2,958 110,186
Noble Drilling Corp............... 7,040 289,960
Nordson Corp...................... 852 43,133
North Fork Bancorp, Inc. ......... 9,143 138,288
Northeast Utilities............... 7,827 170,237
NOVA Corp......................... 3,667 102,447
NSTAR............................. 2,950 120,028
NVIDIA Corporation................ 3,278 208,358
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)
June 30, 2000 (Unaudited)
Shares Value
------- ------------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Ocean Energy, Inc. ............... 8,827 $ 125,233
OfficeMax, Inc. .................. 5,890 29,450
Ogden Corp........................ 2,565 23,085
OGE Energy Corp................... 4,103 75,906
Ohio Casualty Corp................ 3,115 33,097
Old Republic Intl. Corp........... 6,246 103,059
Olin Corp......................... 2,337 38,561
Omnicare, Inc. ................... 4,856 44,008
Outback Steakhouse, Inc. ......... 4,109 120,188
Overseas Shipholding Group........ 1,745 42,971
Oxford Health Plans, Inc. ........ 4,329 103,084
Pacific Century Finl Corp......... 4,158 60,811
Pacificare Health Systems, Inc. .. 1,854 111,588
Papa John's Intl., Inc. .......... 1,329 32,561
Park Place Entertainment.......... 16,012 195,146
Payless Shoesource, Inc. ......... 1,199 61,449
Pennzoil-Quaker State Co.......... 4,130 49,818
Pentair, Inc. .................... 2,555 90,703
Perrigo Co........................ 3,804 24,013
Pioneer Natural Resources Co...... 5,202 66,326
Pittston Bax Group................ 2,729 37,353
Policy Management Systems Corp.... 1,844 28,352
Polycom, Inc. .................... 1,863 175,297
Potomac Electric Power Co......... 6,246 156,150
Powerwave Technologies Inc........ 3,230 142,120
Precision Castparts Corp.......... 1,297 58,689
Protective Life Corp.............. 3,401 90,552
Provident Financial Group......... 2,568 61,151
PSS World Medical Inc. ........... 3,679 24,718
Public Service Co. New Mexico..... 2,115 32,650
Puget Sound Power & Light Co...... 4,491 95,714
QlLogic Corporation............... 3,871 255,728
Quanta Services, Inc. ............ 3,043 167,365
Quantum Corp.- Hard Disk Drive.... 8,490 82,247
Quest Diagnostics, Inc. .......... 2,340 167,456
Questar Corp...................... 4,216 81,685
Quorum Health Group, Inc. ........ 3,666 37,806
Rational Software Corp............ 4,677 434,669
Rayonier, Inc. ................... 1,424 51,086
Reader's Digest Assn.............. 5,524 219,579
Reliastar Financial Corp. ........ 4,717 247,348
Reynolds & Reynolds Co. .......... 3,993 72,872
RJ Reynolds Tobacco Holdings...... 5,448 152,204
Robert Half Intl., Inc. .......... 9,358 266,703
Rollins, Inc. .................... 1,559 23,190
Ross Stores, Inc. ................ 4,666 79,614
RPM, Inc. ........................ 5,582 56,518
Ruddick Corp. .................... 2,407 28,433
Ryerson Tull, Inc. ............... 1,284 13,322
Saks Incorporated................. 7,498 78,729
Santa Fe Snyder Corp. ............ 9,565 108,802
Sawtek, Inc. ..................... 2,241 128,998
SCANA Corp. ...................... 5,519 133,146
Scholastic Corp................... 895 54,707
SCI Systems, Inc. ................ 7,632 299,079
Semtech Corp. .................... 1,718 131,400
Sensormatic Electronics Corp. .... 4,059 64,183
Sepracor, Inc. ................... 3,843 463,562
Sequa Corp. Cl A.................. 537 20,507
Shaw Industries................... 6,785 84,813
Sierra Pacific Resources.......... 4,067 51,088
Six Flags, Inc. .................. 4,146 94,322
Smith International, Inc. ........ 2,656 193,390
Solutia, Inc. .................... 5,712 78,540
Sonoco Products Co. .............. 5,241 107,768
Sotheby's Holdings................ 3,048 53,340
Southdown, Inc. .................. 1,892 109,263
Sovereign Bancorp, Inc. .......... 11,899 83,665
SPX, Inc. ........................ 1,659 200,635
Standard Register Co. ............ 1,444 20,577
Steris Corp. ..................... 3,501 31,071
Stewart & Stevenson Svcs., Inc. .. 1,450 21,841
Stewart Enterprises............... 5,601 19,779
Storage Technology Corp........... 5,308 58,056
Structural Dynamics Research...... 1,853 27,911
Stryker Corp. .................... 10,269 449,269
Suiza Foods Corp. ................ 1,530 74,779
Sungard Data Sys Inc. ............ 6,932 214,892
Superior Industries Intl. ........ 1,382 35,587
Swift Transportation Co., Inc. ... 3,336 46,704
Sybase, Inc. ..................... 4,727 108,721
Sybron Intl. Corp................. 5,509 109,147
Sykes Enterprises, Inc. .......... 2,197 28,286
Sylvan Learning Systems, Inc. .... 2,230 30,663
Symantec Corp. ................... 3,130 168,824
Symbol Technologies, Inc. ........ 7,201 388,854
Synopsys, Inc. ................... 3,694 127,674
TCF Financial..................... 4,261 109,454
Tech Data Corp.................... 2,748 119,710
Teco Energy, Inc. ................ 6,602 132,453
Tecumseh Products Co. Cl A........ 1,035 39,524
Teleflex, Inc. ................... 2,009 74,459
Telephone & Data Systems, Inc. ... 3,189 319,697
The PMI Group, Inc. .............. 2,317 110,058
Tidewater, Inc. .................. 3,191 114,876
Titan Corp........................ 2,673 119,617
Transaction Systems Architects.... 1,689 28,924
Transwitch Corp. ................. 2,119 163,560
Trigon Healthcare, Inc. .......... 1,985 102,352
Trinity Industries................ 2,042 37,777
Triquint Semiconductor Inc. ...... 2,023 193,576
Tyson Foods, Inc. ................ 11,865 103,819
UCAR Int'l., Inc. ................ 2,338 30,540
Ultramar Diamond Shamrock Corp.... 4,572 113,443
Unifi, Inc. ...................... 3,069 37,979
Unitrin Inc. ..................... 3,637 106,837
Universal Corp. .................. 1,488 31,434
Universal Foods Corp. ............ 2,600 48,100
Univision Communications, Inc. ... 5,414 560,349
USG Corp.......................... 2,468 74,966
UtiliCorp United, Inc. ........... 4,933 98,043
Valassis Communication, Inc. .... 2,887 110,067
Valero Energy Corp................ 2,950 93,663
Valspar Corp...................... 2,252 76,005
Varco International, Inc. ........ 4,824 112,158
Vectren Corporation............... 3,230 55,718
Viad Corp. ....................... 4,926 134,234
Vishay Intertechnology, Inc. ..... 7,244 274,819
VISX, Inc. ....................... 3,201 89,828
Vitesse Semiconductor Corp. ...... 9,829 723,009
Waddell & Reed Financial, Inc. ... 4,327 141,980
Wallace Computer Svcs., Inc. ..... 2,173 21,458
Warnaco Group, Inc. Cl A.......... 2,885 22,359
Washington Gas Light Co. ......... 2,449 58,929
Washington Post Co. Cl. B......... 497 237,566
Waters Corp. ..................... 3,335 416,250
Wausau-Mosinee Paper Corp......... 2,666 22,828
Weatherford Internationa, Inc. ... 5,717 227,608
Webster Financial Corp............ 2,798 62,081
Wellman, Inc. .................... 1,662 26,904
The accompanying notes are an integral part of these financial statements.
27
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
Shares Value
------- ------------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
Westamerica Bancorp............... 1,912 $ 49,951
Westpoint Stevens, Inc. .......... 2,605 28,981
Westwood One, Inc. ............... 5,916 201,884
Whitman Corp...................... 7,183 88,890
Williams-Sonoma, Inc. ............ 2,971 96,372
Wilmington Trust Corp. ........... 1,689 72,205
Wisconsin Central Transport....... 2,658 34,554
Wisconsin Energy Corp............. 6,348 125,770
York International Corp........... 2,021 52,799
Zions Bancorporation.............. 4,516 207,242
------------
TOTAL COMMON STOCKS
(Cost: $44,197,339) 89.4%........... 45,170,630
------------
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID CAP-EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (1.1%)
U.S. Treasury Bill(a)....................................... 5.51% 07/06/00 $ 150,000 $ 149,884
U.S. Treasury Bill(a)....................................... 5.56 07/06/00 40,000 39,969
U.S. Treasury Bill(a)....................................... 5.73 07/27/00 65,000 64,729
U.S. Treasury Bill(a)....................................... 5.54 07/27/00 300,000 298,788
-----------
553,369
-----------
COMMERCIAL PAPER (9.5%)
American Express Credit Corp................................ 6.78 07/07/00 362,000 361,591
British Telecommun PLC...................................... 6.71 07/05/00 782,000 781,416
Ford Motor Credit Puerto Rico............................... 6.73 07/03/00 1,000,000 999,626
General Motors Acceptance Corp.............................. 6.78 07/07/00 867,000 866,020
UBS Finance (Delw.) Inc..................................... 6.96 07/03/00 395,000 394,847
UBS Finance (Delw.) Inc..................................... 6.65 07/05/00 700,000 699,482
Walt Disney Co.............................................. 6.54 07/07/00 690,000 689,247
-----------
4,792,229
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $5,345,598) 10.6%.............................................................................. 5,345,598
-----------
TOTAL INVESTMENTS
(Cost: $49,542,937) 100.0%............................................................................ $50,516,228
===========
</TABLE>
----------
FUTURES CONTRACTS OUTSTANDING AS OF June 30, 2000:
<TABLE>
<CAPTION>
Expiration Underlying Face Unrealized
Date Amount at Value (Loss)
-------------- --------------- ----------
<S> <C> <C> <C>
PURCHASED
21 S&P 500 Stock Index Futures Contracts............................... September 2000 $5,127,150 $(172,250)
========== =========
</TABLE>
The face value of futures purchased and outstanding as percentage of total
investment in securities: 10.1%.
