UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05084
Mutual of America Investment Corporation
(Exact name of registrant as specified in charter)
320 Park Avenue, New York, N.Y. 10022
(Address of principal executive offices) (Zip code)
James J. Roth
Chairman of the Board, President and Chief Executive Officer
Mutual of America Investment Corporation
320 Park Avenue
New York, NY 10022
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 224-1600
Date of fiscal year end: December 31
Date of reporting period: June 30, 2017
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders follows:
JUNE 30, 2017
Semi-Annual Reports of Investment Options Offered by Mutual of America Life Insurance Company
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.
320 PARK AVENUE
NEW YORK NY 10022-6839
August 2017
As a valued variable annuity owner, variable life insurance policyholder or participant in a group variable annuity, we are pleased to provide you with the semi-annual fund reports for the investment options you have selected. Included in this booklet are the semi-annual reports of the Mutual of America Investment Corporation Funds. If you have also selected other investments options, you will receive semi-annual reports for those funds in a separate booklet or booklets. The reports provide an update on each portfolio’s performance as of June 30, 2017. Please note that portfolio performance does not take into account the fees charged by the annuity contract or life insurance policy. When viewed net of these contract fees, your performance will be lower. As always, past performance cannot predict or guarantee future returns.
Mutual of America has specialized in providing retirement products and related services to organizations and their employees, as well as individuals, for more than 70 years. As a mutual company, we do not have stockholders and are not publicly traded. We operate solely for the benefit of our customers, managing the Company for their long-term interest, rather than for the short-term demands of stockholders. Today, as in the past, Mutual of America remains financially strong and is rated among the strongest companies in the life insurance industry by the major independent rating agencies.*
Since 1945, Mutual of America has remained committed to offering plan sponsors, plan participants and individuals carefully selected, quality products and services at a competitive price and the personal attention they need to help build and preserve assets for a financially secure future. Integrity, prudence, and reliability are the values that have guided us since our inception and that continue to serve us well.
We hope you will find the enclosed information helpful. We appreciate and value your business and look forward to serving you in the future. If you have any questions, please call your local Mutual of America Regional Office or 1-800-468-3785.
Sincerely,
Mutual of America Life Insurance Company
| * | While these ratings do not apply to the safety or investment performance of the Separate Account investment funds available under Mutual of America’s products, they do reflect the Company’s ability to fulfill its General Account obligations, which include its obligations under the Interest Accumulation Account, annuity purchase rate guarantees and annuity benefit payouts, as well as life insurance and disability income payments. Third party ratings are subject to change. |
JUNE 30, 2017
Semi-Annual Reports of Mutual of America Investment Corporation
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.
CONTENTS
MUTUALOF AMERICA INVESTMENT CORPORATION
We are pleased to present the Mutual of America Investment Corporation (the “Investment Company”) Semi-Annual Report. This Report includes important information regarding the performance and financial position of the Investment Company’s funds for the six months ended June 30, 2017.
What’s Driving U.S. Markets Higher?
Through June of this year, all domestic markets are in positive territory. The S&P 500® is up 9% on a total return basis and is at all-time highs. The Russell Midcap® Index is up over 8% on a price basis, while the Russell 2000® Small Cap Index is up about 5% primarily because of the drag from the value component. In fact, all value indexes are underperforming growth indexes across all market cap segments — namely, large, midcap and small. Growth stock outperformance is generally indicative of investor concern about the sustainability of returns, because they seek greater relative stability among stocks in which earnings growth is deemed more secure versus value stocks.
Another indication of investor cautiousness is the characteristics of those stocks performing the best. These include: stocks whose companies have high-quality fundamentals, such as high measures of return on equity and low leverage; stocks whose prices are less volatile while at the same time showing heightened responsiveness to market movements; and stocks ranked high on growth factors and low on value factors, as supported by the relative performance of growth indexes versus value indexes, as mentioned above. The best performing stocks tend to have high price-to-earnings ratios, a characteristic that typically attends growth and quality characteristics. Investors have gravitated to stocks that provide, at least at the moment, the assurance of stability and growth as opposed to low value, higher risk stocks that do well during periods of rapidly improving fundamentals and stock price momentum.
Key Foreign Markets Strong Year-to-Date
Most foreign markets are either in line with, or outperforming, U.S. markets. According to MSCI Inc., stock price return data year-to-date, Europe is up 18%, China is up 24%, the developed markets of the Pacific region are up 10% and emerging markets are up 17%. By contrast, and not surprisingly given the turmoil throughout the region, nearly all Middle Eastern markets are down, but only modestly.
The regions outperforming the U.S. markets are demonstrating accelerating economic growth compared with that of the U.S. economy, which continues to oscillate around its average of 2% since the 2008 Great Recession. During the period 2010 until 2013, the Eurozone Gross Domestic Product (GDP) growth was essentially 0%, but since then has steadily increased to a run-rate of 2%. While this rate is the same as that which the U.S. has been growing for many years, it is the acceleration and consequent better relative rate of gain that has propelled European markets. The same can be said for Japan, and recently to China. In this latter case, growth has stopped declining, perceived to be a relative improvement and the possibility of continued flat to modestly improving results.
In short, economies around the world are, in general, healthy and growing. The International Monetary Fund currently projects global GDP growth of 3.5% in 2017 and 3.6% in 2018, up from 3.2% in 2016, aided by the accelerating recovery in Europe, the U.S. and Japan. China is the weak link, and poses the most risks to the global economy because of extremely high debt levels that continue to grow. The hope is that China’s managed economy has the levers necessary to maintain relative stability and continued growth, even as it is decelerating.
The U.S. Economy
Regarding the U.S., recent statistics have been generally solid, but still not indicative of a major pick-up in growth. The initial second quarter U.S. GDP report came in at a rate of 2.6% versus the first quarter’s final revised rate of 1.2%. However the second quarter rate was less than the 2.7% expected, and when averaged with the first quarter’s results, growth during the first half was 1.9%, basically in line with the 2.0% rate over the past six years. That said, the second quarter report was a good one. The key to the U.S. economy is the American consumer, representing two-thirds of our economy, and consumer spending, advanced 2.8%, in line with its rate over this cycle. Importantly, consumers continue to spend without excessive borrowing or tapping significantly into savings. The savings rate remains solid at nearly 4%, while credit card debt and bank loans have increased, but only modestly. Admittedly, there are some concerns over rising sub-prime lending in the auto market and extremely high outstanding education loans, with both showing rising delinquency rates. But at this point, these issues do not appear out of control. In short, a solid U.S. consumer provides a solid base for continued modest growth.
A number of other components of second quarter GDP showed improvement over previous reports. Capital spending, which has remained generally weak throughout the expansion, jumped 8.2%, the most in two years. The recent decline in the dollar contributed to a modest positive contribution to GDP from net exports. Similarly government
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spending contributed modestly. The weak link in the report was a 6.8% decline in residential construction which was largely attributed to lack of supply of skilled labor. It is a solid report, but does not portend a major acceleration in growth toward the historic rate of 3% on a sustainable basis.
How Long Can this Economic Cycle Last?
One issue that has come up recently among economists and strategists is the question of how long this economic cycle can persist before entering recession. The current expansion has just hit the eight-year mark. The longest cycle in postwar history occurred during the 1990s and lasted nine-and-a-half years from trough to peak. It is always dangerous to claim that “this time is different,” but there are a number of arguments that suggest that it is and that this cycle could last a lot longer. The first is that growth remains muted and, as suggested earlier, is likely to remain so. Economic cycles end in recessions which are generally accompanied by excesses of one sort or another. The recession of 1980-81 resulted from the sudden and dramatic increase in the Federal Funds rate by Paul Volker, Chairman of the Federal Reserve at the time, in response to nearly a decade of runaway, double-digit inflation. The recession of 2000-01 followed the tech bubble blow-off, and the 2008-09 recession followed the sub-prime lending crisis. The only potential excess in the U.S. at present might be the stretched valuations in the stock market, which seem to be discounting the current administration’s proposed tax reform and infrastructure initiatives — both of which are increasingly likely to be pushed out in time and reduced in scope even if they could muster the required votes in Congress.
Another concern that troubles investors is that the Federal Reserve (Fed) is in the process of raising interest rates after years of holding them close to 0%. It has also signaled that it is about to begin reducing the size of its balance sheet, ultimately withdrawing (very slowly) the liquidity to the economy and markets provided under its various quantitative easing measures. The actions the Fed is currently taking are designed to preclude an overheating economy, meaning one where demand outstrips supply and creates an increasing rate of inflation. The motivation for acting now is that the very low unemployment rate historically implies a “tight” market and the portent of rising inflation, especially if inflation takes the form of rapidly rising labor costs.
However, there is little sign of labor costs accelerating. Moreover, inflation, after having reached the Fed’s stated goal of 2%, has receded to a 1% annualized rate according to the recent GDP report. Unless the economy grows in the high 2% to low 3% rate, and inflation begins to pick up, the potential that the Fed will short-circuit the meager recovery will rise. At the same time, the Fed has been clear that its actions will be based on an assessment of the economic facts, and if necessary, will delay its current plans, or in a worst case scenario reverse them. In the meantime, it looks like rates will be rising. At this time, the classic indicators that Fed rates have risen too much are not present. But caution is advised going forward. When short-term rates (those controlled by the Fed) rise above long-term Treasury rates, recession usually follows within a year to a year-and-a-half.
The political situation is another area that could upset economic growth. The daily distractions from the focus on the President’s agenda resulting from investigations of the President’s campaign and White House staff bickering along with continuing partisan gridlock in the Congress add a level of uncertainty to the future direction of the U.S. economy.
Surprisingly, but not unprecedented, none of this so far has derailed the economy or the stock market. During the Watergate hearings and subsequent resignation of President Nixon the U.S. did suffer a recession and a bear market, but more for economic than political reasons. The U.S. economy had expanded for four years at an average annualized basis of 3.1%. Accompanying this sustained high rate of real growth was an extended period of out-of-control inflation resulting from increased social (i.e., Medicare and Medicaid) and defense (i.e., Vietnam) spending during the late 1960s and early ’70s. Then, in October 1973, in response to U.S. support for Israel during the Yom Kippur War, OPEC instituted an embargo on oil exports to the U.S. and its allies that quadrupled the price of oil and eventually contributed to a deep recession and market decline of more than 40% in 1973-74. In contrast, both GDP and stock prices continued to advance strongly throughout the Clinton-Lewinsky affair, including President Clinton’s impeachment trial in Congress.
As we’ve repeatedly stated in the past, stock prices are determined largely by economic growth. At the moment, the U.S. and the global economy appear on solid footing even if not at a gangbuster pace. In our opinion, an extended cycle at an average annualized growth rate of 2% without recession would be preferable to the normal wrenching ups-and-downs of economic growth and stock prices. At present, such an extended cycle scenario seems reasonable.
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The total return performance (net of investment management and other operating expenses) for each of the Investment Company Funds is reflected below:
| | | | |
| Total Returns — Six Months Ended June 30, 2017 | |
| |
Equity Index Fund | | | + 9.24% | |
All America Fund | | | + 7.94% | |
Small Cap Value Fund | | | + 1.85% | |
Small Cap Growth Fund | | | +11.14% | |
Mid Cap Value Fund | | | + 4.07% | |
Mid-Cap Equity Index Fund | | | + 5.89% | |
International Fund | | | +14.26% | |
Composite Fund | | | + 5.22% | |
Retirement Income Fund | | | + 3.76% | |
2010 Retirement Fund | | | + 4.49% | |
2015 Retirement Fund | | | + 5.25% | |
2020 Retirement Fund | | | + 5.99% | |
2025 Retirement Fund | | | + 6.75% | |
2030 Retirement Fund | | | + 7.29% | |
2035 Retirement Fund | | | + 7.72% | |
2040 Retirement Fund | | | + 7.78% | |
2045 Retirement Fund | | | + 7.84% | |
2050 Retirement Fund | | | + 7.96% | |
2055 Retirement Fund | | | + 8.09% | |
Conservative Allocation Fund | | | + 4.92% | |
Moderate Allocation Fund | | | + 6.57% | |
Aggressive Allocation Fund | | | + 7.71% | |
Money Market Fund | | | + 0.24% | |
Mid-Term Bond Fund | | | + 1.83% | |
Bond Fund | | | + 2.59% | |
The above performance figures do not reflect the deduction of respective Separate Account fees and expenses imposed by Mutual of America Life Insurance Company. 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.
The pages that immediately follow include brief discussions of each Fund’s performance for the six months ended June 30, 2017, compared with its relevant index.
Following the discussions are the graphical representations of the asset allocations of each Fund and an illustration of each Fund’s operating expenses. The summarized portfolios of each Fund and financial statements are presented in the pages that follow.
Thank you for your continued investment in our Funds.
Sincerely,
James J. Roth
Chairman of the Board, President
and Chief Executive Officer
Mutual of America Investment Corporation
The views expressed in this Semi-Annual Report are subject to change at any time based on market and other conditions and should not be construed as a recommendation. This Report contains forward looking statements which speak only as of the date they were made and involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed herein. Readers are cautioned not to place undue reliance on our forward-looking statements, as we assume no obligation to update these forward-looking statements. Readers assume any and all responsibility for any investment decision made as a result of the views expressed herein.
Standard & Poor’s®, S&P® and S&P 500® are trademarks of Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.
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EQUITY INDEX FUND
The Equity Index Fund’s objective is to replicate the performance of the S&P 500® Index (S&P 500), which consists of 500 stocks chosen by Standard & Poor’s for market size, liquidity and industry group representation. The S&P 500 is a market-weighted index of 500 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ, with each stock’s weight in the index proportionate to its market value. The weightings make each company’s influence on the S&P 500’s performance directly proportional to that company’s market value.
The Equity Index Fund’s performance for the six months ended June 30, 2017, was 9.32% before expenses and 9.24% after expenses, just below the benchmark return of 9.34%. Note that the Equity Index Fund’s performance includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.
ALL AMERICA FUND
The investment objective of the All America Fund is to outperform the S&P 500® Index (S&P 500). The All America Fund has been approximately 60% passively invested in the 500 stocks that comprise the S&P 500, with the remaining 40% actively managed, comprised of 20% large capitalization stocks and 20% small cap stocks. Beginning July 1, 2016, the actively managed portfolio shifted to mid-cap stocks from large cap stocks, thus providing exposure to all levels of market capitalization among domestic stocks.
For the six months ended June 30, 2017, the S&P 500 of large capitalization stocks increased by 9.34% on a total return basis, while the Russell® Midcap Core Index was up 7.99% and the Russell Midcap® Value Index was up 5.18%. The Russell 2000® Growth Index advanced 9.97% and the Russell 2000® Value Index was up 0.54%.
The All America Fund’s return for the six months ended June 30, 2017, before expenses was 8.22% and 7.94% after expenses versus the benchmark return of 9.34% The underperformance of the Fund versus the S&P 500 in the first half of the year was due to the underperformance of the mid and small capitalization segments of the fund as compared to the large capitalization benchmark.
SMALL CAP VALUE FUND
The investment objective of the Small Cap Value Fund is capital appreciation. The Small Cap Value Fund generally invests in companies that are below $3 billion in market capitalization and have lower price-to-book characteristics than the overall market.
For the six months ended June 30, 2017, the Small Cap Value Fund returned 2.27% before expenses and 1.85% after expenses versus a 0.54% return for the Russell 2000® Value Index. Within the benchmark, the best performing sectors were Health Care and Utilities while the worst performing sectors were Retail and Energy.
Stock selection was the primary driver of positive performance versus the benchmark. Sectors contributing to Fund performance included Retail and Technology, while sectors detracting from Fund performance included Industrials and Energy.
SMALL CAP GROWTH FUND
The investment objective of the Small Cap Growth Fund is capital appreciation. The Small Cap Growth Fund invests in growth stocks within the small capitalization marketplace. The Fund returned 11.60% before expenses and 11.14% after expenses during the six months ended June 30, 2017. The Fund’s benchmark, the Russell 2000® Growth Index, returned 9.97% for the period.
The domestic growth sector showed attractive returns in the large, mid and small cap asset classes for the first six months of the year outperforming the value style. More specifically, the Health Care and Technology sectors both showed double digit returns for the first six months of the year. Health Care, which has been one of the best drivers of performance over the last several years, underperformed in 2016 and is leading the small cap growth market in 2017.
The Fund outperformed in both the Health Care and Information Technology sectors contributing to the overall return. The Energy sector had the most negative return, down over 30%; we outperformed in this sector.
Where we struggled was Consumer Staples, Industrials and Financials. However, our underperformance in these sectors was not enough to offset our strong performance in Health Care, Technology and Consumer Discretionary.
Our outperformance was driven by stock selection not sector allocation.
After an initial belief we would have higher economic growth rates with the election of President Trump, domestic economic growth is now expected to be below the 2.5% level for the 2017 calendar year. With higher short-term interest rates and the lower expectation for domestic economic growth, investors moved back into growth stocks.
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We expect macro events will continue to play an outsized role in the financial markets with reactions from investors happening in increasing short periods of time.
MID CAP VALUE FUND
The investment objective of the Mid Cap Value Fund is to outperform the Russell Midcap® Value Index. The Mid Cap Value Fund generally invests in companies that are between $1 billion and $20 billion in market capitalization and have lower price-to-book characteristics.
For the six months ended June 30, 2017, the Mid Cap Value Fund returned 4.40% before expenses and 4.07% after expenses versus a 5.18% return for the Russell Midcap® Value Index. Within the benchmark, the best performing sectors were Health Care and Technology while the worst performing sectors were Energy and Retail.
Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Mid Cap Value Fund performance included Health Care and Insurance, while sectors detracting from Fund performance included Industrials and Finance.
MID-CAP EQUITY INDEX FUND
The Mid-Cap Equity Index Fund invests in the 400 stocks that comprise the S&P MidCap 400® Index (S&P MidCap 400). The S&P MidCap 400 is a market-weighted index of 400 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company’s influence on the S&P MidCap 400’s performance directly proportional to that company’s market value. The companies included in the S&P MidCap 400 tend to be typical of this asset class, the medium-capitalized sector of the U.S. securities market.
The Mid-Cap Equity Index Fund’s performance for the six months ended June 30, 2017, was 5.96% before expenses and 5.89% after expenses, finishing slightly below the 5.99% return of the S&P MidCap 400. Note that the performance of the Mid-Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.
INTERNATIONAL FUND
The International Fund seeks capital appreciation by investing, directly or indirectly, mainly in exchange traded funds that invest in stocks of large and mid-cap companies in developed market countries located outside of the United States and Canada that are reflected or contained in the Morgan Stanley Capital International, Inc. Europe, Australasia and Far East® Index (MSCI EAFE® Index). Currently the International Fund is invested mainly in exchange traded funds that reflect, replicate or follow the country weightings of the MSCI EAFE® Index. The Fund also has invested a small percentage of assets in exchange traded funds that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries.
For the six months ended June 30, 2017, the International Fund returned 14.33% before expenses and 14.26% after expenses, outperforming the 13.81% return of the benchmark. The fund’s benchmark closes earlier in the day than the actual market for the fund’s investments. This time lag can result in both positive and negative performance differences.
COMPOSITE FUND
The Composite Fund seeks capital appreciation and current income by investing in a diversified portfolio of common stocks, debt securities and money market instruments.
The primary investment objective of the fixed income portion of the fund is to provide a high level of current income, consistent with capital preservation, while minimizing volatility. It does this by investing primarily in investment grade publicly traded debt securities. The securities held include corporate, U.S. agency and mortgage-backed bonds, all of which normally yield more than U.S. Treasury issues.
For the six months ended June 30, 2017, the fixed income portion of the Fund had a total return of 2.52% before expenses. This compares favorably to the Bloomberg Barclays Aggregate Bond Index, which returned 2.27%. The fixed income portion of the Fund focused on income and capital preservation.
The fund’s strategy is to overweight corporate bonds, underweight U.S. Treasuries, and market weight mortgage-backed securities. The portfolio’s aim is to maintain a similar maturity profile to the benchmark, the Bloomberg Barclays Aggregate Bond Index (the Aggregate) with an overweighting of BBB issuers. To achieve the duration target of approximately 90% of the benchmark, intermediate corporate and longer U.S. Treasury maturities are emphasized. The Bond Fund also stresses diversification in order to protect the Fund from unexpected credit events, so few corporate holdings exceed one-half of one percent of the Fund’s value. This extreme diversification will be maintained going forward as part of our risk control.
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The fixed income market posted positive returns during the first half of 2017. All asset classes represented in the Aggregate delivered positive results during the period. Investment grade corporate bonds had the strongest showing, 3.80%, while asset-backed securities had the weakest, 1.14%. Longer-dated bonds, those set to mature in more than ten years, returned 5.81% and those with one to three years to maturity offered 0.73%.
The interest rate curve flattened as yields on short-dated U.S. Treasuries rose while those of long-dated U.S. Treasuries fell. Two-year U.S. Treasury Notes yielded 1.19% at the end of the 4th quarter of last year and 1.38% on June 30. Ten year yields fell 14 basis points or 0.14% to 2.30% during the first half of the year. This is not an uncommon effect during a Federal Reserve (Fed) tightening cycle. The front end of the yield curve, generally considered to be up to five years in maturity, is more affected by Fed policy. As the Fed raises rates, short term rates move with them. The longer end of the yield curve, maturities of seven to thirty years, is driven more by inflation expectations. As Fed tightenings in theory slow the economy, inflation is presumed to fall and tends to pull longer term rates down.
In the corporate bond market, high-grade spreads tightened from 127 basis points at the end of 2016 to 111 on June 30. This represents the tightest overall spread in almost three years. Continuing the theme evidenced in 2016, lower-rated credit outperformed higher-rated. For the six months ending on June 30, AAA-rated corporate spreads tightened from 73 to 65 basis points, while BBB-rated bond spreads tightened from 159 to 139 basis points. In general, financial spreads tightened the most and utility bond spreads rallied the least.
The primary objective of the equity portion of the Composite Fund is to provide exposure to a diversified portfolio of primarily large capitalization, domestic equity securities that have the potential to outperform their peer group over the medium to long term. The portfolio has a focus on dividend income, and aims to continually earn a dividend yield that is higher than that of its benchmark without taking significant over or under weights in any sector.
For the six months ended June 30, 2017, the equity portion of the Fund had a total return of 7.56% (before expenses), underperforming the S&P 500® Index (S&P 500) which gained 9.34%. The underperformance of the Fund during the six month period was due to the fact that the income-oriented equities that are a focus of the fund’s strategy were not in favor during the period.
RETIREMENT INCOME FUND
The objective of the Retirement Income Fund is current income consistent with the preservation of capital and, to a lesser extent, capital appreciation. The Retirement Income Fund invests primarily in the fixed-income funds of the Investment Company and also invests in two equity funds of the Investment Company. The Fund’s current target allocation is approximately 75% of net assets in fixed-income funds (approximately 30% in the Bond, 35% in the Mid-Term Bond Funds and 10% in the Money Market Fund) and approximately 25% of net assets in equity funds (20% in the Equity Index Fund and 5% in the Mid-Cap Equity Index Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the Retirement Income Fund is compared to the Bloomberg Barclays Aggregate Bond Index (65% weighting), the Citigroup 3-Month Treasury Bill Index (10% weighting) and the S&P 500® Index (25% weighting). For the six months ended June 30, 2017, the Fund returned 3.80% before expenses and 3.76% after expenses, versus a 3.82% return in the weighted benchmark.
2010 RETIREMENT FUND
The objective of the 2010 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2010. The 2010 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 68% of net assets in fixed-income funds (approximately 27% in the Bond Fund, 35% in the Mid-Term Bond Fund and 6% in the Money Market Fund) and approximately 32% of net assets in equity funds (22% in the Equity Index Fund, 7% in the Mid-Cap Equity Index Fund and 3% in the International Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the 2010 Retirement Fund is compared to the Bloomberg Barclays Aggregate Bond Index (62% weighting), the Citigroup 3-Month Treasury Bill Index (6% weighting) and the S&P 500® Index (32% weighting). For the six months ended June 30, 2017, the Fund returned 4.51% before expenses and 4.49% after expenses, versus a 4.40% return in the weighted benchmark.
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2015 RETIREMENT FUND
The objective of the 2015 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2015. The 2015 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 59% of net assets in fixed-income funds (26% in the Bond Fund, 30% in the Mid-Term Bond Fund and 3% in the Money Market Fund) and approximately 41% of net assets in equity funds (approximately 26% in the Equity Index Fund, 8% in the Mid-Cap Equity Index Fund, 5% in the International Fund and 1% each in the Small Cap Growth and Small Cap Value Funds) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the 2015 Retirement Fund is compared to the Bloomberg Barclays Aggregate Bond Index (56% weighting), the Citigroup 3-Month Treasury Bill Index (3% weighting) and the S&P 500® Index (41% weighting). For the six months ended June 30, 2017, the Fund returned 5.29% before expenses and 5.25% after expenses, versus a 5.09% return in the weighted benchmark.
2020 RETIREMENT FUND
The objective of the 2020 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2020. The 2020 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 51% of net assets in equity funds (approximately 29% in the Equity Index Fund, 10% in the Mid-Cap Equity Index Fund, 8% in the International Fund and 2% each in the Small Cap Growth and Small Cap Value Funds) and approximately 49% of net assets in fixed-income funds (26% in the Bond Fund and 23% in the Mid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the 2020 Retirement Fund is compared to the S&P 500® Index (51% weighting) and the Bloomberg Barclays Aggregate Bond Index (49% weighting). For the six months ended June 30, 2017, the Fund returned 6.02% before expenses and 5.99% after expenses, versus a 5.86% return in the weighted benchmark.
2025 RETIREMENT FUND
The objective of the 2025 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2025. The 2025 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 62% of net assets in equity funds (approximately 32% in the Equity Index Fund, 12% in the Mid-Cap Equity Index Fund, 10% in the International Fund and 4% each in the Small Cap Growth and Small Cap Value Funds) and approximately 38% of net assets in fixed-income funds (25% in the Bond Fund and 13% in the Mid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the 2025 Retirement Fund is compared to the S&P 500® Index (62% weighting) and the Bloomberg Barclays Aggregate Bond Index (38% weighting). For the six months ended June 30, 2017, the Fund returned 6.78% before expenses and 6.75% after expenses, versus a 6.64% return in the weighted benchmark.
2030 RETIREMENT FUND
The objective of the 2030 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2030. The 2030 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 73% of net assets in equity funds (approximately 34% in the Equity Index Fund, 17% in the Mid-Cap Equity Index Fund, 12% in the International Fund and 5% each in the Small Cap Growth and Small Cap Value Funds) and approximately 27% of net assets in fixed-income funds (22% in the Bond Fund and 5% in the Mid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the 2030 Retirement Fund is compared to the S&P 500® Index (73% weighting) and the Bloomberg Barclays Aggregate Bond Index (27% weighting). For the six months ended June 30, 2017, the Fund returned 7.32% before expenses and 7.29% after expenses, versus a 7.42% return in the weighted benchmark.
2035 RETIREMENT FUND
The objective of the 2035 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2035. The 2035 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 82% of net assets in equity funds (approximately 36%
7
in the Equity Index Fund, 21% in the Mid-Cap Equity Index Fund, 13% in the International Fund and 6% each in the Small Cap Growth and Small Cap Value Funds) and approximately 18% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the 2035 Retirement Fund is compared to the S&P 500® Index (82% weighting) and the Bloomberg Barclays Aggregate Bond Index (18% weighting). For the six months ended June 30, 2017, the Fund returned 7.75% before expenses and 7.72% after expenses, versus an 8.06% return in the weighted benchmark.
2040 RETIREMENT FUND
The objective of the 2040 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2040. The 2040 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 85% of net assets in equity funds (approximately 36% in the Equity Index Fund, 21% in the Mid-Cap Equity Index Fund, 14% in the International Fund and 7% each in the Small Cap Growth and Small Cap Value Funds) and approximately 15% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the 2040 Retirement Fund is compared to the S&P 500® Index (85% weighting) and the Bloomberg Barclays Aggregate Bond Index (15% weighting). For the six months ended June 30, 2017, the Fund returned 7.81% before expenses and 7.78% after expenses, versus an 8.27% return in the weighted benchmark.
2045 RETIREMENT FUND
The objective of the 2045 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2045. The 2045 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 88% of net assets in equity funds (approximately 35% in the Equity Index Fund, 22% in the Mid-Cap Equity Index Fund, 15% in the International Fund and 8% each in the Small Cap Growth and Small Cap Value Funds) and approximately 12% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the 2045 Retirement Fund is compared to the S&P 500® Index (88% weighting) and the Bloomberg Barclays Aggregate Bond Index (12% weighting). For the six months ended June 30, 2017, the Fund returned 7.87% before expenses and 7.84% after expenses, versus an 8.48% return in the weighted benchmark.
2050 RETIREMENT FUND
The objective of the 2050 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2050. The 2050 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 90% of net assets in equity funds (approximately 34% in the Equity Index Fund, 22% in the Mid-Cap Equity Index Fund, 16% in the International Fund and 9% each in the Small Cap Growth and Small Cap Value Funds) and approximately 10% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2017).
Performance for the 2050 Retirement Fund is compared to the S&P 500® Index (90% weighting) and the Bloomberg Barclays Aggregate Bond Index (10% weighting). For the six months ended June 30, 2017, the Fund returned 7.99% before expenses and 7.96% after expenses, versus an 8.63% return in the weighted benchmark.
2055 RETIREMENT FUND
The objective of the 2055 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2055. The 2055 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 91% of net assets in equity funds (approximately 32% in the Equity Index Fund, 22% in the Mid-Cap Equity Index Fund, 17% in the International Fund and 10% each in the Small Cap Growth and Small Cap Value Funds) and approximately 9% of net assets in the Bond Fund.
Performance for the 2055 Retirement Fund is compared to the S&P 500® Index (91% weighting) and the Bloomberg Barclays Aggregate Bond Index (9% weighting). For the six months ended June 30, 2017, the Fund returned 8.11% before expenses and 8.09% after expenses, versus a 8.70% return in the weighted benchmark.
CONSERVATIVE ALLOCATION FUND
The objective of the Conservative Allocation Fund is current income and, to a lesser extent, capital appreciation. The Conservative Allocation Fund invests primarily in the fixed-income funds of the Investment Company and also
8
invests in the equity funds of the Investment Company. The Conservative Allocation Fund’s target allocation is approximately 65% of net assets in fixed-income funds (approximately 30% in the Bond Fund and 35% in the Mid-Term Bond Fund) and approximately 35% of net assets in equity funds (approximately 25% in the Equity Index Fund, 5% in the Mid-Cap Equity Index Fund and 5% in the International Fund).
Performance for the Conservative Allocation Fund is compared to the Bloomberg Barclays Aggregate Bond Index (65% weighting) and the S&P 500® Index (35% weighting). For the six months ended June 30, 2017, the Conservative Allocation Fund returned 4.93% before expenses and 4.92% after expenses, versus a 4.73% return in the weighted benchmark.
MODERATE ALLOCATION FUND
The objective of the Moderate Allocation Fund is capital appreciation and current income. The Moderate Allocation Fund invests in the equity and fixed-income funds of the Investment Company. The Moderate Allocation Fund’s target allocation is approximately 60% of net assets in equity funds (approximately 35% of its net assets in the Equity Index Fund, 15% in the Mid-Cap Equity Index Fund and 10% in the International Fund) and approximately 40% of net assets in fixed-income funds (approximately 25% of its net assets in the Bond Fund and approximately 15% of its net assets in the Mid-Term Bond Fund).
Performance for the Moderate Allocation Fund is compared to the S&P 500® Index (60% weighting) and the Bloomberg Barclays Aggregate Bond Index (40% weighting). For the six months ended June 30, 2017, the Moderate Allocation Fund returned 6.58% before expenses and 6.57% after expenses, versus a 6.49% return for the weighted benchmark.
AGGRESSIVE ALLOCATION FUND
The objective of the Aggressive Allocation Fund is capital appreciation and, to a lesser extent, current income. The Aggressive Allocation Fund invests in the equity and fixed-income funds of the Investment Company. The Aggressive Allocation Fund’s target allocation is approximately 80% of net assets in equity funds (approximately 35% of its net assets in the Equity Index Fund, 20% in the Mid-Cap Equity Index Fund, 5% each in the Small Cap Value Fund and Small Cap Growth Funds, and 15% in the International Fund) and approximately 20% of net assets in the Bond Fund.
Performance for the Aggressive Allocation Fund is compared to the S&P 500® Index (80% weighting) and the Bloomberg Barclays Aggregate Bond Index (20% weighting). For the six months ended June 30, 2017, the Aggressive Allocation Fund returned 7.72% before expenses and 7.71% after expenses, versus a 7.91% return for the weighted benchmark.
MONEY MARKET FUND
The Money Market Fund’s investment objective is to realize current income while maintaining liquidity, investment quality and stability of capital through investing in high-quality commercial paper issued by U.S. corporations and securities issued by the U.S. government and its agencies. For the six months ended June 30, 2017, the Money Market Fund returned 0.37% before expenses and 0.24% after expenses, compared to a 0.30% return for the Citigroup 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.
The Federal Reserve (Fed) governors continue to withdraw some of the extraordinary measures put in place following the financial crisis in 2008. To that end, they’ve raised the Fed Funds target range twice in 2017, once in March and again in June. These moves represent the third and fourth increases in the cycle. While the frequency of future rate increases is uncertain, the Fed’s commitment to unwinding more of the measures taken since the crisis is clear. At the June meeting, the Fed laid out a plan to start reducing its holdings of $4.5 trillion in U.S. Treasury and mortgage-backed securities. The Committee intends to slowly decrease its reinvestment of the principal payments it receives from securities it holds. Once started, the plan calls for a reduction of $10 billion per month in purchases that will eventually rise to $50 billion per month.
The Fund’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity in light of the uncertainty of the path of interest rates. On June 30, the fund held 25% U.S. Treasury bills, 15% U.S. agency discount notes and the remainder in commercial paper. The average maturity was 28 days.
The seven-day effective yield as of August 15, 2017, was 0.84%. As with all performance reporting, this yield is not necessarily indicative of future annual yields. Neither the Federal Deposit Insurance Corporation nor any other U.S. government agency insures or guarantees investments in shares of the Money Market Fund.
9
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 portfolio continues to emphasize corporate issues, particularly BBB-rated bonds, in order to capture incremental income. The Fund will continue to focus on income, rather than market volatility, to achieve superior returns over market cycles. In addition, the Fund’s corporate positions will remain highly diversified in order to help shield the portfolio from any credit risks. The objective of the Fund is to maintain a maturity profile similar to the Bloomberg Barclays Intermediate Government/Credit Bond Index.
For the six months ended June 30, 2017, the Mid-Term Bond Fund returned 2.06% before expenses and 1.83% after expenses versus a 1.73% return of the Bloomberg Barclays Intermediate Government/Credit Bond Index during the same period. The Fund’s continuing emphasis on higher-yielding corporate issues was a major contributor to its outperformance.
BOND FUND
The Bond Fund’s primary investment objective is to provide as high a level of current income over time as is believed to be consistent with prudent investment risk. It does this by investing primarily in investment grade publicly traded debt securities. A secondary objective is preservation of capital. The securities held by the Bond Fund include corporate, U.S. agency and mortgage-backed bonds, all of which normally yield more than U.S. Treasury issues.
The Bond Fund’s strategy is to overweight corporate bonds, underweight U.S. Treasuries, and market weight mortgage-backed securities. The portfolio’s aim is to maintain a similar maturity profile to the benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the Aggregate) with an overweighting of BBB issuers. To achieve the duration target of approximately 90% of the benchmark, intermediate corporate and longer U.S. Treasury maturities are emphasized. The Bond Fund also stresses diversification in order to protect the Fund from unexpected credit events, so few corporate holdings exceed one-half of one percent of the Fund’s value. This extreme diversification will be maintained going forward as part of our risk control.
The fixed income market posted positive returns during the first half of 2017. All asset classes represented in the Aggregate delivered positive results during the period. Investment grade corporate bonds had the strongest showing, 3.80%, while asset-backed securities had the weakest, 1.14%. Longer-dated bonds, those set to mature in more than ten years, returned 5.81% and those with one to three years to maturity offered 0.73%.
The interest rate curve flattened as yields on short-dated U.S. Treasuries rose while those of long-dated U.S. Treasuries fell. Two-year U.S. Treasury Notes yielded 1.19% at the end of the 4th quarter of last year and 1.38% on June 30. Ten year yields fell 14 basis points or 0.14% to 2.30% during the first half of the year. This is not an uncommon effect during a Federal Reserve (Fed) tightening cycle. The front end of the yield curve, generally considered to be up to five years in maturity, is more affected by Fed policy. As the Fed raises rates, short term rates move with them. The longer end of the yield curve, maturities of seven to thirty years, is driven more by inflation expectations. As Fed tightenings in theory slow the economy, inflation is presumed to fall and tends to pull longer term rates down.
In the corporate bond market, high-grade spreads tightened from 127 basis points at the end of 2016 to 111 on June 30. This represents the tightest overall spread in almost three years. Continuing the theme evidenced in 2016, lower-rated credit outperformed higher-rated. For the six months ending on June 30, AAA-rated corporate spreads tightened from 73 to 65 basis points, while BBB-rated bond spreads tightened from 159 to 139 basis points. In general, financial spreads tightened the most and utility bond spreads rallied the least.
For the six months ended June 30, 2017, the Bond Fund returned 2.83% before expenses and 2.59% after expenses, versus a 2.27% return of the Bloomberg Barclays Aggregate Bond Index. The Fund’s relative outperformance was driven primarily by its’ overweight position in corporate bonds in particular, BBB-rated industrial bonds.
10
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2017 (Unaudited)
Equity Index Fund
All America Fund
Small Cap Value Fund
Small Cap Growth Fund
Mid Cap Value Fund
Mid-Cap Equity Index Fund
11
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2017 (Unaudited) (Continued)
International Fund
Composite Fund
Retirement Income Fund
2010 Retirement Fund
2015 Retirement Fund
2020 Retirement Fund
12
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2017 (Unaudited) (Continued)
2025 Retirement Fund
2030 Retirement Fund
2035 Retirement Fund
2040 Retirement Fund
2045 Retirement Fund
2050 Retirement Fund
13
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2017 (Unaudited) (Continued)
2055 Retirement Fund
Conservative Allocation Fund
Moderate Allocation Fund
Aggressive Allocation Fund
Money Market Fund
Mid-Term Bond Fund
14
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2017 (Unaudited) (Continued)
Bond Fund
15
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited)
EXAMPLE
As a shareholder of one of the Mutual of America Investment Corporation Funds, you incur ongoing costs, including management fees and other Fund expenses. You do not incur transactional costs, such as sales charges (loads), redemption fees or exchange fees. Additionally, Mutual of America Capital Management LLC, the Funds’ Adviser, has contractually agreed to reimburse the direct non-advisory operating expenses of any Allocation or Retirement Fund (each a “Fund of Funds”) that has less than $50 million in average daily net assets for the prior calendar year. This contractual obligation remains in effect through April 30, 2018 and will continue for succeeding 12 month periods ending April 30th unless i) The Fund of Funds has at least $50 million in average daily net assets for the prior calendar year, ii) the Investment Company gives not less than 30 days written notice to the Adviser, or iii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at January 1, 2017 and held for the entire period ending June 30, 2017 under the expense reimbursement agreement in effect during that period as described above.
The estimate of expenses does not include fees and charges associated with your variable annuity contract or variable life insurance policy. If those fees and charges were included, the estimate of expenses for the period would be higher and your ending account value would be lower.
ACTUAL EXPENSES
The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning other non-Mutual of America funds, which may also charge transactional costs, such as sales charges (loads), redemption fees or exchange fees, which the Mutual of America Investment Corporation does not charge.
| | | | | | | | | | | | | | | | | | |
| | | Equity Index Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,092.41 | | | | $0.73 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,023.78 | | | | $0.70 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
16
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | All America Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,079.41 | | | | $2.73 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,021.80 | | | | $2.66 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.53%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Small Cap Value Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,018.52 | | | | $4.05 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,020.38 | | | | $4.06 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Small Cap Growth Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,111.41 | | | | $4.24 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,020.38 | | | | $4.06 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Mid Cap Value Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,040.71 | | | | $3.24 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,021.24 | | | | $3.21 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
17
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | Mid-Cap Equity Index Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,058.88 | | | | $0.71 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,023.78 | | | | $0.70 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | International Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,142.59 | | | | $1.91 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.66 | | | | $1.81 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.36% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Composite Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,052.22 | | | | $2.59 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,021.90 | | | | $2.56 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.51%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Retirement Income Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,037.61 | | | | $2.27 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.21 | | | | $2.26 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.45% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
18
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | 2010 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,044.89 | | | | $1.93 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.56 | | | | $1.91 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.38% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2015 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,052.50 | | | | $2.04 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.46 | | | | $2.01 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.40% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2020 Retirement Fund | | | | |
| | | | | Beginning
Account Value January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,059.91 | | | | $1.89 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.61 | | | | $1.86 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.37% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2025 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,067.50 | | | | $1.79 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.71 | | | | $1.76 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.35% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
19
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | 2030 Retirement Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,072.92 | | | | $1.75 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.76 | | | | $1.71 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2035 Retirement Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,077.20 | | | | $1.70 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.81 | | | | $1.66 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.33% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2040 Retirement Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,077.80 | | | | $1.80 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.71 | | | | $1.76 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.35% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2045 Retirement Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,078.40 | | | | $1.80 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.71 | | | | $1.76 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.35% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
20
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | 2050 Retirement Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,079.59 | | | | $1.86 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.66 | | | | $1.81 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.36% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2055 Retirement Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,080.92 | | | | $1.81 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.71 | | | | $1.76 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.35% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,049.20 | | | | $1.83 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.66 | | | | $1.81 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.36% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Moderate Allocation Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,065.69 | | | | $1.38 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,023.12 | | | | $1.35 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.27% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
21
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | Aggressive Allocation Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,077.11 | | | | $1.44 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,023.07 | | | | $1.40 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.28% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Money Market Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,002.38 | | | | $1.34 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,023.12 | | | | $1.35 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.27%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Mid-Term Bond Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,018.28 | | | | $2.30 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.16 | | | | $2.31 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.46%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Bond Fund | |
| | | | | Beginning
Account Value
January 1, 2017 | | | Ending
Account Value
June 30, 2017 | | | Expenses Paid
During Period*
January 1, 2017 to
June 30, 2017 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,025.89 | | | | $2.26 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.21 | | | | $2.26 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
22
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| INDEXED ASSETS: | | | | | | | | |
COMMON STOCKS: | |
CONSUMER DISCRETIONARY (12.0%) | |
Amazon.com, Inc.* | | | 43,855 | | | $ | 42,451,640 | |
Comcast Corp. Cl A | | | 523,325 | | | | 20,367,809 | |
Disney (Walt) Co. | | | 160,855 | | | | 17,090,844 | |
Home Depot, Inc. | | | 132,023 | | | | 20,252,328 | |
McDonald’s Corp. | | | 90,060 | | | | 13,793,590 | |
Priceline Group, Inc.* | | | 5,426 | | | | 10,149,442 | |
Other Securities | | | 2,966,499 | | | | 157,321,833 | |
| | | | | | | | |
| | | | | | | 281,427,486 | |
| | | | | | | | |
CONSUMER STAPLES (8.9%) | |
Altria Group, Inc. | | | 213,288 | | | | 15,883,557 | |
Coca-Cola Co. | | | 424,210 | | | | 19,025,819 | |
PepsiCo, Inc. | | | 157,721 | | | | 18,215,198 | |
Philip Morris Int’l., Inc. | | | 171,371 | | | | 20,127,524 | |
Proctor & Gamble Co. | | | 282,167 | | | | 24,590,854 | |
Wal-Mart Stores, Inc. | | | 162,891 | | | | 12,327,591 | |
Other Securities | | | 1,473,048 | | | | 97,215,285 | |
| | | | | | | | |
| | | | | | | 207,385,828 | |
| | | | | | | | |
ENERGY (5.9%) | |
Chevron Corp. | | | 208,848 | | | | 21,789,112 | |
Exxon Mobil Corp. | | | 466,972 | | | | 37,698,650 | |
Schlumberger Ltd. | | | 153,074 | | | | 10,078,421 | |
Other Securities | | | 1,686,208 | | | | 68,896,509 | |
| | | | | | | | |
| | | | | | | 138,462,692 | |
| | | | | | | | |
FINANCIALS (14.2%) | |
Bank of America Corp. | | | 1,098,679 | | | | 26,653,953 | |
Berkshire Hathaway, Inc. Cl B* | | | 209,633 | | | | 35,505,541 | |
Citigroup, Inc. | | | 303,810 | | | | 20,318,813 | |
JPMorgan Chase & Co. | | | 392,152 | | | | 35,842,693 | |
Wells Fargo & Co. | | | 496,130 | | | | 27,490,563 | |
Other Securities | | | 3,011,506 | | | | 187,390,918 | |
| | | | | | | | |
| | | | | | | 333,202,481 | |
| | | | | | | | |
HEALTH CARE (14.2%) | |
AbbVie, Inc. | | | 175,467 | | | | 12,723,112 | |
Amgen, Inc. | | | 81,220 | | | | 13,988,521 | |
Bristol-Myers Squibb Co. | | | 182,095 | | | | 10,146,333 | |
Celgene Corp.* | | | 86,164 | | | | 11,190,119 | |
Gilead Sciences, Inc. | | | 144,147 | | | | 10,202,725 | |
Johnson & Johnson | | | 297,380 | | | | 39,340,400 | |
Medtronic PLC | | | 151,231 | | | | 13,421,751 | |
Merck & Co., Inc. | | | 301,893 | | | | 19,348,322 | |
Pfizer, Inc. | | | 658,950 | | | | 22,134,131 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| INDEXED ASSETS (CONTINUED): | | | | | | | | |
COMMON STOCKS (CONTINUED): | | | | | | | | |
HEALTH CARE (CONTINUED) | | | | | | | | |
UnitedHealth Group, Inc. | | | 106,342 | | | $ | 19,717,934 | |
Other Securities | | | 1,589,240 | | | | 160,306,834 | |
| | | | | | | | |
| | | | | | | 332,520,182 | |
| | | | | | | | |
INDUSTRIALS (10.1%) | |
3M Co. | | | 66,001 | | | | 13,740,748 | |
Boeing Co. | | | 61,966 | | | | 12,253,777 | |
General Electric Co. | | | 960,866 | | | | 25,952,991 | |
Honeywell International, Inc. | | | 84,121 | | | | 11,212,488 | |
Union Pacific Corp. | | | 89,195 | | | | 9,714,227 | |
United Technologies Corp. | | | 82,248 | | | | 10,043,303 | |
Other Securities | | | 1,758,740 | | | | 152,684,067 | |
| | | | | | | | |
| | | | | | | 235,601,601 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (21.8%) | |
Alphabet, Inc. Cl A* | | | 32,869 | | | | 30,557,652 | |
Alphabet, Inc. Cl C* | | | 32,976 | | | | 29,966,062 | |
Apple, Inc. | | | 575,471 | | | | 82,879,328 | |
Broadcom Ltd. | | | 44,348 | | | | 10,335,301 | |
Cisco Systems, Inc. | | | 552,386 | | | | 17,289,682 | |
Facebook, Inc. Cl A* | | | 261,171 | | | | 39,431,598 | |
Intel Corp. | | | 519,679 | | | | 17,533,969 | |
Int’l. Business Machines Corp. | | | 94,362 | | | | 14,515,706 | |
MasterCard, Inc. Cl A | | | 103,620 | | | | 12,584,649 | |
Microsoft Corp. | | | 852,833 | | | | 58,785,774 | |
NVIDIA Corp. | | | 65,953 | | | | 9,534,166 | |
Oracle Corp. | | | 331,527 | | | | 16,622,764 | |
Visa, Inc. Cl A | | | 203,877 | | | | 19,119,585 | |
Other Securities | | | 2,659,177 | | | | 151,363,374 | |
| | | | | | | | |
| | | | | | | 510,519,610 | |
| | | | | | | | |
MATERIALS (2.8%) | |
Other Securities | | | 948,413 | | | | 65,283,704 | |
| | | | | | | | |
REAL ESTATE (2.8%) | |
Other Securities | | | 949,022 | | | | 66,978,689 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (2.1%) | |
AT&T, Inc. | | | 678,529 | | | | 25,600,899 | |
Verizon Communications, Inc. | | | 449,929 | | | | 20,093,829 | |
Other Securities | | | 93,084 | | | | 3,372,190 | |
| | | | | | | | |
| | | | | | | 49,066,918 | |
| | | | | | | | |
UTILITIES (3.1%) | |
Other Securities | | | 1,285,321 | | | | 72,483,703 | |
| | | | | | | | |
TOTAL INDEXED ASSETS-COMMON STOCKS | |
(Cost: $1,375,021,885) 97.9% | | | | | | | 2,292,932,894 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
23
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (0.7%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.75 - 0.91 | | | | 07/06/17 - 08/24/17 | | | $ | 16,000,000 | | | $ | 15,987,460 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.2%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 - 1.03 | | | | 07/03/17 - 08/23/17 | | | | 3,950,000 | | | | 3,948,322 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (1.1%) | | | | | | | | | | | | | | | | | | | | |
Toyota Motor Credit Corp. | | | A-1+ | | | | 0.96 - 1.13 | | | | 07/05/17 - 08/11/17 | | | | 18,600,000 | | | | 18,587,861 | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 8,000,000 | | | | 7,999,022 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 26,586,883 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $46,522,665) 2.0% | | | | 46,522,665 | |
| | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,421,544,550) 99.9% | | | | 2,339,455,559 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.1% | | | | 1,368,646 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 2,340,824,205 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
24
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| INDEXED ASSETS: | | | | | | | | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (6.5%) | | | | | | | | |
Amazon.com, Inc.* | | | 3,105 | | | $ | 3,005,635 | |
Comcast Corp. Cl A | | | 37,060 | | | | 1,442,375 | |
Disney (Walt) Co. | | | 11,391 | | | | 1,210,294 | |
Home Depot, Inc. | | | 9,350 | | | | 1,434,290 | |
McDonald’s Corp. | | | 6,378 | | | | 976,854 | |
Other Securities | | | 210,463 | | | | 11,860,568 | |
| | | | | | | | |
| | | | | | | 19,930,016 | |
| | | | | | | | |
CONSUMER STAPLES (4.8%) | | | | | | | | |
Altria Group, Inc. | | | 15,105 | | | | 1,124,869 | |
Coca-Cola Co. | | | 30,042 | | | | 1,347,384 | |
PepsiCo, Inc. | | | 11,170 | | | | 1,290,023 | |
Philip Morris Int’l., Inc. | | | 12,137 | | | | 1,425,491 | |
Proctor & Gamble Co. | | | 19,983 | | | | 1,741,518 | |
Other Securities | | | 115,853 | | | | 7,757,639 | |
| | | | | | | | |
| | | | | | | 14,686,924 | |
| | | | | | | | |
ENERGY (3.2%) | | | | | | | | |
Chevron Corp. | | | 14,790 | | | | 1,543,041 | |
Exxon Mobil Corp. | | | 33,069 | | | | 2,669,660 | |
Other Securities | | | 130,250 | | | | 5,592,605 | |
| | | | | | | | |
| | | | | | | 9,805,306 | |
| | | | | | | | |
FINANCIALS (7.7%) | | | | | | | | |
Bank of America Corp. | | | 77,806 | | | | 1,887,574 | |
Berkshire Hathaway, Inc. Cl B* | | | 14,846 | | | | 2,514,467 | |
Citigroup, Inc. | | | 21,515 | | | | 1,438,923 | |
iShares Core S&P 500 ETF | | | 439 | | | | 106,857 | |
JPMorgan Chase & Co. | | | 27,772 | | | | 2,538,361 | |
Wells Fargo & Co. | | | 35,135 | | | | 1,946,830 | |
Other Securities | | | 213,261 | | | | 13,270,128 | |
| | | | | | | | |
| | | | | | | 23,703,140 | |
| | | | | | | | |
HEALTH CARE (7.7%) | | | | | | | | |
Amgen, Inc. | | | 5,752 | | | | 990,667 | |
Johnson & Johnson | | | 21,060 | | | | 2,786,026 | |
Medtronic PLC | | | 10,709 | | | | 950,424 | |
Merck & Co., Inc. | | | 21,379 | | | | 1,370,180 | |
Pfizer, Inc. | | | 46,665 | | | | 1,567,477 | |
UnitedHealth Group, Inc. | | | 7,531 | | | | 1,396,398 | |
Other Securities | | | 154,177 | | | | 14,485,855 | |
| | | | | | | | |
| | | | | | | 23,547,027 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| INDEXED ASSETS (CONTINUED): | | | | | | | | |
COMMON STOCKS (CONTINUED): | | | | | | | | |
INDUSTRIALS (5.4%) | | | | | | | | |
3M Co. | | | 4,674 | | | $ | 973,080 | |
Alaska Air Group, Inc. | | | 976 | | | | 87,606 | |
General Electric Co. | | | 68,046 | | | | 1,837,922 | |
L-3 Communications Corp. | | | 612 | | | | 102,253 | |
Other Securities | | | 145,443 | | | | 13,683,699 | |
| | | | | | | | |
| | | | | | | 16,684,560 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (11.8%) | | | | | | | | |
Alphabet, Inc. Cl A* | | | 2,327 | | | | 2,163,365 | |
Alphabet, Inc. Cl C* | | | 2,335 | | | | 2,121,894 | |
Apple, Inc. | | | 40,754 | | | | 5,869,386 | |
Cisco Systems, Inc. | | | 39,118 | | | | 1,224,393 | |
Facebook, Inc. Cl A* | | | 18,495 | | | | 2,792,371 | |
Intel Corp. | | | 36,803 | | | | 1,241,733 | |
Int’l. Business Machines Corp. | | | 6,683 | | | | 1,028,046 | |
Microsoft Corp. | | | 60,395 | | | | 4,163,022 | |
Oracle Corp. | | | 23,477 | | | | 1,177,137 | |
Visa, Inc. Cl A | | | 14,438 | | | | 1,353,996 | |
Other Securities | | | 203,467 | | | | 13,017,971 | |
| | | | | | | | |
| | | | | | | 36,153,314 | |
| | | | | | | | |
MATERIALS (1.5%) | | | | | | | | |
Other Securities | | | 67,161 | | | | 4,622,965 | |
| | | | | | | | |
REAL ESTATE (1.5%) | | | | | | | | |
Welltower, Inc. | | | 2,848 | | | | 213,173 | |
Other Securities | | | 64,360 | | | | 4,529,790 | |
| | | | | | | | |
| | | | | | | 4,742,963 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (1.1%) | | | | | | | | |
AT&T, Inc. | | | 48,051 | | | | 1,812,964 | |
Verizon Communications, Inc. | | | 31,862 | | | | 1,422,957 | |
Other Securities | | | 6,591 | | | | 238,753 | |
| | | | | | | | |
| | | | | | | 3,474,674 | |
| | | | | | | | |
UTILITIES (1.7%) | | | | | | | | |
Sempra Energy | | | 1,962 | | | | 221,216 | |
Other Securities | | | 89,066 | | | | 4,912,251 | |
| | | | | | | | |
| | | | | | | 5,133,467 | |
| | | | | | | | |
TOTAL INDEXED ASSETS-COMMON STOCKS | | | | | | | | |
(Cost: $101,957,224) 52.9% | | | | | | | 162,484,356 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| INDEXED ASSETS: | | | | | | | | | | | | | | | | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.0%) | | | | | | | | | | | | | | | | |
U.S. Treasury Bill (1) | | | A-1+ | | | 0.88 - 0.91 | | 08/17/17 - 08/24/17 | | $ | 3,000,000 | | | $ | 2,996,111 | |
| | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (1.2%) | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | 0.45 - 0.75 | | 07/03/17 - 07/05/17 | | | 3,850,000 | | | | 3,849,787 | |
| | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.7%) | | | | | | | | | | | | | | | | |
Wisconsin Power & Light | | | A-1 | | | 1.10 | | 07/05/17 | | | 2,000,000 | | | | 1,999,756 | |
| | | | | | | | | | | | | | | | |
TOTAL INDEXED ASSETS-SHORT-TERM DEBT SECURITIES
(Cost: $8,845,654) 2.9% | | | | 8,845,654 | |
| | | | | | | | | | | | | | | | |
TOTAL INDEXED ASSETS
(Cost: $110,802,878) 55.8% | | | $ | 171,330,010 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
25
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| ACTIVE ASSETS: | | | | | | | | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (4.6%) | | | | | | | | |
Lions Gate Entertainment Corp. Cl A | | | 18,996 | | | $ | 536,067 | |
Lions Gate Entertainment Corp. Cl B* | | | 18,996 | | | | 499,215 | |
Select Comfort Corp.* | | | 31,995 | | | | 1,135,502 | |
Other Securities | | | 319,847 | | | | 11,925,323 | |
| | | | | | | | |
| | | | | | | 14,096,107 | |
| | | | | | | | |
CONSUMER STAPLES (1.4%) | | | | | | | | |
Other Securities | | | 123,499 | | | | 4,298,332 | |
| | | | | | | | |
ENERGY (1.7%) | | | | | | | | |
Other Securities | | | 278,722 | | | | 5,317,822 | |
| | | | | | | | |
FINANCIALS (7.7%) | | | | | | | | |
iShares Russell 2000 Growth ETF | | | 900 | | | | 151,893 | |
iShares Russell 2000 Value ETF | | | 1,910 | | | | 227,042 | |
iShares Russell Mid-Cap ETF | | | 1,520 | | | | 292,007 | |
iShares Russell Mid-Cap Value ETF | | | 2,700 | | | | 227,043 | |
Starwood Property Trust, Inc. | | | 49,423 | | | | 1,106,581 | |
SVB Financial Group* | | | 5,997 | | | | 1,054,213 | |
Other Securities | | | 575,120 | | | | 20,414,054 | |
| | | | | | | | |
| | | | | | | 23,472,833 | |
| | | | | | | | |
HEALTH CARE (4.9%) | | | | | | | | |
Acadia Healthcare Co., Inc.* | | | 41,013 | | | | 2,025,222 | |
Supernus Pharmaceuticals, Inc.* | | | 24,121 | | | | 1,039,615 | |
Other Securities | | | 240,958 | | | | 11,955,261 | |
| | | | | | | | |
| | | | | | | 15,020,098 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| ACTIVE ASSETS (CONTINUED): | | | | | | | | |
COMMON STOCKS (CONTINUED): | | | | | | | | |
INDUSTRIALS (5.9%) | | | | | | | | |
Alaska Air Group, Inc. | | | 11,706 | | | $ | 1,050,731 | |
L-3 Communications Corp. | | | 5,392 | | | | 900,896 | |
Mueller Industries, Inc. | | | 27,290 | | | | 830,981 | |
Other Securities | | | 306,042 | | | | 15,349,249 | |
| | | | | | | | |
| | | | | | | 18,131,857 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (7.1%) | | | | | | | | |
LogMeIn, Inc. | | | 9,461 | | | | 988,675 | |
Other Securities | | | 622,017 | | | | 20,676,483 | |
| | | | | | | | |
| | | | | | | 21,665,158 | |
| | | | | | | | |
MATERIALS (2.5%) | | | | | | | | |
Other Securities | | | 209,136 | | | | 7,744,986 | |
| | | | | | | | |
REAL ESTATE (4.0%) | | | | | | | | |
Duke Realty Corp. | | | 32,536 | | | | 909,381 | |
Welltower, Inc. | | | 10,914 | | | | 816,913 | |
Other Securities | | | 349,807 | | | | 10,639,841 | |
| | | | | | | | |
| | | | | | | 12,366,135 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (0.4%) | | | | | | | | |
Other Securities | | | 73,355 | | | | 1,293,077 | |
| | | | | | | | |
UTILITIES (2.2%) | | | | | | | | |
Sempra Energy | | | 7,030 | | | | 792,633 | |
Other Securities | | | 130,804 | | | | 6,066,815 | |
| | | | | | | | |
| | | | | | | 6,859,448 | |
| | | | | | | | |
TOTAL ACTIVE ASSETS-COMMON STOCKS
(Cost: $110,220,642) 42.4% | | | | | | | 130,265,853 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| ACTIVE ASSETS: | | | | | | | | | | | | | | | | | | | | |
LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (0.1%) | | | | | | | | | | | | | | | | | | | | |
Mueller Industries, Inc. | | | NR | | | | 6.00 | | | | 03/01/27 | | | $ | 140,000 | | | $ | 143,500 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ACTIVE ASSETS-LONG-TERM DEBT SECURITIES
(Cost: $140,000) 0.1% | | | | 143,500 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| ACTIVE ASSETS: | | | | | | | | | | | | | | | | | | | | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.0%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 3,000,000 | | | | 2,995,890 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.5%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 - 0.65 | | | | 07/03/17 | | | | 1,500,000 | | | | 1,499,958 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.3%) | | | | | | | | | | | | | | | | | | | | |
Intercontinental Exchange, Inc.† | | | A-1 | | | | 1.11 | | | | 07/05/17 | | | | 500,000 | | | | 499,938 | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 600,000 | | | | 599,927 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,099,865 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ACTIVE ASSETS-SHORT-TERM DEBT SECURITIES
(Cost: $5,595,713) 1.8% | | | | 5,595,713 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
26
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| ACTIVE ASSETS: | | | | | | | | |
WARRANTS: | | | | | | | | |
CONSUMER DISCRETIONARY (0.0%) (2) | | | | | | | | |
Playa Hotels & Resorts NV — expiring 03/10/2022* | | | 24,200 | | | $ | 26,136 | |
| | | | | | | | |
FINANCIALS (0.0%) (2) | | | | | | | | |
Easterly Acquisition Corp. — expiring 07/29/2020* | | | 11,885 | | | | 10,102 | |
| | | | | | | | |
TOTAL ACTIVE ASSETS-WARRANTS | | | | | | | | |
(Cost: $14,366) 0.0% (2) | | | | | | | 36,238 | |
| | | | | |
TOTAL ACTIVE ASSETS | | | | | | | | |
(Cost: $115,970,721) 44.3% | | | | | | | 136,041,304 | |
| | | | | | | | |
TOTAL INVESTMENTS | | | | | | | | |
(Cost: $226,773,599) 100.1% | | | | | | | 307,371,314 | |
| | | | | | | | |
OTHER NET ASSETS -0.1% | | | | | | | (376,415 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 306,994,899 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
27
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (8.1%) | | | | | | | | |
Bassett Furniture Industries, Inc. | | | 118,958 | | | $ | 4,514,456 | |
Houghton Mifflin Harcourt Co.* | | | 530,139 | | | | 6,520,710 | |
Playa Hotels & Resorts NV* | | | 348,340 | | | | 4,162,663 | |
Select Comfort Corp.* | | | 235,124 | | | | 8,344,551 | |
Unifi, Inc.* | | | 125,675 | | | | 3,870,790 | |
Other Securities | | | 506,798 | | | | 10,542,459 | |
| | | | | | | | |
| | | | | | | 37,955,629 | |
| | | | | | | | |
CONSUMER STAPLES (2.4%) | | | | | | | | |
Crimson Wine Group Ltd.* | | | 476,811 | | | | 5,106,646 | |
Other Securities | | | 301,464 | | | | 6,054,381 | |
| | | | | | | | |
| | | | | | | 11,161,027 | |
| | | | | | | | |
ENERGY (4.3%) | | | | | | | | |
PBF Energy, Inc. | | | 281,879 | | | | 6,274,627 | |
Other Securities | | | 1,375,623 | | | | 13,823,661 | |
| | | | | | | | |
| | | | | | | 20,098,288 | |
| | | | | | | | |
FINANCIALS (30.8%) | | | | | | | | |
Allied World Assurance Co. Hldgs. AG | | | 72,807 | | | | 3,851,490 | |
American Equity Investment Life Hldg. Co. | | | 158,921 | | | | 4,176,444 | |
Aspen Insurance Hldgs. Ltd. | | | 79,149 | | | | 3,945,578 | |
BancFirst Corp. | | | 58,298 | | | | 5,631,587 | |
Banner Corp. | | | 95,264 | | | | 5,383,369 | |
Brookline Bancorp, Inc. | | | 374,530 | | | | 5,468,138 | |
Bryn Mawr Bank Corp. | | | 105,050 | | | | 4,464,625 | |
Canadian Imperial Bank of Commerce | | | 46,187 | | | | 3,748,537 | |
Customers Bancorp, Inc.* | | | 141,303 | | | | 3,996,049 | |
Eagle Bancorp, Inc.* | | | 58,402 | | | | 3,696,847 | |
Ellington Financial LLC | | | 310,321 | | | | 5,030,303 | |
Enterprise Financial Svcs. Corp. | | | 111,896 | | | | 4,565,357 | |
First Interstate BancSytem, Inc. | | | 131,988 | | | | 4,909,954 | |
Glacier Bancorp, Inc. | | | 115,222 | | | | 4,218,277 | |
Investors Bancorp, Inc. | | | 287,456 | | | | 3,840,412 | |
iShares Russell 2000 Value ETF | | | 40,870 | | | | 4,858,217 | |
Marlin Business Svcs. Corp. | | | 166,824 | | | | 4,195,624 | |
NMI Hldgs., Inc. Cl A* | | | 433,350 | | | | 4,961,858 | |
Northfield Bancorp, Inc. | | | 244,977 | | | | 4,201,356 | |
Selective Insurance Group, Inc. | | | 115,135 | | | | 5,762,507 | |
Stock Yards Bancorp, Inc. | | | 204,975 | | | | 7,973,528 | |
SVB Financial Group* | | | 52,726 | | | | 9,268,703 | |
Other Securities | | | 1,389,350 | | | | 36,994,293 | |
| | | | | | | | |
| | | | | | | 145,143,053 | |
| | | | | | | | |
HEALTH CARE (5.0%) | | | | | | | | |
Supernus Pharmaceuticals, Inc.* | | | 191,158 | | | | 8,238,910 | |
Other Securities | | | 819,188 | | | | 15,205,478 | |
| | | | | | | | |
| | | | | | | 23,444,388 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| COMMON STOCKS (CONTINUED): | |
INDUSTRIALS (13.1%) | | | | | | | | |
AZZ, Inc. | | | 75,810 | | | $ | 4,230,198 | |
Deluxe Corp. | | | 57,509 | | | | 3,980,773 | |
Encore Wire Corp. | | | 96,894 | | | | 4,137,374 | |
Miller Industries, Inc. | | | 260,428 | | | | 6,471,636 | |
Mueller Industries, Inc. | | | 331,066 | | | | 10,080,955 | |
Orbital ATK, Inc. | | | 37,592 | | | | 3,697,549 | |
VSE Corp. | | | 89,725 | | | | 4,035,831 | |
Other Securities | | | 697,875 | | | | 25,343,331 | |
| | | | | | | | |
| | | | | | | 61,977,647 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (11.1%) | | | | | | | | |
MKS Instruments, Inc. | | | 65,107 | | | | 4,381,701 | |
Proofpoint, Inc.* | | | 54,213 | | | | 4,707,315 | |
Stamps.com, Inc.* | | | 26,625 | | | | 4,123,547 | |
SYNNEX Corp. | | | 30,673 | | | | 3,679,533 | |
Other Securities | | | 2,573,181 | | | | 35,234,958 | |
| | | | | | | | |
| | | | | | | 52,127,054 | |
| | | | | | | | |
MATERIALS (3.9%) | | | | | | | | |
Kaiser Aluminum Corp. | | | 58,145 | | | | 5,146,995 | |
Kraton Corporation Inc.* | | | 128,556 | | | | 4,427,469 | |
Other Securities | | | 418,354 | | | | 8,592,082 | |
| | | | | | | | |
| | | | | | | 18,166,546 | |
| | | | | | | | |
REAL ESTATE (10.2%) | | | | | | | | |
Colony NorthStar, Inc. Cl A | | | 361,668 | | | | 5,095,902 | |
Easterly Government Pptys. | | | 202,273 | | | | 4,237,619 | |
Forest City Realty Trust, Inc. Cl A | | | 277,128 | | | | 6,698,184 | |
Highwoods Properties, Inc. | | | 87,286 | | | | 4,426,273 | |
The GEO Group, Inc. | | | 140,301 | | | | 4,148,701 | |
Other Securities | | | 1,400,838 | | | | 23,249,759 | |
| | | | | | | | |
| | | | | | | 47,856,438 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (1.3%) | | | | | | | | |
ORBCOMM, Inc.* | | | 339,801 | | | | 3,839,751 | |
Other Securities | | | 70,364 | | | | 2,160,175 | |
| | | | | | | | |
| | | | | | | 5,999,926 | |
| | | | | | | | |
UTILITIES (4.0%) | | | | | | | | |
Avista Corp. | | | 87,482 | | | | 3,714,486 | |
Other Securities | | | 277,955 | | | | 14,940,133 | |
| | | | | | | | |
| | | | | | | 18,654,619 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $334,499,687) 94.2% | | | | | | | 442,584,615 | |
| | | | | |
The accompanying notes are an integral part of these portfolio schedules.
28
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (0.4%) | | | | | | | | | | | | | | | | | | | | |
Mueller Industries, Inc. | | | NR | | | | 6.00 | | | | 03/01/27 | | | $ | 1,655,000 | | | $ | 1,696,375 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $1,655,000) 0.4% | | | | | | | | | | | | | | | | | | | 1,696,375 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.5%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 7,000,000 | | | | 6,990,413 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (1.6%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 - 0.75 | | | | 07/03/17 - 07/05/17 | | | | 7,700,000 | | | | 7,699,428 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (2.2%) | | | | | | | | | | | | | | | | | | | | |
National Rural Utilities | | | A-1 | | | | 1.15 | | | | 08/01/17 | | | | 600,000 | | | | 599,406 | |
Wal-Mart Stores, Inc.† | | | A-1+ | | | | 1.07 | | | | 07/10/17 | | | | 5,000,000 | | | | 4,998,662 | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 5,000,000 | | | | 4,999,389 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 10,597,457 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $25,287,298) 5.3% | | | | | | | | | | | | | | | | | | | 25,287,298 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| WARRANTS: | | | | | | | | |
CONSUMER DISCRETIONARY (0.1%) | | | | | | | | |
Playa Hotels & Resorts NV — expiring 03/10/2022* | | | 273,830 | | | $ | 295,736 | |
| | | | | | | | |
FINANCIALS (0.0%) (2) | | | | | | | | |
Easterly Acquisition Corp. — expiring 07/29/2020* | | | 146,691 | | | | 124,687 | |
| | | | | | | | |
TOTAL WARRANTS | | | | | | | | |
(Cost: $169,934) 0.1% | | | | | | | 420,423 | |
| | | | | | | | |
TOTAL INVESTMENTS | | | | | | | | |
(Cost: $361,611,919) 100.0% | | | | | | | 469,988,711 | |
| | | | | | | | |
OTHER NET ASSETS 0.0% (2) | | | | | | | (181,096 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 469,807,615 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
29
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (14.2%) | | | | | | | | |
Bloomin’ Brands, Inc. | | | 215,624 | | | $ | 4,577,698 | |
Five Below, Inc.* | | | 146,058 | | | | 7,210,883 | |
Haverty Furniture Cos., Inc. | | | 234,064 | | | | 5,875,006 | |
Lions Gate Entertainment Corp. Cl A | | | 110,555 | | | | 3,119,862 | |
Lions Gate Entertainment Corp. Cl B* | | | 110,555 | | | | 2,905,385 | |
Lithia Motors, Inc. Cl A | | | 48,238 | | | | 4,545,467 | |
Red Rock Resorts, Inc. Cl A | | | 181,712 | | | | 4,279,318 | |
Select Comfort Corp.* | | | 215,492 | | | | 7,647,811 | |
Steve Madden Ltd.* | | | 89,868 | | | | 3,590,227 | |
Thor Industries, Inc. | | | 40,826 | | | | 4,267,134 | |
Other Securities | | | 579,050 | | | | 19,837,638 | |
| | | | | | | | |
| | | | | | | 67,856,429 | |
| | | | | | | | |
CONSUMER STAPLES (2.8%) | | | | | | | | |
WD-40 Co. | | | 46,352 | | | | 5,114,943 | |
Other Securities | | | 340,355 | | | | 8,361,343 | |
| | | | | | | | |
| | | | | | | 13,476,286 | |
| | | | | | | | |
ENERGY (1.0%) | | | | | | | | |
Other Securities | | | 243,438 | | | | 4,515,615 | |
| | | | | | | | |
FINANCIALS (6.5%) | | | | | | | | |
Heritage Financial Corp. | | | 128,124 | | | | 3,395,286 | |
Moelis & Co. Cl A | | | 104,672 | | | | 4,066,507 | |
United Insurance Hldgs. Corp. | | | 217,030 | | | | 3,413,882 | |
Other Securities | | | 688,991 | | | | 20,170,901 | |
| | | | | | | | |
| | | | | | | 31,046,576 | |
| | | | | | | | |
HEALTH CARE (21.6%) | | | | | | | | |
Acadia Healthcare Co., Inc.* | | | 199,231 | | | | 9,838,028 | |
Exact Sciences Corp.* | | | 101,364 | | | | 3,585,245 | |
Kite Pharma, Inc.* | | | 34,980 | | | | 3,626,377 | |
NuVasive, Inc.* | | | 45,276 | | | | 3,482,630 | |
Omnicell, Inc.* | | | 130,493 | | | | 5,624,248 | |
Supernus Pharmaceuticals, Inc.* | | | 149,898 | | | | 6,460,604 | |
WellCare Health Plans, Inc.* | | | 22,671 | | | | 4,070,805 | |
Other Securities | | | 1,489,745 | | | | 66,763,136 | |
| | | | | | | | |
| | | | | | | 103,451,073 | |
| | | | | | | | |
INDUSTRIALS (14.7%) | | | | | | | | |
Allegiant Travel Co. | | | 38,689 | | | | 5,246,228 | |
Astronics Corp.* | | | 121,391 | | | | 3,698,784 | |
EnPro Industries, Inc. | | | 101,830 | | | | 7,267,607 | |
Granite Construction, Inc. | | | 130,724 | | | | 6,306,126 | |
Healthcare Svcs. Group, Inc. | | | 109,920 | | | | 5,147,554 | |
John Bean Technologies Corp. | | | 35,535 | | | | 3,482,430 | |
Mueller Water Products, Inc. Cl A | | | 359,832 | | | | 4,202,838 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | | | |
INDUSTRIALS (CONTINUED) | | | | | | | | |
Sun Hydraulics Corp. | | | 117,160 | | | $ | 4,999,217 | |
Teledyne Technologies, Inc.* | | | 35,955 | | | | 4,589,656 | |
Trex Co., Inc.* | | | 63,391 | | | | 4,289,035 | |
Other Securities | | | 754,586 | | | | 20,759,762 | |
| | | | | | | | |
| | | | | | | 69,989,237 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (24.4%) | | | | | | | | |
Callidus Software, Inc.* | | | 230,097 | | | | 5,568,347 | |
CommVault Systems, Inc.* | | | 70,908 | | | | 4,002,757 | |
EPAM Systems, Inc.* | | | 58,338 | | | | 4,905,642 | |
Everspin Technologies, Inc.* | | | 171,549 | | | | 3,427,549 | |
LogMeIn, Inc. | | | 49,209 | | | | 5,142,341 | |
Monolithic Power Systems, Inc. | | | 43,225 | | | | 4,166,890 | |
New Relic, Inc.* | | | 108,038 | | | | 4,646,714 | |
Proofpoint, Inc.* | | | 71,338 | | | | 6,194,279 | |
Take-Two Interactive Software, Inc.* | | | 47,208 | | | | 3,464,123 | |
Zendisk, Inc.* | | | 174,972 | | | | 4,860,722 | |
Other Securities | | | 2,781,820 | | | | 70,407,062 | |
| | | | | | | | |
| | | | | | | 116,786,426 | |
| | | | | | | | |
MATERIALS (4.7%) | | | | | | | | |
Berry Global Group, Inc.* | | | 64,476 | | | | 3,675,777 | |
Ferro Corp.* | | | 376,408 | | | | 6,884,502 | |
U.S. Concrete, Inc.* | | | 56,434 | | | | 4,432,891 | |
Other Securities | | | 387,895 | | | | 7,388,655 | |
| | | | | | | | |
| | | | | | | 22,381,825 | |
| | | | | | | | |
REAL ESTATE (5.0%) | | | | | | | | |
Easterly Government Pptys. | | | 184,379 | | | | 3,862,740 | |
QTS Realty Trust, Inc. | | | 92,010 | | | | 4,814,883 | |
Terreno Realty Corp. | | | 123,091 | | | | 4,143,243 | |
Other Securities | | | 371,275 | | | | 10,916,405 | |
| | | | | | | | |
| | | | | | | 23,737,271 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (1.6%) | | | | | | | | |
ORBCOMM, Inc.* | | | 382,162 | | | | 4,318,431 | |
Shenandoah Telecommunications Co. | | | 112,177 | | | | 3,443,834 | |
| | | | | | | | |
| | | | | | | 7,762,265 | |
| | | | | | | | |
UTILITIES (2.2%) | | | | | | | | |
Chesapeake Utilities Corp. | | | 75,281 | | | | 5,642,311 | |
Northwest Natural Gas Co. | | | 78,024 | | | | 4,669,736 | |
| | | | | | | | |
| | | | | | | 10,312,047 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $388,567,368) 98.7% | | | | | | | 471,315,050 | |
| | | | | |
The accompanying notes are an integral part of these portfolio schedules.
30
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.2%) | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.89 - 0.91 | | | | 08/10/17 - 08/24/17 | | | $ | 5,900,000 | | | $ | 5,893,593 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (1.4%) | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 - 0.75 | | | | 07/03/17 - 07/05/17 | | | | 6,500,000 | | | | 6,499,604 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.4%) | | | | | | | | | | | | | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 2,000,000 | | | | 1,999,756 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $14,392,953) 3.0% | | | | 14,392,953 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $402,960,321) 101.7% | | | | 485,708,003 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -1.7% | | | | (8,302,593 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 477,405,410 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
31
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (2.9%) | | | | | | | | |
Other Securities | | | 87,342 | | | $ | 2,807,110 | |
| | | | | | | | |
CONSUMER STAPLES (3.0%) | | | | | | | | |
Ingredion, Inc. | | | 8,421 | | | | 1,003,867 | |
Other Securities | | | 47,216 | | | | 1,929,940 | |
| | | | | | | | |
| | | | | | | 2,933,807 | |
| | | | | | | | |
ENERGY (7.5%) | | | | | | | | |
Baker Hughes, Inc. | | | 18,432 | | | | 1,004,728 | |
PBF Energy, Inc. | | | 54,263 | | | | 1,207,894 | |
Range Resources Corp. | | | 34,765 | | | | 805,505 | |
Other Securities | | | 215,466 | | | | 4,358,261 | |
| | | | | | | | |
| | | | | | | 7,376,388 | |
| | | | | | | | |
FINANCIALS (19.4%) | | | | | | | | |
American Financial Group, Inc. | | | 12,849 | | | | 1,276,805 | |
Ameriprise Financial, Inc. | | | 11,272 | | | | 1,434,813 | |
Associated Banc-Corp. | | | 50,204 | | | | 1,265,141 | |
Everest Re Group Ltd. | | | 6,216 | | | | 1,582,531 | |
Fifth Third Bancorp | | | 40,116 | | | | 1,041,411 | |
Hartford Financial Svcs. Group, Inc. | | | 21,415 | | | | 1,125,787 | |
KeyCorp | | | 103,272 | | | | 1,935,317 | |
Lincoln National Corp. | | | 15,429 | | | | 1,042,692 | |
Progressive Corp. | | | 23,743 | | | | 1,046,829 | |
Reinsurance Grp. of America, Inc. | | | 12,382 | | | | 1,589,725 | |
SVB Financial Group* | | | 9,919 | | | | 1,743,661 | |
Voya Financial, Inc. | | | 27,446 | | | | 1,012,483 | |
Other Securities | | | 92,095 | | | | 3,073,370 | |
| | | | | | | | |
| | | | | | | 19,170,565 | |
| | | | | | | | |
HEALTH CARE (6.4%) | | | | | | | | |
Agilent Technologies, Inc. | | | 16,100 | | | | 954,891 | |
Boston Scientific Corp.* | | | 46,000 | | | | 1,275,120 | |
Humana, Inc. | | | 3,554 | | | | 855,163 | |
Zimmer Biomet Hldgs., Inc. | | | 6,613 | | | | 849,109 | |
Other Securities | | | 39,260 | | | | 2,385,378 | |
| | | | | | | | |
| | | | | | | 6,319,661 | |
| | | | | | | | |
INDUSTRIALS (13.7%) | | | | | | | | |
Alaska Air Group, Inc. | | | 21,680 | | | | 1,945,997 | |
Carlisle Cos., Inc. | | | 11,438 | | | | 1,091,185 | |
Kirby Corp.* | | | 17,344 | | | | 1,159,446 | |
L-3 Communications Corp. | | | 11,257 | | | | 1,880,820 | |
Old Dominion Freight Line, Inc. | | | 13,893 | | | | 1,323,169 | |
Orbital ATK, Inc. | | | 15,847 | | | | 1,558,711 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | | | |
INDUSTRIALS (CONTINUED) | | | | | | | | |
Stanley Black & Decker, Inc. | | | 10,266 | | | $ | 1,444,734 | |
United Rentals, Inc.* | | | 12,402 | | | | 1,397,829 | |
Other Securities | | | 49,241 | | | | 1,697,502 | |
| | | | | | | | |
| | | | | | | 13,499,393 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (10.3%) | | | | | | | | |
Analog Devices, Inc. | | | 12,223 | | | | 950,949 | |
DXC Technology Co. | | | 15,427 | | | | 1,183,559 | |
Harris Corp. | | | 9,543 | | | | 1,040,950 | |
Stamps.com, Inc.* | | | 5,874 | | | | 909,736 | |
Other Securities | | | 152,462 | | | | 6,069,390 | |
| | | | | | | | |
| | | | | | | 10,154,584 | |
| | | | | | | | |
MATERIALS (9.6%) | | | | | | | | |
Crown Hldgs., Inc.* | | | 31,585 | | | | 1,884,361 | |
Eastman Chemical Co. | | | 19,797 | | | | 1,662,750 | |
International Paper Co. | | | 21,259 | | | | 1,203,472 | |
Packaging Corp. of America | | | 20,809 | | | | 2,317,917 | |
Steel Dynamics, Inc. | | | 28,317 | | | | 1,014,032 | |
Other Securities | | | 69,872 | | | | 1,410,202 | |
| | | | | | | | |
| | | | | | | 9,492,734 | |
| | | | | | | | |
REAL ESTATE (13.6%) | | | | | | | | |
AvalonBay Communities, Inc. | | | 5,202 | | | | 999,668 | |
Brandywine Realty Trust | | | 46,401 | | | | 813,410 | |
Duke Realty Corp. | | | 51,172 | | | | 1,430,257 | |
Host Hotels & Resorts, Inc. | | | 46,595 | | | | 851,291 | |
ProLogis, Inc. | | | 24,757 | | | | 1,451,750 | |
Vornado Realty Trust | | | 13,033 | | | | 1,223,799 | |
Welltower, Inc. | | | 13,332 | | | | 997,900 | |
Other Securities | | | 185,050 | | | | 5,622,989 | |
| | | | | | | | |
| | | | | | | 13,391,064 | |
| | | | | | | | |
UTILITIES (9.3%) | | | | | | | | |
Ameren Corp. | | | 18,208 | | | | 995,431 | |
Consolidated Edison, Inc. | | | 14,115 | | | | 1,140,774 | |
Entergy Corp. | | | 10,621 | | | | 815,374 | |
Great Plains Energy, Inc. | | | 35,098 | | | | 1,027,669 | |
PPL Corp. | | | 28,507 | | | | 1,102,081 | |
Public Svc. Enterprise Group, Inc. | | | 26,919 | | | | 1,157,786 | |
Other Securities | | | 94,791 | | | | 2,963,008 | |
| | | | | | | | |
| | | | | | | 9,202,123 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $76,933,809) 95.7% | | | | | | | 94,347,429 | |
| | | | | |
The accompanying notes are an integral part of these portfolio schedules.
32
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (0.0%) (2) | | | | | | | | | | | | | | | | | | | | |
Mueller Industries, Inc. | | | NR | | | | 6.00 | | | | 03/01/27 | | | $ | 43,000 | | | $ | 44,075 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $43,000) 0.0% (2) | | | | | | | | | | | | | | | | | | | 44,075 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (2.0%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 2,000,000 | | | | 1,997,261 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (1.7%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 1,600,000 | | | | 1,599,960 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $3,597,221) 3.7% | | | | 3,597,221 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $80,574,030) 99.4% | | | | 97,988,725 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.6% | | | | 613,044 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 98,601,769 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
33
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| INDEXED ASSETS: | | | | | | | | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (11.5%) | | | | | | | | |
Domino’s Pizza, Inc. | | | 36,975 | | | $ | 7,821,320 | |
NVR, Inc.* | | | 2,681 | | | | 6,462,845 | |
Panera Bread Co. Cl A* | | | 16,282 | | | | 5,122,968 | |
Other Securities | | | 3,826,383 | | | | 130,712,927 | |
| | | | | | | | |
| | | | | | | 150,120,060 | |
| | | | | | | | |
CONSUMER STAPLES (3.7%) | | | | | | | | |
Ingredion, Inc. | | | 56,129 | | | | 6,691,138 | |
Other Securities | | | 1,244,313 | | | | 41,312,189 | |
| | | | | | | | |
| | | | | | | 48,003,327 | |
| | | | | | | | |
ENERGY (2.9%) | | | | | | | | |
Other Securities | | | 2,627,810 | | | | 37,725,121 | |
| | | | | | | | |
FINANCIALS (16.2%) | | | | | | | | |
Alleghany Corp.* | | | 12,000 | | | | 7,137,600 | |
American Financial Group, Inc. | | | 56,634 | | | | 5,627,721 | |
Berkley (W.R.) Corp. | | | 75,685 | | | | 5,235,131 | |
East West Bancorp, Inc. | | | 111,586 | | | | 6,536,708 | |
MarketAxess Hldgs., Inc. | | | 28,991 | | | | 5,830,090 | |
MSCI, Inc. Cl A | | | 70,140 | | | | 7,223,719 | |
Reinsurance Grp. of America, Inc. | | | 50,108 | | | | 6,433,366 | |
SEI Investments Co. | | | 104,407 | | | | 5,615,008 | |
Signature Bank* | | | 41,656 | | | | 5,978,886 | |
SVB Financial Group* | | | 40,907 | | | | 7,191,042 | |
Other Securities | | | 4,847,778 | | | | 148,057,413 | |
| | | | | | | | |
| | | | | | | 210,866,684 | |
| | | | | | | | |
HEALTH CARE (9.0%) | | | | | | | | |
ResMed, Inc. | | | 109,439 | | | | 8,522,010 | |
STERIS PLC | | | 64,744 | | | | 5,276,636 | |
Teleflex, Inc. | | | 34,599 | | | | 7,188,288 | |
VCA Inc.* | | | 62,299 | | | | 5,750,821 | |
WellCare Health Plans, Inc.* | | | 34,615 | | | | 6,215,469 | |
West Pharmaceutical Svcs., Inc. | | | 57,145 | | | | 5,401,345 | |
Other Securities | | | 1,483,438 | | | | 78,326,297 | |
| | | | | | | | |
| | | | | | | 116,680,866 | |
| | | | | | | | |
INDUSTRIALS (14.8%) | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 35,567 | | | | 6,621,153 | |
IDEX Corp. | | | 58,760 | | | | 6,640,468 | |
JetBlue Airways Corp* | | | 256,037 | | | | 5,845,325 | |
Lennox International, Inc. | | | 30,032 | | | | 5,515,076 | |
Manpowergroup, Inc. | | | 51,766 | | | | 5,779,674 | |
Smith (A.O.) Corp. | | | 112,258 | | | | 6,323,493 | |
Toro Co. | | | 83,313 | | | | 5,772,758 | |
Wabtec Corp. | | | 66,480 | | | | 6,082,920 | |
Other Securities | | | 2,594,122 | | | | 144,341,094 | |
| | | | | | | | |
| | | | | | | 192,921,961 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| INDEXED ASSETS (CONTINUED): | | | | | | | | |
COMMON STOCKS (CONTINUED): | |
INFORMATION TECHNOLOGY (17.5%) | | | | | | | | |
Arrow Electronics, Inc.* | | | 68,378 | | | $ | 5,362,203 | |
Broadridge Financial Solutions, Inc. | | | 91,623 | | | | 6,923,034 | |
Cadence Design Systems, Inc.* | | | 216,285 | | | | 7,243,385 | |
CDK Global, Inc. | | | 110,758 | | | | 6,873,641 | |
Cognex Corp. | | | 67,089 | | | | 5,695,856 | |
Henry (Jack) & Associates, Inc. | | | 60,455 | | | | 6,279,461 | |
Keysight Technologies, Inc.* | | | 143,270 | | | | 5,577,501 | |
Leidos Hldgs., Inc. | | | 110,915 | | | | 5,733,196 | |
Take-Two Interactive Software, Inc.* | | | 80,603 | | | | 5,914,648 | |
Trimble Navigation Ltd.* | | | 196,035 | | | | 6,992,568 | |
Other Securities | | | 4,027,157 | | | | 164,789,186 | |
| | | | | | | | |
| | | | | | | 227,384,679 | |
| | | | | | | | |
MATERIALS (7.5%) | | | | | | | | |
Packaging Corp. of America | | | 72,185 | | | | 8,040,682 | |
RPM International, Inc. | | | 104,249 | | | | 5,686,783 | |
Steel Dynamics, Inc. | | | 184,255 | | | | 6,598,172 | |
The Chemours Co. | | | 143,164 | | | | 5,428,779 | |
Other Securities | | | 1,653,744 | | | | 71,235,722 | |
| | | | | | | | |
| | | | | | | 96,990,138 | |
| | | | | | | | |
REAL ESTATE (9.7%) | | | | | | | | |
Camden Property Trust | | | 67,956 | | | | 5,810,918 | |
Duke Realty Corp. | | | 274,451 | | | | 7,670,905 | |
Kilroy Realty Corp. | | | 75,492 | | | | 5,673,224 | |
Omega Healthcare Investors, Inc. | | | 153,858 | | | | 5,080,391 | |
Other Securities | | | 3,302,384 | | | | 102,350,480 | |
| | | | | | | | |
| | | | | | | 126,585,918 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (0.2%) | | | | | | | | |
Other Securities | | | 942,556 | | | | 3,034,329 | |
| | | | | | | | |
UTILITIES (5.4%) | | | | | | | | |
Atmos Energy Corp. | | | 81,081 | | | | 6,725,669 | |
OGE Energy Corp. | | | 151,648 | | | | 5,275,834 | |
UGI Corp. | | | 132,184 | | | | 6,399,028 | |
Westar Energy, Inc. | | | 109,764 | | | | 5,819,687 | |
Other Securities | | | 1,029,053 | | | | 45,620,264 | |
| | | | | | | | |
| | | | | | | 69,840,482 | |
| | | | | | | | |
TOTAL INDEXED ASSETS-COMMON STOCKS | | | | | | | | |
(Cost: $987,493,626) 98.4% | | | | | | | 1,280,153,565 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
34
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (0.7%) | | | | | | | | | | | | | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.75 - 0.89 | | | | 07/06/17 - 08/10/17 | | | $ | 9,000,000 | | | $ | 8,996,411 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.5%) | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 - 0.75 | | | | 07/03/17 - 07/05/17 | | | | 6,500,000 | | | | 6,499,604 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.5%) | | | | | | | | | | | | | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 6,000,000 | | | | 5,999,267 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $21,495,282) 1.7% | | | | 21,495,282 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,008,988,908) 100.1% | | | | 1,301,648,847 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.1% | | | | (908,000 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,300,740,847 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
35
MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
FINANCIALS (95.2%) | | | | | | | | |
iShares Core MSCI EAFE ETF | | | 287,919 | | | $ | 17,531,388 | |
iShares Core MSCI Europe ETF | | | 393,284 | | | | 18,433,221 | |
iShares Core MSCI Pacific ETF | | | 177,010 | | | | 9,585,092 | |
iShares Edge MSCI Emerging Markets ETF | | | 204,014 | | | | 11,302,376 | |
iShares MSCI EAFE ETF | | | 2,585,851 | | | | 168,597,484 | |
iShares MSCI EAFE Growth ETF | | | 472,818 | | | | 34,969,619 | |
iShares MSCI EAFE Small-Cap ETF | | | 177,935 | | | | 10,291,743 | |
iShares MSCI EAFE Value ETF | | | 661,029 | | | | 34,175,199 | |
Vanguard FTSE Developed Markets ETF | | | 2,129,980 | | | | 88,010,774 | |
Vanguard FTSE Europe ETF | | | 424,630 | | | | 23,414,098 | |
Vanguard FTSE Pacific ETF | | | 220,480 | | | | 14,507,584 | |
| | | | | | | | |
| | | | | | | 430,818,578 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $396,876,407) 95.2% | | | | | | | 430,818,578 | |
| | | | | |
| | | | | | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.3%) | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | A-1+ | | | 0.89 - 0.91 | | | | 08/10/17 - 08/24/17 | | | $ | 6,000,000 | | | $ | 5,992,544 | |
| | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (1.6%) | | | | | | | | | | | | | | | | | | |
FHLB | | A-1+ | | | 0.45 - 0.75 | | | | 07/03/17 - 07/05/17 | | | | 7,200,000 | | | | 7,199,528 | |
| | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (2.3%) | | | | | | | | | | | | | | | | | | |
Intercontinental Exchange, Inc.† | | A-1 | | | 1.11 | | | | 07/05/17 | | | | 5,500,000 | | | | 5,499,321 | |
Wisconsin Power & Light | | A-1 | | | 1.10 | | | | 07/05/17 | | | | 5,000,000 | | | | 4,999,389 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 10,498,710 | |
| | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $23,690,782) 5.2% | | | | 23,690,782 | |
| | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $420,567,189) 100.4% | | | | 454,509,360 | |
| | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.4% | | | | (1,803,093 | ) |
| | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 452,706,267 | |
| | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
36
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (6.7%) | | | | | | | | |
Amazon.com, Inc.* | | | 2,164 | | | $ | 2,094,752 | |
Comcast Corp. Cl A | | | 56,550 | | | | 2,200,926 | |
Ford Motor Co. | | | 104,743 | | | | 1,172,074 | |
Home Depot, Inc. | | | 16,231 | | | | 2,489,835 | |
Viacom, Inc. Cl B | | | 34,154 | | | | 1,146,550 | |
Whirlpool Corp. | | | 6,737 | | | | 1,290,944 | |
Other Securities | | | 24,328 | | | | 1,819,646 | |
| | | | | | | | |
| | | | | | | 12,214,727 | |
| | | | | | | | |
CONSUMER STAPLES (3.6%) | | | | | | | | |
Kimberly-Clark Corp. | | | 10,283 | | | | 1,327,638 | |
PepsiCo, Inc. | | | 19,174 | | | | 2,214,405 | |
Walgreens Boots Alliance, Inc. | | | 26,902 | | | | 2,106,696 | |
Other Securities | | | 15,288 | | | | 793,141 | |
| | | | | | | | |
| | | | | | | 6,441,880 | |
| | | | | | | | |
ENERGY (4.3%) | | | | | | | | |
Chevron Corp. | | | 18,811 | | | | 1,962,552 | |
Marathon Petroleum Corp. | | | 26,599 | | | | 1,391,926 | |
Williams Cos., Inc. | | | 49,425 | | | | 1,496,589 | |
Other Securities | | | 82,547 | | | | 2,948,311 | |
| | | | | | | | |
| | | | | | | 7,799,378 | |
| | | | | | | | |
FINANCIALS (8.4%) | | | | | | | | |
American Int’l. Group, Inc. | | | 20,510 | | | | 1,282,285 | |
Citigroup, Inc. | | | 24,585 | | | | 1,644,245 | |
CME Group, Inc. | | | 11,543 | | | | 1,445,645 | |
JPMorgan Chase & Co. | | | 29,779 | | | | 2,721,801 | |
Morgan Stanley | | | 25,545 | | | | 1,138,285 | |
PNC Financial Svcs. Grp., Inc. | | | 10,860 | | | | 1,356,088 | |
Synchrony Financial | | | 51,843 | | | | 1,545,958 | |
Other Securities | | | 100,806 | | | | 4,116,836 | |
| | | | | | | | |
| | | | | | | 15,251,143 | |
| | | | | | | | |
HEALTH CARE (9.2%) | | | | | | | | |
AbbVie, Inc. | | | 32,927 | | | | 2,387,537 | |
Becton, Dickinson & Co. | | | 7,339 | | | | 1,431,912 | |
Bristol-Myers Squibb Co. | | | 30,304 | | | | 1,688,539 | |
Celgene Corp.* | | | 14,645 | | | | 1,901,946 | |
Gilead Sciences, Inc. | | | 21,168 | | | | 1,498,271 | |
Johnson & Johnson | | | 22,935 | | | | 3,034,071 | |
UnitedHealth Group, Inc. | | | 13,210 | | | | 2,449,398 | |
Other Securities | | | 13,420 | | | | 2,223,920 | |
| | | | | | | | |
| | | | | | | 16,615,594 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | | | |
INDUSTRIALS (4.5%) | | | | | | | | |
Boeing Co. | | | 10,840 | | | $ | 2,143,610 | |
Eaton Corp. PLC | | | 18,184 | | | | 1,415,261 | |
FedEx Corp. | | | 7,847 | | | | 1,705,389 | |
Ingersoll-Rand PLC | | | 17,719 | | | | 1,619,339 | |
L-3 Communications Corp. | | | 7,891 | | | | 1,318,428 | |
| | | | | | | | |
| | | | | | | 8,202,027 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (14.3%) | | | | | | | | |
Activision Blizzard, Inc. | | | 22,067 | | | | 1,270,397 | |
Alphabet, Inc. Cl A* | | | 3,216 | | | | 2,989,851 | |
Apple, Inc. | | | 35,219 | | | | 5,072,239 | |
Applied Materials, Inc. | | | 27,169 | | | | 1,122,351 | |
Broadcom Ltd. | | | 7,633 | | | | 1,778,871 | |
Cisco Systems, Inc. | | | 41,520 | | | | 1,299,576 | |
Corning, Inc. | | | 45,061 | | | | 1,354,083 | |
Lam Research Corp. | | | 9,986 | | | | 1,412,320 | |
Microsoft Corp. | | | 53,207 | | | | 3,667,559 | |
Oracle Corp. | | | 38,433 | | | | 1,927,031 | |
Total System Services, Inc. | | | 19,484 | | | | 1,134,943 | |
Other Securities | | | 86,153 | | | | 2,999,274 | |
| | | | | | | | |
| | | | | | | 26,028,495 | |
| | | | | | | | |
MATERIALS (2.4%) | | | | | | | | |
International Paper Co. | | | 21,194 | | | | 1,199,792 | |
Other Securities | | | 47,806 | | | | 3,224,827 | |
| | | | | | | | |
| | | | | | | 4,424,619 | |
| | | | | | | | |
REAL ESTATE (1.7%) | | | | | | | | |
American Tower Corp. | | | 12,340 | | | | 1,632,829 | |
Other Securities | | | 13,965 | | | | 1,405,582 | |
| | | | | | | | |
| | | | | | | 3,038,411 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (0.5%) | | | | | | | | |
Other Securities | | | 39,550 | | | | 944,454 | |
| | | | | | | | |
UTILITIES (1.4%) | | | | | | | | |
NextEra Energy, Inc. | | | 9,934 | | | | 1,392,051 | |
Other Securities | | | 9,752 | | | | 1,099,538 | |
| | | | | | | | |
| | | | | | | 2,491,589 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $85,798,086) 57.0% | | | | | | | 103,452,317 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (10.8%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Note | | | AA+ | | | | 1.50 - 2.38 | | | | 02/28/23 - 05/15/27 | | | $ | 4,550,000 | | | $ | 4,472,109 | |
U.S. Treasury Strip | | | AA+ | | | | 0.00 | | | | 11/15/21 - 08/15/29 | | | | 18,550,000 | | | | 15,087,493 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 19,559,602 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (12.0%) | | | | | | | | | | | | | | | | | | | | |
MORTGAGE-BACKED OBLIGATIONS (11.7%) | | | | | | | | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 2.50 - 6.00 | | | | 02/01/25 - 07/01/45 | | | | 4,769,837 | | | | 4,989,871 | |
FHLMC ARM | | | AA+ | | | | 2.76 - 4.62 | | | | 02/01/36 - 09/01/39 | | | | 121,826 | | | | 128,253 | |
FHLMC Strip | | | AA+ | | | | 3.00 | | | | 01/15/43 | | | | 313,234 | | | | 310,987 | |
The accompanying notes are an integral part of these portfolio schedules.