-------------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
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
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (3.1%)
U.S. Treasury Bond.................................................. 6.13% 11/15/27 $ 6,000,000 $ 5,986,860
U.S. Treasury Strip................................................. 0.00 05/15/14 10,000,000 4,245,300
U.S. Treasury Strip................................................. 0.00 02/15/17 15,000,000 5,398,500
------------
15,630,660
------------
AGENCIES/OTHER GOVERNMENTS (37.1%)
Connecticut Housing Fin. Auth....................................... 7.63 05/15/21 2,500,000 2,379,700
FHLB................................................................ 0.00 07/07/22 50,000,000 8,047,000
FHLB................................................................ 0.00 07/14/17 25,000,000 6,226,500
FHLB................................................................ 0.00 07/07/17 125,000,000 31,171,250
FHLB................................................................ 0.00 06/26/17 50,000,000 12,375,000
FHLMC............................................................... 7.00 05/15/06 273,361 272,847
FHLMC............................................................... 7.63 09/09/09 97,000,000 95,636,180
FHLMC............................................................... 5.00 08/15/19 720,117 707,738
FHLMC............................................................... 8.50 08/01/02 150,054 150,906
FHLMC............................................................... 7.50 04/01/07 23,445 23,467
FHLMC............................................................... 6.50 04/15/08 604,236 601,022
FHLMC............................................................... 6.00 04/15/08 500,000 491,715
FHLMC............................................................... 6.38 11/15/06 802,396 797,879
FNMA................................................................ 6.00 06/25/19 900,000 880,875
FNMA................................................................ 7.00 12/25/18 18,038 17,954
FNMA................................................................ 7.00 10/25/05 424,152 422,692
FNMA................................................................ 8.00 07/15/06 322,742 326,170
FNMA................................................................ 5.00 04/25/21 504,615 482,851
FNMA................................................................ 6.25 01/25/20 843,646 835,733
Republic of Iceland................................................. 6.13 02/01/04 5,000,000 4,849,400
Suffolk County, New York............................................ 5.80 11/01/04 4,000,000 3,747,600
Suffolk County, New York............................................ 5.88 11/01/05 4,000,000 3,702,440
Tennessee Valley Authority.......................................... 7.85 06/15/44 10,000,000 10,142,600
------------
184,289,519
------------
BASIC MATERIALS (9.8%)
Cytec Industries, Inc............................................... 6.85 05/11/05 10,000,000 9,105,600
Georgia-Pacific Group.............................................. 8.63 04/30/25 7,000,000 6,546,680
Inco Ltd............................................................ 9.60 06/15/22 7,500,000 7,344,900
Millennium America Inc.............................................. 7.00 11/15/06 10,000,000 8,297,900
Millennium America Inc.............................................. 7.63 11/15/26 5,000,000 3,620,300
Praxair, Inc........................................................ 6.90 11/01/06 5,000,000 4,685,850
Solutia, Inc........................................................ 6.72 10/15/37 7,500,000 7,076,925
USX Corp. (U.S. Steel).............................................. 8.75 09/15/22 2,000,000 2,042,380
------------
48,720,535
------------
CONSUMER, CYCLICAL (11.0%)
Centex Corp......................................................... 8.75 03/01/07 2,000,000 2,032,880
Centex Corp......................................................... 7.38 06/01/05 5,000,000 4,822,300
Fruit of the Loom, Inc.............................................. 7.00 03/15/11 2,500,000 850,000
Fruit of the Loom, Inc.............................................. 7.38 11/15/23 1,250,000 631,250
Hasbro, Inc......................................................... 8.50 03/15/06 12,500,000 12,353,500
</TABLE>
The accompanying notes are an integral part of these financial statements.
30
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ------------ ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
CONSUMER, CYCLICAL (CONTINUED)
Kellwood, Co........................................................ 7.88% 07/15/09 $ 10,000,000 $ 8,742,000
Neiman-Marcus Group, Inc............................................ 7.13 06/01/28 2,500,000 2,150,175
Oakwood Homes Corp.................................................. 8.13 03/01/09 2,500,000 2,358,317
Polaroid Corp....................................................... 7.25 01/15/07 3,750,000 3,261,187
Pulte Corp. ........................................................ 7.63 10/15/17 7,500,000 5,968,800
Shopko Stores, Inc.................................................. 9.00 11/15/04 5,000,000 5,211,200
Tommy Hilfiger USA, Inc. ........................................... 6.50 06/01/03 5,000,000 3,800,000
V F Corp. .......................................................... 9.25 05/01/22 1,000,000 1,039,910
Venator Group, Inc.................................................. 7.00 10/15/02 2,000,000 1,800,000
------------
55,021,519
------------
CONSUMER, NON-CYCLICAL (2.9%)
Panamerican Beverages, Inc.......................................... 7.25 07/01/09 5,000,000 4,244,100
Ralston Purina Co................................................... 8.63 02/15/22 7,500,000 7,459,500
Supervalu, Inc...................................................... 8.88 11/15/22 2,500,000 2,589,574
------------
14,293,174
------------
ENERGY (4.3%)
Lyondell Chemical Co............................................... 10.25 11/01/10 7,500,000 7,371,750
Southern Union Co................................................... 7.60 02/01/24 10,000,000 9,134,300
Tosco Corp.......................................................... 8.25 05/15/03 5,000,000 5,037,750
------------
21,543,800
------------
FINANCIAL (11.5%)
Bear Stearns Cos., Inc.............................................. 6.63 10/01/04 2,000,000 1,909,480
Berkley (W.R.) Corp................................................. 8.70 01/01/22 5,000,000 4,842,250
Chase Manhattan Corp................................................ 6.88 12/12/12 5,000,000 4,627,950
Simon Property Group Inc............................................ 7.88 03/15/16 5,000,000 4,615,450
Executive Risk, Inc................................................. 7.13 12/15/07 5,000,000 4,930,300
Fairfax Financial Holdings, Ltd..................................... 8.25 10/01/15 2,500,000 2,283,925
First American Corp................................................. 7.55 04/01/28 1,500,000 1,315,200
Fremont General Corp................................................ 7.70 03/17/04 5,000,000 2,000,000
Harleysville Group Inc.............................................. 6.75 11/15/03 2,500,000 2,422,924
Lehman Brothers Holdings, Inc....................................... 0.00 07/28/28 10,000,000 1,034,400
Morgan (J.P.) & Co., Inc............................................ 0.00 04/15/27 32,500,000 3,711,825
Nationwide Health Properties........................................ 7.90 11/20/06 5,000,000 4,604,050
Progressive Corp. of Ohio........................................... 10.00 12/15/00 1,500,000 1,517,835
Rank Group Financial................................................ 6.75 11/30/04 5,000,000 4,621,950
SunAmerica, Inc..................................................... 9.95 02/01/12 5,000,000 6,079,750
Triad Guaranty...................................................... 7.90 01/15/28 3,250,000 3,161,155
Vesta Insurance Group Inc. ......................................... 8.75 07/15/25 5,000,000 3,366,050
------------
57,044,494
------------
HEALTHCARE (3.6%)
Aventis S.A......................................................... 7.75 01/15/02 3,000,000 2,985,870
Bausch & Lomb, Inc.................................................. 6.75 12/15/04 5,000,000 4,759,300
Bausch & Lomb, Inc.................................................. 6.15 08/01/01 5,000,000 4,934,800
Bausch & Lomb, Inc.................................................. 6.38 08/01/03 5,250,000 5,061,683
------------
17,741,653
------------
</TABLE>
The accompanying notes are an integral part of these financial statements
31
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ---------- -----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
INDUSTRIAL (10.8%)
Borg-Warner, Inc. .................................................. 8.00% 10/01/19 $ 10,000,000 $ 9,047,300
Browning-Ferris Inds., Inc.......................................... 7.88 03/15/05 5,000,000 4,711,600
Clark Equipment Co.................................................. 8.35 05/15/23 5,000,000 4,999,750
Geon Co............................................................. 7.50 12/15/15 3,750,000 3,551,438
Geon Co............................................................. 6.88 12/15/05 5,000,000 4,760,250
Owens Corning....................................................... 7.00 03/15/09 2,500,000 1,729,100
Thermo Electron Corp. .............................................. 4.25 01/01/03 7,500,000 6,918,750
Thermo Instrument Systems, Inc...................................... 4.00 01/15/05 10,000,000 8,200,000
Williams Cos., Inc.................................................. 6.50 11/15/02 10,000,000 9,755,700
------------
53,673,888
------------
TELECOMMUNICATIONS (0.7%)
Pacific Bell........................................................ 6.63 10/15/34 4,255,000 3,441,742
------------
UTILITIES (3.1%)
New Orleans Public Service.......................................... 8.00 03/01/06 4,000,000 4,007,240
Pacific Gas & Electric Co........................................... 8.75 01/01/01 2,000,000 2,013,500
UtiliCorp United, Inc............................................... 8.00 03/01/23 10,000,000 9,324,400
------------
15,345,140
------------
TOTAL LONG-TERM DEBT SECURITIES (Cost: $516,600,546) 97.9%................................................ 486,746,124
------------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (2.1%)
American Express Credit Corp........................................ 6.78 07/07/00 4,410,000 4,405,016
Emerson Electric.................................................... 6.92 07/05/00 430,000 429,669
Ford Motor Credit Corp.............................................. 6.72 07/03/00 2,647,000 2,646,011
Ford Motor Credit Puerto Rico....................................... 6.81 07/05/00 1,096,000 1,095,170
Sony Capital Corp................................................... 6.61 07/05/00 1,882,000 1,880,616
------------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $10,456,482) 2.1%................................................. 10,456,482
------------
TOTAL INVESTMENTS (Cost: $527,057,028) 100.0%............................................................. $497,202,606
============
</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.