37
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | | | | | | | | | | | | | |
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | | | | | | | | | |
FNMA | | | AA+ | | | | 2.40 - 8.00 | | | | 04/01/18 - 12/25/49 | | | $ | 11,615,237 | | | $ | 12,155,251 | |
FNMA Strip | | | AA+ | | | | 3.00 | | | | 08/25/42 | | | | 262,321 | | | | 262,837 | |
GNMA (3) | | | AA+ | | | | 4.00 - 7.00 | | | | 10/15/24 - 10/20/43 | | | | 1,798,993 | | | | 1,941,327 | |
Small Business Administration (3) | | | AA+ | | | | 2.81 | | | | 06/01/37 | | | | 1,350,000 | | | | 1,352,531 | |
Other Securities | | | | | | | | | | | | | | | 141,791 | | | | 150,183 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 21,291,240 | |
| | | | | | | | | | | | | | | | | | | | |
NON-MORTGAGE-BACKED OBLIGATIONS (0.3%) | | | | | | | | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 0.00 | | | | 11/29/19 | | | | 500,000 | | | | 477,865 | |
| | | | | | | | | | | | | | | | | | | | |
CORPORATE DEBT (16.1%) | | | | | | | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY (3.0%) | | | | | | | | | | | | | | | | | | | | |
Viacom, Inc. | | | BBB- | | | | 3.25 | | | | 03/15/23 | | | | 350,000 | | | | 346,905 | |
Other Securities | | | | | | | | | | | | | | | 5,036,000 | | | | 5,206,936 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 5,553,841 | |
| | | | | | | | | | | | | | | | | | | | |
CONSUMER STAPLES (1.0%) | | | | | | | | | | | | | | | | | | | | |
Other Securities | | | | | | | | | | | | | | | 1,625,000 | | | | 1,726,890 | |
| | | | | | | | | | | | | | | | | | | | |
ENERGY (1.6%) | | | | | | | | | | | | | | | | | | | | |
Other Securities | | | | | | | | | | | | | | | 2,660,000 | | | | 2,661,362 | |
Other Securities† | | | | | | | | | | | | | | | 250,000 | | | | 249,890 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,911,252 | |
| | | | | | | | | | | | | | | | | | | | |
FINANCIALS (3.2%) | | | | | | | | | | | | | | | | | | | | |
Synchrony Financial | | | BBB- | | | | 3.70 | | | | 08/04/26 | | | | 400,000 | | | | 386,020 | |
Other Securities | | | | | | | | | | | | | | | 4,850,000 | | | | 5,078,283 | |
Other Securities† | | | | | | | | | | | | | | | 350,000 | | | | 367,625 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 5,831,928 | |
| | | | | | | | | | | | | | | | | | | | |
HEALTH CARE (1.6%) | | | | | | | | | | | | | | | | | | | | |
Other Securities | | | | | | | | | | | | | | | 2,715,000 | | | | 2,858,580 | |
| | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (1.0%) | | | | | | | | | | | | | |
Other Securities | | | | | | | | | | | | | | | 1,500,000 | | | | 1,533,375 | |
Other Securities† | | | | | | | | | | | | | | | 300,000 | | | | 303,495 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,836,870 | |
| | | | | | | | | | | | | | | | | | | | |
INFORMATION TECHNOLOGY (1.4%) | | | | | | | | | | | | | |
Applied Materials, Inc. | | | A- | | | | 3.90 | | | | 10/01/25 | | | | 350,000 | | | | 372,869 | |
Other Securities | | | | | | | | | | | | | | | 2,085,000 | | | | 2,180,360 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,553,229 | |
| | | | | | | | | | | | | | | | | | | | |
MATERIALS (1.1%) | | | | | | | | | | | | | |
Other Securities | | | | | | | | | | | | | | | 1,600,000 | | | | 1,629,675 | |
Other Securities† | | | | | | | | | | | | | | | 350,000 | | | | 361,169 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,990,844 | |
| | | | | | | | | | | | | | | | | | | | |
REAL ESTATE (1.1%) | | | | | | | | | | | | | |
American Tower Corp. | | | BBB- | | | | 4.50 | | | | 01/15/18 | | | | 250,000 | | | | 253,425 | |
Other Securities | | | | | | | | | | | | | | | 1,650,000 | | | | 1,726,476 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,979,901 | |
| | | | | | | | | | | | | | | | | | | | |
TELECOMMUNICATION SERVICES (0.4%) | | | | | | | | | | | | | |
Other Securities | | | | | | | | | | | | | | | 675,000 | | | | 697,360 | |
| | | | | | | | | | | | | | | | | | | | |
UTILITIES (0.7%) | | | | | | | | | | | | | |
Other Securities | | | | | | | | | | | | | | | 1,240,000 | | | | 1,310,068 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $68,618,675) 38.9% | | | | | | | | | | | | | | | | | | | 70,579,470 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
38
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (0.6%) | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | $ | 1,000,000 | | | $ | 998,630 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (3.0%) | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 - 0.65 | | | | 07/03/17 | | | | 5,600,000 | | | | 5,599,855 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.6%) | | | | | | | | | | | | | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 1,000,000 | | | | 999,878 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $7,598,363) 4.2% | | | | 7,598,363 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $162,015,124) 100.1% | | | | 181,630,150 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.1% | | | | (81,928 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 181,548,222 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
39
MUTUAL OF AMERICA INVESTMENT CORPORATION — RETIREMENT INCOME FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (30.9%) | | | 17,281,085 | | | $ | 25,421,219 | |
Equity Index Fund (21.6%) | | | 4,652,182 | | | | 17,746,456 | |
Mid-Cap Equity Index Fund (5.6%) | | | 1,997,765 | | | | 4,585,888 | |
Mid-Term Bond Fund (33.9%) | | | 26,324,456 | | | | 27,907,450 | |
Money Market Fund (8.0%) | | | 5,501,408 | | | | 6,601,965 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $79,362,476) 100.0% | | | | | | | 82,262,978 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (1,637 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 82,261,341 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2010 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (25.4%) | | | 4,248,492 | | | $ | 6,249,714 | |
Equity Index Fund (24.1%) | | | 1,549,192 | | | | 5,909,627 | |
International Fund (4.5%) | | | 1,297,905 | | | | 1,102,160 | |
Mid-Cap Equity Index Fund (8.1%) | | | 866,794 | | | | 1,989,734 | |
Mid-Term Bond Fund (32.9%) | | | 7,628,840 | | | | 8,087,592 | |
Money Market Fund (5.0%) | | | 1,025,677 | | | | 1,230,863 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $23,381,259) 100.0% | | | | | | | 24,569,690 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (165 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 24,569,525 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2015 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (24.9%) | | | 25,013,276 | | | $ | 36,795,604 | |
Equity Index Fund (28.1%) | | | 10,887,887 | | | | 41,533,501 | |
International Fund (5.0%) | | | 8,726,229 | | | | 7,410,175 | |
Mid-Cap Equity Index Fund (9.6%) | | | 6,207,042 | | | | 14,248,320 | |
Mid-Term Bond Fund (27.4%) | | | 38,165,571 | | | | 40,460,620 | |
Money Market Fund (3.0%) | | | 3,687,265 | | | | 4,424,902 | |
Small Cap Growth Fund (1.0%) | | | 1,069,770 | | | | 1,534,541 | |
Small Cap Value Fund (1.0%) | | | 886,138 | | | | 1,523,658 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $134,869,826) 100.0% | | | | | | | 147,931,321 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,059 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 147,929,262 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
40
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2020 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (23.6%) | | | 73,424,509 | | | $ | 108,010,609 | |
Equity Index Fund (32.3%) | | | 38,727,671 | | | | 147,732,587 | |
International Fund (8.0%) | | | 43,120,905 | | | | 36,617,583 | |
Mid-Cap Equity Index Fund (11.6%) | | | 23,193,142 | | | | 53,240,066 | |
Mid-Term Bond Fund (20.1%) | | | 86,855,020 | | | | 92,077,960 | |
Small Cap Growth Fund (2.1%) | | | 6,608,622 | | | | 9,479,797 | |
Small Cap Value Fund (2.3%) | | | 6,158,654 | | | | 10,589,412 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $408,788,529) 100.0% | | | | | | | 457,748,014 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (3,142 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 457,744,872 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2025 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (22.3%) | | | 86,758,023 | | | $ | 127,624,783 | |
Equity Index Fund (35.5%) | | | 53,111,826 | | | | 202,603,133 | |
International Fund (9.7%) | | | 65,507,053 | | | | 55,627,541 | |
Mid-Cap Equity Index Fund (14.6%) | | | 36,420,256 | | | | 83,603,024 | |
Mid-Term Bond Fund (9.9%) | | | 53,543,660 | | | | 56,763,454 | |
Small Cap Growth Fund (3.9%) | | | 15,438,911 | | | | 22,146,484 | |
Small Cap Value Fund (4.1%) | | | 13,641,296 | | | | 23,455,336 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $502,991,383) 100.0% | | | | | | | 571,823,755 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (3,709 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 571,820,046 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2030 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (20.0%) | | | 65,080,485 | | | $ | 95,736,192 | |
Equity Index Fund (37.3%) | | | 46,752,510 | | | | 178,344,557 | |
International Fund (11.5%) | | | 64,397,920 | | | | 54,685,683 | |
Mid-Cap Equity Index Fund (18.6%) | | | 38,737,061 | | | | 88,921,273 | |
Mid-Term Bond Fund (2.0%) | | | 8,993,281 | | | | 9,534,083 | |
Small Cap Growth Fund (5.2%) | | | 17,160,352 | | | | 24,615,822 | |
Small Cap Value Fund (5.4%) | | | 14,921,078 | | | | 25,655,839 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $412,024,818) 100.0% | | | | | | | 477,493,449 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (3,075 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 477,490,374 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
41
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2035 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (15.3%) | | | 41,652,021 | | | $ | 61,271,914 | |
Equity Index Fund (39.4%) | | | 41,163,973 | | | | 157,026,232 | |
International Fund (11.9%) | | | 56,191,280 | | | | 47,716,736 | |
Mid-Cap Equity Index Fund (21.4%) | | | 37,207,325 | | | | 85,409,749 | |
Small Cap Growth Fund (5.9%) | | | 16,500,382 | | | | 23,669,122 | |
Small Cap Value Fund (6.1%) | | | 14,258,196 | | | | 24,516,055 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $339,129,625) 100.0% | | | | | | | 399,609,808 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,574 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 399,607,234 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2040 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited) )
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (12.8%) | | | 28,544,491 | | | $ | 41,990,173 | |
Equity Index Fund (38.1%) | | | 32,555,687 | | | | 124,188,616 | |
International Fund (13.4%) | | | 51,617,620 | | | | 43,832,857 | |
Mid-Cap Equity Index Fund (21.1%) | | | 30,032,325 | | | | 68,939,471 | |
Small Cap Growth Fund (7.2%) | | | 16,405,106 | | | | 23,532,453 | |
Small Cap Value Fund (7.4%) | | | 14,068,385 | | | | 24,189,687 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $275,296,750) 100.0% | | | | | | | 326,673,257 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,142 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 326,671,115 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2045 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (10.6%) | | | 26,970,007 | | | $ | 39,674,040 | |
Equity Index Fund (36.3%) | | | 35,555,462 | | | | 135,631,713 | |
International Fund (14.2%) | | | 62,315,052 | | | | 52,916,945 | |
Mid-Cap Equity Index Fund (22.3%) | | | 36,401,544 | | | | 83,560,072 | |
Small Cap Growth Fund (8.2%) | | | 21,450,290 | | | | 30,769,562 | |
Small Cap Value Fund (8.4%) | | | 18,319,968 | | | | 31,500,013 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $308,815,183) 100.0% | | | | | | | 374,052,345 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,455 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 374,049,890 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
42
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2050 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (8.7%) | | | 11,827,647 | | | $ | 17,398,978 | |
Equity Index Fund (34.8%) | | | 18,322,942 | | | | 69,895,647 | |
International Fund (15.6%) | | | 37,032,918 | | | | 31,447,762 | |
Mid-Cap Equity Index Fund (22.3%) | | | 19,565,163 | | | | 44,912,009 | |
Small Cap Growth Fund (9.2%) | | | 12,969,012 | | | | 18,603,516 | |
Small Cap Value Fund (9.4%) | | | 11,036,110 | | | | 18,975,885 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $183,317,656) 100.0% | | | | | | | 201,233,797 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (1,122 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 201,232,675 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2055 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (8.0%) | | | 697,363 | | | $ | 1,025,851 | |
Equity Index Fund (32.6%) | | | 1,092,358 | | | | 4,166,968 | |
International Fund (16.9%) | | | 2,537,330 | | | | 2,154,660 | |
Mid-Cap Equity Index Fund (22.3%) | | | 1,238,972 | | | | 2,844,071 | |
Small Cap Growth Fund (10.0%) | | | 892,458 | | | | 1,280,194 | |
Small Cap Value Fund (10.2%) | | | 755,957 | | | | 1,299,820 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $12,225,230) 100.0% | | | | | | | 12,771,564 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (52 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 12,771,512 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — CONSERVATIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (34.6%) | | | 34,059,658 | | | $ | 50,103,222 | |
Equity Index Fund (22.0%) | | | 8,369,663 | | | | 31,927,353 | |
International Fund (4.4%) | | | 7,426,287 | | | | 6,306,284 | |
Mid-Cap Equity Index Fund (2.2%) | | | 1,403,865 | | | | 3,222,584 | |
Mid-Term Bond Fund (36.8%) | | | 50,362,777 | | | | 53,391,291 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $137,569,398) 100.0% | | | | | | | 144,950,734 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (292 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 144,950,442 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
43
MUTUAL OF AMERICA INVESTMENT CORPORATION — MODERATE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (23.3%) | | | 58,961,642 | | | $ | 86,735,110 | |
Equity Index Fund (36.0%) | | | 35,204,097 | | | | 134,291,381 | |
International Fund (10.3%) | | | 44,975,833 | | | | 38,192,758 | |
Mid-Cap Equity Index Fund (16.0%) | | | 25,870,439 | | | | 59,385,825 | |
Mid-Term Bond Fund (14.4%) | | | 50,387,743 | | | | 53,417,760 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $310,041,689) 100.0% | | | | | | | 372,022,834 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (570 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 372,022,264 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — AGGRESSIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (20.0%) | | | 38,493,797 | | | $ | 56,626,031 | |
Equity Index Fund (35.0%) | | | 25,870,801 | | | | 98,688,102 | |
International Fund (15.0%) | | | 49,923,883 | | | | 42,394,563 | |
Mid-Cap Equity Index Fund (19.9%) | | | 24,422,415 | | | | 56,061,874 | |
Small Cap Growth Fund (5.1%) | | | 9,925,486 | | | | 14,237,703 | |
Small Cap Value Fund (5.0%) | | | 8,180,617 | | | | 14,066,048 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $221,781,662) 100.0% | | | | | | | 282,074,321 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (1,360 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 282,072,961 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
44
MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (24.5%) | |
U.S. Treasury Bill | | | A-1+ | | | | 0.75 | | | | 07/13/17 | | | $ | 2,450,000 | | | $ | 2,449,387 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.77 | | | | 07/27/17 | | | | 1,000,000 | | | | 999,440 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.80 | | | | 07/20/17 | | | | 1,000,000 | | | | 999,577 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.80 | | | | 07/27/17 | | | | 1,600,000 | | | | 1,599,079 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.84 | | | | 07/20/17 | | | | 1,400,000 | | | | 1,399,379 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.85 | | | | 08/03/17 | | | | 2,100,000 | | | | 2,098,362 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.85 | | | | 08/10/17 | | | | 1,200,000 | | | | 1,198,870 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.86 | | | | 08/17/17 | | | | 2,250,000 | | | | 2,247,481 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.89 | | | | 08/10/17 | | | | 1,300,000 | | | | 1,298,714 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 3,000,000 | | | | 2,995,890 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 17,286,179 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (14.6%) | |
FHLB | | | A-1+ | | | | 0.80 | | | | 07/07/17 | | | | 500,000 | | | | 499,934 | |
FHLB | | | A-1+ | | | | 0.86 | | | | 07/07/17 | | | | 1,700,000 | | | | 1,699,757 | |
FHLB | | | A-1+ | | | | 0.86 | | | | 07/19/17 | | | | 1,000,000 | | | | 999,569 | |
FHLB | | | A-1+ | | | | 0.88 | | | | 07/14/17 | | | | 1,600,000 | | | | 1,599,491 | |
FHLB | | | A-1+ | | | | 0.94 | | | | 07/19/17 | | | | 1,200,000 | | | | 1,199,433 | |
FHLB | | | A-1+ | | | | 0.94 | | | | 07/21/17 | | | | 1,000,000 | | | | 999,477 | |
FHLB | | | A-1+ | | | | 1.02 | | | | 08/02/17 | | | | 900,000 | | | | 899,180 | |
FHLB | | | A-1+ | | | | 1.02 | | | | 08/25/17 | | | | 400,000 | | | | 399,377 | |
FHLB | | | A-1+ | | | | 1.03 | | | | 08/23/17 | | | | 700,000 | | | | 698,938 | |
FHLB | | | A-1+ | | | | 1.03 | | | | 08/24/17 | | | | 1,300,000 | | | | 1,297,981 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 10,293,137 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (60.7%) | |
Apple, Inc.† | | | A-1+ | | | | 1.08 | | | | 08/07/17 | | | | 1,300,000 | | | | 1,298,557 | |
Chevron Corp.† | | | A-1+ | | | | 1.12 | | | | 08/29/17 | | | | 350,000 | | | | 349,357 | |
Cisco Systems, Inc. | | | A-1+ | | | | 0.93 | | | | 07/12/17 | | | | 2,500,000 | | | | 2,499,289 | |
Coca-Cola Co.† | | | A-1+ | | | | 0.87 | | | | 07/24/17 | | | | 800,000 | | | | 799,555 | |
Coca-Cola Co.† | | | A-1+ | | | | 0.89 | | | | 07/12/17 | | | | 800,000 | | | | 799,782 | |
Coca-Cola Co.† | | | A-1+ | | | | 1.05 | | | | 08/07/17 | | | | 1,200,000 | | | | 1,198,705 | |
Colgate-Palmolive Co.† | | | A-1+ | | | | 1.07 | | | | 07/17/17 | | | | 2,500,000 | | | | 2,498,811 | |
Exxon Mobil Corp. | | | A-1+ | | | | 0.87 | | | | 07/06/17 | | | | 2,000,000 | | | | 1,999,758 | |
Hershey Co.† | | | A-1 | | | | 0.94 | | | | 07/07/17 | | | | 1,600,000 | | | | 1,599,749 | |
Hershey Co.† | | | A-1 | | | | 1.11 | | | | 07/17/17 | | | | 800,000 | | | | 799,605 | |
Hershey Co.† | | | A-1 | | | | 1.12 | | | | 07/10/17 | | | | 350,000 | | | | 349,902 | |
Intercontinental Exchange, Inc.† | | | A-1 | | | | 1.10 | | | | 07/19/17 | | | | 1,500,000 | | | | 1,499,175 | |
Intercontinental Exchange, Inc.† | | | A-1 | | | | 1.20 | | | | 08/04/17 | | | | 1,000,000 | | | | 998,866 | |
J.P. Morgan Securities LLC | | | A-1 | | | | 1.00 | | | | 07/05/17 | | | | 1,100,000 | | | | 1,099,878 | |
J.P. Morgan Securities LLC | | | A-1 | | | | 1.20 | | | | 07/17/17 | | | | 1,400,000 | | | | 1,399,253 | |
J.P. Morgan Securities LLC | | | A-1 | | | | 1.25 | | | | 08/01/17 | | | | 250,000 | | | | 249,731 | |
Microsoft Corp.† | | | A-1+ | | | | 0.90 | | | | 07/18/17 | | | | 2,600,000 | | | | 2,598,894 | |
National Rural Utilities | | | A-1 | | | | 1.12 | | | | 07/13/17 | | | | 1,000,000 | | | | 999,627 | |
National Rural Utilities | | | A-1 | | | | 1.15 | | | | 07/27/17 | | | | 1,700,000 | | | | 1,698,588 | |
Nestle Capital Corp.† | | | A-1+ | | | | 0.87 | | | | 07/03/17 | | | | 400,000 | | | | 399,981 | |
Nestle Capital Corp.† | | | A-1+ | | | | 1.09 | | | | 08/22/17 | | | | 900,000 | | | | 898,583 | |
Novartis Finance Corp.† | | | A-1+ | | | | 0.94 | | | | 07/10/17 | | | | 2,200,000 | | | | 2,199,482 | |
Novartis Finance Corp.† | | | A-1+ | | | | 1.13 | | | | 07/25/17 | | | | 500,000 | | | | 499,623 | |
PepsiCo, Inc.† | | | A-1 | | | | 0.90 | | | | 07/06/17 | | | | 1,800,000 | | | | 1,799,775 | |
PepsiCo, Inc.† | | | A-1 | | | | 1.10 | | | | 07/24/17 | | | | 900,000 | | | | 899,367 | |
Pfizer, Inc.† | | | A-1+ | | | | 0.90 | | | | 07/17/17 | | | | 300,000 | | | | 299,880 | |
Pfizer, Inc.† | | | A-1+ | | | | 1.07 | | | | 08/11/17 | | | | 1,400,000 | | | | 1,398,293 | |
Pfizer, Inc.† | | | A-1+ | | | | 1.17 | | | | 09/18/17 | | | | 1,000,000 | | | | 997,432 | |
QUALCOMM, Inc.† | | | A-1 | | | | 0.88 | | | | 07/11/17 | | | | 2,200,000 | | | | 2,199,462 | |
QUALCOMM, Inc.† | | | A-1 | | | | 1.11 | | | | 08/15/17 | | | | 500,000 | | | | 499,306 | |
Simon Ppty. Group LP† | | | A-1 | | | | 1.12 | | | | 07/17/17 | | | | 350,000 | | | | 349,826 | |
The accompanying notes are an integral part of these portfolio schedules.
45
MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (CONTINUED) | | | | | | | | | | | | | | | | | | | | |
Simon Ppty. Group LP† | | | A-1 | | | | 1.25 | | | | 09/25/17 | | | $ | 2,400,000 | | | $ | 2,392,659 | |
Toyota Motor Credit Corp. | | | A-1+ | | | | 1.05 | | | | 07/28/17 | | | | 1,800,000 | | | | 1,798,582 | |
Toyota Motor Credit Corp. | | | A-1+ | | | | 1.13 | | | | 08/14/17 | | | | 1,000,000 | | | | 998,619 | |
Unilever Capital Corp.† | | | A-1 | | | | 0.90 | | | | 07/05/17 | | | | 500,000 | | | | 499,950 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 42,867,902 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $70,447,391) 99.8% | | | | 70,447,218 | |
| | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $70,447,391) 99.8% | | | | 70,447,218 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.2% | | | | 168,011 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 70,615,229 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
46
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (39.6%) | | | | | | | | | | | | | |
U.S. Treasury Note | | | AA+ | | | | 1.38 - 2.00 | | | | 09/30/19 - 08/15/26 | | | $ | 165,800,000 | | | $ | 161,993,212 | |
U.S. Treasury Strip | | | AA+ | | | | 0.00 | | | | 08/15/18 | | | | 47,500,000 | | | | 46,808,965 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 208,802,177 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (7.9%) | | | | | | | | | | | | | | | | | | | | |
MORTGAGE-BACKED OBLIGATIONS (1.1%) | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 7.50 - 8.00 | | | | 09/01/18 - 03/15/21 | | | | 2,136 | | | | 2,274 | |
Small Business Administration (3) | | | AA+ | | | | 2.88 | | | | 05/01/37 | | | | 6,000,000 | | | | 6,024,540 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 6,026,814 | |
| | | | | | | | | | | | | | | | | | | | |
NON-MORTGAGE-BACKED OBLIGATIONS (6.8%) | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 0.00 | | | | 11/29/19 | | | | 13,500,000 | | | | 12,902,342 | |
FNMA | | | AA+ | | | | 0.00 | | | | 10/09/19 | | | | 23,000,000 | | | | 22,063,370 | |
Other Securities | | | | | | | | | | | | | | | 900,000 | | | | 840,327 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 35,806,039 | |
| | | | | | | | | | | | | | | | | | | | |
CORPORATE DEBT (51.7%) | | | | | | | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY (8.5%) | | | | | | | | | | | | | |
Advance Auto Parts, Inc. | | | BBB- | | | | 4.50 - 5.75 | | | | 05/01/20 - 12/01/23 | | | | 2,250,000 | | | | 2,423,300 | |
Coach, Inc. | | | BBB- | | | | 3.00 | | | | 07/15/22 | | | | 2,500,000 | | | | 2,464,915 | |
Expedia, Inc. | | | BBB- | | | | 5.95 | | | | 08/15/20 | | | | 2,000,000 | | | | 2,185,584 | |
Family Dollar Stores, Inc. | | | BBB- | | | | 5.00 | | | | 02/01/21 | | | | 2,000,000 | | | | 2,140,000 | |
Gap, Inc. | | | BB+ | | | | 5.95 | | | | 04/12/21 | | | | 2,000,000 | | | | 2,167,944 | |
Marriott International, Inc. | | | BBB | | | | 3.00 - 3.38 | | | | 03/01/19 - 02/15/23 | | | | 4,000,000 | | | | 4,038,377 | |
Tupperware Brands Corp. | | | BBB- | | | | 4.75 | | | | 06/01/21 | | | | 2,000,000 | | | | 2,132,552 | |
Wyndham Worldwide Corp. | | | BBB- | | | | 4.15 | | | | 04/01/24 | | | | 2,500,000 | | | | 2,567,843 | |
Other Securities | | | | | | | | | | | | | | | 24,373,000 | | | | 24,835,013 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 44,955,528 | |
| | | | | | | | | | | | | | | | | | | | |
CONSUMER STAPLES (3.5%) | | | | | | | | | | | | | |
Edgewell Personal Care Co. | | | BB+ | | | | 4.70 | | | | 05/19/21 | | | | 2,000,000 | | | | 2,130,000 | |
Flowers Foods, Inc. | | | BBB | | | | 4.38 | | | | 04/01/22 | | | | 2,000,000 | | | | 2,140,638 | |
Mead Johnson Nutrition Co. | | | A- | | | | 4.90 | | | | 11/01/19 | | | | 3,075,000 | | | | 3,263,172 | |
Other Securities | | | | | | | | | | | | | | | 10,790,000 | | | | 10,868,087 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 18,401,897 | |
| | | | | | | | | | | | | | | | | | | | |
ENERGY (3.6%) | | | | | | | | | | | | | |
Noble Energy, Inc. | | | BBB | | | | 4.15 | | | | 12/15/21 | | | | 2,000,000 | | | | 2,107,370 | |
Other Securities | | | | | | | | | | | | | | | 15,114,000 | | | | 14,741,988 | |
Other Securities† | | | | | | | | | | | | | | | 2,000,000 | | | | 1,999,116 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 18,848,474 | |
| | | | | | | | | | | | | | | | | | | | |
FINANCIALS (12.3%) | | | | | | | | | | | | | |
Alleghany Corp. | | | BBB+ | | | | 4.95 | | | | 06/27/22 | | | | 2,000,000 | | | | 2,191,052 | |
American Int’l. Group, Inc. | | | BBB+ | | | | 4.13 | | | | 02/15/24 | | | | 2,000,000 | | | | 2,111,602 | |
Ares Capital Corp. | | | BBB | | | | 3.63 | | | | 01/19/22 | | | | 2,500,000 | | | | 2,528,925 | |
Barrick N.A. Finance LLC | | | BBB- | | | | 4.40 | | | | 05/30/21 | | | | 2,000,000 | | | | 2,157,686 | |
Berkley (W.R.) Corp. | | | BBB+ | | | | 4.63 | | | | 03/15/22 | | | | 2,000,000 | | | | 2,152,484 | |
Block Financial LLC | | | BBB | | | | 5.50 | | | | 11/01/22 | | | | 2,472,000 | | | | 2,678,007 | |
Capital One Financial Corp. | | | BBB | | | | 4.75 | | | | 07/15/21 | | | | 2,000,000 | | | | 2,157,834 | |
Fairfax Financial Hldgs.† | | | BBB- | | | | 5.80 | | | | 05/15/21 | | | | 1,274,000 | | | | 1,375,073 | |
Fairfax U.S., Inc.† | | | BBB- | | | | 4.88 | | | | 08/13/24 | | | | 750,000 | | | | 777,748 | |
Fifth Third Bancorp | | | BBB | | | | 4.30 | | | | 01/16/24 | | | | 2,000,000 | | | | 2,124,220 | |
First Tennessee Bank | | | BBB | | | | 2.95 | | | | 12/01/19 | | | | 2,200,000 | | | | 2,224,004 | |
FS Investment Corp. | | | BBB | | | | 4.75 | | | | 05/15/22 | | | | 2,675,000 | | | | 2,746,695 | |
JPMorgan Chase & Co. | | | BBB+ to A- | | | | 2.00 - 3.88 | | | | 08/15/17 - 09/10/24 | | | | 3,000,000 | | | | 3,033,171 | |
Moody’s Corp. | | | BBB+ | | | | 5.50 | | | | 09/01/20 | | | | 2,000,000 | | | | 2,193,716 | |
Nasdaq, Inc. | | | BBB | | | | 5.55 | | | | 01/15/20 | | | | 2,150,000 | | | | 2,323,757 | |
Prospect Capital Corp. | | | BBB- | | | | 4.95 - 5.88 | | | | 07/15/22 - 03/15/23 | | | | 4,425,000 | | | | 4,478,016 | |
Other Securities | | | | | | | | | | | | | | | 26,400,000 | | | | 26,697,678 | |
Other Securities† | | | | | | | | | | | | | | | 1,000,000 | | | | 1,001,554 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 64,953,222 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
47
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | | | | | | |
HEALTH CARE (4.8%) | | | | | | | | | | | | | |
Agilent Technologies, Inc. | | | BBB+ | | | | 5.00 | | | | 07/15/20 | | | $ | 2,000,000 | | | $ | 2,151,516 | |
Bio-Rad Laboratories, Inc. | | | BBB | | | | 4.88 | | | | 12/15/20 | | | | 2,000,000 | | | | 2,148,918 | |
PerkinElmer, Inc. | | | BBB | | | | 5.00 | | | | 11/15/21 | | | | 2,000,000 | | | | 2,161,144 | |
Quest Diagnostics, Inc. | | | BBB+ | | | | 4.75 | | | | 01/30/20 | | | | 2,000,000 | | | | 2,129,394 | |
Thermo Fisher Scientific, Inc. | | | BBB | | | | 3.60 - 4.50 | | | | 03/01/21 - 08/15/21 | | | | 2,000,000 | | | | 2,128,064 | |
Other Securities | | | | | | | | | | | | | | | 14,250,000 | | | | 14,519,504 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 25,238,540 | |
| | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (4.2%) | |
L-3 Communications Corp. | | | BBB- | | | | 5.20 | | | | 10/15/19 | | | | 2,000,000 | | | | 2,135,014 | |
Valmont Industries, Inc. | | | BBB+ | | | | 6.63 | | | | 04/20/20 | | | | 2,000,000 | | | | 2,209,382 | |
Verisk Analytics, Inc. | | | BBB- | | | | 4.13 | | | | 09/12/22 | | | | 2,000,000 | | | | 2,107,660 | |
Other Securities | | | | | | | | | | | | | | | 14,050,000 | | | | 14,264,500 | |
Other Securities† | | | | | | | | | | | | | | | 1,300,000 | | | | 1,315,144 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 22,031,700 | |
| | | | | | | | | | | | | | | | | | | | |
INFORMATION TECHNOLOGY (5.1%) | |
Adobe Systems, Inc. | | | A | | | | 4.75 | | | | 02/01/20 | | | | 2,000,000 | | | | 2,145,376 | |
Avnet, Inc. | | | BBB- | | | | 3.75 - 5.88 | | | | 06/15/20 - 12/01/21 | | | | 2,080,000 | | | | 2,176,138 | |
eBay, Inc. | | | BBB+ | | | | 2.88 | | | | 08/01/21 | | | | 2,100,000 | | | | 2,123,986 | |
Juniper Networks, Inc. | | | BBB | | | | 4.50 - 4.60 | | | | 03/15/21 - 03/15/24 | | | | 2,100,000 | | | | 2,231,856 | |
Other Securities | | | | | | | | | | | | | | | 17,626,000 | | | | 18,177,355 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 26,854,711 | |
| | | | | | | | | | | | | | | | | | | | |
MATERIALS (2.8%) | |
Other Securities | | | | | | | | | | | | | | | 14,437,000 | | | | 14,748,954 | |
| | | | | | | | | | | | | | | | | | | | |
REAL ESTATE (4.3%) | |
CBRE Services, Inc. | | | BBB | | | | 5.25 | | | | 03/15/25 | | | | 2,000,000 | | | | 2,177,936 | |
Healthcare Realty Trust | | | BBB | | | | 5.75 | | | | 01/15/21 | | | | 2,000,000 | | | | 2,190,472 | |
Omega Healthcare Investors, Inc. | | | BBB- | | | | 4.38 - 4.50 | | | | 08/01/23 - 01/15/25 | | | | 2,500,000 | | | | 2,553,960 | |
Vornado Realty LP | | | BBB | | | | 2.50 - 5.00 | | | | 06/30/19 - 01/15/22 | | | | 2,500,000 | | | | 2,673,428 | |
Other Securities | | | | | | | | | | | | | | | 12,630,000 | | | | 12,971,287 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 22,567,083 | |
| | | | | | | | | | | | | | | | | | | | |
TELECOMMUNICATION SERVICES (0.8%) | |
AT&T, Inc. | | | BBB+ | | | | 3.00 | | | | 02/15/22 | | | | 2,000,000 | | | | 2,173,578 | |
Verizon Communications, Inc. | | | BBB+ | | | | 4.50 | | | | 09/15/20 | | | | 2,000,000 | | | | 2,136,484 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 4,310,062 | |
| | | | | | | | | | | | | | | | | | | | |
UTILITIES (1.8%) | |
National Fuel Gas Co. | | | BBB | | | | 4.90 | | | | 12/01/21 | | | | 2,000,000 | | | | 2,125,300 | |
Other Securities | | | | | | | | | | | | | | | 7,300,000 | | | | 7,325,302 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 9,450,602 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $520,155,212) 99.2% | | | | | | | | | | | | | | | | | | | 522,995,803 | |
| | | | | | | | | |
| | | | | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.2%) | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.65 | | | | 07/03/17 | | | | 900,000 | | | | 899,968 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $899,968) 0.2% | | | | 899,968 | |
| | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $521,055,180) 99.4% | | | | 523,895,771 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.6% | | | | 3,112,220 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 527,007,991 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
48
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | |
U.S. GOVERNMENT (16.4%) | | | | | | | | | | | | | | |
U.S. Treasury Note | | AA+ | | 0.88 - 2.38 | | 07/15/17 - 05/15/27 | | $ | 115,300,000 | | | $ | 111,684,329 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/25 - 08/15/37 | | | 110,000,000 | | | | 80,785,350 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 192,469,679 | |
| | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (28.8%) | | | | | | | | | | | | | | |
MORTGAGE-BACKED OBLIGATIONS (27.5%) | | | | | | | | | | | | | | |
FHLMC | | AA+ | | 2.50 - 6.00 | | 03/01/21 - 04/01/47 | | | 103,482,064 | | | | 106,860,851 | |
FHLMC ARM | | AA+ | | 2.76 - 4.62 | | 02/01/36 - 04/01/42 | | | 1,230,173 | | | | 1,288,408 | |
FHLMC Strip | | AA+ | | 3.00 | | 01/15/43 | | | 3,132,343 | | | | 3,109,865 | |
FNMA | | AA+ | | 2.25 - 8.00 | | 04/01/18 - 12/25/49 | | | 152,194,793 | | | | 158,810,705 | |
FNMA Strip | | AA+ | | 3.00 | | 08/25/42 | | | 1,457,339 | | | | 1,460,203 | |
GNMA (3) | | AA+ | | 2.68 - 7.00 | | 04/15/24 - 10/16/47 | | | 29,673,030 | | | | 31,313,554 | |
Small Business Administration (3) | | AA+ | | 2.80 - 2.88 | | 01/01/37 - 06/01/37 | | | 19,450,000 | | | | 19,491,853 | |
Other Securities | | | | | | | | | 779,852 | | | | 826,008 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 323,161,447 | |
| | | | | | | | | | | | | | |
NON-MORTGAGE-BACKED OBLIGATIONS (1.3%) | | | | | | | | | | | | | | |
FHLMC | | AA+ | | 0.00 | | 11/29/19 | | | 11,000,000 | | | | 10,513,019 | |
FNMA | | AA+ | | 0.00 | | 10/09/19 | | | 5,050,000 | | | | 4,844,349 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 15,357,368 | |
| | | | | | | | | | | | | | |
CORPORATE DEBT (53.7%) | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY (8.3%) | | | | | | | | | | | | | | |
Advance Auto Parts, Inc. | | BBB- | | 4.50 - 5.75 | | 05/01/20 - 12/01/23 | | | 5,000,000 | | | | 5,377,252 | |
AutoZone, Inc. | | BBB | | 3.25 - 4.00 | | 11/15/20 - 04/15/25 | | | 5,700,000 | | | | 5,834,081 | |
Gap, Inc. | | BB+ | | 5.95 | | 04/12/21 | | | 5,000,000 | | | | 5,419,860 | |
Harman Int’l. Industries, Inc. | | BBB+ | | 4.15 | | 05/15/25 | | | 5,000,000 | | | | 5,197,540 | |
Marriott International, Inc. | | BBB | | 3.00 - 3.38 | | 03/01/19 - 02/15/23 | | | 7,000,000 | | | | 7,103,979 | |
Scripps Networks Interactive, Inc. | | BBB | | 3.50 | | 06/15/22 | | | 5,000,000 | | | | 5,156,525 | |
Other Securities | | | | | | | | | 62,074,000 | | | | 64,165,063 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 98,254,300 | |
| | | | | | | | | | | | | | |
CONSUMER STAPLES (2.8%) | | | | | | | | | | | | | | |
Whole Foods Market, Inc. | | BBB- | | 5.20 | | 12/03/25 | | | 5,000,000 | | | | 5,778,490 | |
Other Securities | | | | | | | | | 25,195,000 | | | | 26,435,865 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 32,214,355 | |
| | | | | | | | | | | | | | |
ENERGY (4.4%) | | | | | | | | | | | | | | |
Kinder Morgan Energy Partners | | BBB- | | 4.30 | | 05/01/24 | | | 5,000,000 | | | | 5,167,795 | |
Other Securities | | | | | | | | | 41,850,000 | | | | 41,795,175 | |
Other Securities† | | | | | | | | | 4,500,000 | | | | 4,498,011 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 51,460,981 | |
| | | | | | | | | | | | | | |
FINANCIALS (12.3%) | | | | | | | | | | | | | | |
Alleghany Corp. | | BBB+ | | 4.95 - 5.63 | | 09/15/20 - 06/27/22 | | | 5,000,000 | | | | 5,480,783 | |
American Express Co. | | BBB | | 3.63 | | 12/05/24 | | | 5,000,000 | | | | 5,116,310 | |
American Int’l. Group, Inc. | | BBB+ | | 3.75 | | 07/10/25 | | | 5,000,000 | | | | 5,092,900 | |
Bank of America Corp. | | BBB | | 3.95 | | 04/21/25 | | | 5,000,000 | | | | 5,066,205 | |
Block Financial LLC | | BBB | | 5.25 - 5.50 | | 11/01/22 - 10/01/25 | | | 5,250,000 | | | | 5,617,386 | |
Citigroup, Inc. | | BBB | | 3.88 | | 03/26/25 | | | 5,000,000 | | | | 5,030,900 | |
Citizens Financial Group, Inc. | | BBB | | 3.75 | | 07/01/24 | | | 5,000,000 | | | | 4,974,055 | |
Fairfax Financial Hldgs.† | | BBB- | | 5.80 | | 05/15/21 | | | 1,500,000 | | | | 1,619,003 | |
Fairfax U.S., Inc.† | | BBB- | | 4.88 | | 08/13/24 | | | 3,500,000 | | | | 3,629,490 | |
Fifth Third Bancorp | | BBB | | 4.30 | | 01/16/24 | | | 5,000,000 | | | | 5,310,550 | |
First Tennessee Bank | | BBB | | 2.95 | | 12/01/19 | | | 5,000,000 | | | | 5,054,555 | |
JPMorgan Chase & Co. | | BBB+ | | 3.88 | | 09/10/24 | | | 5,000,000 | | | | 5,158,715 | |
JPMorgan Chase Bank NA | | A- | | 6.00 | | 10/01/17 | | | 2,000,000 | | | | 2,020,500 | |
Lincoln National Corp. | | A- | | 4.00 - 4.85 | | 06/24/21 - 09/01/23 | | | 5,000,000 | | | | 5,298,482 | |
Old Republic Int’l. Corp. | | BBB+ | | 3.88 | | 08/26/26 | | | 5,000,000 | | | | 4,997,555 | |
The accompanying notes are an integral part of these portfolio schedules.
49
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | | | | | | |
CORPORATE DEBT (CONTINUED) | | | | | | | | | | | | | | | | | | | | |
FINANCIALS (CONTINUED) | | | | | | | | | | | | | | | | | | | | |
Unum Group | | | BBB | | | | 4.00 | | | | 03/15/24 | | | $ | 5,000,000 | | | $ | 5,164,295 | |
Voya Financial, Inc. | | | BBB | | | | 3.65 | | | | 06/15/26 | | | | 5,000,000 | | | | 5,009,495 | |
Wells Fargo & Co. | | | A- | | | | 3.45 - 4.13 | | | | 02/13/23 - 08/15/23 | | | | 5,000,000 | | | | 5,152,949 | |
Other Securities | | | | | | | | | | | | | | | 54,750,000 | | | | 57,239,639 | |
Other Securities† | | | | | | | | | | | | | | | 3,000,000 | | | | 3,251,289 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 145,285,056 | |
| | | | | | | | | | | | | | | | | | | | |
HEALTH CARE (5.5%) | | | | | | | | | | | | | | | | | | | | |
Anthem, Inc. | | | A | | | | 3.30 - 4.35 | | | | 08/15/20 - 01/15/23 | | | | 5,539,000 | | | | 5,731,943 | |
Biogen Idec, Inc. | | | A- | | | | 4.05 - 6.88 | | | | 03/01/18 - 09/15/25 | | | | 5,000,000 | | | | 5,223,981 | |
Humana, Inc. | | | BBB+ | | | | 3.85 - 7.20 | | | | 06/15/18 - 10/01/24 | | | | 5,000,000 | | | | 5,218,537 | |
Owens & Minor, Inc. | | | BBB | | | | 3.88 - 4.38 | | | | 09/15/21 - 12/15/24 | | | | 5,000,000 | | | | 5,100,383 | |
Quest Diagnostics, Inc. | | | BBB+ | | | | 3.50 - 4.75 | | | | 01/30/20 - 03/30/25 | | | | 4,700,000 | | | | 4,969,735 | |
Zimmer Biomet Hldgs., Inc. | | | BBB | | | | 3.15 | | | | 04/01/22 | | | | 5,000,000 | | | | 5,076,170 | |
Other Securities | | | | | | | | | | | | | | | 31,000,000 | | | | 32,674,091 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 63,994,840 | |
| | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (3.2%) | | | | | | | | | | | | | | | | | | | | |
Verisk Analytics, Inc. | | | BBB- | | | | 4.00 | | | | 06/15/25 | | | | 5,000,000 | | | | 5,166,440 | |
Other Securities | | | | | | | | | | | | | | | 28,650,000 | | | | 29,577,753 | |
Other Securities† | | | | | | | | | | | | | | | 3,000,000 | | | | 3,034,947 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 37,779,140 | |
| | | | | | | | | | | | | | | | | | | | |
INFORMATION TECHNOLOGY (5.6%) | | | | | | | | | | | | | | | | | | | | |
Applied Materials, Inc. | | | A- | | | | 3.90 | | | | 10/01/25 | | | | 5,000,000 | | | | 5,326,705 | |
eBay, Inc. | | | BBB+ | | | | 2.88 | | | | 08/01/21 | | | | 5,000,000 | | | | 5,057,110 | |
Fidelity Nat’l. Information | | | BBB | | | | 3.88 | | | | 06/05/24 | | | | 5,000,000 | | | | 5,237,210 | |
Juniper Networks, Inc. | | | BBB | | | | 4.50 - 4.60 | | | | 03/15/21 - 03/15/24 | | | | 5,000,000 | | | | 5,315,145 | |
Keysight Technologies, Inc. | | | BBB- | | | | 4.55 | | | | 10/30/24 | | | | 5,000,000 | | | | 5,248,465 | |
Lam Research Corp. | | | BBB+ | | | | 2.75 | | | | 03/15/20 | | | | 5,000,000 | | | | 5,063,650 | |
Motorola Solutions, Inc. | | | BBB- | | | | 3.75 - 4.00 | | | | 05/15/22 - 09/01/24 | | | | 5,000,000 | | | | 5,137,935 | |
Other Securities | | | | | | | | | | | | | | | 28,020,000 | | | | 29,198,706 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 65,584,926 | |
| | | | | | | | | | | | | | | | | | | | |
MATERIALS (5.0%) | | | | | | | | | | | | | | | | | | | | |
Domtar Corp. | | | BBB- | | | | 4.40 | | | | 04/01/22 | | | | 5,000,000 | | | | 5,254,505 | |
Sherwin-Williams Co.† | | | BBB | | | | 3.95 | | | | 01/15/26 | | | | 5,000,000 | | | | 5,159,550 | |
Other Securities | | | | | | | | | | | | | | | 46,900,000 | | | | 48,088,387 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 58,502,442 | |
| | | | | | | | | | | | | | | | | | | | |
REAL ESTATE (4.1%) | | | | | | | | | | | | | | | | | | | | |
American Tower Corp. | | | BBB- | | | | 4.50 | | | | 01/15/18 | | | | 5,000,000 | | | | 5,068,490 | |
Mack-Cali Realty LP | | | BBB- | | | | 4.50 | | | | 04/18/22 | | | | 5,000,000 | | | | 5,107,805 | |
Other Securities | | | | | | | | | | | | | | | 36,050,000 | | | | 37,439,903 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 47,616,198 | |
| | | | | | | | | | | | | | | | | | | | |
TELECOMMUNICATION SERVICES (0.6%) | | | | | | | | | | | | | | | | | | | | |
AT&T, Inc. | | | BBB+ | | | | 3.00 | | | | 02/15/22 - 06/30/22 | | | | 5,000,000 | | | | 5,347,673 | |
Other Securities | | | | | | | | | | | | | | | 2,000,000 | | | | 2,136,484 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 7,484,157 | |
| | | | | | | | | | | | | | | | | | | | |
UTILITIES (1.9%) | | | | | | | | | | | | | | | | | | | | |
National Fuel Gas Co. | | | BBB | | | | 4.90 - 5.20 | | | | 12/01/21 - 07/15/25 | | | | 5,000,000 | | | | 5,317,996 | |
SCANA Corp. | | | BBB | | | | 4.13 - 4.75 | | | | 05/15/21 - 02/01/22 | | | | 5,000,000 | | | | 5,064,875 | |
Other Securities | | | | | | | | | | | | | | | 11,225,000 | | | | 11,308,956 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 21,691,827 | |
| | | | | | | | | | | | | | | | | | | | |
SOVEREIGN DEBT (0.3%) | | | | | | | | | | | | | | | | | | | | |
Sri Lanka AID | | | NR | | | | 6.59 | | | | 09/15/28 | | | | 2,892,961 | | | | 3,419,879 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $1,145,028,109) 99.2% | | | | | | | | | | | | | | | | | | | 1,164,276,595 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
50
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| | | | | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.1%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.65 | | | | 07/03/17 | | | $ | 1,100,000 | | | $ | 1,099,960 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,099,960) 0.1% | | | | 1,099,960 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,146,128,069) 99.3% | | | | 1,165,376,555 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.7% | | | | 8,027,833 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,173,404,388 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
51
MUTUAL OF AMERICA INVESTMENT CORPORATION
FOOTNOTES TO SUMMARY PORTFOLIOS OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | |
| Abbreviations: | | ARM = Adjustable Rate Mortgage |
| | FHLB = Federal Home Loan Bank |
| | FHLMC = Federal Home Loan Mortgage Corporation |
| | FNMA = Federal National Mortgage Association |
| | GNMA = Government National Mortgage Association |
| | NR = Not Rated |
| | “Other Securities” represent securities in the respective category that individually, or in the aggregate by issuer, do not exceed 1% of net assets. |
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
| † | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2017, the aggregate values of these securities and their percentages of the respective Funds’ net assets were as follows: |
| | | | | | | | |
Fund | | Aggregate
Market
Value | | | Percentage
of
Net Assets | |
ALL AMERICA FUND | | $ | 499,938 | | | | 0.2 | % |
SMALL CAP VALUE FUND | | $ | 4,998,662 | | | | 1.1 | % |
INTERNATIONAL FUND | | $ | 5,499,321 | | | | 1.2 | % |
COMPOSITE FUND | | $ | 1,282,179 | | | | 0.7 | % |
MONEY MARKET FUND | | $ | 30,124,577 | | | | 42.7 | % |
MID-TERM BOND FUND | | $ | 6,468,635 | | | | 1.2 | % |
BOND FUND | | $ | 21,192,290 | | | | 1.8 | % |
| (1) | This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Funds as of June 30, 2017, was as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Fund | | Number of
Contracts | | | Contract Type | | Purchased (P)
or Sold (S) | | | Expiration
Date | | | Underlying
Face Amount
at Value(a) | | | Unrealized
Gain(Loss) | | | Face Value
of Futures
as a %
of Total
Investments | |
EQUITY INDEX FUND | | | 396 | | | E-mini S&P 500
Stock Index | | | P | | | | September 2017 | | | $ | 47,933,820 | | | $ | (165,524 | ) | | | 2.0 | % |
ALL AMERICA FUND | | | 75 | | | E-mini S&P 500
Stock Index | | | P | | | | September 2017 | | | $ | 9,078,375 | | | $ | (41,393 | ) | | | 3.0 | % |
MID-CAP EQUITY INDEX FUND | | | 117 | | | E-mini S&P MidCap
400 Stock Index | | | P | | | | September 2017 | | | $ | 20,429,370 | | | $ | (124,791 | ) | | | 1.6 | % |
| | (a) | Includes the cumulative appreciation(depreciation) of futures contracts, which is included in Net Unrealized Appreciation (Depreciation) of Investments and Futures Contracts in the Components of Net Assets section of the Statements of Assets and Liabilities. The Receivable or Payable for Daily Variation on Futures Contracts in the Statements of Assets and Liabilities only includes the current day’s variation margin payable or receivable. |
| (2) | Percentage is less than 0.05%. |
| (3) | U.S. Government guaranteed security. |
52
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MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Mid Cap
Value Fund | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Investments at fair value | | | | | | | | | | | | | | | | | | | | |
(Cost: Equity Index Fund — $1,421,544,550 All America Fund — $226,773,599 Small Cap Value Fund — $361,611,919 Small Cap Growth Fund — $402,960,321 Mid Cap Value Fund — $80,574,030 Mid-Cap Equity Index Fund — $1,008,988,908 International Fund — $420,567,189 Composite Fund — $162,015,124 Retirement Income Fund — $79,362,476 2010 Retirement Fund — $23,381,259 2015 Retirement Fund — $134,869,826 2020 Retirement Fund — $408,788,529 2025 Retirement Fund — $502,991,383) | | | | | | | | | | | | | | | | | | | | |
(Notes 1 and 3) | | $ | 2,339,455,559 | | | $ | 307,371,314 | | | $ | 469,988,711 | | | $ | 485,708,003 | | | $ | 97,988,725 | |
Cash | | | 172,411 | | | | 750,453 | | | | 98,625 | | | | 47,504 | | | | 62,334 | |
Interest and dividends receivable | | | 2,290,125 | | | | 311,226 | | | | 437,409 | | | | 383,302 | | | | 152,464 | |
Receivable for securities sold | | | — | | | | 783,855 | | | | 1,234,352 | | | | 3,036,373 | | | | 403,731 | |
Receivable for daily variation on future contracts | | | 16,290 | | | | 3,652 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | | 2,341,934,385 | | | | 309,220,500 | | | | 471,759,097 | | | | 489,175,182 | | | | 98,607,254 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | |
Payable for securities purchased | | | 960,278 | | | | 2,127,314 | | | | 1,884,789 | | | | 11,717,219 | | | | — | |
Shareholder redemptions payable | | | 127,828 | | | | 63,218 | | | | 35,460 | | | | 22,406 | | | | 314 | |
Accrued expenses | | | 22,074 | | | | 13,227 | | | | 31,233 | | | | 30,147 | | | | 5,171 | |
Other payables | | | — | | | | 21,842 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES: | | | 1,110,180 | | | | 2,225,601 | | | | 1,951,482 | | | | 11,769,772 | | | | 5,485 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 2,340,824,205 | | | $ | 306,994,899 | | | $ | 469,807,615 | | | $ | 477,405,410 | | | $ | 98,601,769 | |
| | | | | | | | | | | | | | | | | | | | |
NUMBEROF SHARES OUTSTANDING (Note 4) | | | 613,640,276 | | | | 124,158,363 | | | | 273,233,517 | | | | 332,812,087 | | | | 60,240,283 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSET VALUES, offering and redemption price per share | | | $3.81 | | | | $2.47 | | | | $1.72 | | | | $1.43 | | | | $1.64 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
COMPONENTSOF NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | $1,312,180,221 | | | $ | 181,349,316 | | | $ | 319,275,333 | | | $ | 358,154,439 | | | $ | 70,677,261 | |
Accumulated undistributed net investment income (loss) | | | 59,853,396 | | | | 5,833,798 | | | | 7,435,864 | | | | 327,823 | | | | 1,844,636 | |
Accumulated undistributed net realized gain (loss) on investments and futures contracts | | | 51,045,103 | | | | 39,255,463 | | | | 34,719,626 | | | | 36,175,466 | | | | 8,665,177 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | | 917,745,485 | | | | 80,556,322 | | | | 108,376,792 | | | | 82,747,682 | | | | 17,414,695 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | | $2,340,824,205 | | | $ | 306,994,899 | | | $ | 469,807,615 | | | $ | 477,405,410 | | | $ | 98,601,769 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | The Retirement and Allocation Funds are invested in affiliated investment companies of Mutual of America Investment Corp. |
The accompanying notes are an integral part of these financial statements.
54
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income
Fund | | | 2010
Retirement
Fund | | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,301,648,847 | | | $ | 454,509,360 | | | $ | 181,630,150 | | | $ | 82,262,978 | (a) | | $ | 24,569,690 | (a) | | $ | 147,931,321 | (a) | | $ | 457,748,014 | (a) | | $ | 571,823,755 | (a) | | |
| | 93,062 | | | | 498,721 | | | | 495,423 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | 1,311,301 | | | | — | | | | 463,611 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | 1,104,988 | | | | — | | | | 427,461 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | 15,340 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,304,173,538 | | | | 455,008,081 | | | | 183,016,645 | | | | 82,262,978 | | | | 24,569,690 | | | | 147,931,321 | | | | 457,748,014 | | | | 571,823,755 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,356,351 | | | | 2,266,020 | | | | 1,425,821 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | 61,617 | | | | 29,343 | | | | 37,798 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | 14,723 | | | | 6,451 | | | | 4,804 | | | | 1,637 | | | | 165 | | | | 2,059 | | | | 3,142 | | | | 3,709 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,432,691 | | | | 2,301,814 | | | | 1,468,423 | | | | 1,637 | | | | 165 | | | | 2,059 | | | | 3,142 | | | | 3,709 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,300,740,847 | | | $ | 452,706,267 | | | $ | 181,548,222 | | | $ | 82,261,341 | | | $ | 24,569,525 | | | $ | 147,929,262 | | | $ | 457,744,872 | | | $ | 571,820,046 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 566,645,865 | | | | 533,100,840 | | | | 88,581,331 | | | | 70,497,823 | | | | 23,691,018 | | | | 136,461,346 | | | | 377,988,306 | | | | 441,842,911 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $2.30 | | | | $0.85 | | | | $2.05 | | | | $1.17 | | | | $1.04 | | | | $1.08 | | | | $1.21 | | | | $1.29 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 854,459,645 | | | $ | 402,461,537 | | | $ | 125,789,837 | | | $ | 76,312,980 | | | $ | 21,173,378 | | | $ | 122,469,365 | | | $ | 380,837,631 | | | $ | 466,142,131 | | | |
| | 23,992,671 | | | | 16,459,317 | | | | 5,748,118 | | | | 1,539,981 | | | | 543,546 | | | | 3,028,460 | | | | 7,891,832 | | | | 8,443,812 | | | |
| 129,753,383 | | | | (156,758 | ) | | | 30,395,241 | | | | 1,507,878 | | | | 1,664,170 | | | | 9,369,942 | | | | 20,055,924 | | | | 28,401,731 | | | |
| 292,535,148 | | | | 33,942,171 | | | | 19,615,026 | | | | 2,900,502 | | | | 1,188,431 | | | | 13,061,495 | | | | 48,959,485 | | | | 68,832,372 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,300,740,847 | | | $ | 452,706,267 | | | $ | 181,548,222 | | | $ | 82,261,341 | | | $ | 24,569,525 | | | $ | 147,929,262 | | | $ | 457,744,872 | | | $ | 571,820,046 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
55
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | 2030
Retirement
Fund | | | 2035
Retirement
Fund | | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Investments at fair value | | | | | | | | | | | | | | | | | | | | |
(Cost: 2030 Retirement Fund — $412,024,818 2035 Retirement Fund — $339,129,625 2040 Retirement Fund — $275,296,750 2045 Retirement Fund — $308,815,183 2050 Retirement Fund — $183,317,656 2055 Retirement Fund — $12,225,230 Conservative Allocation Fund — $137,569,398 Moderate Allocation Fund — $310,041,689 Aggressive Allocation Fund — $221,781,662 Money Market Fund — $70,447,391 Mid-Term Bond Fund — $521,055,180 Bond Fund — $1,146,128,069) | | | | | | | | | | | | | | | | | | | | |
(Notes 1 and 3) | | $ | 477,493,449 | (a) | | $ | 399,609,808 | (a) | | $ | 326,673,257 | (a) | | $ | 374,052,345 | (a) | | $ | 201,233,797 | (a) |
Cash | | | — | | | | — | | | | — | | | | — | | | | — | |
Interest and dividends receivable | | | — | | | | — | | | | — | | | | — | | | | — | |
Receivable for securities sold | | | — | | | | — | | | | — | | | | — | | | | — | |
Receivable for daily variation on future contracts | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | | 477,493,449 | | | | 399,609,808 | | | | 326,673,257 | | | | 374,052,345 | | | | 201,233,797 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | |
Payable for securities purchased | | | — | | | | — | | | | — | | | | — | | | | — | |
Shareholder redemptions payable | | | — | | | | — | | | | — | | | | — | | | | — | |
Accrued expenses | | | 3,075 | | | | 2,574 | | | | 2,142 | | | | 2,455 | | | | 1,122 | |
Other payables | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES | | | 3,075 | | | | 2,574 | | | | 2,142 | | | | 2,455 | | | | 1,122 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 477,490,374 | | | $ | 399,607,234 | | | $ | 326,671,115 | | | $ | 374,049,890 | | | $ | 201,232,675 | |
| | | | | | | | | | | | | | | | | | | | |
NUMBEROF SHARES OUTSTANDING (Note 4) | | | 357,187,401 | | | | 296,382,681 | | | | 244,681,509 | | | | 280,611,521 | | | | 128,282,225 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSET VALUES, offering and redemption price per share | | | $1.34 | | | | $1.35 | | | | $1.34 | | | | $1.33 | | | | $1.57 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
COMPONENTSOF NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 381,417,560 | | | $ | 315,193,914 | | | $ | 255,737,971 | | | $ | 287,293,097 | | | $ | 175,688,212 | |
Accumulated undistributed net investment income (loss) | | | 6,471,545 | | | | 5,090,035 | | | | 3,936,958 | | | | 4,492,530 | | | | 1,952,198 | |
Accumulated undistributed net realized gain (loss) on investments and futures contracts | | | 24,132,638 | | | | 18,843,102 | | | | 15,619,679 | | | | 17,027,101 | | | | 5,676,124 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | | 65,468,631 | | | | 60,480,183 | | | | 51,376,507 | | | | 65,237,162 | | | | 17,916,141 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 477,490,374 | | | $ | 399,607,234 | | | $ | 326,671,115 | | | $ | 374,049,890 | | | $ | 201,232,675 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | The Retirement and Allocation Funds are invested in affiliated investment companies of Mutual of America Investment Corp. |
The accompanying notes are an integral part of these financial statements.
56
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2055
Retirement
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money
Market
Fund | | | Mid-Term
Bond Fund | | | Bond Fund | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 12,771,564 | (a) | | $ | 144,950,734 | (a) | | $ | 372,022,834 | (a) | | $ | 282,074,321 | (a) | | $ | 70,447,218 | | | $ | 523,895,771 | | | $ | 1,165,376,555 | | | |
| | — | | | | — | | | | — | | | | — | | | | 213,939 | | | | 159,082 | | | | 152,425 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 3,014,813 | | | | 8,016,529 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,701 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12,771,564 | | | | 144,950,734 | | | | 372,022,834 | | | | 282,074,321 | | | | 70,661,157 | | | | 527,069,666 | | | | 1,173,547,210 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | — | | | | — | | | | — | | | | — | | | | 45,359 | | | | 59,244 | | | | 124,798 | | | |
| | 52 | | | | 292 | | | | 570 | | | | 1,360 | | | | 569 | | | | 2,431 | | | | 18,024 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 52 | | | | 292 | | | | 570 | | | | 1,360 | | | | 45,928 | | | | 61,675 | | | | 142,822 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 12,771,512 | | | $ | 144,950,442 | | | $ | 372,022,264 | | | $ | 282,072,961 | | | $ | 70,615,229 | | | $ | 527,007,991 | | | $ | 1,173,404,388 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11,361,421 | | | | 113,988,372 | | | | 243,231,858 | | | | 160,547,653 | | | | 58,843,584 | | | | 497,114,637 | | | | 797,611,701 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $1.12 | | | | $1.27 | | | | $1.53 | | | | $1.76 | | | | $1.20 | | | | $1.06 | | | | $1.47 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 12,202,804 | | | $ | 127,088,403 | | | $ | 290,686,456 | | | $ | 198,748,569 | | | $ | 70,383,849 | | | $ | 505,364,333 | | | $ | 1,100,832,805 | | | |
| | — | | | | 3,053,004 | | | | 6,887,282 | | | | 4,432,394 | | | | 232,955 | | | | 17,885,981 | | | | 51,097,595 | | | |
| 22,374 | | | | 7,427,699 | | | | 12,467,381 | | | | 18,599,339 | | | | (1,402 | ) | | | 917,086 | | | | 2,225,502 | | | |
| 546,334 | | | | 7,381,336 | | | | 61,981,145 | | | | 60,292,659 | | | | (173 | ) | | | 2,840,591 | | | | 19,248,486 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 12,771,512 | | | $ | 144,950,442 | | | $ | 372,022,264 | | | $ | 282,072,961 | | | $ | 70,615,229 | | | $ | 527,007,991 | | | $ | 1,173,404,388 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
57
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Mid Cap
Value Fund | |
INVESTMENT INCOMEAND EXPENSES | | | | | | | | | | | | | | | | | | | | |
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | |
Dividends | | $ | 22,643,679 | | | $ | 2,822,353 | | | $ | 6,514,823 | | | $ | 2,026,307 | | | $ | 1,097,931 | |
Interest | | | 271,431 | | | | 38,206 | | | | 89,284 | | | | 28,189 | | | | 11,765 | |
| | | | | | | | | | | | | | | | | | | | |
Total investment income | | | 22,915,110 | | | | 2,860,559 | | | | 6,604,107 | | | | 2,054,496 | | | | 1,109,696 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 853,708 | | | | 605,120 | | | | 1,738,724 | | | | 1,695,808 | | | | 276,879 | |
Other operating expenses | | | | | | | | | | | | | | | | | | | | |
Accounting and recordkeeping expenses | | | 202,400 | | | | 62,487 | | | | 42,638 | | | | 41,529 | | | | 11,877 | |
Shareholders reports | | | 9,867 | | | | 12,661 | | | | 9,908 | | | | 9,734 | | | | 7,797 | |
Custodian expenses | | | 20,820 | | | | 33,977 | | | | 7,516 | | | | 10,091 | | | | 5,171 | |
Independent directors’ fees and expenses | | | 71,096 | | | | 10,123 | | | | 14,542 | | | | 14,001 | | | | 3,025 | |
Audit | | | 35,712 | | | | 12,022 | | | | 11,172 | | | | 10,875 | | | | 3,593 | |
Legal and Compliance | | | 56,774 | | | | 19,113 | | | | 17,760 | | | | 17,288 | | | | 5,712 | |
Administrative | | | 204,826 | | | | 29,164 | | | | 41,896 | | | | 40,338 | | | | 8,716 | |
Licenses | | | 91,373 | | | | 7,806 | | | | — | | | | — | | | | — | |
Other | | | 31,399 | | | | 4,471 | | | | 6,422 | | | | 6,184 | | | | 1,336 | |
| | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 724,267 | | | | 191,824 | | | | 151,854 | | | | 150,040 | | | | 47,227 | |
| | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursement | | | 1,577,975 | | | | 796,944 | | | | 1,890,578 | | | | 1,845,848 | | | | 324,106 | |
Fee waiver and expense reimbursement (Note 2) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net expenses | | | 1,577,975 | | | | 796,944 | | | | 1,890,578 | | | | 1,845,848 | | | | 324,106 | |
| | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 21,337,135 | | | | 2,063,615 | | | | 4,713,529 | | | | 208,648 | | | | 785,590 | |
| | | | | | | | | | | | | | | | | | | | |
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND
FUTURES CONTRACTS (Note 1) | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 22,690,803 | | | | 6,917,718 | | | | 11,224,132 | | | | 18,775,557 | | | | 4,156,591 | |
Futures contracts | | | 6,381,521 | | | | 564,631 | | | | — | | | | — | | | | — | |
Gain distributions from Mutual of America Investment Corp. Funds | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | 29,072,324 | | | | 7,482,349 | | | | 11,224,132 | | | | 18,775,557 | | | | 4,156,591 | |
| | | | | | | | | | | | | | | | | | | | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 148,258,897 | | | | 13,441,166 | | | | (7,318,149 | ) | | | 29,102,310 | | | | (954,139 | ) |
Futures contracts | | | 534,283 | | | | 86,581 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | 148,793,180 | | | | 13,527,747 | | | | (7,318,149 | ) | | | 29,102,310 | | | | (954,139 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND
FUTURES CONTRACTS | | | 177,865,504 | | | | 21,010,096 | | | | 3,905,983 | | | | 47,877,867 | | | | 3,202,452 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | $ | 199,202,639 | | | $ | 23,073,711 | | | $ | 8,619,512 | | | $ | 48,086,515 | | | $ | 3,988,042 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | The Retirement and Allocation Funds invest in affiliated funds of Mutual of America Investment Corporation and receive dividend income entirely from these affiliated funds. |
| (b) | The Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. Certain operating expenses that can be attributed only to the Retirement and Allocation Funds were charged directly to those Funds, subject to the Adviser’s agreement to reimburse direct non-advisory operating expenses of any such Fund whose average daily net assets for the prior calendar year was less than $50 million. The Retirement and Allocation Funds also bear their pro-rata share of the non-advisory operating expenses borne by each of the underlying Funds in which they invest. |
| (c) | Realized gains and losses for the Retirement and Allocation Funds resulted from the disposition of shares of the underlying funds. |
The accompanying notes are an integral part of these financial statements.
58
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income
Fund | | | 2010
Retirement
Fund | | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9,669,562 | | | $ | 6,767,227 | | | $ | 1,194,159 | | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | |
| | 168,665 | | | | 64,473 | | | | 1,281,184 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9,838,227 | | | | 6,831,700 | | | | 2,475,343 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 483,588 | | | | 156,749 | | | | 361,685 | | | | 19,745 | (b) | | | 6,181 | (b) | | | 36,872 | (b) | | | 110,300 | (b) | | | 135,128 | (b) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 114,946 | | | | 32,048 | | | | 33,256 | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | 9,528 | | | | 8,433 | | | | 10,895 | | | | 7,739 | (b) | | | 7,822 | (b) | | | 8,227 | (b) | | | 7,484 | (b) | | | 7,079 | (b) | | |
| | 19,100 | | | | 3,896 | | | | 16,547 | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | 38,958 | | | | 12,294 | | | | 5,886 | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | 23,853 | | | | 1,063 | | | | 6,991 | | | | 2,895 | (b) | | | 909 | (b) | | | 5,616 | (b) | | | 15,047 | (b) | | | 17,177 | (b) | | |
| | 37,921 | | | | 1,691 | | | | 11,112 | | | | 3,166 | (b) | | | 993 | (b) | | | 6,141 | (b) | | | 16,453 | (b) | | | 18,783 | (b) | | |
| | 112,235 | | | | 35,420 | | | | 16,959 | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | 50,067 | | | | — | | | | — | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | 17,205 | | | | 5,430 | | | | 2,600 | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 423,813 | | | | 100,275 | | | | 104,246 | | | | 13,800 | | | | 9,724 | | | | 19,984 | | | | 38,984 | | | | 43,039 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 907,401 | | | | 257,024 | | | | 465,931 | | | | 33,545 | | | | 15,905 | | | | 56,856 | | | | 149,284 | | | | 178,167 | | | |
| | — | | | | — | | | | — | | | | — | | | | (9,724 | ) | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 907,401 | | | | 257,024 | | | | 465,931 | | | | 33,545 | | | | 6,181 | | | | 56,856 | | | | 149,284 | | | | 178,167 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8,930,826 | | | | 6,574,676 | | | | 2,009,412 | | | | (33,545 | ) | | | (6,181 | ) | | | (56,856 | ) | | | (149,284 | ) | | | (178,167 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 54,031,421 | | | | (9 | ) | | | 9,197,628 | | | | 452,442 | (c) | | | 597,876 | (c) | | | 3,039,347 | (c) | | | 5,514,126 | (c) | | | 11,219,983 | (c) | | |
| | 1,579,139 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 55,610,560 | | | | (9 | ) | | | 9,197,628 | | | | 452,442 | | | | 597,876 | | | | 3,039,347 | | | | 5,514,126 | | | | 11,219,983 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8,058,598 | | | | 48,266,222 | | | | (1,973,488 | ) | | | 2,483,131 | | | | 499,473 | | | | 4,579,204 | | | | 20,178,569 | | | | 23,908,750 | | | |
| | 789,623 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8,848,221 | | | | 48,266,222 | | | | (1,973,488 | ) | | | 2,483,131 | | | | 499,473 | | | | 4,579,204 | | | | 20,178,569 | | | | 23,908,750 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 64,458,781 | | | | 48,266,213 | | | | 7,224,140 | | | | 2,935,573 | | | | 1,097,349 | | | | 7,618,551 | | | | 25,692,695 | | | | 35,128,733 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 73,389,607 | | | $ | 54,840,889 | | | $ | 9,233,552 | | | $ | 2,902,028 | | | $ | 1,091,168 | | | $ | 7,561,695 | | | $ | 25,543,411 | | | $ | 34,950,566 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
59
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (Continued)
For the Six Months Ended June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | 2030
Retirement
Fund | | | 2035
Retirement
Fund | | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | |
INVESTMENT INCOMEAND EXPENSES | | | | | | | | | | | | | | | | | | | | |
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | |
Dividends | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) |
Interest | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total investment income | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 112,073 | (b) | | | 94,067 | (b) | | | 76,714 | (b) | | | 88,605 | (b) | | | 45,651 | (b) |
Other operating expenses | | | | | | | | | | | | | | | | | | | | |
Accounting and recordkeeping expenses | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Shareholders reports | | | 7,002 | (b) | | | 6,988 | (b) | | | 7,021 | (b) | | | 7,086 | (b) | | | 6,532 | (b) |
Custodian expenses | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Independent directors’ fees and expenses | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Audit | | | 14,043 | (b) | | | 11,799 | (b) | | | 9,661 | (b) | | | 11,306 | (b) | | | 5,160 | (b) |
Legal and Compliance | | | 15,356 | (b) | | | 12,902 | (b) | | | 10,565 | (b) | | | 12,363 | (b) | | | 5,643 | (b) |
Administrative | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Licenses | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Other | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
| | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 36,401 | | | | 31,689 | | | | 27,247 | | | | 30,755 | | | | 17,335 | |
| | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursement | | | 148,474 | | | | 125,756 | | | | 103,961 | | | | 119,360 | | | | 62,986 | |
Fee waiver and expense reimbursement (Note 2) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net expenses | | | 148,474 | | | | 125,756 | | | | 103,961 | | | | 119,360 | | | | 62,986 | |
| | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (148,474 | ) | | | (125,756 | ) | | | (103,961 | ) | | | (119,360 | ) | | | (62,986 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND
FUTURES CONTRACTS (Note 1) | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 8,047,112 | (c) | | | 4,906,552 | (c) | | | 3,139,920 | (c) | | | 3,380,263 | (c) | | | 552,519 | (c) |
Futures contracts | | | — | | | | — | | | | — | | | | — | | | | — | |
Gain distributions from Mutual of America Investment Corp. Funds | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | 8,047,112 | | | | 4,906,552 | | | | 3,139,920 | | | | 3,380,263 | | | | 552,519 | |
| | | | | | | | | | | | | | | | | | | | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 23,336,698 | | | | 22,950,429 | | | | 19,759,170 | | | | 23,287,678 | | | | 13,302,462 | |
Futures contracts | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | 23,336,698 | | | | 22,950,429 | | | | 19,759,170 | | | | 23,287,678 | | | | 13,302,462 | |
| | | | | | | | | | | | | | | | | | | | |
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND
FUTURES CONTRACTS | | | 31,383,810 | | | | 27,856,981 | | | | 22,899,090 | | | | 26,667,941 | | | | 13,854,981 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | $ | 31,235,336 | | | $ | 27,731,225 | | | $ | 22,795,129 | | | $ | 26,548,581 | | | $ | 13,791,995 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | The Retirement and Allocation Funds invest in affiliated funds of Mutual of America Investment Corporation and receive dividend income entirely from these affiliated funds. |
| (b) | The Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. Certain operating expenses that can be attributed only to the Retirement and Allocation Funds were charged directly to those Funds, subject to the Adviser’s agreement to reimburse direct non-advisory operating expenses of any such Fund whose average daily net assets for the prior calendar year was less than $50 million. The Retirement and Allocation Funds also bear their pro-rata share of the non-advisory operating expenses borne by each of the underlying Funds in which they invest. |
| (c) | Realized gains and losses for the Retirement and Allocation Funds resulted from the disposition of shares of the underlying funds. |
The accompanying notes are an integral part of these financial statements.