32
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------- --------- ---------- ----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT SECURITIES:
U.S. GOVERNMENT (4.5%)
U.S. Treasury Note.................................................. 6.13% 07/31/00 $ 500,000 $ 500,000
----------
AGENCIES (70.0%)
FHLMC............................................................... 7.00 04/15/01 1,915 1,910
FHLMC............................................................... 8.00 04/01/02 83,985 84,159
FHLMC............................................................... 8.00 05/01/02 127,939 128,210
FHLMC............................................................... 8.50 08/01/02 166,309 167,254
FHLMC............................................................... 7.75 12/01/02 108,271 108,311
FHLMC............................................................... 7.00 05/15/06 136,680 136,423
FHLMC............................................................... 7.50 02/15/07 241,590 242,646
FHLMC............................................................... 7.00 03/15/07 251,234 249,663
FHLMC............................................................... 7.50 09/01/07 289,105 289,374
FHLMC............................................................... 7.25 11/01/07 138,930 138,648
FHLMC............................................................... 7.00 03/15/08 100,072 99,915
FHLMC............................................................... 7.75 05/01/08 348,999 348,126
FHLMC............................................................... 6.00 09/15/08 118,637 115,930
FHLMC............................................................... 8.25 10/01/09 219,721 221,683
FHLMC............................................................... 7.50 07/01/10 299,910 298,878
FHLMC............................................................... 8.00 05/01/14 181,594 182,653
FHLMC............................................................... 6.75 11/15/16 155,000 153,740
FHLMC............................................................... 8.50 09/01/17 92,322 93,823
FHLMC............................................................... 6.00 12/15/17 12,805 12,765
FHLMC............................................................... 5.00 04/25/19 300,000 291,375
FHLMC............................................................... 5.00 08/15/19 345,656 339,714
FHLMC............................................................... 7.50 03/15/21 197,574 198,129
FHLMC............................................................... 6.50 05/15/21 101,560 100,004
FHLMC............................................................... 6.00 05/15/22 94,326 92,380
FNMA................................................................ 6.03 06/12/03 200,000 194,156
FNMA................................................................ 8.25 10/01/05 26,599 26,537
FNMA................................................................ 7.00 10/25/05 181,779 181,154
FNMA................................................................ 7.00 11/25/05 199,356 198,670
FNMA................................................................ 8.50 06/01/06 376,966 383,940
FNMA................................................................ 7.50 11/25/06 373,807 374,391
FNMA................................................................ 7.50 02/25/07 213,423 213,956
FNMA................................................................ 7.75 03/01/08 178,987 179,777
FNMA................................................................ 8.00 04/01/08 126,284 128,384
FNMA................................................................ 7.50 01/01/09 154,900 154,942
FNMA................................................................ 8.25 01/01/10 349,476 353,345
FNMA................................................................ 8.00 06/01/17 107,085 107,668
FNMA................................................................ 6.30 09/25/18 295,386 292,615
FNMA................................................................ 7.00 12/25/18 18,038 17,954
FNMA................................................................ 5.50 04/25/19 20,178 20,071
FNMA................................................................ 6.50 04/25/19 288,190 286,388
FNMA................................................................ 6.10 08/25/21 91,086 89,434
FNMA................................................................ 7.50 10/25/23 399,576 400,447
GNMA................................................................ 9.50 12/20/03 32,274 32,858
GNMA................................................................ 9.00 03/15/10 117,099 120,906
----------
7,853,306
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
----- -------- ----------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT SECURITIES (CONTINUED):
CONSUMER, CYCLICAL (4.3%)
Hasbro, Inc. ....................................................... 7.95% 03/15/03 $ 250,000 $ 247,363
Jones Apparel Group, Inc. .......................................... 6.25 10/01/01 240,000 233,777
-----------
481,140
-----------
ENERGY (3.5%)
Columbia Energy Group............................................... 6.61 11/28/02 400,000 388,784
-----------
FINANCIAL (5.5%)
Chase Mortgage Finance Corp......................................... 6.50 09/25/09 500,000 496,404
FBC Mortgage Securities Trust....................................... 8.30 08/20/09 9,900 9,860
GE Capital Mtge. Services, Inc. .................................... 6.00 09/25/08 16,883 16,782
Morgan Stanley Capital, Inc. ....................................... 6.85 02/15/20 62,319 62,217
Prudential Home Mtge. Secs. Co...................................... 6.75 08/25/08 37,183 36,998
-----------
622,261
-----------
INDUSTRIAL (4.4%)
Edperbrascan Corp................................................... 7.38 10/01/02 500,000 489,544
-----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES (Cost $10,409,223) 92.2%............................................. 10,335,035
-----------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (7.8%)
Ford Motor Credit Corp.............................................. 6.72 07/03/00 185,000 184,931
General Motors Acceptance Corp...................................... 6.78 07/07/00 438,000 437,505
UBS Finance (Delw.) Inc............................................. 6.96 07/03/00 255,000 254,901
-----------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $877,337) 7.8%....................................................... 877,337
-----------
TOTAL INVESTMENTS (Cost: $11,286,560) 100.0%................................................................. $11,212,372
===========
</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.
34
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------ -------- ---------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT SECURITIES:
U.S. GOVERNMENT (21.1%)
U.S. TREASURY NOTE ............................. 5.88% 02/15/04 $2,750,000 $2,712,187
----------
AGENCIES/OTHER GOVT'S. (16.9%)
FHLMC .......................................... 6.38 11/15/06 430,376 427,953
FHLMC .......................................... 8.00 04/15/03 257,699 258,260
FNMA ........................................... 8.00 07/15/07 161,371 163,084
FNMA ........................................... 7.00 04/25/04 583,972 579,043
FNMA ........................................... 7.00 11/25/06 75,607 74,023
FNMA ........................................... 6.50 11/25/05 309,728 303,338
New York City .................................. 9.50 06/01/09 350,000 366,992
----------
2,172,693
----------
BASIC MATERIALS (6.3%)
Cytec Industries, Inc. ......................... 6.85 05/11/05 500,000 455,280
Millennium America Inc. ........................ 7.00 11/15/06 250,000 207,448
Solutia, Inc. .................................. 6.72 10/15/37 150,000 141,539
----------
804,265
----------
CONSUMER, CYCLICAL (10.3%)
Hasbro, Inc. ................................... 8.50 03/15/06 500,000 494,140
Tommy Hilfiger USA, Inc. ....................... 6.50 06/01/03 500,000 380,000
Venator Group, Inc. ............................ 7.00 10/15/02 500,000 450,000
----------
1,324,140
----------
FINANCIAL (22.3%)
Bear Stearns Cos., Inc. ........................ 6.63 10/01/04 500,000 477,371
Bear Stearns Cos., Inc. ........................ 9.38 06/01/01 250,000 253,615
Fremont General Corp. .......................... 7.70 03/17/04 250,000 100,000
Harleysville Group Inc. ........................ 6.75 11/15/03 250,000 242,293
Nationwide Health Properties ................... 7.60 11/20/28 350,000 339,847
Nationwide Health Properties ................... 7.90 11/20/06 250,000 230,203
Rank Group Financial ........................... 6.75 11/30/04 500,000 462,196
Salomon Smith Barney Hldgs ..................... 6.50 10/15/02 500,000 490,040
Trinet Corp. Rlty. Trust, Inc. ................. 6.75 03/01/03 300,000 271,894
----------
2,867,453
----------
HEALTHCARE (3.7%)
Bausch & Lomb, Inc. ............................ 6.38 08/01/03 250,000 241,032
Bausch & Lomb, Inc. ............................ 6.75 12/15/04 250,000 237,965
----------
478,997
----------
INDUSTRIAL (13.0%)
Airborne Freight Corp. ......................... 8.88 12/15/02 250,000 251,397
Crown Cork & Seal, Inc. ........................ 6.75 04/15/03 500,000 465,975
Thermo Electron Corp. .......................... 4.25 01/01/03 500,000 461,250
Williams Cos., Inc. ............................ 6.50 11/15/02 500,000 487,785
----------
1,666,407
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
35
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- -------- -----------
<S> <C> <C> <C> <C>
INTERMEDIATE-TERM DEBT SECURITIES (CONTINUED):
UTILITIES (3.8%)
Constellation Energy Group ......................................... 6.13% 07/01/03 $250,000 $ 241,597