60
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2055
Retirement
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money
Market
Fund | | | Mid-Term
Bond Fund | | | Bond Fund | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | | | $ | — | | | $ | — | | | |
| | — | | | | — | | | | — | | | | — | | | | 234,530 | | | | 7,491,891 | | | | 20,927,712 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | 234,530 | | | | 7,491,891 | | | | 20,927,712 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,973 | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 46,435 | | | | 994,073 | | | | 2,194,521 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 8,518 | | | | 54,955 | | | | 128,672 | | | |
| | 1,168 | (b) | | | 7,692 | (b) | | | 7,663 | (b) | | | 7,732 | (b) | | | 8,514 | | | | 11,126 | | | | 11,362 | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 4,932 | | | | 5,359 | | | | 15,419 | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 2,250 | | | | 16,793 | | | | 38,340 | | | |
| | 203 | (b) | | | 5,068 | (b) | | | 12,716 | (b) | | | 9,767 | (b) | | | 2,534 | | | | 7,528 | | | | 17,242 | | | |
| | 222 | (b) | | | 5,542 | (b) | | | 13,905 | (b) | | | 10,680 | (b) | | | 4,028 | | | | 11,968 | | | | 27,410 | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 6,481 | | | | 48,381 | | | | 110,456 | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | | | | — | | | | — | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 994 | | | | 7,417 | | | | 16,932 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,593 | | | | 18,302 | | | | 34,284 | | | | 28,179 | | | | 38,251 | | | | 163,527 | | | | 365,833 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,566 | | | | 18,302 | | | | 34,284 | | | | 28,179 | | | | 84,686 | | | | 1,157,600 | | | | 2,560,354 | | | |
| | (1,593 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,973 | | | | 18,302 | | | | 34,284 | | | | 28,179 | | | | 84,686 | | | | 1,157,600 | | | | 2,560,354 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (1,973 | ) | | | (18,302 | ) | | | (34,284 | ) | | | (28,179 | ) | | | 149,844 | | | | 6,334,291 | | | | 18,367,358 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 40,686 | (c) | | | 5,023,791 | (c) | | | 4,863,472 | (c) | | | 7,045,562 | (c) | | | 66 | | | | 187,869 | | | | (11,670 | ) | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 40,686 | | | | 5,023,791 | | | | 4,863,472 | | | | 7,045,562 | | | | 66 | | | | 187,869 | | | | (11,670 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 515,461 | | | | 1,784,729 | | | | 17,906,554 | | | | 13,221,017 | | | | (258 | ) | | | 2,366,379 | | | | 10,332,431 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 515,461 | | | | 1,784,729 | | | | 17,906,554 | | | | 13,221,017 | | | | (258 | ) | | | 2,366,379 | | | | 10,332,431 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 556,147 | | | | 6,808,520 | | | | 22,770,026 | | | | 20,266,579 | | | | (192 | ) | | | 2,554,248 | | | | 10,320,761 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 554,174 | | | $ | 6,790,218 | | | $ | 22,735,742 | | | $ | 20,238,400 | | | $ | 149,652 | | | $ | 8,888,539 | | | $ | 28,688,119 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
61
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | Equity Index Fund | | | All America Fund | |
| | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | |
INCREASE (DECREASE)IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 21,337,135 | | | $ | 39,427,977 | | | $ | 2,063,615 | | | $ | 4,099,059 | |
Net realized gain (loss) on investments and futures contracts | | | 29,072,324 | | | | 45,245,921 | | | | 7,482,349 | | | | 38,904,517 | |
Change in net unrealized appreciation (depreciation) of investments and futures contracts | | | 148,793,180 | | | | 136,834,177 | | | | 13,527,747 | | | | (11,645,937 | ) |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | | 199,202,639 | | | | 221,508,075 | | | | 23,073,711 | | | | 31,357,639 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 1 and 5) | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (34,619,166 | ) | | | — | | | | (3,947,519 | ) |
From net realized gains | | | — | | | | (49,908,340 | ) | | | — | | | | (17,354,545 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (84,527,506 | ) | | | — | | | | (21,302,064 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 4) | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 109,389,487 | | | | 209,534,199 | | | | 2,303,184 | | | | 3,905,224 | |
Dividends reinvested | | | — | | | | 84,527,506 | | | | — | | | | 21,302,064 | |
Cost of shares redeemed | | | (111,085,658 | ) | | | (141,946,780 | ) | | | (14,225,724 | ) | | | (34,216,260 | ) |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | | | (1,696,171 | ) | | | 152,114,925 | | | | (11,922,540 | ) | | | (9,008,972 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE)IN NET ASSETS | | | 197,506,468 | | | | 289,095,494 | | | | 11,151,171 | | | | 1,046,603 | |
NET ASSETS, BEGINNINGOF PERIOD | | | 2,143,317,737 | | | | 1,854,222,243 | | | | 295,843,728 | | | | 294,797,125 | |
| | | | | | | | | | | | | | | | |
NET ASSETS, ENDOF PERIOD | | $ | 2,340,824,205 | | | $ | 2,143,317,737 | | | $ | 306,994,899 | | | $ | 295,843,728 | |
| | | | | | | | | | | | | | | | |
ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) | | $ | 59,853,396 | | | $ | 38,981,241 | | | $ | 5,833,798 | | | $ | 4,004,203 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION: | | | | | | | | | | | | | | | | |
Shares outstanding at the beginning of period | | | 613,796,674 | | | | 568,528,724 | | | | 129,150,212 | | | | 132,899,216 | |
| | | | | | | | | | | | | | | | |
Shares sold | | | 29,579,952 | | | | 62,532,808 | | | | 965,206 | | | | 1,762,928 | |
Shares issued as reinvestment of dividends | | | — | | | | 25,622,727 | | | | — | | | | 9,891,307 | |
Shares redeemed | | | (29,736,350 | ) | | | (42,887,585 | ) | | | (5,957,055 | ) | | | (15,403,239 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | (156,398 | ) | | | 45,267,950 | | | | (4,991,849 | ) | | | (3,749,004 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding at the end of period | | | 613,640,276 | | | | 613,796,674 | | | | 124,158,363 | | | | 129,150,212 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
62
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Small Cap Value Fund | | | Small Cap Growth Fund | | | Mid Cap Value Fund | | | Mid-Cap Equity Index Fund | | | |
For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 4,713,529 | | | $ | 4,582,828 | | | $ | 208,648 | | | $ | 233,258 | | | $ | 785,590 | | | $ | 1,243,933 | | | $ | 8,930,826 | | | $ | 17,040,188 | | | |
| | 11,224,132 | | | | 21,162,617 | | | | 18,775,557 | | | | 17,695,904 | | | | 4,156,591 | | | | 4,570,150 | | | | 55,610,560 | | | | 76,031,428 | | | |
| | | | | | | | |
| | (7,318,149 | ) | | | 49,990,802 | | | | 29,102,310 | | | | 14,374,516 | | | | (954,139 | ) | | | 7,222,550 | | | | 8,848,221 | | | | 111,173,821 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8,619,512 | | | | 75,736,247 | | | | 48,086,515 | | | | 32,303,678 | | | | 3,988,042 | | | | 13,036,633 | | | | 73,389,607 | | | | 204,245,437 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (3,473,986 | ) | | | — | | | | — | | | | — | | | | (1,115,504 | ) | | | — | | | | (13,403,568 | ) | | |
| | — | | | | (5,500,345 | ) | | | — | | | | (39,762,021 | ) | | | — | | | | (4,887,020 | ) | | | — | | | | (71,656,832 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (8,974,331 | ) | | | — | | | | (39,762,021 | ) | | | — | | | | (6,002,524 | ) | | | — | | | | (85,060,400 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 24,398,352 | | | | 37,892,425 | | | | 21,446,743 | | | | 35,062,988 | | | | 5,198,914 | | | | 11,023,289 | | | | 58,716,575 | | | | 134,367,488 | | | |
| | — | | | | 8,974,331 | | | | — | | | | 39,762,021 | | | | — | | | | 6,002,524 | | | | — | | | | 85,060,400 | | | |
| | (28,052,126 | ) | | | (25,255,029 | ) | | | (24,934,034 | ) | | | (36,184,437 | ) | | | (8,602,502 | ) | | | (7,572,114 | ) | | | (76,402,510 | ) | | | (70,973,227 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (3,653,774 | ) | | | 21,611,727 | | | | (3,487,291 | ) | | | 38,640,572 | | | | (3,403,588 | ) | | | 9,453,699 | | | | (17,685,935 | ) | | | 148,454,661 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4,965,738 | | | | 88,373,643 | | | | 44,599,224 | | | | 31,182,229 | | | | 584,454 | | | | 16,487,808 | | | | 55,703,672 | | | | 267,639,698 | | | |
| | 464,841,877 | | | | 376,468,234 | | | | 432,806,186 | | | | 401,623,957 | | | | 98,017,315 | | | | 81,529,507 | | | | 1,245,037,175 | | | | 977,397,477 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 469,807,615 | | | $ | 464,841,877 | | | $ | 477,405,410 | | | $ | 432,806,186 | | | $ | 98,601,769 | | | $ | 98,017,315 | | | $ | 1,300,740,847 | | | $ | 1,245,037,175 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 7,435,864 | | | $ | 4,275,125 | | | $ | 327,823 | | | $ | 125,500 | | | $ | 1,844,636 | | | $ | 1,068,227 | | | $ | 23,992,671 | | | $ | 16,421,998 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 275,365,315 | | | | 261,696,017 | | | | 335,357,612 | | | | 304,121,411 | | | | 62,318,941 | | | | 55,990,109 | | | | 574,306,144 | | | | 501,311,878 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14,482,659 | | | | 24,832,010 | | | | 15,773,626 | | | | 27,646,314 | | | | 3,250,515 | | | | 7,281,442 | | | | 26,172,098 | | | | 65,449,391 | | | |
| | — | | | | 5,991,779 | | | | — | | | | 31,953,741 | | | | — | | | | 4,184,209 | | | | — | | | | 43,133,705 | | | |
| | (16,614,457 | ) | | | (17,154,491 | ) | | | (18,319,151 | ) | | | (28,363,854 | ) | | | (5,329,173 | ) | | | (5,136,819 | ) | | | (33,832,377 | ) | | | (35,588,830 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (2,131,798 | ) | | | 13,669,298 | | | | (2,545,525 | ) | | | 31,236,201 | | | | (2,078,658 | ) | | | 6,328,832 | | | | (7,660,279 | ) | | | 72,994,266 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 273,233,517 | | | | 275,365,315 | | | | 332,812,087 | | | | 335,357,612 | | | | 60,240,283 | | | | 62,318,941 | | | | 566,645,865 | | | | 574,306,144 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
63
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | International Fund | | | Composite Fund | |
| | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | |
INCREASE (DECREASE)IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 6,574,676 | | | $ | 9,884,641 | | | $ | 2,009,412 | | | $ | 3,753,358 | |
Net realized gain (loss) on investments and futures contracts | | | (9 | ) | | | 1,581,427 | | | | 9,197,628 | | | | 23,489,051 | |
Change in net unrealized appreciation (depreciation) of investments and futures contracts | | | 48,266,222 | | | | (5,032,541 | ) | | | (1,973,488 | ) | | | (13,674,781 | ) |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | | 54,840,889 | | | | 6,433,527 | | | | 9,233,552 | | | | 13,567,628 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 1 and 5) | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (7,642,431 | ) | | | — | | | | (3,658,442 | ) |
From net realized gains | | | — | | | | (507 | ) | | | — | | | | (10,434,654 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (7,642,938 | ) | | | — | | | | (14,093,096 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 4) | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 38,906,168 | | | | 68,349,676 | | | | 2,294,357 | | | | 6,797,815 | |
Dividends reinvested | | | — | | | | 7,642,938 | | | | — | | | | 14,093,096 | |
Cost of shares redeemed | | | (17,769,283 | ) | | | (17,474,443 | ) | | | (11,123,074 | ) | | | (19,136,304 | ) |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | | | 21,136,885 | | | | 58,518,171 | | | | (8,828,717 | ) | | | 1,754,607 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE)IN NET ASSETS | | | 75,977,774 | | | | 57,308,760 | | | | 404,835 | | | | 1,229,139 | |
NET ASSETS, BEGINNINGOF PERIOD | | | 376,728,493 | | | | 319,419,733 | | | | 181,143,387 | | | | 179,914,248 | |
| | | | | | | | | | | | | | | | |
NET ASSETS, ENDOF PERIOD | | $ | 452,706,267 | | | $ | 376,728,493 | | | $ | 181,548,222 | | | $ | 181,143,387 | |
| | | | | | | | | | | | | | | | |
ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) | | $ | 16,459,317 | | | $ | 9,884,641 | | | $ | 5,748,118 | | | $ | 3,748,522 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION: | | | | | | | | | | | | | | | | |
Shares outstanding at the beginning of period | | | 506,896,525 | | | | 427,541,926 | | | | 92,999,300 | | | | 91,853,422 | |
| | | | | | | | | | | | | | | | |
Shares sold | | | 47,958,796 | | | | 92,830,402 | | | | 1,144,781 | | | | 3,474,216 | |
Shares issued as reinvestment of dividends | | | — | | | | 10,348,096 | | | | — | | | | 7,481,435 | |
Shares redeemed | | | (21,754,481 | ) | | | (23,823,899 | ) | | | (5,562,750 | ) | | | (9,809,773 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | 26,204,315 | | | | 79,354,599 | | | | (4,417,969 | ) | | | 1,145,878 | |
| | | | | | | | | | | | | | | | |
Shares outstanding at the end of period | | | 533,100,840 | | | | 506,896,525 | | | | 88,581,331 | | | | 92,999,300 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
64
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Retirement Income Fund | | | 2010 Retirement Fund | | | 2015 Retirement Fund | | | 2020 Retirement Fund | | | |
For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (33,545 | ) | | $ | 1,530,422 | | | $ | (6,181 | ) | | $ | 539,513 | | | $ | (56,856 | ) | | $ | 3,002,795 | | | $ | (149,284 | ) | | $ | 7,811,788 | | | |
| | 452,442 | | | | 1,280,342 | | | | 597,876 | | | | 1,107,665 | | | | 3,039,347 | | | | 6,424,739 | | | | 5,514,126 | | | | 15,151,238 | | | |
| | | | | | | | |
| | 2,483,131 | | | | 1,149,321 | | | | 499,473 | | | | 710 | | | | 4,579,204 | | | | 1,217,614 | | | | 20,178,569 | | | | 8,601,495 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2,902,028 | | | | 3,960,085 | | | | 1,091,168 | | | | 1,647,888 | | | | 7,561,695 | | | | 10,645,148 | | | | 25,543,411 | | | | 31,564,521 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (1,417,706 | ) | | | — | | | | (579,461 | ) | | | — | | | | (3,360,637 | ) | | | — | | | | (7,495,794 | ) | | |
| | — | | | | (2,334,883 | ) | | | — | | | | (1,449,643 | ) | | | — | | | | (8,964,100 | ) | | | — | | | | (15,116,286 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (3,752,589 | ) | | | — | | | | (2,029,104 | ) | | | — | | | | (12,324,737 | ) | | | — | | | | (22,612,080 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10,574,351 | | | | 19,963,945 | | | | 2,448,030 | | | | 4,860,985 | | | | 6,682,385 | | | | 12,428,714 | | | | 26,307,593 | | | | 60,741,136 | | | |
| | — | | | | 3,752,589 | | | | — | | | | 2,029,104 | | | | — | | | | 12,324,737 | | | | — | | | | 22,612,080 | | | |
| | (6,914,933 | ) | | | (11,713,859 | ) | | | (4,652,857 | ) | | | (6,387,715 | ) | | | (12,706,572 | ) | | | (25,443,200 | ) | | | (19,949,949 | ) | | | (30,060,119 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,659,418 | | | | 12,002,675 | | | | (2,204,827 | ) | | | 502,374 | | | | (6,024,187 | ) | | | (689,749 | ) | | | 6,357,644 | | | | 53,293,097 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6,561,446 | | | | 12,210,171 | | | | (1,113,659 | ) | | | 121,158 | | | | 1,537,508 | | | | (2,369,338 | ) | | | 31,901,055 | | | | 62,245,538 | | | |
| | 75,699,895 | | | | 63,489,724 | | | | 25,683,184 | | | | 25,562,026 | | | | 146,391,754 | | | | 148,761,092 | | | | 425,843,817 | | | | 363,598,279 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 82,261,341 | | | $ | 75,699,895 | | | $ | 24,569,525 | | | $ | 25,683,184 | | | $ | 147,929,262 | | | $ | 146,391,754 | | | $ | 457,744,872 | | | $ | 425,843,817 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,539,981 | | | $ | 1,539,981 | | | $ | 543,546 | | | $ | 543,546 | | | $ | 3,028,460 | | | $ | 3,028,460 | | | $ | 7,891,832 | | | $ | 7,891,832 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 67,312,624 | | | | 56,717,917 | | | | 25,875,441 | | | | 25,303,663 | | | | 142,136,674 | | | | 142,339,770 | | | | 372,702,026 | | | | 325,767,231 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9,218,394 | | | | 17,515,224 | | | | 2,382,734 | | | | 4,798,782 | | | | 6,312,083 | | | | 11,829,560 | | | | 22,209,800 | | | | 53,304,303 | | | |
| | — | | | | 3,360,539 | | | | — | | | | 2,071,565 | | | | — | | | | 12,201,031 | | | | — | | | | 20,334,111 | | | |
| | (6,033,195 | ) | | | (10,281,056 | ) | | | (4,567,157 | ) | | | (6,298,569 | ) | | | (11,987,411 | ) | | | (24,233,687 | ) | | | (16,923,520 | ) | | | (26,703,619 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,185,199 | | | | 10,594,707 | | | | (2,184,423 | ) | | | 571,778 | | | | (5,675,328 | ) | | | (203,096 | ) | | | 5,286,280 | | | | 46,934,795 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 70,497,823 | | | | 67,312,624 | | | | 23,691,018 | | | | 25,875,441 | | | | 136,461,346 | | | | 142,136,674 | | | | 377,988,306 | | | | 372,702,026 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
65
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | 2025 Retirement Fund | | | 2030 Retirement Fund | |
| | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | |
INCREASE (DECREASE)IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (178,167 | ) | | $ | 8,340,336 | | | $ | (148,474 | ) | | $ | 6,383,344 | |
Net realized gain (loss) on investments and futures contracts | | | 11,219,983 | | | | 17,975,841 | | | | 8,047,112 | | | | 16,642,471 | |
Change in net unrealized appreciation (depreciation) of investments and futures contracts | | | 23,908,750 | | | | 15,514,743 | | | | 23,336,698 | | | | 14,528,108 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | | 34,950,566 | | | | 41,830,920 | | | | 31,235,336 | | | | 37,553,923 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 1 and 5) | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (7,530,298 | ) | | | — | | | | (5,967,073 | ) |
From net realized gains | | | — | | | | (17,294,855 | ) | | | — | | | | (16,440,817 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (24,825,153 | ) | | | — | | | | (22,407,890 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 4) | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 46,939,357 | | | | 83,094,922 | | | | 38,977,516 | | | | 65,836,378 | |
Dividends reinvested | | | — | | | | 24,825,153 | | | | — | | | | 22,407,890 | |
Cost of shares redeemed | | | (14,199,167 | ) | | | (16,754,823 | ) | | | (9,008,937 | ) | | | (15,151,173 | ) |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | | | 32,740,190 | | | | 91,165,252 | | | | 29,968,579 | | | | 73,093,095 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE)IN NET ASSETS | | | 67,690,756 | | | | 108,171,019 | | | | 61,203,915 | | | | 88,239,128 | |
NET ASSETS, BEGINNINGOF PERIOD | | | 504,129,290 | | | | 395,958,271 | | | | 416,286,459 | | | | 328,047,331 | |
| | | | | | | | | | | | | | | | |
NET ASSETS, ENDOF PERIOD | | $ | 571,820,046 | | | $ | 504,129,290 | | | $ | 477,490,374 | | | $ | 416,286,459 | |
| | | | | | | | | | | | | | | | |
ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) | | $ | 8,443,812 | | | $ | 8,443,812 | | | $ | 6,471,545 | | | $ | 6,471,545 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION: | | | | | | | | | | | | | | | | |
Shares outstanding at the beginning of period | | | 415,825,169 | | | | 339,214,646 | | | | 334,109,962 | | | | 273,996,553 | |
| | | | | | | | | | | | | | | | |
Shares sold | | | 37,278,791 | | | | 69,668,887 | | | | 30,044,307 | | | | 53,895,949 | |
Shares issued as reinvestment of dividends | | | — | | | | 21,243,935 | | | | — | | | | 18,787,249 | |
Shares redeemed | | | (11,261,049 | ) | | | (14,302,299 | ) | | | (6,966,868 | ) | | | (12,569,789 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | 26,017,742 | | | | 76,610,523 | | | | 23,077,439 | | | | 60,113,409 | |
| | | | | | | | | | | | | | | | |
Shares outstanding at the end of period | | | 441,842,911 | | | | 415,825,169 | | | | 357,187,401 | | | | 334,109,962 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
66
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2035 Retirement Fund | | | 2040 Retirement Fund | | | 2045 Retirement Fund | | | 2050 Retirement Fund | | | |
For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (125,756 | ) | | $ | 5,014,634 | | | $ | (103,961 | ) | | $ | 3,878,789 | | | $ | (119,360 | ) | | $ | 4,429,055 | | | $ | (62,986 | ) | | $ | 1,924,825 | | | |
| | 4,906,552 | | | | 14,378,657 | | | | 3,139,920 | | | | 12,766,659 | | | | 3,380,263 | | | | 14,077,259 | | | | 552,519 | | | | 5,152,801 | | | |
| | | | | | | | |
| | 22,950,429 | | | | 14,207,037 | | | | 19,759,170 | | | | 11,424,558 | | | | 23,287,678 | | | | 14,717,213 | | | | 13,302,462 | | | | 8,103,703 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 27,731,225 | | | | 33,600,328 | | | | 22,795,129 | | | | 28,070,006 | | | | 26,548,581 | | | | 33,223,527 | | | | 13,791,995 | | | | 15,181,329 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (4,653,592 | ) | | | — | | | | (3,629,694 | ) | | | — | | | | (4,323,009 | ) | | | — | | | | (1,305,214 | ) | | |
| | — | | | | (15,229,224 | ) | | | — | | | | (13,528,794 | ) | | | — | | | | (16,121,366 | ) | | | — | | | | (3,752,852 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (19,882,816 | ) | | | — | | | | (17,158,488 | ) | | | — | | | | (20,444,375 | ) | | | — | | | | (5,058,066 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 29,045,700 | | | | 59,045,385 | | | | 25,119,077 | | | | 43,339,746 | | | | 22,690,667 | | | | 43,884,460 | | | | 27,921,529 | | | | 57,049,790 | | | |
| | — | | | | 19,882,816 | | | | — | | | | 17,158,488 | | | | — | | | | 20,444,375 | | | | — | | | | 5,058,066 | | | |
| | (9,007,048 | ) | | | (12,123,049 | ) | | | (6,940,451 | ) | | | (7,616,743 | ) | | | (7,596,046 | ) | | | (9,251,474 | ) | | | (4,529,366 | ) | | | (2,077,210 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20,038,652 | | | | 66,805,152 | | | | 18,178,626 | | | | 52,881,491 | | | | 15,094,621 | | | | 55,077,361 | | | | 23,392,163 | | | | 60,030,646 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 47,769,877 | | | | 80,522,664 | | | | 40,973,755 | | | | 63,793,009 | | | | 41,643,202 | | | | 67,856,513 | | | | 37,184,158 | | | | 70,153,909 | | | |
| | 351,837,357 | | | | 271,314,693 | | | | 285,697,360 | | | | 221,904,351 | | | | 332,406,688 | | | | 264,550,175 | | | | 164,048,517 | | | | 93,894,608 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 399,607,234 | | | $ | 351,837,357 | | | $ | 326,671,115 | | | $ | 285,697,360 | | | $ | 374,049,890 | | | $ | 332,406,688 | | | $ | 201,232,675 | | | $ | 164,048,517 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 5,090,035 | | | $ | 5,090,035 | | | $ | 3,936,958 | | | $ | 3,936,958 | | | $ | 4,492,530 | | | $ | 4,492,530 | | | $ | 1,952,198 | | | $ | 1,952,198 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 281,100,694 | | | | 226,218,710 | | | | 230,643,020 | | | | 186,547,652 | | | | 268,924,524 | | | | 222,683,482 | | | | 112,896,396 | | | | 69,495,056 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 22,209,027 | | | | 48,252,870 | | | | 19,434,773 | | | | 35,902,529 | | | | 17,589,972 | | | | 36,492,502 | | | | 18,383,883 | | | | 41,228,623 | | | |
| | — | | | | 16,701,779 | | | | — | | | | 14,602,732 | | | | — | | | | 17,462,750 | | | | — | | | | 3,680,293 | | | |
| | (6,927,040 | ) | | | (10,072,665 | ) | | | (5,396,284 | ) | | | (6,409,893 | ) | | | (5,902,975 | ) | | | (7,714,210 | ) | | | (2,998,054 | ) | | | (1,507,576 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15,281,987 | | | | 54,881,984 | | | | 14,038,489 | | | | 44,095,368 | | | | 11,686,997 | | | | 46,241,042 | | | | 15,385,829 | | | | 43,401,340 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 296,382,681 | | | | 281,100,694 | | | | 244,681,509 | | | | 230,643,020 | | | | 280,611,521 | | | | 268,924,524 | | | | 128,282,225 | | | | 112,896,396 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
67
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | 2055 Retirement Fund | | | Conservative Allocation Fund | |
| | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Period Ended
December 31,
2016† | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | |
INCREASE (DECREASE)IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (1,973 | ) | | $ | (132 | ) | | $ | (18,302 | ) | | $ | 3,031,347 | |
Net realized gain (loss) on investments and futures contracts | | | 40,686 | | | | (16,339 | ) | | | 5,023,791 | | | | 2,568,490 | |
Change in net unrealized appreciation (depreciation) of investments and futures contracts | | | 515,461 | | | | 30,873 | | | | 1,784,729 | | | | 2,812,869 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | | 554,174 | | | | 14,402 | | | | 6,790,218 | | | | 8,412,706 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 1 and 5) | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | — | | | | — | | | | (3,062,118 | ) |
From net realized gains | | | — | | | | — | | | | — | | | | (3,660,743 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | (6,722,861 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 4) | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 9,163,292 | | | | 3,695,700 | | | | 7,494,480 | | | | 17,454,029 | |
Dividends reinvested | | | — | | | | — | | | | — | | | | 6,722,861 | |
Cost of shares redeemed | | | (265,373 | ) | | | (390,683 | ) | | | (8,855,995 | ) | | | (14,107,929 | ) |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | | | 8,897,919 | | | | 3,305,017 | | | | (1,361,515 | ) | | | 10,068,961 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE)IN NET ASSETS | | | 9,452,093 | | | | 3,319,419 | | | | 5,428,703 | | | | 11,758,806 | |
NET ASSETS, BEGINNINGOF PERIOD | | | 3,319,419 | | | | — | | | | 139,521,739 | | | | 127,762,933 | |
| | | | | | | | | | | | | | | | |
NET ASSETS, ENDOF PERIOD | | $ | 12,771,512 | | | $ | 3,319,419 | | | $ | 144,950,442 | | | $ | 139,521,739 | |
| | | | | | | | | | | | | | | | |
ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) | | $ | — | | | $ | — | | | $ | 3,053,004 | | | $ | 3,053,004 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION: | | | | | | | | | | | | | | | | |
Shares outstanding at the beginning of period | | | 3,191,688 | | | | — | | | | 115,118,175 | | | | 106,833,345 | |
| | | | | | | | | | | | | | | | |
Shares sold | | | 8,415,807 | | | | 3,598,978 | | | | 5,995,402 | | | | 14,299,004 | |
Shares issued as reinvestment of dividends | | | — | | | | — | | | | — | | | | 5,611,058 | |
Shares redeemed | | | (246,074 | ) | | | (407,290 | ) | | | (7,125,205 | ) | | | (11,625,232 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (decrease) | | | 8,169,733 | | | | 3,191,688 | | | | (1,129,803 | ) | | | 8,284,830 | |
| | | | | | | | | | | | | | | | |
Shares outstanding at the end of period | | | 11,361,421 | | | | 3,191,688 | | | | 113,988,372 | | | | 115,118,175 | |
| | | | | | | | | | | | | | | | |
| † | For the period October 1, 2016 (Commencement of Operations) to December 31, 2016. |
The accompanying notes are an integral part of these financial statements.
68
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Moderate Allocation Fund | | | Aggressive Allocation Fund | | | Money Market Fund | | | Mid-Term Bond Fund | | | Bond Fund | | | |
For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | For the
Six Months
Ended
June 30,
2017
(Unaudited) | | | For the
Year Ended
December 31,
2016 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (34,284 | ) | | $ | 6,815,738 | | | $ | (28,179 | ) | | $ | 4,379,900 | | | $ | 149,844 | | | $ | 83,111 | | | $ | 6,334,291 | | | $ | 11,551,692 | | | $ | 18,367,358 | | | $ | 32,730,237 | | | |
| | 4,863,472 | | | | 11,890,351 | | | | 7,045,562 | | | | 15,730,054 | | | | 66 | | | | (26 | ) | | | 187,869 | | | | 729,217 | | | | (11,670 | ) | | | 2,266,244 | | | |
| | 17,906,554 | | | | 9,992,223 | | | | 13,221,017 | | | | 6,155,891 | | | | (258 | ) | | | (1,000 | ) | | | 2,366,379 | | | | 3,108,491 | | | | 10,332,431 | | | | 11,554,313 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 22,735,742 | | | | 28,698,312 | | | | 20,238,400 | | | | 26,265,845 | | | | 149,652 | | | | 82,085 | | | | 8,888,539 | | | | 15,389,400 | | | | 28,688,119 | | | | 46,550,794 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (7,136,729 | ) | | | — | | | | (5,034,207 | ) | | | — | | | | — | | | | — | | | | (12,125,546 | ) | | | — | | | | (29,240,973 | ) | | |
| | — | | | | (15,163,373 | ) | | | — | | | | (16,088,598 | ) | | | — | | | | — | | | | — | | | | (696,581 | ) | | | — | | | | (1,620,584 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (22,300,102 | ) | | | — | | | | (21,122,805 | ) | | | — | | | | — | | | | — | | | | (12,822,127 | ) | | | — | | | | (30,861,557 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13,804,285 | | | | 24,930,266 | | | | 7,070,605 | | | | 10,983,920 | | | | 14,436,323 | | | | 10,516,506 | | | | 56,928,043 | | | | 69,654,159 | | | | 88,852,948 | | | | 135,038,720 | | | |
| | — | | | | 22,300,102 | | | | — | | | | 21,122,805 | | | | — | | | | — | | | | — | | | | 12,822,127 | | | | — | | | | 30,861,557 | | | |
| | (11,525,677 | ) | | | (22,771,198 | ) | | | (8,965,670 | ) | | | (22,242,770 | ) | | | (7,017,722 | ) | | | (14,232,032 | ) | | | (31,079,142 | ) | | | (44,859,350 | ) | | | (52,628,047 | ) | | | (79,735,048 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2,278,608 | | | | 24,459,170 | | | | (1,895,065 | ) | | | 9,863,955 | | | | 7,418,601 | | | | (3,715,526 | ) | | | 25,848,901 | | | | 37,616,936 | | | | 36,224,901 | | | | 86,165,229 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 25,014,350 | | | | 30,857,380 | | | | 18,343,335 | | | | 15,006,995 | | | | 7,568,253 | | | | (3,633,441 | ) | | | 34,737,440 | | | | 40,184,209 | | | | 64,913,020 | | | | 101,854,466 | | | |
| | 347,007,914 | | | | 316,150,534 | | | | 263,729,626 | | | | 248,722,631 | | | | 63,046,976 | | | | 66,680,417 | | | | 492,270,551 | | | | 452,086,342 | | | | 1,108,491,368 | | | | 1,006,636,902 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 372,022,264 | | | $ | 347,007,914 | | | $ | 282,072,961 | | | $ | 263,729,626 | | | $ | 70,615,229 | | | $ | 63,046,976 | | | $ | 527,007,991 | | | $ | 492,270,551 | | | $ | 1,173,404,388 | | | $ | 1,108,491,368 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 6,887,282 | | | $ | 6,887,282 | | | $ | 4,432,394 | | | $ | 4,432,394 | | | $ | 232,955 | | | $ | 83,111 | | | $ | 17,885,981 | | | $ | 11,551,690 | | | $ | 51,097,595 | | | $ | 32,730,237 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 241,781,963 | | | | 224,315,530 | | | | 161,691,427 | | | | 155,044,805 | | | | 52,661,579 | | | | 55,769,535 | | | | 472,826,923 | | | | 437,295,485 | | | | 772,998,898 | | | | 714,259,784 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9,179,984 | | | | 17,451,268 | | | | 4,141,603 | | | | 6,822,801 | | | | 12,039,273 | | | | 8,789,794 | | | | 53,794,613 | | | | 65,868,017 | | | | 60,781,242 | | | | 92,453,682 | | | |
| | — | | | | 16,016,276 | | | | — | | | | 13,554,944 | | | | — | | | | — | | | | — | | | | 12,184,847 | | | | — | | | | 21,161,940 | | | |
| | (7,730,089 | ) | | | (16,001,111 | ) | | | (5,285,377 | ) | | | (13,731,123 | ) | | | (5,857,268 | ) | | | (11,897,750 | ) | | | (29,506,899 | ) | | | (42,521,426 | ) | | | (36,168,439 | ) | | | (54,876,508 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,449,895 | | | | 17,466,433 | | | | (1,143,774 | ) | | | 6,646,622 | | | | 6,182,005 | | | | (3,107,956 | ) | | | 24,287,714 | | | | 35,531,438 | | | | 24,612,803 | | | | 58,739,114 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 243,231,858 | | | | 241,781,963 | | | | 160,547,653 | | | | 161,691,427 | | | | 58,843,584 | | | | 52,661,579 | | | | 497,114,637 | | | | 472,826,923 | | | | 797,611,701 | | | | 772,998,898 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
69
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a Fund share outstanding throughout the six months ended June 30, 2016 and the five years ended December 31, 2016 (or since the Fund’s inception date if in existence less than five years) and other supplementary data with respect to each Fund are presented below and in the pages following:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Equity Index Fund | |
| | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net Asset Value, Beginning of Period | | $ | 3.49 | | | $ | 3.26 | | | $ | 3.41 | | | $ | 3.09 | | | $ | 2.40 | | | $ | 2.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.03 | | | | 0.06 | | | | 0.06 | | | | 0.06 | | | | 0.05 | | | | 0.05 | |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | 0.29 | | | | 0.32 | | | | (0.03 | ) | | | 0.35 | | | | 0.70 | | | | 0.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total From Investment Operations | | | 0.32 | | | | 0.38 | | | | 0.03 | | | | 0.41 | | | | 0.75 | | | | 0.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.04 | ) | | | — | (g) |
From Net Realized Gains | | | — | | | | (0.09 | ) | | | (0.12 | ) | | | (0.04 | ) | | | (0.02 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions | | | — | | | | (0.15 | ) | | | (0.18 | ) | | | (0.09 | ) | | | (0.06 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 3.81 | | | $ | 3.49 | | | $ | 3.26 | | | $ | 3.41 | | | $ | 3.09 | | | $ | 2.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(h) | | | 9.24 | (b) | | | 11.80 | | | | 1.24 | | | | 13.49 | | | | 32.02 | | | | 15.94 | |
Net Assets, End of Period ($ millions) | | | 2,341 | | | | 2,143 | | | | 1,854 | | | | 1,789 | | | | 1,556 | | | | 1,109 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | 1.87 | (c) | | | 2.03 | | | | 1.94 | | | | 1.82 | | | | 1.87 | | | | 2.03 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | | | 0.14 | (c) | | | 0.14 | | | | 0.15 | | | | 0.17 | | | | 0.19 | | | | 0.22 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | | | 0.14 | (c) | | | 0.14 | | | | 0.15 | | | | 0.17 | | | | 0.19 | | | | 0.22 | |
Portfolio Turnover Rate (%)(a) | | | 2.56 | (b) | | | 5.58 | | | | 4.74 | | | | 8.07 | | | | 3.90 | | | | 6.45 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | For the period October 1, 2012 (commencement of operations) through December 31, 2012. |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | Amount is less than $0.005 per share. |
| (h) | Total return does not reflect fees and charges associated with your variable annuity contract or variable life insurance policy. Inclusion of those fees and charges would reduce the total return shown. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
70
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| All America Fund | | | Small Cap Value Fund | | | |
Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | |
| | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | |
| $ | 2.29 | | | $ | 2.22 | | | $ | 2.42 | | | $ | 2.38 | | | $ | 1.85 | | | $ | 1.61 | | | $ | 1.69 | | | $ | 1.44 | | | $ | 1.61 | | | $ | 1.72 | | | $ | 1.35 | | | $ | 1.17 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.02 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.03 | | | | 0.02 | | | |
| 0.16 | | | | 0.21 | | | | (0.03 | ) | | | 0.23 | | | | 0.55 | | | | 0.21 | | | | 0.01 | | | | 0.26 | | | | (0.08 | ) | | | 0.06 | | | | 0.36 | | | | 0.16 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.18 | | | | 0.24 | | | | — | | | | 0.26 | | | | 0.58 | | | | 0.24 | | | | 0.03 | | | | 0.28 | | | | (0.06 | ) | | | 0.08 | | | | 0.39 | | | | 0.18 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | — | | | | — | | | | (0.01 | ) | | | (0.01 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | | | |
| | — | | | | (0.14 | ) | | | (0.15 | ) | | | (0.19 | ) | | | (0.02 | ) | | | — | | | | — | | | | (0.02 | ) | | | (0.10 | ) | | | (0.17 | ) | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.17 | ) | | | (0.18 | ) | | | (0.22 | ) | | | (0.05 | ) | | | — | | | | — | | | | (0.03 | ) | | | (0.11 | ) | | | (0.19 | ) | | | (0.02 | ) | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 2.47 | | | $ | 2.29 | | | $ | 2.22 | | | $ | 2.42 | | | $ | 2.38 | | | $ | 1.85 | | | $ | 1.72 | | | $ | 1.69 | | | $ | 1.44 | | | $ | 1.61 | | | $ | 1.72 | | | $ | 1.35 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.94 | (b) | | | 11.49 | | | | (0.04 | ) | | | 11.16 | | | | 32.13 | | | | 14.73 | | | | 1.85 | (b) | | | 20.04 | | | | (3.40 | ) | | | 5.17 | | | | 29.35 | | | | 15.46 | | | |
| | 307 | | | | 296 | | | | 295 | | | | 324 | | | | 318 | | | | 256 | | | | 470 | | | | 465 | | | | 376 | | | | 393 | | | | 382 | | | | 290 | | | |
| | 1.36 | (c) | | | 1.42 | | | | 1.32 | | | | 1.35 | | | | 1.44 | | | | 1.52 | | | | 2.03 | (c) | | | 1.17 | | | | 1.14 | | | | 1.02 | | | | 1.70 | | | | 1.67 | | | |
| | 0.53 | (c) | | | 0.53 | | | | 0.55 | | | | 0.49 | | | | 0.51 | | | | 0.55 | | | | 0.81 | (c) | | | 0.82 | | | | 0.83 | | | | 0.84 | | | | 0.87 | | | | 0.90 | | | |
| | 0.53 | (c) | | | 0.53 | | | | 0.55 | | | | 0.49 | | | | 0.51 | | | | 0.55 | | | | 0.81 | (c) | | | 0.82 | | | | 0.83 | | | | 0.84 | | | | 0.87 | | | | 0.90 | | | |
| | 11.47 | (b) | | | 40.10 | | | | 14.73 | | | | 15.38 | | | | 28.48 | | | | 17.37 | | | | 9.99 | (b) | | | 32.06 | | | | 19.03 | | | | 38.09 | | | | 41.36 | | | | 24.71 | | | |
The accompanying notes are an integral part of these financial statements.
71
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Cap Growth Fund | |
| | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net Asset Value, Beginning of Period | | $ | 1.29 | | | $ | 1.32 | | | $ | 1.54 | | | $ | 1.58 | | | $ | 1.22 | | | $ | 1.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | 0.14 | | | | 0.10 | | | | (0.03 | ) | | | 0.09 | | | | 0.47 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total From Investment Operations | | | 0.14 | | | | 0.10 | | | | (0.03 | ) | | | 0.09 | | | | 0.47 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | — | | | | — | | | | — | (g) | | | — | | | | — | |
From Net Realized Gains | | | — | | | | (0.13 | ) | | | (0.19 | ) | | | (0.13 | ) | | | (0.11 | ) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions | | | — | | | | (0.13 | ) | | | (0.19 | ) | | | (0.13 | ) | | | (0.11 | ) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 1.43 | | | $ | 1.29 | | | $ | 1.32 | | | $ | 1.54 | | | $ | 1.58 | | | $ | 1.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(h) | | | 11.14 | (b) | | | 8.10 | | | | (2.39 | ) | | | 5.70 | | | | 41.19 | | | | 5.62 | |
Net Assets, End of Period ($ millions) | | | 477 | | | | 433 | | | | 402 | | | | 412 | | | | 424 | | | | 272 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | 0.09 | (c) | | | 0.06 | | | | (0.12 | ) | | | (0.09 | ) | | | 0.19 | | | | (0.08 | ) |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | | | 0.81 | (c) | | | 0.82 | | | | 0.83 | | | | 0.84 | | | | 0.86 | | | | 0.90 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | | | 0.81 | (c) | | | 0.82 | | | | 0.83 | | | | 0.84 | | | | 0.86 | | | | 0.90 | |
Portfolio Turnover Rate (%)(a) | | | 35.96 | (b) | | | 53.80 | | | | 67.83 | | | | 67.58 | | | | 53.36 | | | | 66.69 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | For the period October 1, 2012 (commencement of operations) through December 31, 2012. |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | Amount is less than $0.005 per share. |
| (h) | Total return does not reflect fees and charges associated with your variable annuity contract or variable life insurance policy. Inclusion of those fees and charges would reduce the total return shown. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
72
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mid Cap Value Fund | | | Mid-Cap Equity Index Fund | | | | |
Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | | |
| | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | |
| $ | 1.57 | | | $ | 1.46 | | | $ | 1.63 | | | $ | 1.53 | | | $ | 1.23 | | | $ | 1.11 | | | $ | 2.17 | | | $ | 1.95 | | | $ | 2.16 | | | $ | 2.08 | | | $ | 1.63 | | | $ | 1.43 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.01 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.01 | | | | 0.02 | | | | 0.02 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.02 | | | | 0.02 | | | | | |
| 0.06 | | | | 0.20 | | | | (0.08 | ) | | | 0.19 | | | | 0.33 | | | | 0.10 | | | | 0.11 | | | | 0.36 | | | | (0.08 | ) | | | 0.17 | | | | 0.51 | | | | 0.24 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.07 | | | | 0.22 | | | | (0.06 | ) | | | 0.21 | | | | 0.34 | | | | 0.12 | | | | 0.13 | | | | 0.39 | | | | (0.05 | ) | | | 0.20 | | | | 0.53 | | | | 0.26 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | — | | | | (0.03 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | | | | | |
| | — | | | | (0.09 | ) | | | (0.10 | ) | | | (0.10 | ) | | | (0.03 | ) | | | — | | | | — | | | | (0.14 | ) | | | (0.14 | ) | | | (0.10 | ) | | | (0.06 | ) | | | (0.06 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.11 | ) | | | (0.12 | ) | | | (0.11 | ) | | | (0.04 | ) | | | — | | | | — | | | | (0.17 | ) | | | (0.16 | ) | | | (0.12 | ) | | | (0.08 | ) | | | (0.06 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.64 | | | $ | 1.57 | | | $ | 1.46 | | | $ | 1.63 | | | $ | 1.53 | | | $ | 1.23 | | | $ | 2.30 | | | $ | 2.17 | | | $ | 1.95 | | | $ | 2.16 | | | $ | 2.08 | | | $ | 1.63 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.07 | (b) | | | 16.18 | | | | (3.34 | ) | | | 13.82 | | | | 27.78 | | | | 11.01 | | | | 5.89 | (b) | | | 20.51 | | | | (2.37 | ) | | | 9.63 | | | | 33.21 | | | | 17.80 | | | | | |
| | 99 | | | | 98 | | | | 82 | | | | 92 | | | | 72 | | | | 53 | | | | 1,301 | | | | 1,245 | | | | 977 | | | | 1,001 | | | | 902 | | | | 610 | | | | | |
| | 1.56 | (c) | | | 1.48 | | | | 1.45 | | | | 1.25 | | | | 1.08 | | | | 1.36 | | | | 1.38 | (c) | | | 1.60 | | | | 1.45 | | | | 1.31 | | | | 1.25 | | | | 1.50 | | | | | |
| | 0.64 | (c) | | | 0.66 | | | | 0.65 | | | | 0.64 | | | | 0.66 | | | | 0.70 | | | | 0.14 | (c) | | | 0.15 | | | | 0.16 | | | | 0.17 | | | | 0.19 | | | | 0.22 | | | | | |
| | 0.64 | (c) | | | 0.66 | | | | 0.65 | | | | 0.64 | | | | 0.66 | | | | 0.70 | | | | 0.14 | (c) | | | 0.15 | | | | 0.16 | | | | 0.17 | | | | 0.19 | | | | 0.22 | | | | | |
| | 14.87 | (b) | | | 25.80 | | | | 15.86 | | | | 40.91 | | | | 36.42 | | | | 29.05 | | | | 12.17 | (b) | | | 21.75 | | | | 21.67 | | | | 16.29 | | | | 13.30 | | | | 12.98 | | | | | |
The accompanying notes are an integral part of these financial statements.
73
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | International Fund | |
| | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net Asset Value, Beginning of Period | | $ | 0.74 | | | $ | 0.75 | | | $ | 0.77 | | | $ | 0.84 | | | $ | 0.71 | | | $ | 0.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.01 | | | | 0.02 | | | | 0.01 | | | | 0.02 | | | | 0.02 | | | | 0.02 | |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | 0.10 | | | | (0.01 | ) | | | (0.01 | ) | | | (0.08 | ) | | | 0.13 | | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total From Investment Operations | | | 0.11 | | | | 0.01 | | | | — | | | | (0.06 | ) | | | 0.15 | | | | 0.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | (0.02 | ) | | | — | (g) |
From Net Realized Gains | | | — | | | | — | (g) | | | — | (g) | | | — | (g) | | | — | | | | — | (g) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | (0.02 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 0.85 | | | $ | 0.74 | | | $ | 0.75 | | | $ | 0.77 | | | $ | 0.84 | | | $ | 0.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(h) | | | 14.26 | (b) | | | 1.69 | | | | (0.63 | ) | | | (6.03 | ) | | | 21.00 | | | | 18.24 | |
Net Assets, End of Period ($ millions) | | | 453 | | | | 377 | | | | 319 | | | | 264 | | | | 174 | | | | 115 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | 3.15 | (c) | | | 2.94 | | | | 2.47 | | | | 3.48 | | | | 2.76 | | | | 3.20 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.12 | (c) | | | 0.13 | | | | 0.14 | | | | 0.17 | | | | 0.18 | | | | 0.21 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.12 | (c) | | | 0.13 | | | | 0.14 | | | | 0.17 | | | | 0.18 | | | | 0.21 | |
Portfolio Turnover Rate (%)(a) | | | — | (b) | | | 3.08 | | | | — | | | | 0.61 | | | | 10.22 | | | | 0.28 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | For the period October 1, 2012 (commencement of operations) through December 31, 2012. |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | Amount is less than $0.005 per share. |
| (h) | Total return does not reflect fees and charges associated with your variable annuity contract or variable life insurance policy. Inclusion of those fees and charges would reduce the total return shown. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
74
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Composite Fund | | | Retirement Income Fund | | | | |
Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | | |
| | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | |
| $ | 1.95 | | | $ | 1.96 | | | $ | 2.00 | | | $ | 1.87 | | | $ | 1.64 | | | $ | 1.47 | | | $ | 1.12 | | | $ | 1.12 | | | $ | 1.16 | | | $ | 1.13 | | | $ | 1.07 | | | $ | 1.05 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.02 | | | | 0.04 | | | | 0.04 | | | | 0.04 | | | | 0.04 | | | | 0.04 | | | | — | (g) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | — | (g) | | | | |
| 0.08 | | | | 0.11 | | | | (0.02 | ) | | | 0.13 | | | | 0.23 | | | | 0.13 | | | | 0.05 | | | | 0.04 | | | | (0.01 | ) | | | 0.05 | | | | 0.06 | | | | 0.07 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.10 | | | | 0.15 | | | | 0.02 | | | | 0.17 | | | | 0.27 | | | | 0.17 | | | | 0.05 | | | | 0.06 | | | | 0.01 | | | | 0.07 | | | | 0.08 | | | | 0.07 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.04 | ) | | | (0.04 | ) | �� | | (0.04 | ) | | | (0.04 | ) | | | — | (g) | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | (g) | | | (0.03 | ) | | | | |
| | — | | | | (0.12 | ) | | | (0.02 | ) | | | — | | | | — | | | | — | | | | — | | | | (0.04 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.16 | ) | | | (0.06 | ) | | | (0.04 | ) | | | (0.04 | ) | | | — | | | | — | | | | (0.06 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.02 | ) | | | (0.05 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 2.05 | | | $ | 1.95 | | | $ | 1.96 | | | $ | 2.00 | | | $ | 1.87 | | | $ | 1.64 | | | $ | 1.17 | | | $ | 1.12 | | | $ | 1.12 | | | $ | 1.16 | | | $ | 1.13 | | | $ | 1.07 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.22 | (b) | | | 7.92 | | | | 0.80 | | | | 9.10 | | | | 16.37 | | | | 11.65 | | | | 3.76 | (b) | | | 6.18 | | | | 0.49 | | | | 6.50 | | | | 7.40 | | | | 7.15 | | | | | |
| | 182 | | | | 181 | | | | 180 | | | | 194 | | | | 186 | | | | 170 | | | | 82 | | | | 76 | | | | 63 | | | | 54 | | | | 40 | | | | 31 | | | | | |
| | 2.22 | (c) | | | 2.10 | | | | 1.93 | | | | 2.09 | | | | 2.04 | | | | 2.17 | | | | (0.08 | )(c) | | | 2.26 | | | | 2.35 | | | | 2.21 | | | | 2.18 | | | | (0.03 | ) | | | | |
| | 0.51 | (c) | | | 0.52 | | | | 0.53 | | | | 0.49 | | | | 0.51 | | | | 0.55 | | | | 0.08 | (c) | | | 0.09 | | | | 0.09 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | | |
| | 0.51 | (c) | | | 0.52 | | | | 0.53 | | | | 0.49 | | | | 0.51 | | | | 0.55 | | | | 0.08 | (c) | | | 0.09 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | | |
| | 34.98 | (b) | | | 57.40 | | | | 13.13 | | | | 12.31 | | | | 20.98 | | | | 25.42 | | | | 13.98 | (b) | | | 16.88 | | | | 22.64 | | | | 17.63 | | | | 24.01 | | | | 18.07 | | | | | |
The accompanying notes are an integral part of these financial statements.
75
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2010 Retirement Fund | |
| | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net Asset Value, Beginning of Period | | $ | 0.99 | | | $ | .1.01 | | | $ | 1.09 | | | $ | 1.06 | | | $ | 1.00 | | | $ | 0.97 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (g) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | — | (g) |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | 0.05 | | | | 0.04 | | | | (0.02 | ) | | | 0.06 | | | | 0.09 | | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total From Investment Operations | | | 0.05 | | | | 0.06 | | | | — | | | | 0.08 | | | | 0.11 | | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | (g) | | | (0.02 | ) |
From Net Realized Gains | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | (0.03 | ) | | | (0.05 | ) | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions | | | — | | | | (0.08 | ) | | | (0.08 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 1.04 | | | $ | 0.99 | | | $ | 1.01 | | | $ | 1.09 | | | $ | 1.06 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(h) | | | 4.49 | (b) | | | 6.87 | | | | 0.40 | | | | 6.93 | | | | 11.78 | | | | 9.69 | |
Net Assets, End of Period ($ millions) | | | 25 | | | | 26 | | | | 26 | | | | 27 | | | | 24 | | | | 21 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | (0.05 | )(c) | | | 2.15 | | | | 2.10 | | | | 2.06 | | | | 2.09 | | | | (0.03 | ) |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.13 | (c) | | | 0.12 | | | | 0.12 | | | | 0.05 | | | | 0.05 | | | | 0.05 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.05 | (c) | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.05 | |
Portfolio Turnover Rate (%)(a) | | | 12.62 | (b) | | | 24.58 | | | | 23.28 | | | | 20.45 | | | | 19.60 | | | | 26.61 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | For the period October 1, 2012 (commencement of operations) through December 31, 2012. |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | Amount is less than $0.005 per share. |
| (h) | Total return does not reflect fees and charges associated with your variable annuity contract or variable life insurance policy. Inclusion of those fees and charges would reduce the total return shown. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
76
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015 Retirement Fund | | | 2020 Retirement Fund | | | | |
Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | | |
| | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | |
| $ | 1.03 | | | $ | 1.05 | | | $ | 1.13 | | | $ | 1.10 | | | $ | 1.00 | | | $ | 0.93 | | | $ | 1.14 | | | $ | 1.12 | | | $ | 1.18 | | | $ | 1.13 | | | $ | 0.99 | | | $ | 0.90 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | (g) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | — | (g) | | | — | (g) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | — | (g) | | | | |
|
0.05 |
| | | 0.05 | | | | (0.02 | ) | | | 0.06 | | | | 0.12 | | | | 0.10 | | | | 0.07 | | | | 0.07 | | | | (0.01 | ) | | | 0.06 | | | | 0.14 | | | | 0.11 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.05 | | | | 0.07 | | | | — | | | | 0.08 | | | | 0.14 | | | | 0.10 | | | | 0.07 | | | | 0.09 | | | | 0.01 | | | | 0.08 | | | | 0.16 | | | | 0.11 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | (g) | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | (g) | | | (0.02 | ) | | | | |
| | — | | | | (0.07 | ) | | | (0.06 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.01 | ) | | | — | | | | (0.05 | ) | | | (0.05 | ) | | | (0.01 | ) | | | (0.02 | ) | | | — | (g) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.09 | ) | | | (0.08 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.03 | ) | | | — | | | | (0.07 | ) | | | (0.07 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.02 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.08 | | | $ | 1.03 | | | $ | 1.05 | | | $ | 1.13 | | | $ | 1.10 | | | $ | 1.00 | | | $ | 1.21 | | | $ | 1.14 | | | $ | 1.12 | | | $ | 1.18 | | | $ | 1.13 | | | $ | 0.99 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.25 | (b) | | | 7.72 | | | | 0.27 | | | | 7.16 | | | | 14.80 | | | | 10.59 | | | | 5.99 | (b) | | | 8.57 | | | | 0.13 | | | | 7.36 | | | | 17.72 | | | | 11.69 | | | | | |
| | 148 | | | | 146 | | | | 149 | | | | 154 | | | | 138 | | | | 112 | | | | 458 | | | | 426 | | | | 364 | | | | 320 | | | | 251 | | | | 169 | | | | | |
| | (0.08 | )(c) | | | 2.07 | | | | 2.07 | | | | 2.00 | | | | 2.07 | | | | (0.03 | ) | | | (0.07 | )(c) | | | 2.03 | | �� | | 2.06 | | | | 1.92 | | | | 1.85 | | | | (0.03 | ) | | | | |
| | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | | |
| | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | | |
| | 7.28 | (b) | | | 12.96 | | | | 17.75 | | | | 16.41 | | | | 11.83 | | | | 19.59 | | | | 5.28 | (b) | | | 7.99 | | | | 7.76 | | | | 9.54 | | | | 3.56 | | | | 9.89 | | | | | |
The accompanying notes are an integral part of these financial statements.