Public Svc. Electric & Gas Co. ..................................... 7.88 11/01/01 250,000 250,705
492,302
-----------
TOTAL INTERMEDIATE-TERM DEBT SECURITIES (Cost: $13,216,236) 97.4% ...................................... 12,518,452
-----------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (2.6%)
IBM Credit Corp. ................................................... 6.70 07/03/00 138,000 137,949
UBS Finance (Delw.) Inc. ........................................... 0.00 07/03/00 200,000 199,923
-----------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $337,871) 2.6% ................................................. 337,871
-----------
TOTAL INVESTMENTS (Cost: $13,554,107) 100.0% ........................................................... $12,856,323
===========
</TABLE>
-------------
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
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
June 30, 2000 (Unaudited)
Shares Value
-------- ------------
COMMON STOCKS:
BASIC MATERIALS (0.4%)
Eastman Chemical Co............... 27,300 $ 1,303,575
------------
CONSUMER, CYCLICAL (5.7%)
America Online, Inc.*............. 23,300 1,229,075
Bed Bath & Beyond, Inc.*.......... 23,000 833,750
CVS Corp.......................... 93,600 3,744,000
Disney (Walt) Co.................. 106,000 4,114,125
Harrah's Entertainment, Inc.*..... 86,000 1,800,625
Interpublic Group of Cos., Inc. .. 4,400 189,200
New York Times Co. Cl A........... 14,500 572,750
Omnicom Group, Inc. .............. 2,300 204,844
Viacom, Inc. Cl B*................ 34,426 2,347,423
Wal-Mart Stores, Inc. ............ 87,300 5,030,663
------------
20,066,455
------------
CONSUMER, NON-CYCLICAL (3.6%)
Alberto-Culver Co................. 62,500 1,910,156
Anheuser-Busch Cos., Inc. ........ 27,500 2,053,906
Coca-Cola Co. .................... 40,000 2,297,500
Hershey Food Corp................. 36,800 1,784,800
Kroger Co.*....................... 95,000 2,095,938
Safeway, Inc.*.................... 58,200 2,626,275
------------
12,768,575
------------
ENERGY (3.0%)
Anadarko Petroleum Corp........... 3,300 162,731
Enron Corp........................ 2,600 167,700
Exxon Mobil Corp.................. 35,800 2,810,300
Halliburton Co.................... 20,000 943,750
Kerr-McGee Corp................... 34,000 2,003,875
Occidental Petroleum Corp. ....... 49,800 1,048,913
Rowan Cos., Inc.*................. 41,400 1,257,525
Royal Dutch Petroleum Co. (N.Y.).. 18,900 1,163,531
Schlumberger, Ltd................. 6,000 447,750
Transocean Sedco Forex, Inc. ..... 10,744 574,133
------------
10,580,208
------------
FINANCIAL (8.8%)
American Express Co. ............. 71,100 3,706,088
American Int'l. Group, Inc. ...... 31,800 3,736,500
Bank of New York Co., Inc. ....... 73,200 3,403,800
Chubb Corp........................ 34,800 2,140,200
Citigroup, Inc. .................. 102,150 6,154,538
FleetBoston Financial Corp........ 52,500 1,785,000
Marsh & McLennan Cos., Inc. ...... 51,600 5,388,975
Mellon Financial Corp............. 70,000 2,550,625
St. Paul Companies, Inc. ......... 66,900 2,282,963
------------
31,148,689
------------
HEALTHCARE (6.6%)
Amgen, Inc.*...................... 75,000 5,268,750
Bristol-Myers Squibb Co. ......... 44,600 2,597,950
Johnson & Johnson................. 21,000 2,139,375
Lilly (Eli) & Co.................. 36,000 3,595,500
Merck & Co., Inc. ................ 37,700 2,888,763
Pfizer, Inc. ..................... 76,800 3,686,400
Pharmacia Corp.................... 59,300 3,065,069
------------
23,241,807
------------
INDUSTRIAL (6.3%)
AES Corp.*........................ 60,000 2,737,500
Agilent Technologies, Inc.*....... 8,695 641,256
Convergys Corp.*.................. 42,000 2,178,750
General Electric Co............... 147,500 7,817,500
KLA Tencor Corp.*................. 57,500 3,367,344
Tyco International Ltd............ 65,200 3,088,850
United Technologies Corp.......... 44,000 2,590,500
------------
22,421,700
------------
TECHNOLOGY (15.3%)
Analog Devices, Inc.*............. 40,000 3,040,000
Apple Computer, Inc.*............. 16,800 879,900
Cisco Systems, Inc.*.............. 47,500 3,019,218
Comverse Technology Inc.*......... 37,000 3,441,000
Dell Computer Corp.*.............. 26,400 1,301,850
EMC Corp.*........................ 15,200 1,169,450
Gateway, Inc.*.................... 20,300 1,152,024
Hewlett-Packard Co................ 22,800 2,847,150
Intel Corp........................ 63,900 8,542,630
Intl. Business Machines Corp...... 26,200 2,870,537
Lucent Technologies............... 27,700 1,641,224
Micron Technology, Inc.*.......... 90,600 7,978,463
Microsoft Corp.*.................. 43,200 3,456,000
Millipore Corp.................... 27,900 2,102,962
Molex Inc., Cl A.................. 20,000 962,500
Nortel Networks Corp. Holding..... 26,000 1,774,500
Oracle Corp.*..................... 25,800 2,168,813
Sun Microsystems, Inc.*........... 15,600 1,418,624
Texas Instruments, Inc. .......... 23,000 1,579,813
Veritas Software Corp.*........... 26,000 2,938,406
------------
54,285,064
------------
TELECOMMUNICATIONS (2.3%)
AT&T Corp......................... 62,500 1,976,563
Nextel Communications, Inc.*...... 44,800 2,741,200
SBC Communications, Inc. ......... 56,500 2,443,625
WorldCom Inc.*.................... 23,500 1,078,063
------------
8,239,451
------------
UTILITIES (0.4%)
El Paso Energy Corp............... 28,500 1,451,719
------------
TOTAL COMMON STOCKS
(Cost: $161,886,062) 52.4%................. 185,507,243
------------
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)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
----- ---------- ----------- -----------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.0%)
U.S. Treasury Bond..................................... 6.13% 11/15/27 $ 7,000,000 $ 6,984,670
-----------
AGENCIES/OTHER GOVT'S. (12.7%)
Connecticut Housing Fin. Auth.......................... 7.63 05/15/21 1,000,000 951,880
FHLB................................................... 0.00 07/07/17 25,000,000 6,234,250
FHLB................................................... 0.00 07/14/17 25,000,000 6,226,500
FHLMC.................................................. 7.63 09/09/09 2,500,000 2,464,850
FNMA................................................... 7.00 11/25/05 598,067 596,010
FNMA................................................... 8.00 07/15/06 161,371 163,085
FNMA................................................... 6.65 01/25/17 21,392 21,292
FNMA................................................... 0.00 07/13/17 100,000,000 24,891,000
FNMA................................................... 6.50 07/25/20 267,424 265,501
Republic of Iceland.................................... 6.13 02/01/04 2,500,000 2,424,700
Suffolk County, New York............................... 5.80 11/01/04 250,000 234,225
Suffolk County, New York............................... 5.88 11/01/05 750,000 694,208
-----------
45,167,501
-----------
BASIC MATERIALS (2.8%)
Georgia-Pacific Group.................................. 8.63 04/30/25 2,000,000 1,870,480
Inco Ltd............................................... 9.60 06/15/22 2,500,000 2,448,300
Millennium America Inc. ............................... 7.63 11/15/26 2,500,000 1,810,150
Praxair, Inc. ......................................... 6.90 11/01/06 2,500,000 2,342,925
Solutia, Inc. ......................................... 6.72 10/15/37 1,500,000 1,415,385
-----------
9,887,240
-----------
CONSUMER, CYCLICAL (3.9%)
Centex Corp............................................ 7.38 06/01/05 2,000,000 1,928,920
Fruit of the Loom, Inc. ............................... 7.38 11/15/23 500,000 252,500
Fruit of the Loom, Inc. ............................... 7.00 03/15/11 1,000,000 340,000
Kellwood, Co........................................... 7.88 07/15/09 2,500,000 2,185,500
Neiman-Marcus Group, Inc. ............................. 7.13 06/01/28 2,500,000 2,150,175
Polaroid Corp.......................................... 7.25 01/15/07 1,000,000 869,650
Pulte Corp............................................. 7.63 10/15/17 2,500,000 1,989,600
Shopko Stores, Inc. ................................... 9.00 11/15/04 1,000,000 1,042,240
Tommy Hilfiger USA, Inc. .............................. 6.50 06/01/03 2,850,000 2,166,000
Venator Group, Inc. ................................... 7.00 10/15/02 1,000,000 900,000
-----------
13,824,585
-----------
CONSUMER, NON-CYCLICAL (1.1%)
Ralston Purina Co...................................... 8.63 02/15/22 2,500,000 2,486,500
Supervalu, Inc. ....................................... 8.88 11/15/22 1,500,000 1,553,745
-----------
4,040,245
-----------
ENERGY (2.7%)
Lyondell Chemical Co................................... 10.25 11/01/10 2,500,000 2,457,250
Southern Union Co...................................... 7.60 02/01/24 5,000,000 4,567,150
Tosco Corp............................................. 8.25 05/15/03 2,500,000 2,518,875
-----------
9,543,275
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------ -------- ----------- ------------
<S> <C> <C> <C> <C>
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIAL (5.2%)
Berkley (W.R.) Corp.................................. 8.70% 01/01/22 $ 1,500,000 $ 1,452,675
Chase Manhattan Corp................................. 6.88 12/12/12 2,500,000 2,313,975
Executive Risk, Inc. ................................ 7.13 12/15/07 1,000,000 986,060
Fairfax Financial Holdings, Ltd...................... 8.25 10/01/15 500,000 456,785
First American Corp.................................. 7.55 04/01/28 2,250,000 1,972,800
Fremont General Corp................................. 7.70 03/17/04 1,500,000 600,000
Harleysville Group Inc. ............................. 6.75 11/15/03 1,000,000 969,170