77
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2025 Retirement Fund | |
| | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net Asset Value, Beginning of Period | | $ | 1.21 | | | $ | 1.17 | | | $ | 1.23 | | | $ | 1.16 | | | $ | 0.98 | | | $ | 0.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (g) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | — | (g) |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | 0.08 | | | | 0.09 | | | | (0.02 | ) | | | 0.08 | | | | 0.18 | | | | 0.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total From Investment Operations | | | 0.08 | | | | 0.11 | | | | — | | | | 0.10 | | | | 0.20 | | | | 0.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | (g) | | | (0.02 | ) |
From Net Realized Gains | | | — | | | | (0.05 | ) | | | (0.04 | ) | | | (0.01 | ) | | | (0.02 | ) | | | — | (g) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions | | | — | | | | (0.07 | ) | | | (0.06 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 1.29 | | | $ | 1.21 | | | $ | 1.17 | | | $ | 1.23 | | | $ | 1.16 | | | $ | 0.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(h) | | | 6.75 | (b) | | | 9.84 | | | | (0.10 | ) | | | 8.00 | | | | 21.11 | | | | 12.90 | |
Net Assets, End of Period ($ millions) | | | 572 | | | | 504 | | | | 396 | | | | 331 | | | | 257 | | | | 162 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | (0.07 | )(c) | | | 1.91 | | | | 1.91 | | | | 1.75 | | | | 1.67 | | | | (0.04 | ) |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | |
Portfolio Turnover Rate (%)(a) | | | 5.37 | (b) | | | 5.27 | | | | 4.36 | | | | 6.00 | | | | 1.49 | | | | 8.59 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | For the period October 1, 2012 (commencement of operations) through December 31, 2012. |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | Amount is less than $0.005 per share. |
| (h) | Total return does not reflect fees and charges associated with your variable annuity contract or variable life insurance policy. Inclusion of those fees and charges would reduce the total return shown. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
78
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2030 Retirement Fund | | | 2035 Retirement Fund | | | | |
Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | | |
| | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | |
| $ | 1.25 | | | $ | 1.20 | | | $ | 1.27 | | | $ | 1.19 | | | $ | 0.98 | | | $ | 0.88 | | | $ | 1.25 | | | $ | 1.20 | | | $ | 1.27 | | | $ | 1.20 | | | $ | 0.97 | | | $ | 0.86 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | (g) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | — | (g) | | | — | (g) | | | 0.02 | | | | 0.02 | | | | 0.01 | | | | 0.01 | | | | — | (g) | | | | |
| 0.09 | | | | 0.11 | | | | (0.02 | ) | | | 0.09 | | | | 0.21 | | | | 0.12 | | | | 0.10 | | | | 0.11 | | | | (0.03 | ) | | | 0.08 | | | | 0.24 | | | | 0.13 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.09 | | | | 0.13 | | | | — | | | | 0.11 | | | | 0.23 | | | | 0.12 | | | | 0.10 | | | | 0.13 | | | | (0.01 | ) | | | 0.09 | | | | 0.25 | | | | 0.13 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | (g) | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | — | (g) | | | (0.02 | ) | | | | |
| | — | | | | (0.06 | ) | | | (0.05 | ) | | | (0.01 | ) | | | (0.02 | ) | | | — | (g) | | | — | | | | (0.06 | ) | | | (0.04 | ) | | | (0.01 | ) | | | (0.02 | ) | | | — | (g) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.08 | ) | | | (0.07 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | | | | (0.08 | ) | | | (0.06 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.34 | | | $ | 1.25 | | | $ | 1.20 | | | $ | 1.27 | | | $ | 1.19 | | | $ | 0.98 | | | $ | 1.35 | | | $ | 1.25 | | | $ | 1.20 | | | $ | 1.27 | | | $ | 1.20 | | | $ | 0.97 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.29 | (b) | | | 10.73 | | | | (0.22 | ) | | | 8.44 | | | | 23.72 | | | | 13.69 | | | | 7.72 | (b) | | | 11.43 | | | | (0.37 | ) | | | 8.26 | | | | 25.92 | | | | 14.39 | | | | | |
| | 477 | | | | 416 | | | | 328 | | | | 277 | | | | 212 | | | | 133 | | | | 400 | | | | 352 | | | | 271 | | | | 230 | | | | 173 | | | | 107 | | | | | |
| | (0.07 | )(c) | | | 1.78 | | | | 1.81 | | | | 1.66 | | | | 1.60 | | | | (0.04 | ) | | | (0.07 | )(c) | | | 1.67 | | | | 1.68 | | | | 1.52 | | | | 1.47 | | | | (0.04 | ) | | | | |
| | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | | |
| | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | | |
| | 5.68 | (b) | | | 5.12 | | | | 4.83 | | | | 5.52 | | | | 1.58 | | | | 7.61 | | | | 3.40 | (b) | | | 4.98 | | | | 5.16 | | | | 4.29 | | | | 1.76 | | | | 6.51 | | | | | |
The accompanying notes are an integral part of these financial statements.
79
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2040 Retirement Fund | |
| | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net Asset Value, Beginning of Period | | $ | 1.24 | | | $ | 1.19 | | | $ | 1.26 | | | $ | 1.20 | | | $ | 0.96 | | | $ | 0.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (g) | | | 0.02 | | | | 0.02 | | | | 0.01 | | | | 0.01 | | | | — | (g) |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | 0.10 | | | | 0.11 | | | | (0.03 | ) | | | 0.08 | | | | 0.25 | | | | 0.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total From Investment Operations | | | 0.10 | | | | 0.13 | | | | (0.01 | ) | | | 0.09 | | | | 0.26 | | | | 0.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | — | (g) | | | (0.02 | ) |
From Net Realized Gains | | | — | | | | (0.06 | ) | | | (0.04 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | (g) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions | | | — | | | | (0.08 | ) | | | (0.06 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 1.34 | | | $ | 1.24 | | | $ | 1.19 | | | $ | 1.26 | | | $ | 1.20 | | | $ | 0.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(h) | | | 7.78 | (b) | | | 11.66 | | | | (0.64 | ) | | | 7.71 | | | | 27.20 | | | | 14.63 | |
Net Assets, End of Period ($ millions) | | | 327 | | | | 286 | | | | 222 | | | | 189 | | | | 148 | | | | 94 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | (0.07 | )(c) | | | 1.59 | | | | 1.58 | | | | 1.40 | | | | 1.39 | | | | (0.04 | ) |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | |
Portfolio Turnover Rate (%)(a) | | | 3.17 | (b) | | | 5.23 | | | | 5.17 | | | | 4.31 | | | | 1.37 | | | | 4.99 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | For the period October 1, 2012 (commencement of operations) through December 31, 2012. |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | Amount is less than $0.005 per share. |
| (h) | Total return does not reflect fees and charges associated with your variable annuity contract or variable life insurance policy. Inclusion of those fees and charges would reduce the total return shown. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
80
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2045 Retirement Fund | | | 2050 Retirement Fund | | | 2055 Retirement Fund | |
Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | Period Ended
December 31,
2012(e) | | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Period Ended
December 31,
2016(f) | |
| | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | | |
| $ | 1.24 | | | $ | 1.19 | | | $ | 1.26 | | | $ | 1.20 | | | $ | 0.96 | | | $ | 0.85 | | | $ | 1.45 | | | $ | 1.35 | | | $ | 1.39 | | | $ | 1.30 | | | $ | 1.02 | | | $ | 1.00 | | | $ | 1.04 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | (g) | | | 0.02 | | | | 0.02 | | | | 0.01 | | | | 0.01 | | | | — | (g) | | | — | (g) | | | 0.01 | | | | 0.03 | | | | 0.01 | | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) |
| 0.09 | | | | 0.12 | | | | (0.03 | ) | | | 0.07 | | | | 0.25 | | | | 0.13 | | | | 0.12 | | | | 0.14 | | | | (0.04 | ) | | | 0.08 | | | | 0.28 | | | | 0.02 | | | | 0.08 | | | | 0.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.09 | | | | 0.14 | | | | (0.01 | ) | | | 0.08 | | | | 0.26 | | | | 0.13 | | | | 0.12 | | | | 0.15 | | | | (0.01 | ) | | | 0.09 | | | | 0.28 | | | | 0.02 | | | | 0.08 | | | | 0.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | — | (g) | | | (0.02 | ) | | | — | | | | (0.01 | ) | | | (0.01 | ) | | | — | (g) | | | — | (g) | | | — | | | | — | | | | — | |
| | — | | | | (0.07 | ) | | | (0.04 | ) | | | (0.01 | ) | | | (0.02 | ) | | | — | (g) | | | — | | | | (0.04 | ) | | | (0.02 | ) | | | — | (g) | | | — | (g) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.09 | ) | | | (0.06 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | | | | (0.05 | ) | | | (0.03 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.33 | | | $ | 1.24 | | | $ | 1.19 | | | $ | 1.26 | | | $ | 1.20 | | | $ | 0.96 | | | $ | 1.57 | | | $ | 1.45 | | | $ | 1.35 | | | $ | 1.39 | | | $ | 1.30 | | | $ | 1.02 | | | $ | 1.12 | | | $ | 1.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.84 | (b) | | | 11.68 | | | | (0.69 | ) | | | 7.36 | | | | 27.68 | | | | 14.45 | | | | 7.96 | (b) | | | 11.78 | | | | (0.73 | ) | | | 7.15 | | | | 28.17 | | | | 1.83 | (b) | | | 8.09 | (b) | | | 4.01 | (b) |
| | 374 | | | | 332 | | | | 265 | | | | 232 | | | | 186 | | | | 118 | | | | 201 | | | | 164 | | | | 94 | | | | 50 | | | | 20 | | | | 2 | | | | 13 | | | | 3 | |
| | (0.07 | )(c) | | | 1.54 | | | | 1.55 | | | | 1.37 | | | | 1.37 | | | | (0.04 | ) | | | (0.07 | )(c) | | | 1.58 | | | | 1.65 | | | | 1.47 | | | | 0.54 | | | | (0.01 | )(b) | | | (0.05 | )(c) | | | (0.05 | )(c) |
| | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.07 | (c) | | | 0.08 | | | | 0.09 | | | | 0.05 | | | | 0.05 | | | | 0.05 | (c) | | | 0.09 | (c) | | | 0.50 | (c) |
| | 0.07 | (c) | | | 0.07 | | | | 0.07 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.07 | (c) | | | 0.08 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.05 | (c) | | | 0.05 | (c) | | | 0.05 | (c) |
| | 2.97 | (b) | | | 3.91 | | | | 4.40 | | | | 3.48 | | | | 0.93 | | | | 4.03 | | | | 3.37 | (b) | | | 2.67 | | | | 2.67 | | | | 1.53 | | | | 1.22 | | | | 0.76 | (b) | | | 5.38 | (b) | | | 22.25 | (b) |
The accompanying notes are an integral part of these financial statements.
81
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund | |
| | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net Asset Value, Beginning of Period | | $ | 1.21 | | | $ | 1.20 | | | $ | 1.25 | | | $ | 1.22 | | | $ | 1.15 | | | $ | 1.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (g) | | | 0.03 | | | | 0.02 | | | | 0.03 | | | | 0.03 | | | | — | (g) |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | 0.06 | | | | 0.04 | | | | (0.01 | ) | | | 0.05 | | | | 0.05 | | | | 0.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total From Investment Operations | | | 0.06 | | | | 0.07 | | | | 0.01 | | | | 0.08 | | | | 0.08 | | | | 0.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | — | (g) | | | (0.03 | ) |
From Net Realized Gains | | | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.01 | ) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.01 | ) | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 1.27 | | | $ | 1.21 | | | $ | 1.20 | | | $ | 1.25 | | | $ | 1.22 | | | $ | 1.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(h) | | | 4.92 | (b) | | | 6.71 | | | | 0.44 | | | | 6.62 | | | | 7.34 | | | | 7.44 | |
Net Assets, End of Period ($ millions) | | | 145 | | | | 140 | | | | 128 | | | | 123 | | | | 98 | | | | 86 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | (0.03 | )(c) | | | 2.31 | | | | 2.32 | | | | 2.31 | | | | 2.45 | | | | 0.03 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.03 | (c) | | | 0.03 | | | | 0.02 | | | | — | | | | — | | | | — | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.03 | (c) | | | 0.03 | | | | 0.02 | | | | — | | | | — | | | | — | |
Portfolio Turnover Rate (%)(a) | | | 14.81 | (b) | | | 8.89 | | | | 10.58 | | | | 17.24 | | | | 10.16 | | | | 10.14 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | For the period October 1, 2012 (commencement of operations) through December 31, 2012. |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | Amount is less than $0.005 per share. |
| (h) | Total return does not reflect fees and charges associated with your variable annuity contract or variable life insurance policy. Inclusion of those fees and charges would reduce the total return shown. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
82
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Moderate Allocation Fund | | | Aggressive Allocation Fund | | | | |
Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | | |
| | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | |
| $ | 1.44 | | | $ | 1.41 | | | $ | 1.52 | | | $ | 1.45 | | | $ | 1.27 | | | $ | 1.18 | | | $ | 1.63 | | | $ | 1.60 | | | $ | 1.77 | | | $ | 1.69 | | | $ | 1.38 | | | $ | 1.24 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | (g) | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | — | (g) | | | — | (g) | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | — | (g) | | | | |
|
0.09 |
| | | 0.10 | | | | (0.03 | ) | | | 0.09 | | | | 0.16 | | | | 0.13 | | | | 0.13 | | | | 0.14 | | | | (0.05 | ) | | | 0.11 | | | | 0.30 | | | | 0.17 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.09 | | | | 0.13 | | | | — | | | | 0.12 | | | | 0.19 | | | | 0.13 | | | | 0.13 | | | | 0.17 | | | | (0.02 | ) | | | 0.14 | | | | 0.33 | | | | 0.17 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | — | (g) | | | (0.03 | ) | | | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | — | (g) | | | (0.03 | ) | | | | |
| | — | | | | (0.07 | ) | | | (0.08 | ) | | | (0.02 | ) | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | (0.11 | ) | | | (0.12 | ) | | | (0.03 | ) | | | (0.02 | ) | | | — | (g) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.10 | ) | | | (0.11 | ) | | | (0.05 | ) | | | (0.01 | ) | | | (0.04 | ) | | | — | | | | (0.14 | ) | | | (0.15 | ) | | | (0.06 | ) | | | (0.02 | ) | | | (0.03 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.53 | | | $ | 1.44 | | | $ | 1.41 | | | $ | 1.52 | | | $ | 1.45 | | | $ | 1.27 | | | $ | 1.76 | | | $ | 1.63 | | | $ | 1.60 | | | $ | 1.77 | | | $ | 1.69 | | | $ | 1.38 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.57 | (b) | | | 9.08 | | | | 0.16 | | | | 7.71 | | | | 15.66 | | | | 10.90 | | | | 7.71 | (b) | | | 10.86 | | | | (0.38 | ) | | | 7.66 | | | | 24.19 | | | | 13.41 | | | | | |
| | 372 | | | | 347 | | | | 316 | | | | 315 | | | | 281 | | | | 225 | | | | 282 | | | | 264 | | | | 249 | | | | 255 | | | | 236 | | | | 187 | | | | | |
| | (0.02 | )(c) | | | 2.08 | | | | 2.09 | | | | 1.95 | | | | 2.09 | | | | 0.02 | | | | (0.02 | )(c) | | | 1.74 | | | | 1.81 | | | | 1.60 | | | | 1.75 | | | | 0.01 | | | | | |
| | 0.02 | (c) | | | 0.02 | | | | 0.02 | | | | — | | | | — | | | | — | | | | 0.02 | (c) | | | 0.02 | | | | 0.02 | | | | — | | | | — | | | | — | | | | | |
| | 0.02 | (c) | | | 0.02 | | | | 0.02 | | | | — | | | | — | | | | — | | | | 0.02 | (c) | | | 0.02 | | | | 0.02 | | | | — | | | | — | | | | — | | | | | |
| | 4.11 | (b) | | | 6.65 | | | | 8.10 | | | | 13.87 | | | | 4.71 | | | | 8.11 | | | | 4.61 | (b) | | | 9.51 | | | | 7.86 | | | | 19.61 | | | | 4.93 | | | | 7.82 | | | | | |
The accompanying notes are an integral part of these financial statements.
83
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Money Market Fund | |
| | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net Asset Value, Beginning of Period | | $ | 1.20 | | | $ | 1.20 | | | $ | 1.20 | | | $ | 1.20 | | | $ | 1.20 | | | $ | 1.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) | | | — | (g) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total From Investment Operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
From Net Realized Gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 1.20 | | | $ | 1.20 | | | $ | 1.20 | | | $ | 1.20 | | | $ | 1.20 | | | $ | 1.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(h) | | | 0.24 | (b) | | | 0.14 | | | | (0.11 | ) | | | (0.14 | ) | | | (0.16 | ) | | | (0.17 | ) |
Net Assets, End of Period ($ millions) | | | 71 | | | | 63 | | | | 67 | | | | 77 | | | | 84 | | | | 90 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | 0.48 | (c) | | | 0.13 | | | | (0.11 | ) | | | (0.14 | ) | | | (0.16 | ) | | | (0.18 | ) |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | | | 0.27 | (c) | | | 0.28 | | | | 0.26 | | | | 0.24 | | | | 0.27 | | | | 0.30 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | | | 0.27 | (c) | | | 0.28 | | | | 0.26 | | | | 0.24 | | | | 0.27 | | | | 0.30 | |
Portfolio Turnover Rate (%)(a) | | | NA | | | | NA | | | | NA | | | | NA | | | | NA | | | | NA | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | For the period October 1, 2012 (commencement of operations) through December 31, 2012. |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | Amount is less than $0.005 per share. |
| (h) | Total return does not reflect fees and charges associated with your variable annuity contract or variable life insurance policy. Inclusion of those fees and charges would reduce the total return shown. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
84
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mid-Term Bond Fund | | | Bond Fund | | | | |
Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2017
(Unaudited) | | | Years Ended December 31, | | | | |
| | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | | |
| $ | 1.04 | | | $ | 1.03 | | | $ | 1.06 | | | $ | 1.05 | | | $ | 1.09 | | | $ | 1.06 | | | $ | 1.43 | | | $ | 1.41 | | | $ | 1.45 | | | $ | 1.41 | | | $ | 1.47 | | | $ | 1.39 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.01 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.02 | | | | 0.04 | | | | 0.04 | | | | 0.04 | | | | 0.05 | | | | 0.05 | | | | | |
| 0.01 | | | | 0.01 | | | | (0.03 | ) | | | 0.02 | | | | (0.04 | ) | | | — | (g) | | | 0.02 | | | | 0.02 | | | | (0.03 | ) | | | 0.04 | | | | (0.06 | ) | | | 0.03 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.02 | | | | 0.04 | | | | — | | | | 0.05 | | | | (0.01 | ) | | | 0.03 | | | | 0.04 | | | | 0.06 | | | | 0.01 | | | | 0.08 | | | | (0.01 | ) | | | 0.08 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | — | (g) | | | — | | | | (0.04 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) | | | — | (g) | | | | |
| | — | | | | — | (g) | | | — | (g) | | | (0.01 | ) | | | — | (g) | | | — | (g) | | | — | | | | — | (g) | | | — | (g) | | | — | | | | — | (g) | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.03 | ) | | | — | | | | — | | | | (0.04 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.06 | | | $ | 1.04 | | | $ | 1.03 | | | $ | 1.06 | | | $ | 1.05 | | | $ | 1.09 | | | $ | 1.47 | | | $ | 1.43 | | | $ | 1.41 | | | $ | 1.45 | | | $ | 1.41 | | | $ | 1.47 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1.83 | (b) | | | 3.51 | | | | 0.61 | | | | 3.22 | | | | (0.55 | ) | | | 3.33 | | | | 2.59 | (b) | | | 4.71 | | | | 0.33 | | | | 6.31 | | | | (0.91 | ) | | | 5.79 | | | | | |
| | 527 | | | | 492 | | | | 452 | | | | 435 | | | | 392 | | | | 387 | | | | 1,173 | | | | 1,108 | | | | 1,007 | | | | 956 | | | | 804 | | | | 753 | | | | | |
| | 2.54 | (c) | | | 2.45 | | | | 2.68 | | | | 2.57 | | | | 2.77 | | | | 2.94 | | | | 3.25 | (c) | | | 3.07 | | | | 2.93 | | | | 3.59 | | | | 3.35 | | | | 3.55 | | | | | |
| | 0.46 | (c) | | | 0.46 | | | | 0.46 | | | | 0.49 | | | | 0.51 | | | | 0.55 | | | | 0.45 | (c) | | | 0.45 | | | | 0.45 | | | | 0.48 | | | | 0.51 | | | | 0.55 | | | | | |
| | 0.46 | (c) | | | 0.46 | | | | 0.46 | | | | 0.49 | | | | 0.51 | | | | 0.55 | | | | 0.45 | (c) | | | 0.45 | | | | 0.45 | | | | 0.48 | | | | 0.51 | | | | 0.55 | | | | | |
| | 8.52 | (b) | | | 17.52 | | | | 19.07 | | | | 36.56 | | | | 23.94 | | | | 14.30 | | | | 4.81 | (b) | | | 13.54 | | | | 27.51 | | | | 15.00 | | | | 27.41 | | | | 28.89 | | | | | |
The accompanying notes are an integral part of these financial statements.
85
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2017
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND 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 principally offers its shares exclusively to separate accounts of Mutual of America Life Insurance Company (“Mutual of America Life”) and a former affiliate that offers the Funds through its separate accounts. 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. At June 30, 2017, there were 25 active Funds (collectively, “the Funds”): Equity Index Fund, All America Fund, Small Cap Value Fund, Small Cap Growth Fund, Mid Cap Value Fund, Mid-Cap Equity Index Fund, International Fund, Composite Fund, Money Market Fund, Mid-Term Bond Fund, Bond Fund; Retirement Income Fund, 2010 Retirement Fund, 2015 Retirement Fund, 2020 Retirement Fund, 2025 Retirement Fund, 2030 Retirement Fund, 2035 Retirement Fund, 2040 Retirement Fund, 2045 Retirement Fund, 2050 Retirement Fund and 2055 Retirement Fund (collectively, “Retirement Funds”); a Conservative Allocation Fund, a Moderate Allocation Fund and an Aggressive Allocation Fund (collectively, “Allocation Funds”). The 2050 Retirement Fund commenced operations on October 1, 2012. The 2055 Retirement Fund commenced operations on October 1, 2016.
Investment Company shares are issued to Mutual of America Life and, on a limited basis, to Wilton Reassurance Life Company of New York (formerly The American Life Insurance Company of New York), for allocation to their Separate Accounts as a funding medium for variable accumulation annuity contracts and variable life insurance policies. In addition, shares of selected equity and fixed income funds of the Investment Company are directly issued to one or more of the Investment Company’s Retirement Funds and Allocation Funds.
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.
The following is a summary of the significant accounting policies consistently followed by the Investment Company, which are in conformity with GAAP:
Fair Value — The Investment Company values its investments at fair value. Fair value is an estimate of the price the Fund would receive upon selling a security in an orderly arms-length transaction. Investments are categorized based on a three-level valuation hierarchy for measurement and disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs used to measure fair value. These inputs are summarized in the three broad levels listed below:
| | • | | Level 1 — quoted prices in active markets for identical securities. |
| | • | | Level 2 — other significant observable inputs (including yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds, trading characteristics, etc.). |
| | • | | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
As of June 30, 2017, management determined that the fair value inputs for all equity securities were considered Level 1, with the exception of one security in the All America and Small Cap Value Funds (see Note 1 below) which was considered Level 3. In addition, non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Furthermore, certain Rule 144A securities not actively traded are considered Level 3; however, there were no such 144A securities as of June 30, 2017. Fair value inputs for all debt securities were considered Level 2. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers between levels are reflected based on the fair value at the beginning of a reporting period.
86
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
The following is a summary of the inputs used to value the Funds’ investments and other financial instruments as of June 30, 2017:
| | | | | | | | | | | | | | | | |
Fund | | Level 1 — Quoted
Prices | | | Level 2 — Significant
Observable Inputs | | | Level 3 — Significant
Unobservable Inputs | | | Total | |
Investments at Fair Value: | | | | | | | | | | | | | | | | |
(See Summary Portfolios or Portfolios of Investments for More Details) | |
Equity Index Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 2,292,932,894 | | | | — | | | | — | | | $ | 2,292,932,894 | |
Short-Term Debt Securities | | | — | | | $ | 46,522,665 | | | | — | | | $ | 46,522,665 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,292,932,894 | | | $ | 46,522,665 | | | | �� | | | $ | 2,339,455,559 | |
All America Fund | | | | | | | | | | | | | | | | |
Common Stock-Indexed | | $ | 162,484,356 | | | | — | | | | — | | | $ | 162,484,356 | |
Common Stock-Active | | $ | 129,980,478 | | | | — | | | $ | 285,375 | (1) | | $ | 130,265,853 | |
Long-Term Debt Securities-Active | | | — | | | $ | 143,500 | | | | — | | | $ | 143,500 | |
Short-Term Debt Securities-Indexed | | | — | | | $ | 8,845,654 | | | | — | | | $ | 8,845,654 | |
Short-Term Debt Securities-Active | | | — | | | $ | 5,595,713 | | | | — | | | $ | 5,595,713 | |
Warrants-Active | | $ | 36,238 | | | | — | | | | — | | | $ | 36,238 | |
| | | | | | | | | | | | | | | | |
| | $ | 292,501,072 | | | $ | 14,584,867 | | | $ | 285,375 | | | $ | 307,371,314 | |
Small Cap Value Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 439,378,490 | | | | — | | | $ | 3,206,125 | (1) | | $ | 442,584,615 | |
Long-Term Debt Securities | | | — | | | $ | 1,696,375 | | | | — | | | $ | 1,696,375 | |
Short-Term Debt Securities | | | — | | | $ | 25,287,298 | | | | — | | | $ | 25,287,298 | |
Warrants | | $ | 420,423 | | | | — | | | | — | | | $ | 420,423 | |
| | | | | | | | | | | | | | | | |
| | $ | 439,798,913 | | | $ | 26,983,673 | | | $ | 3,206,125 | | | $ | 469,988,711 | |
Small Cap Growth Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 471,315,050 | | | | — | | | | — | | | $ | 471,315,050 | |
Short-Term Debt Securities | | | — | | | $ | 14,392,953 | | | | — | | | $ | 14,392,953 | |
| | | | | | | | | | | | | | | | |
| | $ | 471,315,050 | | | $ | 14,392,953 | | | | — | | | $ | 485,708,003 | |
Mid Cap Value Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 94,347,429 | | | | — | | | | — | | | $ | 94,347,429 | |
Long-Term Debt Securities | | | — | | | $ | 44,075 | | | | — | | | $ | 44,075 | |
Short-Term Debt Securities | | | — | | | $ | 3,597,221 | | | | — | | | $ | 3,597,221 | |
| | | | | | | | | | | | | | | | |
| | $ | 94,347,429 | | | $ | 3,641,296 | | | | — | | | $ | 97,988,725 | |
Mid-Cap Equity Index Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 1,280,153,565 | | | | — | | | | — | | | $ | 1,280,153,565 | |
Short-Term Debt Securities | | | — | | | $ | 21,495,282 | | | | — | | | $ | 21,495,282 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,280,153,565 | | | $ | 21,495,282 | | | | — | | | $ | 1,301,648,847 | |
International Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 430,818,578 | | | | — | | | | — | | | $ | 430,818,578 | |
Short-Term Debt Securities | | | — | | | $ | 23,690,782 | | | | — | | | $ | 23,690,782 | |
| | | | | | | | | | | | | | | | |
| | $ | 430,818,578 | | | $ | 23,690,782 | | | | — | | | $ | 454,509,360 | |
Composite Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 103,452,317 | | | | — | | | | — | | | $ | 103,452,317 | |
U.S. Government Debt | | | — | | | $ | 19,559,602 | | | | — | | | $ | 19,559,602 | |
U.S. Government Agency Residential
Mortgage-Backed Obligations | | | — | | | $ | 21,291,240 | | | | — | | | $ | 21,291,240 | |
U.S. Government Agency
Non-Mortgage-Backed Obligations | | | — | | | $ | 477,865 | | | | — | | | $ | 477,865 | |
Long-Term Corporate Debt | | | — | | | $ | 29,250,763 | | | | — | | | $ | 29,250,763 | |
Short-Term Debt Securities | | | — | | | $ | 7,598,363 | | | | — | | | $ | 7,598,363 | |
| | | | | | | | | | | | | | | | |
| | $ | 103,452,317 | | | $ | 78,177,833 | | | | — | | | $ | 181,630,150 | |
87
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
| | | | | | | | | | | | | | | | |
Fund | | Level 1 — Quoted
Prices | | | Level 2 — Significant
Observable Inputs | | | Level 3 — Significant
Unobservable Inputs | | | Total | |
Retirement Income Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 82,262,978 | | | | — | | | | — | | | $ | 82,262,978 | |
2010 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 24,569,690 | | | | — | | | | — | | | $ | 24,569,690 | |
2015 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 147,931,321 | | | | — | | | | — | | | $ | 147,931,321 | |
2020 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 457,748,014 | | | | — | | | | — | | | $ | 457,748,014 | |
2025 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 571,823,755 | | | | — | | | | — | | | $ | 571,823,755 | |
2030 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 477,493,449 | | | | — | | | | — | | | $ | 477,493,449 | |
2035 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 399,609,808 | | | | — | | | | — | | | $ | 399,609,808 | |
2040 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 326,673,257 | | | | — | | | | — | | | $ | 326,673,257 | |
2045 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 374,052,345 | | | | — | | | | — | | | $ | 374,052,345 | |
2050 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 201,233,797 | | | | — | | | | — | | | $ | 201,233,797 | |
2055 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 12,771,564 | | | | — | | | | — | | | $ | 12,771,564 | |
Conservative Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 144,950,734 | | | | — | | | | — | | | $ | 144,950,734 | |
Moderate Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 372,022,834 | | | | — | | | | — | | | $ | 372,022,834 | |
Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 282,074,321 | | | | — | | | | — | | | $ | 282,074,321 | |
Money Market Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 17,286,179 | | | | — | | | $ | 17,286,179 | |
U.S. Government Agency Short-Term Debt | | | — | | | $ | 10,293,137 | | | | — | | | $ | 10,293,137 | |
Commercial Paper | | | — | | | $ | 42,867,902 | | | | — | | | $ | 42,867,902 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 70,447,218 | | | | — | | | $ | 70,447,218 | |
Mid-Term Bond Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 208,802,177 | | | | — | | | $ | 208,802,177 | |
U.S. Government Agency Residential
Mortgage-Backed Obligations | | | — | | | $ | 6,026,814 | | | | — | | | $ | 6,026,814 | |
U.S. Government Agency
Non-Mortgage-Backed Obligations | | | — | | | $ | 35,806,039 | | | | — | | | $ | 35,806,039 | |
Long-Term Corporate Debt | | | — | | | $ | 272,360,773 | | | | — | | | $ | 272,360,773 | |
Short-Term Debt Securities | | | — | | | $ | 899,968 | | | | — | | | $ | 899,968 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 523,895,771 | | | | — | | | $ | 523,895,771 | |
Bond Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 192,469,679 | | | | — | | | $ | 192,469,679 | |
U.S. Government Agency Residential
Mortgage-Backed Obligations | | | — | | | $ | 323,161,447 | | | | — | | | $ | 323,161,447 | |
U.S. Government Agency
Non-Mortgage-Backed Obligations | | | — | | | $ | 15,357,368 | | | | — | | | $ | 15,357,368 | |
Long-Term Corporate Debt | | | — | | | $ | 629,868,222 | | | | — | | | $ | 629,868,222 | |
Sovereign Debt | | | — | | | $ | 3,419,879 | | | | — | | | $ | 3,419,879 | |
Short-Term Debt Securities | | | — | | | $ | 1,099,960 | | | | — | | | $ | 1,099,960 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 1,165,376,555 | | | | — | | | $ | 1,165,376,555 | |
88
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
| | | | | | | | | | | | | | | | |
Fund | | Level 1 — Quoted
Prices | | | Level 2 — Significant
Observable Inputs | | | Level 3 — Significant
Unobservable Inputs | | | Total | |
Other Financial Instruments:* | | | | | | | | | | | | | | | | |
| | | | |
Equity Index Fund | | $ | (165,524 | ) | | | — | | | | — | | | $ | (165,524 | ) |
All America Fund | | $ | (41,393 | ) | | | — | | | | — | | | $ | (41,393 | ) |
Mid-Cap Equity Index Fund | | $ | (124,791 | ) | | | — | | | | — | | | $ | (124,791 | ) |
| * | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument. |
| (1) | Includes security issued by Xura, Inc. included in “Other Securities” in the Information Technology section of the active asset segment of the All America Fund portfolio and in a similar section of the Small Cap Value Fund portfolio. The security is fair valued at its last trade price. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair Value Measurement Using Significant Unobservable
Inputs (Level 3) for the Six Months Ended June 30, 2017 | |
| | | Balance
December 31,
2016(a) | | | Change in
Unrealized
Gains
(Losses) | | | Transfers
Into
Level 3 | | | Transfers
Out of
Level 3 | | | Balance
June 30,
2017(a) | | | Unrealized Gains/(Losses)
of Level 3 Assets Held as of
June 30, 2017 Included
in Statements of Operation | |
All America Fund | | $ | 285,375 | | | | — | | | | — | | | | — | | | $ | 285,375 | | | $ | 30,822 | |
Small Cap Value Fund | | $ | 3,206,125 | | | | — | | | | — | | | | — | | | $ | 3,206,125 | | | $ | 347,256 | |
| (a) | Reflects security being carried at a calculated fair value due to the absence of recent trading activity in the security, as described in Security Valuation below. |
Security Valuation — Investment securities are carried at fair value as follows:
Exchange-traded equity securities are valued at the last reported sales price on the principal exchange on which the security is traded. If there is no trading volume for a particular valuation day, the last bid price is used. For equity securities traded in the over-the-counter market, the security is valued at the last sale price, or if no sale, at the latest bid price available.
Short-term debt securities with a maturity of 60 days or less are valued at amortized cost, which approximates fair value for such securities.
Debt securities, including short-term debt securities maturing in excess of 60 days, are valued on the basis of prices obtained from an independent pricing source. The pricing source may utilize various pricing methodologies that incorporate both models (which consider factors such as yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds and trading characteristics) and dealer-supplied valuations to derive a valuation.
In the rare instance when a price is not available from an independent pricing source or when prices may not reflect fair value, such as when the price provided by the pricing source is not based on a recent trade, a calculated fair value is used, as determined in good faith by the Adviser and reviewed by a Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company.
Mutual of America Capital Management LLC (“the Adviser”) uses a market approach to calculate fair value for equity securities which are categorized as Level 3. The Adviser’s valuation is primarily based on information regarding the specific equity issuer, such as the last trade price, financial statements, the relationship of per-share book value to the last trade price, operating information and any corporate actions, such as dividends or returns of capital, that may have occurred since the last trade. The Adviser also considers industry-specific conditions and overall market conditions, to determine whether the last trade price reflects fair value or needs to be adjusted. Generally, absent any significant contrary indications, the last trade price will be used as the calculated fair value.
89
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
The Retirement Funds and the Allocation Funds value their investments in the underlying Funds of the Investment Company at their respective net asset values.
Investment Transactions — Investment transactions are accounted for as of 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 equity securities are based on the identified cost basis of the security, determined on the first-in, first-out (“FIFO”) basis.
Futures Contracts — The Equity Index Fund, Mid-Cap Equity Index Fund and a portion of the All America Fund each maintain indexed asset portfolios which are subject to equity price risk. In order to remain more fully invested in the equity markets while minimizing transaction costs, the funds purchase stock index futures contracts. An initial cash margin deposit (represented by cash or Treasury bills) is made upon entering into a futures contract and serves as collateral for the contract. This initial margin, maintained in a segregated account, is equal to approximately 5%-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 appreciation or depreciation by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each trading day. The accumulated unrealized appreciation or depreciation on the contract is included in Net Unrealized Appreciation (Depreciation) of Investments and Futures Contracts in the Components of Net Assets section of the Statements of Assets and Liabilities. Futures contracts are valued at the settlement price established each day by the exchange on which traded. Depending upon whether unrealized appreciation or depreciation are incurred, variation margin payments are received or made daily. The net change in unrealized appreciation or depreciation of futures contracts is recorded in the Statements of Operations. When the contract is closed, a realized gain or loss from futures transactions is recorded in the Statements of Operations, equal to the net variation margin received or paid over the period the contract was outstanding.
The “Underlying Face Amount at Value” (appearing in the “Footnotes to Summary Portfolios of Investments in Securities”) representing the aggregate of outstanding contractual amounts under futures contracts reflects the extent of a Fund’s exposure to off-balance sheet risk. The use of futures transactions involves the risk of imperfect correlation in the price movements of the contract and the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
During the six months ended June 30, 2017, the Equity Index Fund, Mid-Cap Equity Index Fund and the All America Fund purchased futures contracts with total principal amounts of $213,871,759, $137,987,764 and $19,784,333, respectively.
Warrants — A warrant is an option to purchase common stock of an issuer and is issued in conjunction with another security, such as a debt obligation. A warrant specifies the price at which the holder may purchase shares of common stock and usually expires after a period of time. A warrant holder generally may pay cash for the common stock to be purchased or may surrender the principal amount of the related debt security the warrant holder owns equal to the purchase price for the stock.
The common stock underlying a warrant may not increase in value after the date the warrant was issued, or may not increase up to the warrant exercise price. In this case, the warrant generally would have little value and could expire unexercised.
At June 30, 2017, warrants held by the Funds of the Investment Company were traded on active markets and are considered Level 1 securities.
Retirement Funds — Each of the Retirement Funds invests in equity (stock) funds and fixed income (bond) funds and targets different percentages to these asset classes. The targets reflect varying emphases on achieving capital appreciation and gains versus preserving capital and producing income, depending on the specific Fund’s time horizon.
90
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
The Retirement Funds target their investments in the following underlying funds of the Investment Company in accordance with the percentage allocations noted:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Equity
Index
Fund | | | Mid-Cap
Equity
Index
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | International
Fund | | | Bond
Fund | | | Mid-Term
Bond
Fund | | | Money
Market
Fund | |
Retirement Income Fund | | | 20% | | | | 5% | | | | — | | | | — | | | | — | | | | 30% | | | | 35% | | | | 10% | |
2010 Retirement Fund | | | 22% | | | | 7% | | | | — | | | | — | | | | 3% | | | | 27% | | | | 35% | | | | 6% | |
2015 Retirement Fund | | | 26% | | | | 8% | | | | 1% | | | | 1% | | | | 5% | | | | 26% | | | | 30% | | | | 3% | |
2020 Retirement Fund | | | 29% | | | | 10% | | | | 2% | | | | 2% | | | | 8% | | | | 26% | | | | 23% | | | | — | |
2025 Retirement Fund | | | 32% | | | | 12% | | | | 4% | | | | 4% | | | | 10% | | | | 25% | | | | 13% | | | | — | |
2030 Retirement Fund | | | 34% | | | | 17% | | | | 5% | | | | 5% | | | | 12% | | | | 22% | | | | 5% | | | | — | |
2035 Retirement Fund | | | 36% | | | | 21% | | | | 6% | | | | 6% | | | | 13% | | | | 18% | | | | — | | | | — | |
2040 Retirement Fund | | | 36% | | | | 21% | | | | 7% | | | | 7% | | | | 14% | | | | 15% | | | | — | | | | — | |
2045 Retirement Fund | | | 35% | | | | 22% | | | | 8% | | | | 8% | | | | 15% | | | | 12% | | | | — | | | | — | |
2050 Retirement Fund | | | 34% | | | | 22% | | | | 9% | | | | 9% | | | | 16% | | | | 10% | | | | — | | | | — | |
2055 Retirement Fund | | | 32% | | | | 22% | | | | 10% | | | | 10% | | | | 17% | | | | 9% | | | | — | | | | — | |
Generally, rebalancing of the Retirement Funds’ holdings is performed on a periodic basis and the mix of underlying Funds is reviewed annually.
Allocation Funds — The Allocation Funds target their investments in the following underlying Funds of the Investment Company in accordance with the percentage allocations noted:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Equity
Index
Fund | | | Mid-Cap
Equity
Index
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | International
Fund | | | Bond
Fund | | | Mid-Term
Bond
Fund | |
Conservative Allocation | | | 25% | | | | 5% | | | | — | | | | — | | | | 5% | | | | 30% | | | | 35% | |
Moderate Allocation | | | 35% | | | | 15% | | | | — | | | | — | | | | 10% | | | | 25% | | | | 15% | |
Aggressive Allocation | | | 35% | | | | 20% | | | | 5% | | | | 5% | | | | 15% | | | | 20% | | | | — | |
Generally, rebalancing of the Allocation Funds’ holdings is performed on a periodic basis.
Change in Target Investments — During the year, the Retirement Funds listed below had changes to their target investments. Overall increases (decreases) to the target percentages were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Equity
Index
Fund | | | Mid-Cap
Equity
Index
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | International
Fund | | | Bond
Fund | | | Mid-Term
Bond
Fund | | | Money
Market
Fund | |
Retirement Income Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (5% | ) | | | 5% | |
2010 Retirement Fund | | | (1% | ) | | | — | | | | — | | | | — | | | | — | | | | 1% | | | | (1% | ) | | | 1% | |
2015 Retirement Fund | | | — | | | | (1% | ) | | | — | | | | — | | | | (1% | ) | | | — | | | | (1% | ) | | | 3% | |
2020 Retirement Fund | | | (1% | ) | | | (1% | ) | | | — | | | | — | | | | — | | | | — | | | | 2% | | | | — | |
2025 Retirement Fund | | | (3% | ) | | | (2% | ) | | | 1% | | | | 1% | | | | — | | | | — | | | | 3% | | | | — | |
2030 Retirement Fund | | | (3% | ) | | | — | | | | — | | | | — | | | | 1% | | | | (3% | ) | | | 5% | | | | — | |
2035 Retirement Fund | | | (2% | ) | | | 1% | | | | — | | | | — | | | | — | | | | 1% | | | | — | | | | — | |
2040 Retirement Fund | | | — | | | | 1% | | | | (1% | ) | | | (1% | ) | | | — | | | | 1% | | | | — | | | | — | |
2045 Retirement Fund | | | 2% | | | | — | | | | (1% | ) | | | (1% | ) | | | — | | | | — | | | | — | | | | — | |
2050 Retirement Fund | | | 2% | | | | — | | | | (1% | ) | | | (1% | ) | | | — | | | | — | | | | — | | | | — | |
2055 Retirement Fund | | | 2% | | | | (1% | ) | | | (1% | ) | | | (1% | ) | | | — | | | | 1% | | | | — | | | | — | |
91
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Investment Income — Interest income, accretion of discount and amortization of premium are recorded daily on an accrual basis using the effective interest method. A debt obligation may cease accrual of income and result in a reduction to interest income when the collection of all or a portion of current and past due interest is in doubt. 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.
Distributions to Shareholders (“Dividends”) — Distributions to shareholders are recorded on the ex-dividend date and are made at least annually. It is the Investment Company’s policy to make distributions of its net investment income and net realized gains, if any, in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Accordingly, periodic reclassifications (which do not impact the funds’ net asset values) are made within the funds’ capital accounts to reflect income and gains available for distribution under Federal income tax regulations.
Federal Income Taxes — Each Fund in 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 or excise tax provision is required.
GAAP requires the evaluation of tax positions taken in the course of preparing a fund’s tax return to determine whether it is “more-likely-than-not” that tax positions taken in the fund’s tax return will be ultimately sustained, and, if not, a tax liability and expense is recorded.
As of June 30, 2017, management has evaluated the tax positions taken on the Funds’ filed tax returns for all open tax years and has concluded that no tax provision is required in any of the Funds’ financial statements. Each Fund’s federal and state income, franchise and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
As of June 30, 2017, the Money Market, Bond and International Funds had a capital loss carry forward of $1,402, $11,670 and $9, respectively, to offset any future net realized capital gains generated after December 31, 2016.
The Investment Company has an Investment Advisory Agreement with Mutual of America Capital Management LLC (“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 of the value of the net assets of each fund, at the following annual rates:
| | | | |
Fund | | Annual Investment
Management Fee | |
Retirement Funds | | | .05 | % |
Equity Index, Mid-Cap Equity Index, International Funds | | | .075 | % |
Money Market Fund | | | .15 | % |
Bond Fund | | | .39 | % |
All America, Composite, Mid-Term Bond Funds | | | .40 | % |
Mid Cap Value Fund | | | .55 | % |
Small Cap Value, Small Cap Growth Funds | | | .75 | % |
The Adviser does not assess a fee for investment management to the Allocation Funds. However, shareholders in the Allocation Funds (and the Retirement and International Funds) will indirectly bear their pro-rata share of the investment management fees incurred by the underlying Funds in which they invest.
The Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. The Funds also bore their pro-rata share of the investment management fees charged to each of the underlying funds in which they invest. Through December 31, 2014, they also did not incur operating expenses other than those included in each of the underlying funds in which they invest. Commencing January 1, 2015, the expense allocation methodology was modified such that certain non-advisory operating expenses that can be attributed only to
92
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
the Retirement and Allocation Funds are now charged directly to those Funds. Effective January 1, 2015, the Investment Company and the Adviser entered into an agreement under which the Adviser agrees to reimburse the direct non-advisory operating expenses of any Allocation or Retirement Fund (each a “Fund of Funds”) that has less than $50 million in average daily net assets for the prior calendar year. This agreement remains in effect through April 30, 2018 and continues into successive 12 month periods ending April 30 unless i) The Fund of Funds has at least $50 million in average daily net assets for the prior calendar year, ii) the Investment Company gives not less than 30 days written notice to the Adviser, or iii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.
The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures contracts, for the six months ended June 30, 2017, were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Mid Cap
Value Fund | |
Cost of investment purchases | | $ | 118,383,433 | | | $ | 33,389,263 | | | $ | 44,720,217 | | | $ | 162,247,047 | | | $ | 14,415,112 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 56,303,762 | | | $ | 40,007,136 | | | $ | 49,210,090 | | | $ | 160,235,315 | | | $ | 17,041,738 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid-Cap Equity
Index Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income Fund | | | 2010
Retirement
Fund | |
Cost of investment purchases | | $ | 182,783,438 | | | $ | 27,103,489 | | | $ | 61,210,845 | | | $ | 14,708,075 | | | $ | 3,134,793 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 151,048,670 | | | $ | — | | | $ | 70,657,197 | | | $ | 11,081,864 | | | $ | 5,345,734 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | 2030
Retirement
Fund | | | 2035
Retirement
Fund | |
Cost of investment purchases | | $ | 10,762,461 | | | $ | 29,594,254 | | | $ | 61,610,756 | | | $ | 55,287,360 | | | $ | 32,737,185 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 16,842,918 | | | $ | 23,384,198 | | | $ | 29,046,650 | | | $ | 25,465,509 | | | $ | 12,822,835 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | | | Conservative
Allocation
Fund | |
Cost of investment purchases | | $ | 27,812,046 | | | $ | 25,504,719 | | | $ | 29,492,922 | | | $ | 9,323,090 | | | $ | 21,023,207 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 9,736,186 | | | $ | 10,528,086 | | | $ | 6,163,021 | | | $ | 427,095 | | | $ | 22,402,869 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money Market
Fund | | | Mid-Term
Bond Fund | | | Bond Fund | |
Cost of investment purchases | | $ | 17,046,117 | | | $ | 12,605,353 | | | | — | | | $ | 72,979,147 | | | $ | 106,427,012 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 14,801,426 | | | $ | 14,527,410 | | | | — | | | $ | 42,153,311 | | | $ | 53,863,755 | |
| | | | | | | | | | | | | | | | | | | | |
The cost of short-term security purchases for the Money Market Fund for the six months ended June 30, 2017, was $281,574,281; net proceeds from sales for the same period were $274,403,303.
93
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 3. | INVESTMENTS (CONTINUED) |
The components of net unrealized appreciation (depreciation) of investments for federal income tax purposes and the cost of investments for federal income tax purposes at June 30, 2017 for each of the funds were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Mid Cap
Value Fund | |
Unrealized Appreciation | | $ | 943,060,709 | | | $ | 88,050,911 | | | $ | 129,431,701 | | | $ | 97,584,600 | | | $ | 21,910,358 | |
Unrealized Depreciation | | | (49,729,133 | ) | | | (12,387,920 | ) | | | (19,756,073 | ) | | | (15,572,174 | ) | | | (4,269,467 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 893,331,576 | | | $ | 75,662,991 | | | $ | 109,675,628 | | | $ | 82,012,426 | | | $ | 17,640,891 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 1,446,123,983 | | | $ | 231,708,323 | | | $ | 360,313,083 | | | $ | 403,695,577 | | | $ | 80,347,834 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid-Cap Equity
Index Fund | | | International
Fund | | | Composite Fund | | | Retirement
Income Fund | | | 2010
Retirement
Fund | |
Unrealized Appreciation | | $ | 345,873,411 | | | $ | 34,560,681 | | | $ | 21,715,863 | | | $ | 2,900,502 | | | $ | 1,202,806 | |
Unrealized Depreciation | | | (58,544,372 | ) | | | (1,972,063 | ) | | | (2,374,377 | ) | | | (255,634 | ) | | | (113,689 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 287,329,039 | | | $ | 32,588,618 | | | $ | 19,341,486 | | | $ | 2,644,868 | | | $ | 1,089,117 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 1,014,319,808 | | | $ | 421,920,742 | | | $ | 162,288,664 | | | $ | 79,618,110 | | | $ | 23,480,573 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund
| | | 2030
Retirement
Fund | | | 2035
Retirement
Fund | |
Unrealized Appreciation | | $ | 13,270,619 | | | $ | 49,384,415 | | | $ | 68,926,990 | | | $ | 65,486,524 | | | $ | 60,480,183 | |
Unrealized Depreciation | | | (453,131 | ) | | | (877,158 | ) | | | (409,419 | ) | | | (250,950 | ) | | | (164,586 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 12,817,488 | | | $ | 48,507,257 | | | $ | 68,517,571 | | | $ | 65,235,574 | | | $ | 60,315,597 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 135,113,833 | | | $ | 409,240,757 | | | $ | 503,306,184 | | | $ | 412,257,875 | | | $ | 339,294,211 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | | | Conservative
Allocation
Fund | |
Unrealized Appreciation | | $ | 51,376,507 | | | $ | 65,237,162 | | | $ | 17,916,141 | | | $ | 546,334 | | | $ | 7,645,411 | |
Unrealized Depreciation | | | (168,011 | ) | | | (157,613 | ) | | | (52,054 | ) | | | (4,560 | ) | | | (629,205 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 51,208,496 | | | $ | 65,079,549 | | | $ | 17,864,087 | | | $ | 541,774 | | | $ | 7,016,206 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 275,464,761 | | | $ | 308,972,796 | | | $ | 183,369,710 | | | $ | 12,229,790 | | | $ | 137,934,528 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money Market
Fund | | | Mid-Term Bond
Fund | | | Bond Fund | |
Unrealized Appreciation | | $ | 62,107,485 | | | $ | 60,292,659 | | | $ | 0 | | | $ | 7,383,341 | | | $ | 28,989,750 | |
Unrealized Depreciation | | | (2,913,493 | ) | | | (2,907,172 | ) | | | (173 | ) | | | (4,525,438 | ) | | | (9,746,787 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 59,193,992 | | | $ | 57,385,487 | | | $ | (173 | ) | | $ | 2,857,903 | | | $ | 19,242,963 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 312,828,842 | | | $ | 224,688,834 | | | $ | 70,447,391 | | | $ | 521,037,868 | | | $ | 1,146,133,592 | |
| | | | | | | | | | | | | | | | | | | | |
Differences between amounts reflected in the Statements of Assets and Liabilities and those computed for federal income tax purposes arise primarily from federal income tax treatment of wash sales, REITs, partnerships, corporate actions and futures contracts.
94
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 3. | INVESTMENTS (CONTINUED) |
Investments in affiliated investment companies during six months ended June 30, 2017 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment Company | | Value as of
December 31,
2016 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
June 30,
2017 | |
Retirement Income Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 22,590,894 | | | $ | 4,007,778 | | | $ | 62,300 | | | $ | 528,029 | | | $ | (1,767,782 | ) | | $ | 25,421,219 | |
Equity Index Fund | | | 16,078,959 | | | | 1,903,764 | | | | 400,395 | | | | 1,114,275 | | | | (1,750,937 | ) | | | 17,746,456 | |
Mid-Cap Equity Index Fund | | | 4,051,382 | | | | 582,163 | | | | 29,805 | | | | 217,168 | | | | (294,630 | ) | | | 4,585,888 | |
Mid-Term Bond Fund | | | 30,607,594 | | | | 3,671,786 | | | | (40,307 | ) | | | 615,947 | | | | (6,947,570 | ) | | | 27,907,450 | |
Money Market Fund | | | 2,372,365 | | | | 4,542,584 | | | | 249 | | | | 7,712 | | | | (320,945 | ) | | | 6,601,965 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 75,701,194 | | | $ | 14,708,075 | | | $ | 452,442 | | | $ | 2,483,131 | | | $ | (11,081,864 | ) | | $ | 82,262,978 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2010 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 6,633,679 | | | $ | 624,002 | | | $ | 10,038 | | | $ | 152,122 | | | $ | (1,170,127 | ) | | $ | 6,249,714 | |
Equity Index Fund | | | 6,369,884 | | | | 499,187 | | | | 513,247 | | | | 43,328 | | | | (1,516,019 | ) | | | 5,909,627 | |
International Fund | | | 753,943 | | | | 378,919 | | | | 24,384 | | | | 78,326 | | | | (133,412 | ) | | | 1,102,160 | |
Mid-Cap Equity Index Fund | | | 2,053,267 | | | | 156,530 | | | | 61,429 | | | | 54,128 | | | | (335,620 | ) | | | 1,989,734 | |
Mid-Term Bond Fund | | | 9,093,610 | | | | 789,886 | | | | (11,229 | ) | | | 169,643 | | | | (1,954,318 | ) | | | 8,087,592 | |
Money Market Fund | | | 778,899 | | | | 686,269 | | | | 7 | | | | 1,926 | | | | (236,238 | ) | | | 1,230,863 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 25,683,282 | | | $ | 3,134,793 | | | $ | 597,876 | | | $ | 499,473 | | | $ | (5,345,734 | ) | | $ | 24,569,690 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2015 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 36,215,289 | | | $ | 2,562,016 | | | $ | 73,798 | | | $ | 842,668 | | | $ | (2,898,167 | ) | | $ | 36,795,604 | |
Equity Index Fund | | | 40,768,318 | | | | 1,317,249 | | | | 1,924,076 | | | | 1,781,639 | | | | (4,257,781 | ) | | | 41,533,501 | |
International Fund | | | 8,552,145 | | | | 287,650 | | | | 629,108 | | | | 559,459 | | | | (2,618,187 | ) | | | 7,410,175 | |
Mid-Cap Equity Index Fund | | | 14,819,918 | | | | 439,641 | | | | 541,661 | | | | 304,914 | | | | (1,857,814 | ) | | | 14,248,320 | |
Mid-Term Bond Fund | | | 42,983,570 | | | | 1,554,236 | | | | (161,132 | ) | | | 934,401 | | | | (4,850,455 | ) | | | 40,460,620 | |
Money Market Fund | | | — | | | | 4,500,343 | | | | 19 | | | | 2,324 | | | | (77,784 | ) | | | 4,424,902 | |
Small Cap Growth Fund | | | 1,458,216 | | | | 50,663 | | | | 8,857 | | | | 149,317 | | | | (132,512 | ) | | | 1,534,541 | |
Small Cap Value Fund | | | 1,595,771 | | | | 50,663 | | | | 22,960 | | | | 4,482 | | | | (150,218 | ) | | | 1,523,658 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 146,393,227 | | | $ | 10,762,461 | | | $ | 3,039,347 | | | $ | 4,579,204 | | | $ | (16,842,918 | ) | | $ | 147,931,321 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2020 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 102,961,309 | | | $ | 6,426,764 | | | $ | 170,547 | | | $ | 2,500,762 | | | $ | (4,048,773 | ) | | $ | 108,010,609 | |
Equity Index Fund | | | 137,223,398 | | | | 6,449,055 | | | | 3,609,608 | | | | 9,058,675 | | | | (8,608,149 | ) | | | 147,732,587 | |
International Fund | | | 33,025,671 | | | | 1,742,581 | | | | 465,566 | | | | 4,240,934 | | | | (2,857,169 | ) | | | 36,617,583 | |
Mid-Cap Equity Index Fund | | | 51,732,914 | | | | 2,310,425 | | | | 1,181,431 | | | | 1,836,503 | | | | (3,821,207 | ) | | | 53,240,066 | |
Mid-Term Bond Fund | | | 82,121,310 | | | | 11,794,139 | | | | (39,019 | ) | | | 1,528,889 | | | | (3,327,359 | ) | | | 92,077,960 | |
Small Cap Growth Fund | | | 8,447,477 | | | | 435,645 | | | | 26,103 | | | | 919,155 | | | | (348,583 | ) | | | 9,479,797 | |
Small Cap Value Fund | | | 10,333,184 | | | | 435,645 | | | | 99,890 | | | | 93,651 | | | | (372,958 | ) | | | 10,589,412 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 425,845,263 | | | $ | 29,594,254 | | | $ | 5,514,126 | | | $ | 20,178,569 | | | $ | (23,384,198 | ) | | $ | 457,748,014 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2025 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 115,158,713 | | | $ | 11,571,848 | | | $ | 189,750 | | | $ | 2,903,231 | | | $ | (2,198,759 | ) | | $ | 127,624,783 | |
Equity Index Fund | | | 186,795,987 | | | | 14,203,187 | | | | 7,722,234 | | | | 9,845,594 | | | | (15,963,869 | ) | | | 202,603,133 | |
International Fund | | | 43,950,773 | | | | 6,067,194 | | | | 138,428 | | | | 6,350,651 | | | | (879,505 | ) | | | 55,627,541 | |
Mid-Cap Equity Index Fund | | | 81,646,960 | | | | 5,608,605 | | | | 3,043,985 | | | | 1,744,921 | | | | (8,441,447 | ) | | | 83,603,024 | |
Mid-Term Bond Fund | | | 44,145,872 | | | | 12,770,573 | | | | (2,911 | ) | | | 822,943 | | | | (973,023 | ) | | | 56,763,454 | |
Small Cap Growth Fund | | | 14,895,663 | | | | 5,659,550 | | | | 45,518 | | | | 1,840,776 | | | | (295,023 | ) | | | 22,146,484 | |
Small Cap Value Fund | | | 17,536,948 | | | | 5,729,799 | | | | 82,979 | | | | 400,634 | | | | (295,024 | ) | | | 23,455,336 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 504,130,916 | | | $ | 61,610,756 | | | $ | 11,219,983 | | | $ | 23,908,750 | | | $ | (29,046,650 | ) | | $ | 571,823,755 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
95
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 3. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment Company | | Value as of
December 31,
2016 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
June 30,
2017 | |
2030 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 93,704,768 | | | $ | 8,674,791 | | | $ | 626,640 | | | $ | 1,909,023 | | | $ | (9,179,030 | ) | | $ | 95,736,192 | |
Equity Index Fund | | | 163,841,698 | | | | 12,977,387 | | | | 6,753,045 | | | | 8,674,999 | | | | (13,902,572 | ) | | | 178,344,557 | |
International Fund | | | 40,126,217 | | | | 9,301,152 | | | | 103,801 | | | | 5,833,377 | | | | (678,864 | ) | | | 54,685,683 | |
Mid-Cap Equity Index Fund | | | 75,972,240 | | | | 9,340,321 | | | | 382,871 | | | | 4,251,471 | | | | (1,025,630 | ) | | | 88,921,273 | |
Mid-Term Bond Fund | | | — | | | | 9,627,468 | | | | 611 | | | | (17,894 | ) | | | (76,102 | ) | | | 9,534,083 | |
Small Cap Growth Fund | | | 20,394,726 | | | | 2,145,282 | | | | 72,446 | | | | 2,305,023 | | | | (301,655 | ) | | | 24,615,822 | |
Small Cap Value Fund | | | 22,248,139 | | | | 3,220,959 | | | | 107,698 | | | | 380,699 | | | | (301,656 | ) | | | 25,655,839 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 416,287,788 | | | $ | 55,287,360 | | | $ | 8,047,112 | | | $ | 23,336,698 | | | $ | (25,465,509 | ) | | $ | 477,493,449 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2035 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 52,111,597 | | | $ | 8,832,388 | | | $ | 66,345 | | | $ | 1,312,036 | | | $ | (1,050,452 | ) | | $ | 61,271,914 | |
Equity Index Fund | | | 141,369,696 | | | | 9,719,356 | | | | 3,623,849 | | | | 9,627,341 | | | | (7,314,010 | ) | | | 157,026,232 | |
International Fund | | | 40,471,437 | | | | 3,377,796 | | | | 450,843 | | | | 5,461,287 | | | | (2,044,627 | ) | | | 47,716,736 | |
Mid-Cap Equity Index Fund | | | 74,858,776 | | | | 7,267,062 | | | | 470,214 | | | | 4,046,209 | | | | (1,232,512 | ) | | | 85,409,749 | |
Small Cap Growth Fund | | | 20,581,471 | | | | 1,558,982 | | | | 156,748 | | | | 2,189,033 | | | | (817,112 | ) | | | 23,669,122 | |
Small Cap Value Fund | | | 22,445,500 | | | | 1,981,601 | | | | 138,553 | | | | 314,523 | | | | (364,122 | ) | | | 24,516,055 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 351,838,477 | | | $ | 32,737,185 | | | $ | 4,906,552 | | | $ | 22,950,429 | | | $ | (12,822,835 | ) | | $ | 399,609,808 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2040 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 34,083,832 | | | $ | 7,657,925 | | | $ | 53,161 | | | $ | 848,997 | | | $ | (653,742 | ) | | $ | 41,990,173 | |
Equity Index Fund | | | 108,177,528 | | | | 8,144,286 | | | | 1,168,983 | | | | 9,031,181 | | | | (2,333,362 | ) | | | 124,188,616 | |
International Fund | | | 35,507,903 | | | | 3,745,250 | | | | 79,305 | | | | 5,137,001 | | | | (636,602 | ) | | | 43,832,857 | |
Mid-Cap Equity Index Fund | | | 61,404,654 | | | | 4,768,462 | | | | 318,164 | | | | 3,374,763 | | | | (926,572 | ) | | | 68,939,471 | |
Small Cap Growth Fund | | | 22,252,668 | | | | 1,748,061 | | | | 642,852 | | | | 1,825,748 | | | | (2,936,876 | ) | | | 23,532,453 | |
Small Cap Value Fund | | | 24,271,722 | | | | 1,748,062 | | | | 877,455 | | | | (458,520 | ) | | | (2,249,032 | ) | | | 24,189,687 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 285,698,307 | | | $ | 27,812,046 | | | $ | 3,139,920 | | | $ | 19,759,170 | | | $ | (9,736,186 | ) | | $ | 326,673,257 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2045 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 34,764,813 | | | $ | 4,637,465 | | | $ | 50,961 | | | $ | 868,609 | | | $ | (647,808 | ) | | $ | 39,674,040 | |
Equity Index Fund | | | 117,410,071 | | | | 9,020,988 | | | | 911,518 | | | | 10,111,794 | | | | (1,822,658 | ) | | | 135,631,713 | |
International Fund | | | 44,383,042 | | | | 3,056,255 | | | | 164,558 | | | | 6,298,711 | | | | (985,621 | ) | | | 52,916,945 | |
Mid-Cap Equity Index Fund | | | 75,010,914 | | | | 5,240,435 | | | | 531,901 | | | | 3,964,469 | | | | (1,187,647 | ) | | | 83,560,072 | |
Small Cap Growth Fund | | | 29,089,986 | | | | 1,774,788 | | | | 701,567 | | | | 2,515,156 | | | | (3,311,935 | ) | | | 30,769,562 | |
Small Cap Value Fund | | | 31,748,945 | | | | 1,774,788 | | | | 1,019,758 | | | | (471,061 | ) | | | (2,572,417 | ) | | | 31,500,013 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 332,407,771 | | | $ | 25,504,719 | | | $ | 3,380,263 | | | $ | 23,287,678 | | | $ | (10,528,086 | ) | | $ | 374,052,345 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2050 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 14,180,395 | | | $ | 3,193,957 | | | $ | 7,711 | | | $ | 385,563 | | | $ | (368,648 | ) | | $ | 17,398,978 | |
Equity Index Fund | | | 55,574,225 | | | | 10,151,183 | | | | 323,135 | | | | 5,054,361 | | | | (1,207,257 | ) | | | 69,895,647 | |
International Fund | | | 23,620,952 | | | | 4,827,134 | | | | 49,526 | | | | 3,539,987 | | | | (589,837 | ) | | | 31,447,762 | |
Mid-Cap Equity Index Fund | | | 37,342,081 | | | | 6,076,436 | | | | 172,683 | | | | 2,131,835 | | | | (811,026 | ) | | | 44,912,009 | |
Small Cap Growth Fund | | | 15,963,608 | | | | 2,622,106 | | | | (118,748 | ) | | | 1,975,995 | | | | (1,839,445 | ) | | | 18,603,516 | |
Small Cap Value Fund | | | 17,367,654 | | | | 2,622,106 | | | | 118,212 | | | | 214,721 | | | | (1,346,808 | ) | | | 18,975,885 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 164,048,915 | | | $ | 29,492,922 | | | $ | 552,519 | | | $ | 13,302,462 | | | $ | (6,163,021 | ) | | $ | 201,233,797 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2055 Retirement Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 263,886 | | | $ | 759,004 | | | $ | (201 | ) | | $ | 15,575 | | | $ | (12,413 | ) | | $ | 1,025,851 | |
Equity Index Fund | | | 996,766 | | | | 3,040,335 | | | | 3,932 | | | | 172,422 | | | | (46,487 | ) | | | 4,166,968 | |
International Fund | | | 561,230 | | | | 1,538,621 | | | | 11,788 | | | | 156,657 | | | | (113,636 | ) | | | 2,154,660 | |
Mid-Cap Equity Index Fund | | | 766,985 | | | | 2,052,434 | | | | 6,823 | | | | 77,821 | | | | (59,992 | ) | | | 2,844,071 | |
Small Cap Growth Fund | | | 359,520 | | | | 966,348 | | | | 12,050 | | | | 78,270 | | | | (135,994 | ) | | | 1,280,194 | |
Small Cap Value Fund | | | 371,035 | | | | 966,348 | | | | 6,294 | | | | 14,716 | | | | (58,573 | ) | | | 1,299,820 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 3,319,422 | | | $ | 9,323,090 | | | $ | 40,686 | | | $ | 515,461 | | | $ | (427,095 | ) | | $ | 12,771,564 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
96
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 3. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment Company | | Value as of
December 31,
2016 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
June 30,
2017 | |
Conservative Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 40,462,596 | | | $ | 10,876,954 | | | $ | 155,480 | | | $ | 864,298 | | | $ | (2,256,106 | ) | | $ | 50,103,222 | |
Equity Index Fund | | | 37,108,138 | | | | 1,535,173 | | | | 4,500,644 | | | | (1,059,294 | ) | | | (10,157,308 | ) | | | 31,927,353 | |
International Fund | | | 6,965,165 | | | | 307,034 | | | | (23,855 | ) | | | 1,010,385 | | | | (1,952,445 | ) | | | 6,306,284 | |
Mid-Cap Equity Index Fund | | | 7,804,216 | | | | 307,035 | | | | 466,027 | | | | 50,192 | | | | (5,404,886 | ) | | | 3,222,584 | |
Mid-Term Bond Fund | | | 47,181,761 | | | | 7,997,011 | | | | (74,505 | ) | | | 919,148 | | | | (2,632,124 | ) | | | 53,391,291 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 139,521,876 | | | $ | 21,023,207 | | | $ | 5,023,791 | | | $ | 1,784,729 | | | $ | (22,402,869 | ) | | $ | 144,950,734 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Moderate Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 81,623,898 | | | $ | 5,283,643 | | | $ | 155,411 | | | $ | 1,945,726 | | | $ | (2,273,568 | ) | | $ | 86,735,110 | |
Equity Index Fund | | | 125,924,853 | | | | 3,968,637 | | | | 3,728,426 | | | | 7,903,474 | | | | (7,234,009 | ) | | | 134,291,381 | |
International Fund | | | 33,741,948 | | | | 1,192,527 | | | | (55,838 | ) | | | 4,858,947 | | | | (1,544,826 | ) | | | 38,192,758 | |
Mid-Cap Equity Index Fund | | | 56,777,794 | | | | 1,643,341 | | | | 987,864 | | | | 2,361,708 | | | | (2,384,882 | ) | | | 59,385,825 | |
Mid-Term Bond Fund | | | 48,939,624 | | | | 4,957,969 | | | | 47,609 | | | | 836,699 | | | | (1,364,141 | ) | | | 53,417,760 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 347,008,117 | | | $ | 17,046,117 | | | $ | 4,863,472 | | | $ | 17,906,554 | | | $ | (14,801,426 | ) | | $ | 372,022,834 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Aggressive Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 48,302,076 | | | $ | 8,505,600 | | | $ | 100,024 | | | $ | 1,127,599 | | | $ | (1,409,268 | ) | | $ | 56,626,031 | |
Equity Index Fund | | | 93,309,198 | | | | 1,793,498 | | | | 2,956,614 | | | | 5,634,240 | | | | (5,005,448 | ) | | | 98,688,102 | |
International Fund | | | 37,453,109 | | | | 775,725 | | | | (74,935 | ) | | | 5,383,714 | | | | (1,143,050 | ) | | | 42,394,563 | |
Mid-Cap Equity Index Fund | | | 56,148,183 | | | | 1,024,857 | | | | 2,721,965 | | | | 604,321 | | | | (4,437,452 | ) | | | 56,061,874 | |
Small Cap Growth Fund | | | 13,905,331 | | | | 256,214 | | | | 775,529 | | | | 761,799 | | | | (1,461,170 | ) | | | 14,237,703 | |
Small Cap Value Fund | | | 14,611,902 | | | | 249,459 | | | | 566,365 | | | | (290,656 | ) | | | (1,071,022 | ) | | | 14,066,048 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 263,729,799 | | | $ | 12,605,353 | | | $ | 7,045,562 | | | $ | 13,221,017 | | | $ | (14,527,410 | ) | | $ | 282,074,321 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The Investment Company has registered an indefinite number of its capital shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. As of June 30, 2017, shares authorized were allocated into the 25 series of Funds as follows:
| | | | |
| | | Authorized Number of Shares | |
Equity Index Fund | | | 800,000,000 | |
All America Fund | | | 200,000,000 | |
Small Cap Value Fund | | | 325,000,000 | |
Small Cap Growth Fund | | | 470,000,000 | |
Mid Cap Value Fund | | | 100,000,000 | |
Mid-Cap Equity Index Fund | | | 750,000,000 | |
International Fund | | | 725,000,000 | |
Composite Fund | | | 150,000,000 | |
Retirement Income Fund | | | 95,000,000 | |
2010 Retirement Fund | | | 50,000,000 | |
2015 Retirement Fund | | | 200,000,000 | |
2020 Retirement Fund | | | 515,000,000 | |
2025 Retirement Fund | | | 625,000,000 | |
2030 Retirement Fund | | | 515,000,000 | |
2035 Retirement Fund | | | 445,000,000 | |
2040 Retirement Fund | | | 385,000,000 | |
2045 Retirement Fund | | | 425,000,000 | |
97
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 4. | CAPITAL SHARE ACTIVITY (CONTINUED) |
| | | | |
| | | Authorized Number of Shares | |
2050 Retirement Fund | | | 270,000,000 | |
2055 Retirement Fund | | | 100,000,000 | |
Conservative Allocation Fund | | | 165,000,000 | |
Moderate Allocation Fund | | | 320,000,000 | |
Aggressive Allocation Fund | | | 215,000,000 | |
Money Market Fund | | | 125,000,000 | |
Mid-Term Bond Fund | | | 540,000,000 | |
Bond Fund | | | 925,000,000 | |
| | | | |
Sub-Total | | | 9,435,000,000 | |
Shares to be allocated at the discretion of the Board of Directors | | | 1,315,000,000 | |
| | | | |
Total | | | 10,750,000,000 | |
| | | | |
| 5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION |
On September 13, 2016, required distributions of net investment income and, as applicable, net realized gains relating to 2015 were declared and paid for all applicable funds in accordance with Internal Revenue Code Section 855(a). No such distributions were required for the Money Market Fund and the 2055 Retirement Fund.
The Funds of Mutual of America Investment Corporation intend to declare and pay their respective tax year 2016 investment company taxable income and capital gains in 2017 in accordance with Internal Revenue Section 855(a).
Pursuant to shareholders’ instructions, substantially all dividend distributions throughout 2017 and 2016 were immediately reinvested into their respective funds. The tax character of the distributions paid during 2017 and 2016 was as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Mid Cap
Value Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 35,794,376 | | | $ | 3,947,519 | | | $ | 3,473,986 | | | $ | 0 | | | $ | 1,115,504 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 48,733,130 | | | $ | 17,354,545 | | | $ | 5,500,345 | | | $ | 39,762,021 | | | $ | 4,887,020 | |
| | | | | |
| | | Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Fund | | | 2010
Retirement
Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 13,403,568 | | | $ | 7,642,938 | | | $ | 3,865,723 | | | $ | 1,417,706 | | | $ | 579,461 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 71,656,832 | | | $ | 0 | | | $ | 10,227,373 | | | $ | 2,334,883 | | | $ | 1,449,643 | |
| | | | | |
| | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | 2030
Retirement
Fund | | | 2035
Retirement
Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 3,360,637 | | | $ | 7,495,794 | | | $ | 7,530,298 | | | $ | 5,967,073 | | | $ | 4,653,592 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 8,964,100 | | | $ | 15,116,286 | | | $ | 17,294,855 | | | $ | 16,440,817 | | | $ | 15,229,224 | |
98
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | |
| | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | | | Conservative
Allocation
Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 3,629,694 | | | $ | 4,323,009 | | | $ | 1,305,214 | | | $ | 0 | | | $ | 3,087,144 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 13,528,794 | | | $ | 16,121,366 | | | $ | 3,752,852 | | | $ | 0 | | | $ | 3,635,717 | |
| | | | | |
| | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money
Market Fund | | | Mid-Term
Bond Fund | | | Bond Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 7,137,035 | | | $ | 5,034,614 | | | $ | 0 | | | $ | 12,142,285 | | | $ | 29,240,973 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2017 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2016 | | $ | 15,163,067 | | | $ | 16,088,191 | | | $ | 0 | | | $ | 679,842 | | | $ | 1,620,584 | |
Notes:
| (a) | Includes distributions from Fund-level net short-term capital gains. |
Undistributed net income and gains (losses) — As of June 30, 2017, undistributed net income and undistributed accumulated gain (loss) for federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Mid Cap
Value Fund | |
Accumulated undistributed net investment income | | $ | 66,246,573 | | | $ | 9,282,572 | | | $ | 11,278,735 | | | $ | 2,342,223 | | | $ | 2,422,251 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 69,065,835 | | | $ | 40,700,020 | | | $ | 29,577,919 | | | $ | 34,896,322 | | | $ | 7,861,366 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 893,331,576 | | | $ | 75,662,991 | | | $ | 109,675,628 | | | $ | 82,012,426 | | | $ | 17,640,891 | |
| | | | | |
| | | Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income
Fund | | | 2010
Retirement
Fund | |
Accumulated undistributed net investment income | | $ | 31,045,000 | | | $ | 16,459,317 | | | $ | 9,132,345 | | | $ | 1,539,981 | | | $ | 543,546 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 127,907,163 | | | $ | 1,196,795 | | | $ | 27,284,554 | | | $ | 1,763,512 | | | $ | 1,763,484 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 287,329,039 | | | $ | 32,588,618 | | | $ | 19,341,486 | | | $ | 2,644,868 | | | $ | 1,089,117 | |
| | | | | |
| | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | 2030
Retirement
Fund | | | 2035
Retirement
Fund | |
Accumulated undistributed net investment income | | $ | 3,028,463 | | | $ | 7,891,832 | | | $ | 8,443,812 | | | $ | 6,471,545 | | | $ | 5,090,035 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 9,613,946 | | | $ | 20,508,152 | | | $ | 28,716,532 | | | $ | 24,365,695 | | | $ | 19,007,688 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 12,817,488 | | | $ | 48,507,257 | | | $ | 68,517,571 | | | $ | 65,235,574 | | | $ | 60,315,597 | |
99
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | | | Conservative
Allocation
Fund | |
Accumulated undistributed net investment income | | $ | 3,936,958 | | | $ | 4,492,530 | | | $ | 1,952,198 | | | $ | 26,934 | | | $ | 3,053,002 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 15,787,690 | | | $ | 17,184,714 | | | $ | 5,728,178 | | | $ | 0 | | | $ | 7,792,831 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 51,208,496 | | | $ | 65,079,549 | | | $ | 17,864,087 | | | $ | 541,774 | | | $ | 7,016,206 | |
| | | | | |
| | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money Market
Fund | | | Mid-Term
Bond Fund | | | Bond Fund | |
Accumulated undistributed net investment income | | $ | 6,887,282 | | | $ | 4,432,394 | | | $ | 232,955 | | | $ | 18,093,102 | | | $ | 51,534,997 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 15,254,534 | | | $ | 21,506,511 | | | $ | (1,402 | ) | | $ | 692,653 | | | $ | 1,793,623 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 59,193,992 | | | $ | 57,385,487 | | | $ | (173 | ) | | $ | 2,857,903 | | | $ | 19,242,963 | |
The difference between the components of distributable earnings for income tax purposes and the amounts reflected in the statements of assets and liabilities arise primarily from federal income tax treatment of wash sales, REITs, partnerships, corporate actions and futures contracts.
Reclassifications — The Funds make adjustments to the components of net assets for book to tax differences that are considered permanent in nature. For the six months ended June 30, 2017, the Funds reclassified amounts primarily relating to differences in the book to tax treatment of partnership investments, REITs, net operating losses and the character of distributions. Each Fund’s net assets are not affected by these reclassifications.
During the six months ended June 30, 2017, each Fund reclassified the following book to tax differences [increases (decreases)]:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Mid Cap
Value Fund | |
Accumulated undistributed net investment income | | $ | (464,980 | ) | | $ | (234,020 | ) | | $ | (1,552,790 | ) | | $ | (6,325 | ) | | $ | (9,181 | ) |
Accumulated undistributed net realized gains (loss) on investments and futures contracts | | $ | 464,980 | | | $ | 234,020 | | | $ | 1,552,790 | | | $ | 6,325 | | | $ | 9,181 | |
| | | | | | | | | | | | | | | | | | | | |
Paid in capital | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income
Fund | | | 2010
Retirement
Fund | |
Accumulated undistributed net investment income | | $ | (1,360,153 | ) | | $ | 0 | | | $ | (9,816 | ) | | $ | 33,545 | | | $ | 6,181 | |
Accumulated undistributed net realized gains (loss) on investments and futures contracts | | $ | 1,360,153 | | | $ | 0 | | | $ | 9,816 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Paid in capital | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (33,545 | ) | | $ | (6,181 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | 2030
Retirement
Fund | | | 2035
Retirement
Fund | |
Accumulated undistributed net investment income | | $ | 56,856 | | | $ | 149,284 | | | $ | 178,167 | | | $ | 148,474 | | | $ | 125,756 | |
Accumulated undistributed net realized gains (loss) on investments and futures contracts | | $ | (10 | ) | | $ | 0 | | | $ | 0 | | | $ | (603 | ) | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Paid in capital | | $ | (56,846 | ) | | $ | (149,284 | ) | | $ | (178,167 | ) | | $ | (147,871 | ) | | $ | (125,756 | ) |
| | | | | | | | | | | | | | | | | | | | |
100
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2017
| 5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | |
| | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | | | Conservative
Allocation
Fund | |
Accumulated undistributed net investment income | | $ | 103,961 | | | $ | 119,360 | | | $ | 62,986 | | | $ | 1,973 | | | $ | 18,302 | |
Accumulated undistributed net realized gains (loss) on investments and futures contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (1,973 | ) | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Paid in capital | | $ | (103,961 | ) | | $ | (119,360 | ) | | $ | (62,986 | ) | | $ | 0 | | | $ | (18,302 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money
Market Fund | | | Mid-Term
Bond Fund | | | Bond
Fund | |
Accumulated undistributed net investment income | | $ | 34,284 | | | $ | 28,179 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
Accumulated undistributed net realized gains (loss) on investments and futures contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Paid in capital | | $ | (34,284 | ) | | $ | (28,179 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| 6. | RECENT ACCOUNTING PRONOUNCEMENTS |
On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors. In an effort to enhance monitoring and regulation, the new rules and forms will allow the SEC to more effectively collect and use data reported by funds. The new rules also promote effective liquidity risk management across the open-end fund industry and enhance disclosure regarding fund liquidity and redemption practices. The compliance date of these rules is generally December 1, 2018. Management is currently evaluating the impact and implications of the updates, which have not yet been determined.
In December 2016, the Financial Accounting Standards Board released an Accounting Standards Update (“ASU”) that makes technical changes to various sections of the Accounting Standards Codification (“ASC”), including Topic 820, Fair Value Measurement. The changes to Topic 820 are intended to clarify the difference between a valuation approach and a valuation technique. The changes to ASC 820-10-50-2 require a reporting entity to disclose, for Level 2 and Level 3 fair value measurements, a change in either or both a valuation approach and a valuation technique and the reason(s) for the change. The changes to Topic 820 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Management has evaluated the implications of the ASU and determined that it does not have an impact on the financial statements and the related disclosures.
101
MUTUAL OF AMERICA INVESTMENT CORPORATION
ADDITIONAL INFORMATION
Quarterly Portfolio Schedules
Included in this Annual Report are summary schedules of Mutual of America Investment Corporation’s (“Investment Company”) Fund portfolio holdings as of June 30, 2017. The Investment Company files complete schedules of Fund portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q and for the second and fourth quarters of each fiscal year on Form N-CSR. The Forms N-Q and N-CSR are available on the SEC’s website at http://www.sec.gov. Additionally, the Forms N-Q and N-CSR may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting Policies and Procedures
A copy of the Investment Company’s proxy voting policies and procedures can be obtained free of charge by calling 1-800-468-3785. It is also available on the SEC’s website at http://www.sec.gov.
Information regarding how the Investment Company voted proxies relating to portfolio securities during the 12-month period ended June 30, 2017 is available without charge by calling 1-800-468-3785. It is also available on the SEC website.
Code of Ethics
The Investment Company has adopted a Code of Ethics that complies with Rule 17j-1 of the Investment Company Act of 1940 and with the requirements of the Sarbanes-Oxley Act of 2002. A copy of the Code of Ethics is available free of charge, upon request. To obtain a free copy of the Code of Ethics, please call (212) 224-1568 or write to:
Ms. Kathryn A. Lu
Executive Vice President and Chief Compliance Officer
Mutual of America Investment Corporation
320 Park Avenue
New York, NY 10022-6839
Renewal of Investment Advisory Agreements
At its meeting held on February 23, 2017, the Board of Directors of the Investment Company renewed for a one-year period the investment advisory agreement with Mutual of America Capital Management Corporation (the “Adviser”). The Board determined that renewing the agreement with the Adviser was in the best interest of the Investment Company based on the following considerations which are further enumerated below. The Board concluded that Mutual of America Capital Management Corporation has performed extensive services for the Investment Company and has demonstrated satisfactory performance, that its fee is reasonable in comparison to fees charged for similar services to similar funds by other advisers, that the method of calculating the fee is reasonable, that the Adviser has not made excessive profits from the contract and the fee levels reflect that the Funds are appropriately benefiting from economies of scale.
Nature, Extent and Quality of Services
The Board considered the depth of experience and organizational structure of the Adviser. At December 31, 2016, the Adviser had approximately $16 billion of assets under management. The individual portfolio managers that oversee the investment performance of each of the Investment Company’s Funds have extensive experience and knowledge of the specific markets in which they participate. The Adviser adheres to a strict best execution policy which requires it to select broker/dealers based on their ability to execute trades at a favorable and reasonable price. All else being equal, the Advisor will also consider any research that the broker/dealers may provide. The Adviser maintains a highly qualified staff of research analysts and quantitative analysts who assist in the implementation of the disciplined investment policies employed by the portfolio managers to enhance stock selection and manage risk in the portfolios. The Adviser’s quantitative analysts have developed proprietary models that result in daily risk and attribution reports as well as information on stock movements, to enable the portfolio managers to make fully informed decisions on stock selection and to constantly evaluate the structure of each portfolio. When purchasing research and other services, the
102
Adviser uses its own funds to purchase such services from recognized firms that are utilized by the research staff. The Adviser also receives research services from broker/dealers which are utilized to benefit the Funds. The Board was aware of the receipt of these research services when it considered renewing the advisory agreement with the Adviser. The Adviser, at no cost, provides services beyond those set forth in the advisory agreement, such as assistance in the preparation of marketing materials and attendance at client and prospect meetings.
Investment Performance
The Board considered the short- and long-term performance of the Funds. During 2016, the vast majority of the Funds demonstrated gross performance that was above their benchmarks, when considering minimal tracking error. Performance has continued to improve over the past number of years due to changes made in the Adviser’s investment process and personnel, including the creation of the quantitative research group mentioned above.
Cost and Profit
The Board compared the advisory fees charged to each Fund by the Adviser with fees of numerous similar funds. In the case of each Fund, the Adviser’s fee compared favorably with fees charged by other advisers. Finally, the Adviser has not shown excessively high profits from the fees it is paid by the Investment Company.
Economies of Scale
The Board concluded that the reasonableness of the Adviser’s fees, particularly when compared to fees of similar funds that, in most cases, are many times the asset size of the Funds of the Investment Company demonstrates the fact that the Funds are benefiting from economies of scale. The Adviser utilizes the resources at its disposal efficiently. Its fees reflect cost savings and expense discounts, if any, that it realizes from volume increases.