Lehman Brothers Holdings, Inc. ...................... 0.00 07/28/28 3,250,000 336,180
Morgan (J.P.) & Co., Inc. ........................... 0.00 04/15/27 10,000,000 1,142,100
Nationwide Health Properties......................... 7.90 11/20/06 5,000,000 4,604,050
Progressive Corp. of Ohio............................ 10.00 12/15/00 500,000 505,944
Prudential Home Mtge. Secs. Co....................... 6.75 08/25/08 66,930 66,595
SunAmerica, Inc. .................................... 9.95 02/01/12 2,000,000 2,431,900
Vesta Insurance Group, Inc. ......................... 8.75 07/15/25 1,000,000 673,210
------------
18,511,444
------------
HEALTHCARE (1.6%)
Aventis S.A.......................................... 7.75 01/15/02 1,000,000 995,290
Bausch & Lomb, Inc. ................................. 6.75 12/15/04 2,500,000 2,379,650
Bausch & Lomb, Inc. ................................. 6.38 08/01/03 2,500,000 2,410,325
------------
5,785,265
------------
INDUSTRIAL (4.3%)
Borg-Warner, Inc. ................................... 8.00 10/01/19 5,000,000 4,523,650
Clark Equipment Co................................... 8.35 05/15/23 1,500,000 1,499,925
Geon Co.............................................. 7.50 12/15/15 1,000,000 947,050
Hasbro, Inc. ........................................ 8.50 03/15/06 4,000,000 3,953,120
Owens Corning........................................ 7.00 03/15/09 1,500,000 1,037,460
Thermo Electron Corp................................. 4.25 01/01/03 2,500,000 2,306,250
Williams Cos., Inc. ................................. 6.50 11/15/02 1,000,000 975,570
------------
15,243,025
------------
TELECOMMUNICATIONS (0.3%)
Central Telephone Co................................. 9.28 11/27/00 1,000,000 1,008,220
------------
UTILITIES (1.4%)
New Orleans Public Service........................... 8.00 03/01/06 1,000,000 1,001,810
Pacific Gas & Electric Co............................ 8.75 01/01/01 1,000,000 1,006,750
UtiliCorp United, Inc. .............................. 8.00 03/01/23 3,000,000 2,797,320
------------
4,805,880
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $144,100,031) 38.0%.................................................................... 134,801,350
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
------ -------- ---------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER: (9.6%)
Albertson's, Inc........................................ 6.79% 07/03/00 $2,000,000 $ 1,999,244
American Express Credit Corp............................ 6.78 07/07/00 5,000,000 4,994,346
Emerson Electric........................................ 6.92 07/05/00 4,150,000 4,146,809
Ford Motor Credit Puerto Rico........................... 6.58 07/06/00 7,823,000 7,815,828
General Electric Capital Corp........................... 6.75 07/07/00 4,596,000 4,590,828
IBM Credit Corp......................................... 6.70 07/03/00 966,000 965,640
Sony Capital Corp....................................... 6.62 07/05/00 4,526,000 4,522,666
UBS Finance (Delw.) Inc................................. 6.75 07/05/00 5,040,000 5,036,216
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $34,071,577) (9.6%)...................................................................... 34,071,577
------------
TOTAL INVESTMENTS
(Cost: $340,057,670) 100.0%..................................................................... $354,380,170
============
</TABLE>
-------------
Abbreviations: FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
40
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2000 (Unaudited)
Shares Value
------ ------------
COMMON STOCKS:
BASIC MATERIALS (0.5%)
Millenium Chemical, Inc........... 95,900 $ 1,630,300
------------
CONSUMER, CYCLICAL (9.5%)
Citadel Communications, Corp.*.... 52,000 1,816,750
Emmis Communications Cl A*........ 70,000 2,896,250
Entercom Communications........... 50,000 2,437,500
Gallagher (Arthur J.) & Co. ...... 94,000 3,948,000
Outback Steakhouse, Inc.*......... 100,000 2,925,000
Photronics, Inc.*................. 99,000 2,809,125
Radio One, Inc. Cl A*............. 48,000 1,419,000
Radio One, Inc. Cl D*............. 96,000 2,118,000
Regent Communications Inc.*....... 205,000 1,761,729
The Cheesecake Factory, Inc.*..... 120,000 3,300,000
Trex, Inc.*....................... 80,000 4,000,000
Westwood One, Inc.*............... 104,000 3,549,000
------------
32,980,354
------------
CONSUMER, NON-CYCLICAL (1.2%)
Hain Celestial Group Inc.*........ 116,500 4,274,093
------------
ENERGY (11.1%)
Core Laboratories N.V.*........... 96,000 2,784,000
Forest Oil Corp.*................. 150,000 2,390,625
Grey Wolf Inc.*................... 353,800 1,769,000
Kinder Morgan, Inc. .............. 89,200 3,082,975
Lyondell Petrochemical Co......... 102,000 1,708,500
Midcoast Energy Res., Inc. ....... 72,700 1,145,025
Murphy Oil Corp................... 69,600 4,136,850
NewField Exploration Company*..... 86,800 3,396,050
Ocean Energy, Inc.*............... 306,000 4,341,375
Precision Drilling Corp.*......... 99,900 3,858,637
Pride International, Inc.*........ 115,600 2,861,100
R & B Falcon Corp.*............... 139,800 3,294,037
Stone Energy Corp.*............... 60,000 3,585,000
------------
38,353,174
------------
FINANCIAL (12.3%)
Ace, Ltd.......................... 137,000 3,836,000
Apartment Investment & Mgmt. Co... 50,400 2,179,800
Arden Realty Group................ 73,400 1,724,900
Boston Properties................. 95,900 3,704,137
Brown & Brown Inc. ............... 900 46,800
Equity Res. Pptys. Tr. Co......... 76,500 3,519,000
HCC Insurance Holdings, Inc. ..... 113,500 2,142,312
Hilb, Rogal & Hamilton Co......... 105,000 3,642,187
Home Properties Inc. ............. 74,400 2,232,000
Kimco Realty Corp................. 86,600 3,550,600
Mutual Risk Management Ltd........ 218,000 3,774,125
SL Green Realty Corp.............. 134,400 3,595,200
Spieker Properties, Inc. ......... 74,100 3,501,225
Vornado Realty Trust.............. 50,000 1,737,500
XL Capital Limited................ 65,400 3,539,775
------------
42,725,561
------------
HEALTHCARE (9.3%)
Celgene Corp.*.................... 59,400 3,497,175
IDEC Pharmaceuticals Corp.*....... 16,400 1,923,925
Ivax Corp.*....................... 135,000 5,602,500
Lifepoint Hospitals Inc.*......... 132,000 2,937,000
Medimmune, Inc.*.................. 32,100 2,375,400
Minimed, Inc.*.................... 18,000 2,124,000
Oxford Health Plans, Inc.*........ 150,000 3,571,875
Progenics Pharmaceuticals, Inc.*.. 43,700 622,725
Province Healthcare Co.*.......... 87,000 3,142,875
Shire Parmaceuticals Group Plc*... 69,700 3,615,687
Triad Hospitals, Inc.*............ 118,000 2,854,125
------------
32,267,287
------------
INDUSTRIAL (23.2%)
Abgenix Inc.*..................... 16,400 1,965,694
Bindview Development Corp.*....... 122,400 1,468,800
CSG Systems Intl., Inc.*.......... 60,000 3,363,750
Cymer, Inc.*...................... 50,000 2,387,500
Documentum, Inc.*................. 36,800 3,289,000
Dycom Industries, Inc.*........... 95,000 4,370,000
EBenx, Inc.*...................... 95,000 2,012,812
Electro Scientific Inds Inc.*..... 36,000 1,585,126
Exar Corp.*....................... 60,300 5,257,406
Forward Air Corporation*.......... 156,600 6,264,000
GaSonics International Corp.*..... 220,000 8,676,250
Grant Prideco, Inc.*.............. 81,300 2,032,500
Hooper Holmes, Inc. .............. 220,000 1,760,000
HS Resources, Inc.*............... 94,200 2,826,000
Macromedia Inc.*.................. 21,000 2,030,437
Metron Technology N.V.*........... 155,000 1,954,457
MKS Instruments, Inc.*............ 65,000 2,543,125
Nova Chemicals Corp............... 50,000 1,075,000
Olin Corp......................... 115,100 1,899,150
PRI Automation, Inc.*............. 35,300 2,308,288
Sawtek, Inc.*..................... 45,000 2,590,312
Semitool, Inc.*................... 117,000 2,025,562
Semtech Corp.*.................... 48,500 3,709,493
Spartech Corp..................... 80,000 2,160,000
Trimeris Inc.*.................... 45,000 3,147,187
Varco International, Inc.*........ 116,200 2,701,650
Veeco Instruments, Inc.*.......... 44,800 3,281,600
Wellman, Inc. .................... 115,100 1,863,181
------------
80,548,280
------------
TECHNOLOGY (18.0%)
Advanced Energy Industries*....... 40,000 2,357,500
Alliance Semiconductor Corp.*..... 120,000 2,947,500
Atmel Corp.*...................... 57,600 2,124,000
Cabletron Systems, Inc.*.......... 100,000 2,525,000
CDW Computers Centers, Inc.*...... 67,200 4,200,000
Cypress Semiconductor Corp.*...... 73,500 3,105,375
Cytyc Corporation*................ 78,700 4,200,612
Integrated Device Tech., Inc.*.... 71,500 4,281,062
Lattice Semiconductor Corp.*...... 50,000 3,456,250
Mercury Interactive Corp.*........ 44,600 4,315,050
Millipore Corp.................... 50,000 3,768,750
National Instruments Corp.*....... 135,000 5,889,375
Networks Associates, Inc.*........ 175,000 3,565,625
Novellus Systems, Inc.*........... 70,800 4,004,625
Peregrine Systems, Inc.*.......... 76,600 2,657,062
Quest Software, Inc.*............. 89,400 4,950,525
Therma-Wave Inc.*................. 85,000 1,896,562
Verity Inc.*...................... 51,300 1,949,400
------------
62,194,273
------------
TELECOMMUNICATIONS (3.6%)
California Amplifier Inc.*........ 75,000 3,431,250
NTL Incorporated*................. 37,500 2,245,312
Price Communications Corp.*....... 108,535 2,557,355
True North Communications Inc. ... 34,100 1,500,400
Western Wireless Corp. Cl A*...... 49,000 2,670,500
------------
12,404,817
------------
UTILITIES (0.8%)
Montana Pwr. Co................... 37,400 1,320,687
NSTAR............................. 33,800 1,375,237
------------
2,695,924
------------
TOTAL COMMONS STOCKS
(Cost: $248,032,275) 89.5%........ 310,074,063
------------
The accompanying notes are an integral part of these financial statements.
41
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
<S> <C> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (10.5%)
American Express Credit Corp.............................. 6.65% 07/12/00 $4,538,000 $ 4,528,774
Emerson Electric.......................................... 6.92 07/05/00 4,000,000 3,996,924
General Motors Acceptance Corp............................ 6.78 07/07/00 4,000,000 3,995,477
UBS Finance (Delw.) Inc................................... 6.75 07/05/00 4,600,000 4,596,547
Ford Motor Credit Corp.................................... 6.26 07/03/00 4,586,000 4,584,286
Ford Motor Credit Puerto Rico............................. 6.59 07/03/00 1,862,000 1,861,317
American Express Credit Corp.............................. 6.78 07/07/00 3,992,000 3,987,486
UBS Finance (Delw.) Inc................................... 6.96 07/03/00 4,450,000 4,448,279
Washington Post........................................... 7.00 07/05/00 4,330,000 4,326,632
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $36,325,722) 10.5% ..................................................................... 36,325,722
------------
TOTAL INVESTMENTS
(Cost: $284,357,997) 100.0% ................................................................... $346,399,785
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
<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 -- $94,491,979
All America Fund -- $528,656,691
Equity Index Fund -- $388,688,133
Mid-Cap Equity Index Fund -- $49,542,937
Bond Fund -- $527,057,028)
(Notes 1 and 3) .......................... $94,491,979 $890,957,814 $564,571,680 $50,516,228 $497,202,606
Cash ........................................ 7,802 5,005,152 53,388 13,275 8,159
Interest and dividends receivable ........... -- 681,922 435,650 27,218 8,358,205
Receivable for securities sold .............. -- 5,203,684 1,050,843 20,996 213
----------- ------------ ------------ ----------- ------------
TOTAL ASSETS ................................ 94,499,781 901,848,572 566,111,561 50,577,717 505,569,183
----------- ------------ ------------ ----------- ------------
Payable for securities purchased ............ -- 11,277,853 2,294,385 174,301 --
Net Assets .................................. $94,499,781 $890,570,719 $563,817,176 $50,403,416 $505,569,183
=========== ============ ============ =========== ============
NUMBER OF SHARES
OUTSTANDING (NOTE 4) ..................... 77,350,964 251,806,139 196,481,567 42,064,934 376,147,924
=========== ============ ============ =========== ============
NET ASSET VALUES, offering and
redemption price per share ................ $1.22 $3.54 $2.87 $1.20 $1.34
===== ===== ===== ===== =====
<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 -- $11,286,560
Mid-Term Bond Fund -- $13,554,107
Composite Fund -- $340,057,670
Aggressive Equity Fund -- $284,357,997)
(Notes 1 and 3) ......................................... $11,212,372 $12,856,323 $354,380,170 $346,399,785
Cash ....................................................... 2,629 722 7,355 3,081,128
Interest and dividends receivable .......................... 90,519 210,892 2,042,413 269,619
Receivable for securities sold ............................. 39,671 -- -- 989,342
----------- ----------- ------------ ------------
TOTAL ASSETS ............................................... 11,345,191 13,067,937 356,429,938 350,739,874
Payable for securities purchased ........................... -- -- -- 9,446,629
----------- ----------- ------------ ------------
NET ASSETS ................................................. $11,345,191 $13,067,937 $356,429,938 $341,293,245
=========== =========== ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) ...................... 11,067,083 14,842,786 186,780,116 152,169,880
=========== =========== ============ ============
NET ASSET VALUES, offering and
redemption price per share ............................... $1.03 $0.88 $1.91 $2.24
===== ===== ===== =====
</TABLE>
The accompanying notes are an integral part of these financial statements.
43
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Mid-Cap
Money Market All America Equity Index Equity Index Bond
Fund Fund Fund Fund Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends .......................... $ -- $ 4,116,284 $ 3,161,361 $ 223,339 $ --
Interest ........................... 2,277,623 1,186,168 160,165 107,088 19,970,698
---------- ------------ ----------- ---------- -----------
Total income .......................... 2,277,623 5,302,452 3,321,526 330,427 19,970,698
---------- ------------ ----------- ---------- -----------
Expenses:
Investment advisory fees (Note 2) .. 93,163 2,221,248 348,004 25,899 1,222,896
---------- ------------ ----------- ---------- -----------
NET INVESTMENT INCOME ................. 2,184,460 3,081,204 2,973,522 304,528 18,747,802
---------- ------------ ----------- ---------- -----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 1):
Net realized gain (loss) on investments (899) 110,767,883 21,556,983 3,613,931 1,462,271
Net unrealized appreciation
(depreciation) of investments ...... -- (69,780,647) (26,419,866) (857,178) (2,860,435)
---------- ------------ ----------- ---------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS ......... (899) 40,987,236 (4,862,883) 2,756,753 (1,398,164)
---------- ------------ ----------- ---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .......... $2,183,561 $ 44,068,440 $(1,889,361) $3,061,281 $17,349,638
========== ============ =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
Aggressive
Short-Term Mid-Term Composite Equity
Fund Fund Fund Fund
----------- --------- ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends ............................ $ -- $ -- $ 702,887 $ 722,676
Interest ............................. 355,829 471,949 5,899,679 805,740
-------- --------- ------------ ------------
Total income ............................ 355,829 471,949 6,602,566 1,528,416
-------- --------- ------------ ------------
Expenses:
Investment advisory fees (Note 2) .... 27,683 32,444 884,133 1,341,958
-------- --------- ------------ ------------
NET INVESTMENT INCOME ................... 328,146 439,505 5,718,433 186,458
-------- --------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments . (8) (12,071) 34,579,706 38,877,032
Net unrealized appreciation
(depreciation) of investments ........ 31,970 (214,345) (39,781,801) (28,733,574)
-------- --------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS ................ 31,962 (226,416) (5,202,095) 10,143,458
-------- --------- ------------ ------------
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............ $360,108 $ 213,089 $ 516,338 $ 10,329,916
======== ========= ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
44
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Money Market Fund All America Fund Equity Index Fund
--------------------------- ---------------------------- ---------------------------
For the Six For the For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended
June 30, 2000 December 31, June 30, 2000 December 31, June 30, 2000 December 31,
(Unaudited) 1999 (Unaudited) 1999 (Unaudited) 1999
------------- ------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ..................... $ 2,184,460 $ 3,396,536 $ 3,081,204 $ 5,715,886 $ 2,973,522 $ 6,779,654
Net realized gain (loss) on investments ... (899) (3,777) 110,767,883 77,162,086 21,556,983 9,635,146
Unrealized appreciation (depreciation) of
investments ............................. -- -- (69,780,647) 102,305,846 (26,419,866) 79,320,773
------------ ------------ ------------- ------------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. 2,183,561 3,392,759 44,068,440 185,183,818 (1,889,361) 95,735,573
------------ ------------ ------------- ------------- ------------ ------------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares .......... 79,368,794 77,687,366 94,082,448 83,233,506 78,349,972 225,737,689
Dividends reinvested ...................... -- 3,399,058 -- 66,717,511 -- 15,035,198
Cost of shares redeemed ................... (60,633,030) (88,269,347) (133,223,675) (115,122,933) (95,912,699) (148,970,349)
Dividend distributions .................... -- (3,399,058) -- (66,717,511) -- (15,035,198)
------------ ------------ ------------- ------------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS ........... 18,735,764 (10,581,981) (39,141,227) (31,889,427) (17,562,727) 76,767,340
------------ ------------ ------------- ------------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS ........... 20,919,325 (7,189,222) 4,927,213 153,294,391 (19,452,088) 172,502,913
NET ASSETS, BEGINNING OF PERIOD/YEAR ........ 73,580,456 80,769,678 885,643,506 732,349,115 583,269,264 410,766,351
------------ ------------ ------------- ------------- ------------ ------------
NET ASSETS, END OF PERIOD/YEAR .............. $ 94,499,781 $ 73,580,456 $ 890,570,719 $ 885,643,506 $563,817,176 $583,269,264
============ ============ ============= ============= ============ ============
COMPONENTS OF NET ASSETS:
Paid-in capital ........................... $ 92,208,491 $ 73,472,727 $ 399,745,283 $ 438,886,510 $372,004,865 $389,567,592
Accumulated undistributed net investment
income (loss) ........................... 2,306,799 122,339 225,188 (2,856,016) 3,066,004 92,482
Accumulated undistributed net realized gain
(loss) on investments .................... (15,509) (14,610) 128,299,125 17,531,242 12,862,760 (8,694,223)
Unrealized appreciation (depreciation) of
investments ............................. -- -- 362,301,123 432,081,770 175,883,547 202,303,413
------------ ------------ ------------- ------------- ------------ ------------
NET ASSETS, END OF PERIOD/YEAR .............. $ 94,499,781 $ 73,580,456 $ 890,570,719 $ 885,643,506 $563,817,176 $583,269,264
============ ============ ============= ============= ============ ============
</TABLE>
<TABLE>
<CAPTION>
Mid-Cap Equity Short-Term
Index Fund Bond Fund Bond Fund
---------------------------- --------------------------- ----------------------------
For the Six For the For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended
June 30, 2000 December 31, June 30, 2000 December 31, June 30, 2000 December 31,
(Unaudited) 1999* (Unaudited) 1999 (Unaudited) 1999
------------- ------------ ------------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ..................... $ 304,528 $ 275,981 $ 18,747,802 $ 32,777,301 $ 328,146 $ 932,650
Net realized gain (loss) on investments ... 3,613,931 722,209 1,462,271 (732,183) (8) (79,368)
Unrealized appreciation (depreciation) of
investments ............................. (857,178) 1,830,469 (2,860,435) (40,950,914) 31,970 (141,958)
----------- ----------- ------------ ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. 3,061,281 2,828,659 17,349,638 (8,905,796) 360,108 711,324
----------- ----------- ------------ ------------ ------------ -----------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares .......... 21,642,208 52,496,765 50,027,716 74,048,382 2,027,768 3,737,066
Dividends reinvested ...................... -- 270,989 -- 33,494,780 -- 925,610
Cost of shares redeemed ................... (8,247,207) (21,378,290) (28,100,492) (64,179,257) (3,382,867) (14,083,396)
Dividend distributions .................... -- (270,989) -- (33,494,780) -- (925,610)
----------- ----------- ------------ ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS ........... 13,395,001 31,118,475 21,927,224 9,869,125 (1,355,099) (10,346,330)
----------- ----------- ------------ ------------ ------------ -----------
INCREASE (DECREASE) IN NET ASSETS ........... 16,456,282 33,947,134 39,276,862 963,329 (994,991) (9,635,006)
NET ASSETS, BEGINNING OF PERIOD/YEAR ........ 33,947,134 -- 466,292,321 465,328,992 12,340,182 21,975,188
----------- ----------- ------------ ------------ ------------ -----------
NET ASSETS, END OF PERIOD/YEAR .............. $50,403,416 $33,947,134 $505,569,183 $466,292,321 $ 11,345,191 $12,340,182
=========== =========== ============ ============ ============ ===========
COMPONENTS OF NET ASSETS:
Paid-in capital ........................... $44,784,465 $31,389,464 $521,541,512 $499,614,288 $ 11,157,452 $12,512,551
Accumulated undistributed net investment
income (loss) ........................... 309,520 4,992 17,955,855 (791,947) 348,411 20,265
Accumulated undistributed net realized gain
(loss) on investments ................... 4,336,140 722,209 (4,073,762) (5,536,033) (86,484) (86,476)
Unrealized appreciation (depreciation) of
investments ............................. 973,291 1,830,469 (29,854,422) (26,993,987) (74,188) (106,158)
----------- ----------- ------------ ------------ ------------ -----------
NET ASSETS, END OF PERIOD/YEAR .............. $50,403,416 $33,947,134 $505,569,183 $466,292,321 $ 11,345,191 $12,340,182
=========== =========== ============ ============ ============ ===========
</TABLE>
-------------
* Commenced operations May 3, 1999.
The accompanying notes are an integral part of these financial statements.
45
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Mid-Term
Bond Fund Composite Fund Aggressive Equity Fund
--------------------------- ---------------------------- ----------------------------
For the Six For the For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended
June 30, 2000 December 31, June 30, 2000 December 31, June 30, 2000 December 31,
(Unaudited) 1999 (Unaudited) 1999 (Unaudited) 1999
------------ ------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ................... $ 439,505 $ 794,000 $ 5,718,433 $ 11,002,122 $ 186,458 $ 14,954
Net realized gain (loss) on investments . (12,071) 2,624 34,579,706 16,247,481 38,877,032 21,546,315
Unrealized appreciation (depreciation) of
investments ........................... (214,345) (606,489) (39,781,801) 21,612,218 (28,733,574) 59,604,813
----------- ----------- ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............... 213,089 190,135 516,338 48,861,821 10,329,916 81,166,082
----------- ----------- ------------ ------------ ------------ ------------
Capital Share Transactions (Note 4):
Net proceeds from sale of shares ........ 3,587,287 3,463,522 22,954,935 12,591,610 122,399,285 52,349,524
Dividends reinvested .................... -- 803,987 -- 25,503,136 -- 14,891
Cost of shares redeemed ................. (3,916,022) (5,900,378) (30,898,603) (33,797,510) (60,660,553)
Dividend distributions .................. -- (803,987) -- (25,503,136) -- (14,891)
----------- ----------- ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS .............. (328,735) (2,436,856) (7,943,668) (21,205,900) 52,695,447 (8,311,029)
----------- ----------- ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS ......... (115,646) (2,246,721) (7,427,330) 27,655,921 63,025,363 72,855,053
NET ASSETS, BEGINNING OF PERIOD/YEAR ...... 13,183,583 15,430,304 363,857,268 336,201,347 278,267,882 205,412,829
----------- ----------- ------------ ------------ ------------ ------------
NET ASSETS, END OF PERIOD/YEAR ............ $13,067,937 $13,183,583 $356,429,938 $363,857,268 $341,293,245 $278,267,882
=========== =========== ============ ============ ============ ============
Components of Net Assets:
Paid-in capital ......................... $14,586,265 $14,915,000 $303,496,150 $311,439,818 $242,558,759 $189,863,312
Accumulated undistributed net investment
income (loss) ......................... 375,399 (64,106) 6,414,146 695,713 176,069 (10,389)
Accumulated undistributed net realized
gain (loss) on investments ............ (1,195,943) (1,183,872) 32,197,142 (2,382,564) 36,516,629 (2,360,403)
Unrealized appreciation (depreciation) of
investments ........................... (697,784) (483,439) 14,322,500 54,104,301 62,041,788 90,775,362
----------- ----------- ------------ ------------ ------------ ------------
NET ASSETS, END OF PERIOD/YEAR ............ $13,067,937 $13,183,583 $356,429,938 $363,857,268 $341,293,245 $278,267,882
=========== =========== ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
46
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a Fund
share outstanding during the six months ended June 30, 2000, and 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
---------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2000 -----------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year........................ $1.19 $1.18 $1.18 $1.19 $1.18 $1.19
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income.......................................... 0.03 0.06 0.06 0.07 0.06 0.07
Net Gains or (Losses) on Securities realized and unrealized.... -- -- -- -- -- --
----- ----- ----- ----- ----- -----
Total From Investment Operations................................. 0.03 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 Period/Year.............................. $1.22 $1.19 $1.18 $1.18 $1.19 $1.18
===== ===== ===== ===== ===== =====
Total Return (%)................................................. 3.0 5.1 5.4 5.5 5.3 5.8
Net Assets, End of Period/Year ($ millions)...................... 94 74 81 68 78 73
Ratio of Expenses to Average Net Assets (%)...................... 0.25(a) 0.25 0.25 0.25 0.25 0.25
Ratio of Net Investment Income to Average Net Assets (%)......... 5.87(a) 4.93 5.26 5.32 5.21 5.66
Portfolio Turnover Rate(b)....................................... N/A N/A N/A N/A N/A N/A
</TABLE>
----------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
N/A=NotApplicable.
47
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
All America Fund
---------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2000 -----------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year........................ $3.37 $2.90 $2.71 $2.44 $2.13 $1.61
Income From Investment Operations:
Net Investment Income.......................................... 0.01 0.02 0.03 0.03 0.03 0.03
Net Gains or (Losses) on Securities realized and unrealized.... 0.16 0.72 0.54 0.62 0.41 0.56
----- ----- ----- ----- ----- -----
Total From Investment Operations................................. 0.17 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 Period/Year.............................. $3.54 $3.37 $2.90 $2.71 $2.44 $2.13
===== ===== ===== ===== ===== =====
Total Return (%)................................................. 5.0 25.8 21.3 26.8 20.7 36.6
Net Assets, End of Period/Year ($ millions)...................... 891 886 732 700 637 533
Ratio of Expenses to Average Net Assets (%)...................... 0.50(a) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to Average Net Assets (%)......... 0.69(a) 0.73 0.84 0.98 1.26 1.57
Portfolio Turnover Rate (%)(b)................................... 41.72 30.03 40.47 28.64 28.35 33.63
</TABLE>
-------------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
48
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Equity Index Fund Mid-Cap Equity Index Fund
------------------------------------------------------ -------------------------
Six Months Six Months
Ended Ended Year
June 30, Years Ended December 31, June 30, Ended
2000 --------------------------------------- 2000 December 31,
(Unaudited) 1999 1998 1997 1996 1995 (Unaudited) 1999(b)
---------- ---- ---- ---- ---- ---- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year ..... $2.88 $2.45 $2.08 $1.59 $1.35 $1.02 $1.11 $1.00
----- ----- ----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income ....................... 0.02 0.03 0.03 0.03 0.03 0.02 0.01 0.01
Net Gains or (Losses) on Securities
realized and unrealized .................... (0.03) 0.48 0.55 0.50 0.27 0.36 0.08 0.11
----- ----- ----- ----- ----- ----- ----- -----
Total From Investment Operations .............. (0.01) 0.51 0.58 0.53 0.30 0.38 0.09 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 Period/Year ........... $2.87 $2.88 $2.45 $2.08 $1.59 $1.35 $1.20 $1.11
===== ===== ===== ===== ===== ===== ===== =====
Total Return (%) .............................. (0.4) 20.6 28.6 33.1 22.7 36.6 8.1 11.8
Net Assets, End of Period/Year
($ millions) ................................ 564 583 411 237 102 43 50 34
Ratio of Expenses to Average Net
Assets (%) .................................. 0.13(a) 0.13 0.13 0.13 0.13 0.13 0.13(a) 0.13(a)
Ratio of Net Investment Income to
Average Net Assets (%) ...................... 1.07(a) 1.34 1.57 1.86 2.19 2.50 1.47(a) 1.70(a)
Portfolio Turnover Rate (%)(c) ................ 3.84 6.89 11.68 14.17 5.85 13.99 27.59 31.67
</TABLE>
-------------
(a) Annualized.
(b) Commenced operations May 3, 1999.
(c) Portfolio turnover rate excludes all short-term securities.
49
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Bond Fund
---------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2000 -----------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year........................ $1.30 $1.42 $1.43 $1.38 $1.43 $1.27
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income.......................................... 0.05 0.10 0.10 0.09 0.09 0.09
Net Gains or (Losses) on Securities realized and unrealized.... (0.01) (0.12) -- 0.06 (0.04) 0.16
----- ----- ----- ----- ----- -----
Total From Investment Operations................................. 0.04 (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 Period/Year.............................. $1.34 $1.30 $1.42 $1.43 $1.38 $1.43
===== ===== ===== ===== ===== =====
Total Return (%)................................................. 3.6 (1.9) 7.2 10.4 3.5 19.4
Net Assets, End of Period/Year ($ millions)...................... 506 466 465 414 329 311
Ratio of Expenses to Average Net Assets (%)...................... 0.50(a) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to Average Net Assets (%)......... 7.67(a) 7.11 6.73 6.69 6.70 6.64
Portfolio Turnover Rate (%)(b)................................... 18.11 29.32 21.60 57.71 30.14 41.93
</TABLE>
-------------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
50
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Short-Term Bond Fund
-----------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2000 --------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year $ 0.99 $ 1.03 $ 1.02 $ 1.03 $ 1.02 $ 1.00
------ ------ ------ ------ ------ ------
Income From Investment Operations:
Net Investment Income ................. 0.03 0.09 0.05 0.07 0.04 0.06
Net Gains or (Losses) on
Securities realized and
unrealized ............................ 0.01 (0.04) 0.01 (0.01) 0.01 0.02
------ ------ ------ ------ ------ ------
Total From Investment Operations ........ 0.04 0.05 0.06 0.06 0.05 0.08
------ ------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income ............ -- (0.09) (0.05) (0.07) (0.04) (0.06)
From Capital Gains .................... -- -- -- -- -- --
------ ------ ------ ------ ------ ------
Total Distributions ..................... -- (0.09) (0.05) (0.07) (0.04) (0.06)
------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period/Year ........................... $ 1.03 $ 0.99 $ 1.03 $ 1.02 $ 1.03 $ 1.02
====== ====== ====== ====== ====== ======
Total Return (%) ........................ 3.3 4.2 5.7 6 4.9 7.7
Net Assets, End of Period/Year
($ millions) .......................... 11 12 22 15 16 3
Ratio of Expenses to Average
Net Assets (%) ........................ 0.50(a) 0.50 0.50 0.50 0.50 0.48
Ratio of Net Investment Income to
Average Net Assets (%) ................ 5.90(a) 5.48 5.46 5.81 5.42 4.65
Portfolio Turnover Rate (%)(b) .......... 24.72 44.68 91.35 74.95 6.68 16.47
<CAPTION>
Mid-Term Bond Fund
------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2000 ---------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period/Year $ 0.87 $ 0.91 $ 0.90 $ 0.90 $ 1.00 $ 0.91
------ ------ ------ ------ ------ ------
Income From Investment Operations:
Net Investment Income ................. 0.03 0.05 0.05 0.05 0.14 0.06
Net Gains or (Losses) on
Securities realized and
unrealized ............................ (0.02) (0.04) 0.01 0.01 (0.10) 0.09
------ ------ ------ ------ ------ ------
Total From Investment Operations ........ 0.01 0.01 0.06 0.06 0.04 0.15
------ ------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income ............ -- (0.05) (0.05) (0.06) (0.14) (0.06)
From Capital Gains .................... -- -- -- -- -- --
------ ------ ------ ------ ------ ------
Total Distributions ..................... -- (0.05) (0.05) (0.06) (0.14) (0.06)
------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period/Year ........................... $ 0.88 $ 0.87 $ 0.91 $ 0.90 $ 0.90 $ 1.00
====== ====== ====== ====== ====== ======
Total Return (%) ........................ 1.6 1.4 6.4 7.3 3.9 16.3
Net Assets, End of Period/Year
($ millions) .......................... 13 13 15 15 13 24
Ratio of Expenses to Average
Net Assets (%) ........................ 0.50(a) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ................ 6.78(a) 5.75 5.76 5.87 5.8 5.73
Portfolio Turnover Rate (%)(b) .......... 7.96 10.28 23.09 12.89 144.55 73.72
</TABLE>
-------------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
51
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Composite Fund
--------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2000 -----------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------- ------ ------ ------- ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period/Year .................... $ 1.91 $ 1.78 $ 1.62 $ 1.77 $ 1.81 $ 1.57
------ ------ ------ ------- ------ ------
Income From Investment Operations:
Net Investment Income .......... 0.03 0.06 0.07 0.07 0.07 0.08
Net Gains or (Losses) on
Securities realized and
unrealized ................... (0.03) 0.21 0.17 0.24 0.14 0.27
------ ------ ------ ------- ------ ------
Total From Investment Operations . -- 0.27 0.24 0.31 0.21 0.35
------ ------ ------ ------- ------ ------
Less Dividend Distributions:
From Net Investment Income ..... -- (0.06) (0.07) (0.07) (0.08) (0.08)
From Capital Gains ............. -- (0.08) (0.01) (0.39) (0.17) (0.03)
------ ------ ------ ------- ------ ------
Total Distributions .............. -- (0.14) (0.08) (0.46) (0.25) (0.11)
------ ------ ------ ------- ------ ------
Net Asset Value, End of
Period/Year .................... $ 1.91 $ 1.91 $ 1.78 $ 1.62 $ 1.77 $ 1.81
====== ====== ====== ======= ====== ======
Total Return (%) ................. 0.2 15.2 14.5 17.7 11.9 21.9
Net Assets, End of Period/Year
($ millions) ................... 356 364 336 305 283 276
Ratio of Expenses to Average
Net Assets (%) ................. 0.50(a) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income
to Average Net Assets (%) ...... 3.24(a) 3.23 3.68 3.57 3.63 4.3
Portfolio Turnover Rate (%)(b) ... 57.66 99.41 73.85 104.04 69.79 76.84
<CAPTION>
Aggressive Equity Fund
----------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2000 -------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------ ------- ------- ------ ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period/Year .................... $ 2.16 $ 1.51 $ 1.61 $ 1.47 $ 1.35 $ 1.05
------ ------- ------- ------ ------- -------
Income From Investment Operations:
Net Investment Income .......... -- -- -- 0.01 0.01 0.01
Net Gains or (Losses) on
Securities realized and
unrealized ................... 0.08 0.65 (0.09) 0.31 0.36 0.39
------ ------- ------- ------ ------- -------
Total From Investment Operations . 0.08 0.65 (0.09) 0.32 0.37 0.40
------ ------- ------- ------ ------- -------
Less Dividend Distributions:
From Net Investment Income ..... -- -- -- (0.01) (0.01) (0.01)
From Capital Gains ............. -- -- (0.01) (0.17) (0.24) (0.09)
------ ------- ------- ------ ------- -------
Total Distributions .............. -- -- (0.01) (0.18) (0.25) (0.10)
------ ------- ------- ------ ------- -------
Net Asset Value, End of
Period/Year .................... $ 2.24 $ 2.16 $ 1.51 $ 1.61 $ 1.47 $ 1.35
====== ======= ======= ====== ======= =======
Total Return (%) ................. 3.8 43.3 (5.1) 21.2 27.1 38.2
Net Assets, End of Period/Year
($ millions) ................... 341 278 205 287 136 59
Ratio of Expenses to Average
Net Assets (%) ................. 0.85(a) 0.85 0.85 0.85 0.85 0.85
Ratio of Net Investment Income
to Average Net Assets (%) ...... 0.12(a) 0.01 0.18 0.33 0.45 0.65
Portfolio Turnover Rate (%)(b) ... 65.57 134.62 144.05 80.94 103.68 116.52
</TABLE>
-------------
(a) Annualized.
(b) Portfolio turnover rate excludes all short-term securities.
52
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Mutual of America Investment Corporation (the "Investment Company") is a
diversified, open-end management investment company -- a type of company
commonly known as a "mutual fund". It is registered as such under the Investment
Company Act of 1940 (the "Investment Company Act"). The Investment Company was
formed on February 21, 1986 as a Maryland corporation and offers its shares
exclusively to separate accounts of Mutual of America Life Insurance Company
("Mutual of America Life") and Mutual of America Life's indirect wholly-owned
subsidiary, The American Life Insurance Company of New York ("American Life").
As a "series" type mutual fund, the Investment Company issues separate classes
(or series) of capital stock, each of which represents a separate Fund of
investments. There are currently nine Funds: the Money Market Fund, the All
America Fund, the Equity Index Fund, the Mid-Cap Equity Index Fund, (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 June 30, 2000, Mutual of America Life owned 99%, and American
Life 1%, respectively, 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 6% 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.
53
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 $61,939 or 4.3% of the
Investment Company's total commissions for the six months ended June 30, 2000.
3. PURCHASES AND SALES
The cost of investment purchases and proceeds from sales of investments,
excluding short-term securities and futures for the six months ended June 30,
2000 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 .............. $360,333,063 $21,239,081 $20,761,707 $129,872,191
============ =========== =========== ============
Proceeds from sales of investments ........ $405,804,445 $39,493,097 $10,519,949 $ 85,965,114
============ =========== =========== ============
<CAPTION>
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
Cost of investment purchases .............. $2,677,357 $1,309,010 $196,055,040 $224,229,732
=========== ========== ============ ============
Proceeds from sales of investments ........ $2,542,261 $ 987,791 $225,293,809 $192,375,785
=========== ========== ============ ============
</TABLE>
The cost of short-term security purchases for the Money Market Fund for
the period was $429,679,989; net proceeds from sales and redemptions for the
period was $411,038,261.
54
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
3. PURCHASES AND SALES (CONTINUED)
At June 30, 2000 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 ... $ -- $394,684,143 $210,866,728 $ 6,185,838 $ 1,260,178
Aggregate gross unrealized depreciation ... -- 32,383,020 34,983,181 (5,212,547) 31,114,600
---------- ------------ ------------ ----------- ------------
Net unrealized appreciation (depreciation) $ -- $362,301,123 $175,883,547 $ 973,291 $(29,854,422)
========== ============ ============ =========== ============
</TABLE>
<TABLE>
<CAPTION>
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
---------- ---------- ----------- ------------
<S> <C> <C> <C> <C>
Aggregate gross unrealized appreciation .. $ 18,847 $ 7,673 $30,957,540 $75,476,610
Aggregate gross unrealized depreciation .. (93,035) 705,457 16,635,040 13,434,822
-------- --------- ----------- -----------
Net unrealized appreciation (depreciation) $(74,188) $(697,784) $14,322,500 $62,041,788
======== ========= =========== ===========
</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:
<TABLE>
<CAPTION>
Name of fund Authorized No. of Shares
------------ ------------------------
<S> <C>
Money Market Fund .............................................................. 100,000,000
All America Fund ............................................................... 500,000,000
Equity Index Fund .............................................................. 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
=============
</TABLE>
55
<PAGE>
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
4. CAPITAL SHARE ACTIVITY (CONTINUED)
Transactions in shares were as follows:
<TABLE>
<CAPTION>
For the Six Months Ended June 30, 2000
----------------------------------------------------------------
Mid-Cap
Money Market All America Equity Index Equity Index
Fund Fund Fund Fund
------------ ---------- ------------ ------------
<S> <C> <C> <C> <C>
Shares issued .................................. 65,769,629 26,901,290 27,764,642 18,591,105
Shares issued to shareholders as reinvestment
of dividends ................................. -- -- -- --
---------- ----------- ---------- ----------
Total .......................................... 65,769,629 26,901,290 27,764,642 18,591,105
Shares redeemed ................................ 50,425,227 38,059,479 33,745,026 7,150,827
---------- ----------- ---------- ----------
Net increase (decrease) ........................ 15,344,402 (11,158,189) (5,980,384) 11,440,278
========== =========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
For the Six Months Ended June 30, 2000
---------------------------------------------------------------------
Bond Short-Term Mid-Term Composite Aggressive
Fund Bond Fund Bond Fund Fund Equity Fund
---------- ---------- --------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Shares issued .................................. 38,147,076 2,021,288 4,099,088 12,134,903 52,970,499
Shares issued to shareholders as reinvestment
of dividends ................................. -- -- -- -- --
---------- ---------- --------- ---------- ----------
Total .......................................... 38,147,076 2,021,288 4,099,088 12,134,903 52,970,499
Shares redeemed... ............................. 21,473,966 3,386,373 4,472,443 16,325,598 29,548,355
---------- ---------- --------- ---------- ----------
Net increase (decrease) ........................ 16,673,110 (1,365,085) (373,355) (4,190,695) 23,422,144
========== ========== ========= ========== ==========
</TABLE>
<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>
<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 (7,415,080)
========== ========== ========== ========== ==========
</TABLE>
5. DIVIDENDS
No dividends have been declared or paid as of June 30, 2000. It is the
Investment Company's practice to declare and distribute such dividends at the
end of the year in conformity with Internal Revenue Code regulations.
56
<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