103
MUTUALOF AMERICA
LIFE INSURANCE COMPANY
320 PARK AVENUE
NEW YORK, NY 10022-6839
www.mutualofamerica.com
320 PARK AVENUE
NEW YORK NY 10022-6839
ADDRESS SERVICE REQUESTED
| | |
 | | You can receive these and other important documents electronically. Sign up for eDocuments and we’ll waive the monthly participant charge. Find out more at mutualofamerica.com or call 1-800-468-3785. |
Item not applicable to semi-annual report.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Item not applicable to semi-annual report.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Item not applicable to semi-annual report.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| | (a) | Schedule I – Portfolios of Investments in Securities follows: |
MUTUAL OF AMERICA INVESTMENT CORPORATION - EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
INDEXED ASSETS: | | | | | | | | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (12.0%) | | | | | |
Advance Auto Parts, Inc. | | | 8,080 | | | | 942,047 | |
Amazon.com, Inc.* | | | 43,855 | | | | 42,451,640 | |
AutoNation, Inc.* | | | 7,393 | | | | 311,689 | |
AutoZone, Inc.* | | | 3,114 | | | | 1,776,412 | |
Bed Bath & Beyond, Inc. | | | 16,236 | | | | 493,574 | |
Best Buy Co., Inc. | | | 29,335 | | | | 1,681,776 | |
BorgWarner, Inc. | | | 21,781 | | | | 922,643 | |
CarMax, Inc.* | | | 20,559 | | | | 1,296,451 | |
Carnival Corp. | | | 46,097 | | | | 3,022,580 | |
CBS Corp. Cl B | | | 40,513 | | | | 2,583,919 | |
Charter Communications, Inc. Cl A* | | | 23,850 | | | | 8,033,873 | |
Chipotle Mexican Grill, Inc.* | | | 3,149 | | | | 1,310,299 | |
Coach, Inc. | | | 31,242 | | | | 1,478,996 | |
Comcast Corp. Cl A | | | 523,325 | | | | 20,367,809 | |
D.R. Horton, Inc. | | | 37,788 | | | | 1,306,331 | |
Darden Restaurants, Inc. | | | 13,668 | | | | 1,236,134 | |
Delphi Automotive PLC | | | 29,629 | | | | 2,596,982 | |
Discovery Communications, Inc. Cl A* | | | 16,585 | | | | 428,391 | |
Discovery Communications, Inc. Cl C* | | | 23,510 | | | | 592,687 | |
DISH Network Corp.* | | | 24,998 | | | | 1,568,874 | |
Disney (Walt) Co. | | | 160,855 | | | | 17,090,844 | |
Dollar General Corp. | | | 27,893 | | | | 2,010,806 | |
Dollar Tree, Inc.* | | | 26,180 | | | | 1,830,506 | |
Expedia, Inc. | | | 13,408 | | | | 1,997,122 | |
Foot Locker, Inc. | | | 14,341 | | | | 706,724 | |
Ford Motor Co. | | | 431,951 | | | | 4,833,532 | |
Gap, Inc. | | | 24,286 | | | | 534,049 | |
Garmin Ltd. | | | 12,472 | | | | 636,446 | |
General Motors Co. | | | 151,574 | | | | 5,294,480 | |
Genuine Parts Co. | | | 16,210 | | | | 1,503,640 | |
Goodyear Tire & Rubber Co. | | | 28,081 | | | | 981,712 | |
H&R Block, Inc. | | | 22,991 | | | | 710,652 | |
Hanesbrands, Inc. | | | 40,485 | �� | | | 937,633 | |
Harley-Davidson, Inc. | | | 19,384 | | | | 1,047,124 | |
Hasbro, Inc. | | | 12,366 | | | | 1,378,933 | |
Hilton Worldwide Hldgs., Inc. | | | 22,696 | | | | 1,403,748 | |
Home Depot, Inc. | | | 132,023 | | | | 20,252,328 | |
Interpublic Group of Cos., Inc. | | | 43,416 | | | | 1,068,034 | |
Kohl’s Corp. | | | 18,704 | | | | 723,284 | |
L Brands, Inc. | | | 26,790 | | | | 1,443,713 | |
Leggett & Platt, Inc. | | | 14,505 | | | | 761,948 | |
Lennar Corp. Cl A | | | 22,225 | | | | 1,185,037 | |
LKQ Corp.* | | | 34,161 | | | | 1,125,605 | |
Lowe’s Cos., Inc. | | | 94,739 | | | | 7,345,115 | |
Macy’s, Inc. | | | 33,631 | | | | 781,584 | |
Marriott International, Inc. Cl A | | | 34,232 | | | | 3,433,832 | |
Mattel, Inc. | | | 37,701 | | | | 811,703 | |
McDonald’s Corp. | | | 90,060 | | | | 13,793,590 | |
Michael Kors Hldgs. Ltd.* | | | 16,881 | | | | 611,936 | |
Mohawk Industries, Inc.* | | | 6,948 | | | | 1,679,262 | |
Netflix, Inc.* | | | 47,601 | | | | 7,112,065 | |
Newell Brands, Inc. | | | 53,346 | | | | 2,860,413 | |
News Corp. Cl A | | | 42,012 | | | | 575,564 | |
News Corp. Cl B | | | 12,988 | | | | 183,780 | |
NIKE, Inc. Cl B | | | 146,204 | | | | 8,626,036 | |
Nordstrom, Inc. | | | 12,276 | | | | 587,161 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Omnicom Group, Inc. | | | 25,694 | | | | 2,130,033 | |
O’Reilly Automotive, Inc.* | | | 10,064 | | | | 2,201,399 | |
Priceline Group, Inc.* | | | 5,426 | | | | 10,149,442 | |
PulteGroup, Inc. | | | 31,727 | | | | 778,263 | |
PVH Corp. | | | 8,698 | | | | 995,921 | |
Ralph Lauren Corp. | | | 6,080 | | | | 448,704 | |
Ross Stores, Inc. | | | 43,360 | | | | 2,503,173 | |
Royal Caribbean Cruises Ltd. | | | 18,605 | | | | 2,032,224 | |
Scripps Networks Interactive, Inc. Cl A | | | 10,578 | | | | 722,583 | |
Signet Jewelers Ltd. | | | 7,638 | | | | 483,027 | |
Staples, Inc. | | | 72,548 | | | | 730,558 | |
Starbucks Corp. | | | 159,705 | | | | 9,312,399 | |
Target Corp. | | | 60,938 | | | | 3,186,448 | |
Tiffany & Co. | | | 11,855 | | | | 1,112,829 | |
Time Warner, Inc. | | | 85,563 | | | | 8,591,381 | |
TJX Cos., Inc. | | | 70,752 | | | | 5,106,172 | |
Tractor Supply Co. | | | 14,033 | | | | 760,729 | |
TripAdvisor, Inc.* | | | 12,247 | | | | 467,835 | |
Twenty-First Century Fox, Inc. Cl A | | | 116,211 | | | | 3,293,420 | |
Twenty-First Century Fox, Inc. Cl B | | | 53,783 | | | | 1,498,932 | |
Ulta Beauty, Inc.* | | | 6,431 | | | | 1,847,884 | |
Under Armour, Inc. Cl A* | | | 19,969 | | | | 434,525 | |
Under Armour, Inc. Cl C* | | | 20,094 | | | | 405,095 | |
V.F. Corp. | | | 35,361 | | | | 2,036,794 | |
Viacom, Inc. Cl B | | | 39,135 | | | | 1,313,762 | |
Whirlpool Corp. | | | 8,214 | | | | 1,573,967 | |
Wyndham Worldwide Corp. | | | 11,577 | | | | 1,162,447 | |
Wynn Resorts Ltd. | | | 8,835 | | | | 1,184,950 | |
Yum! Brands, Inc. | | | 36,599 | | | | 2,699,542 | |
| | | | | | | | |
| | | | | | | 281,427,486 | |
| | | | | | | | |
CONSUMER STAPLES (8.9%) | | | | | | | | |
Altria Group, Inc. | | | 213,288 | | | | 15,883,557 | |
Archer-Daniels-Midland Co. | | | 63,271 | | | | 2,618,154 | |
Brown-Forman Corp. Cl B | | | 19,555 | | | | 950,373 | |
Campbell Soup Co. | | | 21,244 | | | | 1,107,875 | |
Church & Dwight Co., Inc. | | | 27,680 | | | | 1,436,038 | |
Clorox Co. | | | 14,235 | | | | 1,896,671 | |
Coca-Cola Co. | | | 424,210 | | | | 19,025,819 | |
Colgate-Palmolive Co. | | | 97,654 | | | | 7,239,091 | |
Conagra Brands, Inc. | | | 44,538 | | | | 1,592,679 | |
Constellation Brands, Inc. Cl A | | | 18,972 | | | | 3,675,446 | |
Costco Wholesale Corp. | | | 48,554 | | | | 7,765,241 | |
Coty, Inc. Cl A | | | 52,128 | | | | 977,921 | |
CVS Health Corp. | | | 112,438 | | | | 9,046,761 | |
Dr. Pepper Snapple Group, Inc. | | | 20,410 | | | | 1,859,555 | |
Estee Lauder Cos., Inc. Cl A | | | 24,628 | | | | 2,363,795 | |
General Mills, Inc. | | | 63,641 | | | | 3,525,711 | |
Hershey Co. | | | 15,495 | | | | 1,663,698 | |
Hormel Foods Corp. | | | 29,983 | | | | 1,022,720 | |
J.M. Smucker Co. | | | 12,789 | | | | 1,513,322 | |
Kellogg Co. | | | 27,960 | | | | 1,942,102 | |
Kimberly-Clark Corp. | | | 39,129 | | | | 5,051,945 | |
Kraft Heinz Co. | | | 65,950 | | | | 5,647,958 | |
Kroger Co. | | | 100,395 | | | | 2,341,211 | |
McCormick & Co., Inc. | | | 12,480 | | | | 1,216,925 | |
Molson Coors Brewing Co. Cl B | | | 20,339 | | | | 1,756,069 | |
Mondelez International, Inc. Cl A | | | 167,437 | | | | 7,231,604 | |
Monster Beverage Corp.* | | | 44,658 | | | | 2,218,609 | |
PepsiCo, Inc. | | | 157,721 | | | | 18,215,198 | |
Philip Morris Int’l., Inc. | | | 171,371 | | | | 20,127,524 | |
Proctor & Gamble Co. | | | 282,167 | | | | 24,590,854 | |
Reynolds American, Inc. | | | 91,402 | | | | 5,944,786 | |
Sysco Corp. | | | 54,679 | | | | 2,751,994 | |
Tyson Foods, Inc. Cl A | | | 31,753 | | | | 1,988,690 | |
Walgreens Boots Alliance, Inc. | | | 94,164 | | | | 7,373,983 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Wal-Mart Stores, Inc. | | | 162,891 | | | | 12,327,591 | |
Whole Foods Market, Inc. | | | 35,487 | | | | 1,494,358 | |
| | | | | | | | |
| | | | | | | 207,385,828 | |
| | | | | | | | |
ENERGY (5.9%) | | | | | | | | |
Anadarko Petroleum Corp. | | | 61,469 | | | | 2,787,004 | |
Apache Corp. | | | 41,914 | | | | 2,008,938 | |
Baker Hughes, Inc. | | | 46,715 | | | | 2,546,435 | |
Cabot Oil & Gas Corp. | | | 51,375 | | | | 1,288,485 | |
Chesapeake Energy Corp.* | | | 85,177 | | | | 423,330 | |
Chevron Corp. | | | 208,848 | | | | 21,789,112 | |
Cimarex Energy Co. | | | 10,558 | | | | 992,558 | |
Concho Resources, Inc.* | | | 16,260 | | | | 1,976,078 | |
ConocoPhillips | | | 136,462 | | | | 5,998,870 | |
Devon Energy Corp. | | | 57,960 | | | | 1,852,981 | |
EOG Resources, Inc. | | | 63,558 | | | | 5,753,270 | |
EQT Corp. | | | 19,083 | | | | 1,118,073 | |
Exxon Mobil Corp. | | | 466,972 | | | | 37,698,650 | |
Halliburton Co. | | | 95,696 | | | | 4,087,176 | |
Helmerich & Payne, Inc. | | | 11,842 | | | | 643,494 | |
Hess Corp. | | | 29,718 | | | | 1,303,729 | |
Kinder Morgan, Inc. | | | 211,797 | | | | 4,058,031 | |
Marathon Oil Corp. | | | 93,184 | | | | 1,104,230 | |
Marathon Petroleum Corp. | | | 57,059 | | | | 2,985,897 | |
Murphy Oil Corp. | | | 17,776 | | | | 455,599 | |
National Oilwell Varco, Inc. | | | 41,516 | | | | 1,367,537 | |
Newfield Exploration Co.* | | | 21,905 | | | | 623,416 | |
Noble Energy, Inc. | | | 50,362 | | | | 1,425,245 | |
Occidental Petroleum Corp. | | | 84,309 | | | | 5,047,580 | |
ONEOK, Inc. | | | 41,824 | | | | 2,181,540 | |
Phillips 66 | | | 48,417 | | | | 4,003,602 | |
Pioneer Natural Resources Co. | | | 18,722 | | | | 2,987,657 | |
Range Resources Corp. | | | 20,474 | | | | 474,383 | |
Schlumberger Ltd. | | | 153,074 | | | | 10,078,421 | |
TechnipFMC PLC* | | | 51,163 | | | | 1,391,634 | |
Tesoro Corp. | | | 16,723 | | | | 1,565,273 | |
Transocean Ltd.* | | | 42,563 | | | | 350,293 | |
Valero Energy Corp. | | | 49,381 | | | | 3,331,242 | |
Williams Cos., Inc. | | | 91,246 | | | | 2,762,929 | |
| | | | | | | | |
| | | | | | | 138,462,692 | |
| | | | | | | | |
FINANCIALS (14.2%) | | | | | | | | |
Affiliated Managers Group, Inc. | | | 6,303 | | | | 1,045,416 | |
Aflac, Inc. | | | 43,821 | | | | 3,404,015 | |
Allstate Corp. | | | 40,273 | | | | 3,561,744 | |
American Express Co. | | | 82,743 | | | | 6,970,270 | |
American Int’l. Group, Inc. | | | 97,118 | | | | 6,071,817 | |
Ameriprise Financial, Inc. | | | 16,800 | | | | 2,138,472 | |
Aon PLC | | | 28,856 | | | | 3,836,405 | |
Assurant, Inc. | | | 5,973 | | | | 619,340 | |
Bank of America Corp. | | | 1,098,679 | | | | 26,653,953 | |
Bank of New York Mellon Corp. | | | 114,837 | | | | 5,858,984 | |
BB&T Corp. | | | 89,407 | | | | 4,059,972 | |
Berkshire Hathaway, Inc. Cl B* | | | 209,633 | | | | 35,505,541 | |
BlackRock, Inc. | | | 13,411 | | | | 5,664,941 | |
Capital One Financial Corp. | | | 53,235 | | | | 4,398,276 | |
CBOE Holdings, Inc. | | | 10,238 | | | | 935,753 | |
Charles Schwab Corp. | | | 134,132 | | | | 5,762,311 | |
Chubb Ltd. | | | 51,602 | | | | 7,501,899 | |
Cincinnati Financial Corp. | | | 16,466 | | | | 1,192,962 | |
Citigroup, Inc. | | | 303,810 | | | | 20,318,813 | |
Citizens Financial Group, Inc. | | | 55,822 | | | | 1,991,729 | |
CME Group, Inc. | | | 37,585 | | | | 4,707,145 | |
Comerica, Inc. | | | 19,375 | | | | 1,419,025 | |
Discover Financial Svcs. | | | 41,761 | | | | 2,597,117 | |
E*Trade Financial Corp.* | | | 30,148 | | | | 1,146,528 | |
Everest Re Group Ltd. | | | 4,532 | | | | 1,153,802 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Fifth Third Bancorp | | | 82,795 | | | | 2,149,358 | |
Franklin Resources, Inc. | | | 37,915 | | | | 1,698,213 | |
Gallagher (Arthur J.) & Co. | | | 19,882 | | | | 1,138,245 | |
Goldman Sachs Group, Inc. | | | 40,383 | | | | 8,960,988 | |
Hartford Financial Svcs. Group, Inc. | | | 40,508 | | | | 2,129,506 | |
Huntington Bancshares, Inc. | | | 119,323 | | | | 1,613,247 | |
Intercontinental Exchange, Inc. | | | 65,405 | | | | 4,311,498 | |
Invesco Ltd. | | | 45,066 | | | | 1,585,873 | |
JPMorgan Chase & Co. | | | 392,152 | | | | 35,842,693 | |
KeyCorp | | | 120,752 | | | | 2,262,892 | |
Leucadia National Corp. | | | 35,456 | | | | 927,529 | |
Lincoln National Corp. | | | 24,643 | | | | 1,665,374 | |
Loews Corp. | | | 30,378 | | | | 1,421,994 | |
M&T Bank Corp. | | | 16,983 | | | | 2,750,397 | |
Marsh & McLennan Cos., Inc. | | | 56,753 | | | | 4,424,464 | |
MetLife, Inc. | | | 119,188 | | | | 6,548,189 | |
Moody’s Corp. | | | 18,471 | | | | 2,247,551 | |
Morgan Stanley | | | 157,116 | | | | 7,001,089 | |
Nasdaq, Inc. | | | 12,591 | | | | 900,131 | |
Navient Corp. | | | 30,809 | | | | 512,970 | |
Northern Trust Corp. | | | 23,947 | | | | 2,327,888 | |
People’s United Financial, Inc. | | | 37,784 | | | | 667,265 | |
PNC Financial Svcs. Grp., Inc. | | | 53,284 | | | | 6,653,573 | |
Principal Financial Grp., Inc. | | | 29,471 | | | | 1,888,207 | |
Progressive Corp. | | | 63,910 | | | | 2,817,792 | |
Prudential Financial, Inc. | | | 47,352 | | | | 5,120,645 | |
Raymond James Financial, Inc. | | | 14,022 | | | | 1,124,845 | |
Regions Financial Corp. | | | 132,170 | | | | 1,934,969 | |
S&P Global, Inc. | | | 28,514 | | | | 4,162,759 | |
State Street Corp. | | | 39,107 | | | | 3,509,071 | |
SunTrust Banks, Inc. | | | 53,518 | | | | 3,035,541 | |
Synchrony Financial | | | 84,986 | | | | 2,534,283 | |
T. Rowe Price Group, Inc. | | | 26,635 | | | | 1,976,583 | |
Torchmark Corp. | | | 11,947 | | | | 913,946 | |
Travelers Cos., Inc. | | | 30,791 | | | | 3,895,985 | |
U.S. Bancorp | | | 174,564 | | | | 9,063,363 | |
Unum Group | | | 25,242 | | | | 1,177,034 | |
Wells Fargo & Co. | | | 496,130 | | | | 27,490,563 | |
Willis Towers Watson PLC | | | 14,090 | | | | 2,049,594 | |
XL Group Ltd. | | | 28,967 | | | | 1,268,755 | |
Zions Bancorporation | | | 22,350 | | | | 981,389 | |
| | | | | | | | |
| | | | | | | 333,202,481 | |
| | | | | | | | |
HEALTH CARE (14.2%) | | | | | | | | |
Abbott Laboratories | | | 191,687 | | | | 9,317,905 | |
AbbVie, Inc. | | | 175,467 | | | | 12,723,112 | |
Aetna, Inc. | | | 36,609 | | | | 5,558,344 | |
Agilent Technologies, Inc. | | | 35,575 | | | | 2,109,953 | |
Alexion Pharmaceuticals, Inc.* | | | 24,857 | | | | 3,024,351 | |
Align Technology, Inc.* | | | 8,387 | | | | 1,259,056 | |
Allergan PLC | | | 37,002 | | | | 8,994,816 | |
AmerisourceBergen Corp. | | | 18,446 | | | | 1,743,700 | |
Amgen, Inc. | | | 81,220 | | | | 13,988,521 | |
Anthem, Inc. | | | 29,281 | | | | 5,508,635 | |
Bard (C.R.), Inc. | | | 7,971 | | | | 2,519,713 | |
Baxter International, Inc. | | | 53,973 | | | | 3,267,525 | |
Becton, Dickinson & Co. | | | 25,112 | | | | 4,899,602 | |
BIOGEN, Inc.* | | | 23,579 | | | | 6,398,397 | |
Boston Scientific Corp.* | | | 151,545 | | | | 4,200,827 | |
Bristol-Myers Squibb Co. | | | 182,095 | | | | 10,146,333 | |
Cardinal Health, Inc. | | | 34,850 | | | | 2,715,512 | |
Celgene Corp.* | | | 86,164 | | | | 11,190,119 | |
Centene Corp.* | | | 19,033 | | | | 1,520,356 | |
Cerner Corp.* | | | 32,444 | | | | 2,156,553 | |
CIGNA Corp. | | | 28,259 | | | | 4,730,274 | |
Cooper Companies, Inc. | | | 5,357 | | | | 1,282,573 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Danaher Corp. | | | 67,411 | | | | 5,688,814 | |
DaVita Inc Inc.* | | | 17,180 | | | | 1,112,577 | |
DENTSPLY SIRONA, Inc. | | | 25,409 | | | | 1,647,520 | |
Edwards Lifesciences Corp.* | | | 23,242 | | | | 2,748,134 | |
Envision Healthcare Corp.* | | | 13,055 | | | | 818,157 | |
Express Scripts Hldg. Co.* | | | 65,348 | | | | 4,171,816 | |
Gilead Sciences, Inc. | | | 144,147 | | | | 10,202,725 | |
HCA Hldgs., Inc.* | | | 31,680 | | | | 2,762,496 | |
Hologic, Inc.* | | | 30,973 | | | | 1,405,555 | |
Humana, Inc. | | | 15,935 | | | | 3,834,280 | |
IDEXX Laboratories, Inc.* | | | 9,702 | | | | 1,566,097 | |
Illumina, Inc.* | | | 16,132 | | | | 2,799,225 | |
Incyte Corp.* | | | 18,870 | | | | 2,375,922 | |
Intuitive Surgical, Inc.* | | | 4,066 | | | | 3,803,214 | |
Johnson & Johnson | | | 297,380 | | | | 39,340,400 | |
Laboratory Corp. of America Hldgs.* | | | 11,277 | | | | 1,738,237 | |
Lilly (Eli) & Co. | | | 107,404 | | | | 8,839,349 | |
Mallinckrodt PLC* | | | 11,061 | | | | 495,643 | |
McKesson Corp. | | | 23,323 | | | | 3,837,566 | |
Medtronic PLC | | | 151,231 | | | | 13,421,751 | |
Merck & Co., Inc. | | | 301,893 | | | | 19,348,322 | |
Mettler-Toledo Int’l., Inc.* | | | 2,861 | | | | 1,683,813 | |
Mylan NV* | | | 51,178 | | | | 1,986,730 | |
Patterson Cos., Inc. | | | 8,809 | | | | 413,583 | |
PerkinElmer, Inc. | | | 12,205 | | | | 831,649 | |
Perrigo Co. PLC | | | 15,783 | | | | 1,191,932 | |
Pfizer, Inc. | | | 658,950 | | | | 22,134,131 | |
Quest Diagnostics, Inc. | | | 15,147 | | | | 1,683,741 | |
Regeneron Pharmaceuticals, Inc.* | | | 8,398 | | | | 4,124,594 | |
Schein (Henry), Inc.* | | | 8,706 | | | | 1,593,372 | |
Stryker Corp. | | | 34,300 | | | | 4,760,154 | |
Thermo Fisher Scientific, Inc. | | | 43,240 | | | | 7,544,083 | |
UnitedHealth Group, Inc. | | | 106,342 | | | | 19,717,934 | |
Universal Health Svcs., Inc. Cl B | | | 9,945 | | | | 1,214,086 | |
Varian Medical Systems, Inc.* | | | 10,075 | | | | 1,039,639 | |
Vertex Pharmaceuticals, Inc.* | | | 27,445 | | | | 3,536,837 | |
Waters Corp.* | | | 8,830 | | | | 1,623,307 | |
Zimmer Biomet Hldgs., Inc. | | | 22,237 | | | | 2,855,231 | |
Zoetis, Inc. | | | 54,046 | | | | 3,371,389 | |
| | | | | | | | |
| | | | | | | 332,520,182 | |
| | | | | | | | |
INDUSTRIALS (10.1%) | | | | | | | | |
3M Co. | | | 66,001 | | | | 13,740,748 | |
Acuity Brands, Inc. | | | 4,803 | | | | 976,354 | |
Alaska Air Group, Inc. | | | 13,771 | | | | 1,236,085 | |
Allegion PLC | | | 10,472 | | | | 849,489 | |
American Airlines Group, Inc. | | | 54,519 | | | | 2,743,396 | |
AMETEK, Inc. | | | 25,343 | | | | 1,535,026 | |
Arconic, Inc. | | | 48,640 | | | | 1,101,696 | |
Boeing Co. | | | 61,966 | | | | 12,253,777 | |
Caterpillar, Inc. | | | 64,906 | | | | 6,974,799 | |
Cintas Corp. | | | 9,603 | | | | 1,210,362 | |
CSX Corp. | | | 101,992 | | | | 5,564,684 | |
Cummins, Inc. | | | 16,996 | | | | 2,757,091 | |
Deere & Co. | | | 32,482 | | | | 4,014,450 | |
Delta Air Lines, Inc. | | | 81,386 | | | | 4,373,684 | |
Dover Corp. | | | 17,276 | | | | 1,385,881 | |
Eaton Corp. PLC | | | 49,240 | | | | 3,832,349 | |
Emerson Electric Co. | | | 71,080 | | | | 4,237,790 | |
Equifax, Inc. | | | 13,212 | | | | 1,815,593 | |
Expeditors Int’l. of Wash. | | | 19,737 | | | | 1,114,746 | |
Fastenal Co. | | | 31,986 | | | | 1,392,351 | |
FedEx Corp. | | | 27,089 | | | | 5,887,252 | |
Flowserve Corp. | | | 14,397 | | | | 668,453 | |
Fluor Corp. | | | 15,230 | | | | 697,229 | |
Fortive Corp. | | | 33,155 | | | | 2,100,369 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Fortune Brands Home & Security, Inc. | | | 17,112 | | | | 1,116,387 | |
General Dynamics Corp. | | | 31,327 | | | | 6,205,879 | |
General Electric Co. | | | 960,866 | | | | 25,952,991 | |
Grainger (W.W.), Inc. | | | 5,979 | | | | 1,079,389 | |
Honeywell International, Inc. | | | 84,121 | | | | 11,212,488 | |
Hunt (J.B.) Transport Svcs., Inc. | | | 9,476 | | | | 865,917 | |
IHS Markit Ltd.* | | | 34,831 | | | | 1,533,957 | |
Illinois Tool Works, Inc. | | | 34,370 | | | | 4,923,503 | |
Ingersoll-Rand PLC | | | 28,325 | | | | 2,588,622 | |
Jacobs Engineering Group, Inc. | | | 13,204 | | | | 718,166 | |
Johnson Controls Int’l. PLC | | | 103,361 | | | | 4,481,733 | |
Kansas City Southern | | | 11,783 | | | | 1,233,091 | |
L-3 Communications Corp. | | | 8,652 | | | | 1,445,576 | |
Lockheed Martin Corp. | | | 27,460 | | | | 7,623,171 | |
Masco Corp. | | | 35,187 | | | | 1,344,495 | |
Nielsen Hldgs. PLC | | | 37,183 | | | | 1,437,495 | |
Norfolk Southern Corp. | | | 31,929 | | | | 3,885,759 | |
Northrop Grumman Corp. | | | 19,246 | | | | 4,940,641 | |
PACCAR, Inc. | | | 38,901 | | | | 2,569,022 | |
Parker Hannifin Corp. | | | 14,736 | | | | 2,355,108 | |
Pentair PLC | | | 18,597 | | | | 1,237,444 | |
Quanta Services, Inc.* | | | 16,359 | | | | 538,538 | |
Raytheon Co. | | | 32,080 | | | | 5,180,278 | |
Republic Services, Inc. | | | 25,238 | | | | 1,608,418 | |
Robert Half Int’l., Inc. | | | 13,869 | | | | 664,741 | |
Robinson (C.H.) Worldwide, Inc. | | | 15,508 | | | | 1,065,089 | |
Rockwell Automation, Inc. | | | 14,255 | | | | 2,308,740 | |
Rockwell Collins, Inc. | | | 17,927 | | | | 1,883,769 | |
Roper Technologies, Inc. | | | 11,223 | | | | 2,598,461 | |
Snap-on, Inc. | | | 6,444 | | | | 1,018,152 | |
Southwest Airlines Co. | | | 67,007 | | | | 4,163,815 | |
Stanley Black & Decker, Inc. | | | 16,951 | | | | 2,385,514 | |
Stericycle, Inc.* | | | 9,353 | | | | 713,821 | |
Textron, Inc. | | | 29,629 | | | | 1,395,526 | |
TransDigm Group, Inc. | | | 5,423 | | | | 1,458,082 | |
Union Pacific Corp. | | | 89,195 | | | | 9,714,227 | |
United Continental Hldgs., Inc* | | | 31,189 | | | | 2,346,972 | |
United Parcel Service, Inc. Cl B | | | 75,998 | | | | 8,404,619 | |
United Rentals, Inc.* | | | 9,389 | | | | 1,058,234 | |
United Technologies Corp. | | | 82,248 | | | | 10,043,303 | |
Verisk Analytics, Inc. Cl A* | | | 16,945 | | | | 1,429,650 | |
Waste Management, Inc. | | | 44,943 | | | | 3,296,569 | |
Xylem, Inc. | | | 20,036 | | | | 1,110,595 | |
| | | | | | | | |
| | | | | | | 235,601,601 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (21.8%) | | | | | | | | |
Accenture PLC Cl A | | | 68,434 | | | | 8,463,917 | |
Activision Blizzard, Inc. | | | 76,500 | | | | 4,404,105 | |
Adobe Systems, Inc.* | | | 54,620 | | | | 7,725,453 | |
Advanced Micro Devices, Inc.* | | | 86,152 | | | | 1,075,177 | |
Akamai Technologies, Inc.* | | | 19,309 | | | | 961,781 | |
Alliance Data Systems Corp. | | | 6,132 | | | | 1,574,023 | |
Alphabet, Inc. Cl A* | | | 32,869 | | | | 30,557,652 | |
Alphabet, Inc. Cl C* | | | 32,976 | | | | 29,966,062 | |
Amphenol Corp. Cl A | | | 33,878 | | | | 2,500,874 | |
Analog Devices, Inc. | | | 40,452 | | | | 3,147,166 | |
ANSYS, Inc.* | | | 9,502 | | | | 1,156,203 | |
Apple, Inc. | | | 575,471 | | | | 82,879,328 | |
Applied Materials, Inc. | | | 119,182 | | | | 4,923,408 | |
Autodesk, Inc.* | | | 21,410 | | | | 2,158,556 | |
Automatic Data Processing, Inc. | | | 49,415 | | | | 5,063,061 | |
Broadcom Ltd. | | | 44,348 | | | | 10,335,301 | |
CA, Inc. | | | 34,875 | | | | 1,202,141 | |
Cisco Systems, Inc. | | | 552,386 | | | | 17,289,682 | |
Citrix Systems, Inc.* | | | 16,787 | | | | 1,335,909 | |
Cognizant Technology Solutions | | | 65,190 | | | | 4,328,616 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Corning, Inc. | | | 101,652 | | | | 3,054,643 | |
CSRA, Inc. | | | 16,277 | | | | 516,795 | |
DXC Technology Co. | | | 31,202 | | | | 2,393,780 | |
eBay, Inc.* | | | 110,988 | | | | 3,875,701 | |
Electronic Arts, Inc.* | | | 34,292 | | | | 3,625,350 | |
F5 Networks, Inc.* | | | 7,132 | | | | 906,192 | |
Facebook, Inc. Cl A* | | | 261,171 | | | | 39,431,598 | |
Fidelity Nat’l. Information Svcs., Inc. | | | 36,512 | | | | 3,118,125 | |
Fiserv, Inc.* | | | 23,503 | | | | 2,875,357 | |
FLIR Systems, Inc. | | | 14,824 | | | | 513,800 | |
Gartner, Inc.* | | | 9,982 | | | | 1,232,877 | |
Global Payments, Inc. | | | 16,888 | | | | 1,525,324 | |
Harris Corp. | | | 13,388 | | | | 1,460,363 | |
Hewlett Packard Enterprise Co. | | | 183,335 | | | | 3,041,528 | |
HP, Inc. | | | 185,996 | | | | 3,251,210 | |
Intel Corp. | | | 519,679 | | | | 17,533,969 | |
Int’l. Business Machines Corp. | | | 94,362 | | | | 14,515,706 | |
Intuit, Inc. | | | 26,919 | | | | 3,575,112 | |
Juniper Networks, Inc. | | | 42,301 | | | | 1,179,352 | |
KLA-Tencor Corp. | | | 17,341 | | | | 1,586,875 | |
Lam Research Corp. | | | 17,792 | | | | 2,516,323 | |
MasterCard, Inc. Cl A | | | 103,620 | | | | 12,584,649 | |
Microchip Technology, Inc. | | | 25,369 | | | | 1,957,979 | |
Micron Technology, Inc.* | | | 114,690 | | | | 3,424,643 | |
Microsoft Corp. | | | 852,833 | | | | 58,785,774 | |
Motorola Solutions, Inc. | | | 18,131 | | | | 1,572,683 | |
NetApp, Inc. | | | 29,694 | | | | 1,189,245 | |
NVIDIA Corp. | | | 65,953 | | | | 9,534,166 | |
Oracle Corp. | | | 331,527 | | | | 16,622,764 | |
Paychex, Inc. | | | 35,289 | | | | 2,009,356 | |
PayPal Hldgs., Inc.* | | | 123,326 | | | | 6,618,906 | |
Qorvo, Inc.* | | | 14,079 | | | | 891,482 | |
QUALCOMM, Inc. | | | 163,239 | | | | 9,014,058 | |
Red Hat, Inc.* | | | 19,532 | | | | 1,870,189 | |
Salesforce.com, inc.* | | | 73,900 | | | | 6,399,740 | |
Seagate Technology PLC | | | 33,065 | | | | 1,281,269 | |
Skyworks Solutions, Inc. | | | 20,409 | | | | 1,958,244 | |
Symantec Corp. | | | 67,396 | | | | 1,903,937 | |
Synopsys, Inc.* | | | 16,484 | | | | 1,202,178 | |
TE Connectivity Ltd. | | | 39,217 | | | | 3,085,594 | |
Texas Instruments, Inc. | | | 109,843 | | | | 8,450,222 | |
Total System Services, Inc. | | | 18,294 | | | | 1,065,626 | |
VeriSign, Inc.* | | | 9,737 | | | | 905,152 | |
Visa, Inc. Cl A | | | 203,877 | | | | 19,119,585 | |
Western Digital Corp. | | | 32,307 | | | | 2,862,400 | |
Western Union Co. | | | 52,226 | | | | 994,905 | |
Xerox Corp. | | | 23,329 | | | | 670,242 | |
Xilinx, Inc. | | | 27,460 | | | | 1,766,227 | |
| | | | | | | | |
| | | | | | | 510,519,610 | |
| | | | | | | | |
MATERIALS (2.8%) | | | | | | | | |
Air Products & Chemicals, Inc. | | | 24,067 | | | | 3,443,025 | |
Albemarle Corp. | | | 12,279 | | | | 1,295,926 | |
Avery Dennison Corp. | | | 9,704 | | | | 857,542 | |
Ball Corp. | | | 38,647 | | | | 1,631,290 | |
CF Industries Hldgs., Inc. | | | 25,451 | | | | 711,610 | |
Dow Chemical Co. | | | 124,161 | | | | 7,830,834 | |
Du Pont (E.I.) de Nemours & Co. | | | 95,579 | | | | 7,714,181 | |
Eastman Chemical Co. | | | 16,156 | | | | 1,356,942 | |
Ecolab, Inc. | | | 28,840 | | | | 3,828,510 | |
FMC Corp. | | | 14,784 | | | | 1,079,971 | |
Freeport-McMoRan Copper & Gold, Inc.* | | | 146,495 | | | | 1,759,405 | |
International Paper Co. | | | 45,639 | | | | 2,583,624 | |
Int’l. Flavors & Fragrances, Inc. | | | 8,712 | | | | 1,176,120 | |
LyondellBasell Inds. NV Cl A | | | 36,420 | | | | 3,073,484 | |
Martin Marietta Materials, Inc. | | | 6,957 | | | | 1,548,489 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Monsanto Co. | | | 48,531 | | | | 5,744,129 | |
Newmont Mining Corp. | | | 59,135 | | | | 1,915,383 | |
Nucor Corp. | | | 35,142 | | | | 2,033,668 | |
PPG Industries, Inc. | | | 28,300 | | | | 3,111,868 | |
Praxair, Inc. | | | 31,602 | | | | 4,188,845 | |
Sealed Air Corp. | | | 21,521 | | | | 963,280 | |
Sherwin-Williams Co. | | | 8,905 | | | | 3,125,299 | |
The Mosaic Co. | | | 39,074 | | | | 892,059 | |
Vulcan Materials Co. | | | 14,579 | | | | 1,846,868 | |
WestRock Co. | | | 27,733 | | | | 1,571,352 | |
| | | | | | | | |
| | | | | | | 65,283,704 | |
| | | | | | | | |
REAL ESTATE (2.8%) | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 10,022 | | | | 1,207,350 | |
American Tower Corp. | | | 46,968 | | | | 6,214,806 | |
Apartment Investment & Management Co. Cl A | | | 17,523 | | | | 752,963 | |
AvalonBay Communities, Inc. | | | 15,169 | | | | 2,915,027 | |
Boston Properties, Inc. | | | 16,946 | | | | 2,084,697 | |
CBRE Group, Inc.* | | | 32,867 | | | | 1,196,359 | |
Crown Castle Int’l. Corp. | | | 40,351 | | | | 4,042,363 | |
Digital Realty Trust, Inc. | | | 17,521 | | | | 1,978,997 | |
Equinix, Inc. | | | 8,628 | | | | 3,702,792 | |
Equity Residential | | | 40,534 | | | | 2,668,353 | |
Essex Property Trust, Inc. | | | 7,253 | | | | 1,865,979 | |
Extra Space Storage, Inc. | | | 13,947 | | | | 1,087,866 | |
Federal Realty Investment Trust | | | 7,992 | | | | 1,010,109 | |
GGP, Inc. | | | 63,829 | | | | 1,503,811 | |
HCP, Inc. | | | 51,306 | | | | 1,639,740 | |
Host Hotels & Resorts, Inc. | | | 81,367 | | | | 1,486,575 | |
Iron Mountain, Inc. | | | 26,883 | | | | 923,700 | |
Kimco Realty Corp. | | | 46,141 | | | | 846,687 | |
Mid-America Apt. Communities, Inc. | | | 12,522 | | | | 1,319,568 | |
ProLogis, Inc. | | | 58,594 | | | | 3,435,952 | |
Public Storage | | | 16,491 | | | | 3,438,868 | |
Realty Income Corp. | | | 30,022 | | | | 1,656,614 | |
Regency Centers Corp. | | | 16,278 | | | | 1,019,654 | |
Simon Property Group, Inc. | | | 34,472 | | | | 5,576,191 | |
SL Green Realty Corp | | | 11,253 | | | | 1,190,567 | |
The Macerich Co. | | | 13,122 | | | | 761,863 | |
UDR, Inc. | | | 29,654 | | | | 1,155,616 | |
Ventas, Inc. | | | 39,091 | | | | 2,716,043 | |
Vornado Realty Trust | | | 19,045 | | | | 1,788,326 | |
Welltower, Inc. | | | 40,218 | | | | 3,010,317 | |
Weyerhaeuser Co. | | | 83,013 | | | | 2,780,936 | |
| | | | | | | | |
| | | | | | | 66,978,689 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (2.1%) | | | | | | | | |
AT&T, Inc. | | | 678,529 | | | | 25,600,899 | |
CenturyLink, Inc. | | | 60,635 | | | | 1,447,964 | |
Level 3 Communications, Inc.* | | | 32,449 | | | | 1,924,226 | |
Verizon Communications, Inc. | | | 449,929 | | | | 20,093,829 | |
| | | | | | | | |
| | | | | | | 49,066,918 | |
| | | | | | | | |
UTILITIES (3.1%) | | | | | | | | |
AES Corp. | | | 73,254 | | | | 813,852 | |
Alliant Energy Corp. | | | 25,180 | | | | 1,011,481 | |
Ameren Corp. | | | 26,598 | | | | 1,454,113 | |
American Electric Power Co., Inc. | | | 54,331 | | | | 3,774,375 | |
American Water Works Co., Inc. | | | 19,813 | | | | 1,544,423 | |
CenterPoint Energy, Inc. | | | 47,955 | | | | 1,313,008 | |
CMS Energy Corp. | | | 30,942 | | | | 1,431,068 | |
Consolidated Edison, Inc. | | | 33,848 | | | | 2,735,595 | |
Dominion Resources, Inc. | | | 69,288 | | | | 5,309,539 | |
DTE Energy Co. | | | 19,842 | | | | 2,099,085 | |
Duke Energy Corp. | | | 77,294 | | | | 6,461,006 | |
Edison International | | | 36,029 | | | | 2,817,108 | |
Entergy Corp. | | | 19,765 | | | | 1,517,359 | |
Eversource Energy | | | 34,930 | | | | 2,120,600 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Exelon Corp. | | | 102,285 | | | | 3,689,420 | |
FirstEnergy Corp. | | | 48,708 | | | | 1,420,325 | |
NextEra Energy, Inc. | | | 51,650 | | | | 7,237,715 | |
NiSource, Inc. | | | 35,483 | | | | 899,849 | |
NRG Energy, Inc. | | | 34,348 | | | | 591,473 | |
PG&E Corp. | | | 56,332 | | | | 3,738,755 | |
Pinnacle West Capital Corp. | | | 12,404 | | | | 1,056,325 | |
PPL Corp. | | | 75,487 | | | | 2,918,327 | |
Public Svc. Enterprise Group, Inc. | | | 55,690 | | | | 2,395,227 | |
SCANA Corp. | | | 15,883 | | | | 1,064,320 | |
Sempra Energy | | | 27,694 | | | | 3,122,499 | |
Southern Co. | | | 109,679 | | | | 5,251,431 | |
WEC Energy Group, Inc. | | | 34,728 | | | | 2,131,605 | |
Xcel Energy, Inc. | | | 55,881 | | | | 2,563,820 | |
| | | | | | | | |
| | | | | | | 72,483,703 | |
| | | | | | | | |
TOTAL INDEXED ASSETS - COMMON STOCKS | | | | | | | | |
(Cost: $1,375,021,885) 97.9% | | | | | | | 2,292,932,894 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (0.7%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.75 | | | | 07/06/17 | | | | 5,000,000 | | | | 4,999,482 | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.89 | | | | 08/10/17 | | | | 8,000,000 | | | | 7,992,087 | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 3,000,000 | | | | 2,995,891 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 15,987,460 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.2%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 1,450,000 | | | | 1,449,964 | |
FHLB | | | A-1+ | | | | 0.75 | | | | 07/05/17 | | | | 1,500,000 | | | | 1,499,875 | |
FHLB | | | A-1+ | | | | 1.03 | | | | 08/23/17 | | | | 1,000,000 | | | | 998,483 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 3,948,322 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (1.1%) | | | | | | | | | | | | | | | | | | | | |
Toyota Motor Credit Corp. | | | A-1+ | | | | 0.96 | | | | 07/05/17 | | | | 10,000,000 | | | | 9,998,933 | |
Toyota Motor Credit Corp. | | | A-1+ | | | | 1.13 | | | | 08/11/17 | | | | 8,600,000 | | | | 8,588,928 | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 8,000,000 | | | | 7,999,022 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 26,586,883 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $46,522,665) 2.0% | | | | | | | | | | | | | | | | | | | 46,522,665 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,421,544,550) 99.9% | | | | | | | | | | | | | | | | | | | 2,339,455,559 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.1% | | | | | | | | | | | | | | | | | | | 1,368,646 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 2,340,824,205 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
INDEXED ASSETS: | | | | | | | | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (6.5%) | | | | | | | | |
Advance Auto Parts, Inc. | | | 572 | | | | 66,689 | |
Amazon.com, Inc.* | | | 3,105 | | | | 3,005,635 | |
AutoNation, Inc.* | | | 523 | | | | 22,050 | |
AutoZone, Inc.* | | | 220 | | | | 125,501 | |
Bed Bath & Beyond, Inc. | | | 1,150 | | | | 34,960 | |
Best Buy Co., Inc. | | | 2,078 | | | | 119,132 | |
BorgWarner, Inc. | | | 1,542 | | | | 65,319 | |
CarMax, Inc.* | | | 1,456 | | | | 91,815 | |
Carnival Corp. | | | 3,265 | | | | 214,086 | |
CBS Corp. Cl B | | | 2,868 | | | | 182,921 | |
Charter Communications, Inc. Cl A* | | | 1,689 | | | | 568,940 | |
Chipotle Mexican Grill, Inc.* | | | 223 | | | | 92,790 | |
Coach, Inc. | | | 2,212 | | | | 104,716 | |
Comcast Corp. Cl A | | | 37,060 | | | | 1,442,375 | |
D.R. Horton, Inc. | | | 2,677 | | | | 92,544 | |
Darden Restaurants, Inc. | | | 968 | | | | 87,546 | |
Delphi Automotive PLC | | | 2,099 | | | | 183,977 | |
Discovery Communications, Inc. Cl A* | | | 1,174 | | | | 30,324 | |
Discovery Communications, Inc. Cl C* | | | 1,665 | | | | 41,975 | |
DISH Network Corp.* | | | 1,771 | | | | 111,148 | |
Disney (Walt) Co. | | | 11,391 | | | | 1,210,294 | |
Dollar General Corp. | | | 1,976 | | | | 142,450 | |
Dollar Tree, Inc.* | | | 1,855 | | | | 129,702 | |
Expedia, Inc. | | | 950 | | | | 141,503 | |
Foot Locker, Inc. | | | 1,016 | | | | 50,068 | |
Ford Motor Co. | | | 30,589 | | | | 342,291 | |
Gap, Inc. | | | 1,720 | | | | 37,823 | |
Garmin Ltd. | | | 884 | | | | 45,111 | |
General Motors Co. | | | 10,734 | | | | 374,939 | |
Genuine Parts Co. | | | 1,148 | | | | 106,488 | |
Goodyear Tire & Rubber Co. | | | 1,989 | | | | 69,535 | |
H&R Block, Inc. | | | 1,628 | | | | 50,321 | |
Hanesbrands, Inc. | | | 2,867 | | | | 66,400 | |
Harley-Davidson, Inc. | | | 1,372 | | | | 74,115 | |
Hasbro, Inc. | | | 875 | | | | 97,571 | |
Hilton Worldwide Hldgs., Inc. | | | 1,607 | | | | 99,393 | |
Home Depot, Inc. | | | 9,350 | | | | 1,434,290 | |
Interpublic Group of Cos., Inc. | | | 3,075 | | | | 75,645 | |
Kohl’s Corp. | | | 1,324 | | | | 51,199 | |
L Brands, Inc. | | | 1,897 | | | | 102,229 | |
Leggett & Platt, Inc. | | | 1,027 | | | | 53,948 | |
Lennar Corp. Cl A | | | 1,573 | | | | 83,872 | |
LKQ Corp.* | | | 2,420 | | | | 79,739 | |
Lowe’s Cos., Inc. | | | 6,710 | | | | 520,226 | |
Macy’s, Inc. | | | 2,382 | | | | 55,358 | |
Marriott International, Inc. Cl A | | | 2,425 | | | | 243,252 | |
Mattel, Inc. | | | 2,669 | | | | 57,464 | |
McDonald’s Corp. | | | 6,378 | | | | 976,854 | |
Michael Kors Hldgs. Ltd.* | | | 1,196 | | | | 43,355 | |
Mohawk Industries, Inc.* | | | 491 | | | | 118,670 | |
Netflix, Inc.* | | | 3,371 | | | | 503,661 | |
Newell Brands, Inc. | | | 3,777 | | | | 202,523 | |
News Corp. Cl A | | | 2,975 | | | | 40,758 | |
News Corp. Cl B | | | 920 | | | | 13,018 | |
NIKE, Inc. Cl B | | | 10,353 | | | | 610,827 | |
Nordstrom, Inc. | | | 869 | | | | 41,564 | |
Omnicom Group, Inc. | | | 1,820 | | | | 150,878 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
O’Reilly Automotive, Inc.* | | | 712 | | | | 155,743 | |
Priceline Group, Inc.* | | | 385 | | | | 720,150 | |
PulteGroup, Inc. | | | 2,246 | | | | 55,094 | |
PVH Corp. | | | 616 | | | | 70,532 | |
Ralph Lauren Corp. | | | 430 | | | | 31,734 | |
Ross Stores, Inc. | | | 3,071 | | | | 177,289 | |
Royal Caribbean Cruises Ltd. | | | 1,317 | | | | 143,856 | |
Scripps Networks Interactive, Inc. Cl A | | | 750 | | | | 51,233 | |
Signet Jewelers Ltd. | | | 540 | | | | 34,150 | |
Staples, Inc. | | | 5,138 | | | | 51,740 | |
Starbucks Corp. | | | 11,310 | | | | 659,486 | |
Target Corp. | | | 4,316 | | | | 225,684 | |
Tiffany & Co. | | | 840 | | | | 78,851 | |
Time Warner, Inc. | | | 6,059 | | | | 608,384 | |
TJX Cos., Inc. | | | 5,011 | | | | 361,644 | |
Tractor Supply Co. | | | 994 | | | | 53,885 | |
TripAdvisor, Inc.* | | | 867 | | | | 33,119 | |
Twenty-First Century Fox, Inc. Cl A | | | 8,230 | | | | 233,238 | |
Twenty-First Century Fox, Inc. Cl B | | | 3,808 | | | | 106,129 | |
Ulta Beauty, Inc.* | | | 455 | | | | 130,740 | |
Under Armour, Inc. Cl A* | | | 1,415 | | | | 30,790 | |
Under Armour, Inc. Cl C* | | | 1,423 | | | | 28,688 | |
V.F. Corp. | | | 2,505 | | | | 144,288 | |
Viacom, Inc. Cl B | | | 2,771 | | | | 93,022 | |
Whirlpool Corp. | | | 582 | | | | 111,523 | |
Wyndham Worldwide Corp. | | | 819 | | | | 82,236 | |
Wynn Resorts Ltd. | | | 625 | | | | 83,825 | |
Yum! Brands, Inc. | | | 2,592 | | | | 191,186 | |
| | | | | | | | |
| | | | | | | 19,930,016 | |
| | | | | | | | |
CONSUMER STAPLES (4.8%) | | | | | | | | |
Altria Group, Inc. | | | 15,105 | | | | 1,124,869 | |
Archer-Daniels-Midland Co. | | | 4,481 | | | | 185,424 | |
Brown-Forman Corp. Cl B | | | 1,384 | | | | 67,262 | |
Campbell Soup Co. | | | 1,505 | | | | 78,486 | |
Church & Dwight Co., Inc. | | | 1,960 | | | | 101,685 | |
Clorox Co. | | | 1,009 | | | | 134,439 | |
Coca-Cola Co. | | | 30,042 | | | | 1,347,384 | |
Colgate-Palmolive Co. | | | 6,915 | | | | 512,609 | |
Conagra Brands, Inc. | | | 3,153 | | | | 112,751 | |
Constellation Brands, Inc. Cl A | | | 1,344 | | | | 260,373 | |
Costco Wholesale Corp. | | | 3,438 | | | | 549,839 | |
Coty, Inc. Cl A | | | 3,691 | | | | 69,243 | |
CVS Health Corp. | | | 7,963 | | | | 640,703 | |
Dr. Pepper Snapple Group, Inc. | | | 1,446 | | | | 131,745 | |
Estee Lauder Cos., Inc. Cl A | | | 1,744 | | | | 167,389 | |
General Mills, Inc. | | | 4,506 | | | | 249,632 | |
Hershey Co. | | | 1,097 | | | | 117,785 | |
Hormel Foods Corp. | | | 2,124 | | | | 72,450 | |
J.M. Smucker Co. | | | 906 | | | | 107,207 | |
Kellogg Co. | | | 1,980 | | | | 137,531 | |
Kimberly-Clark Corp. | | | 2,770 | | | | 357,635 | |
Kraft Heinz Co. | | | 4,670 | | | | 399,939 | |
Kroger Co. | | | 7,109 | | | | 165,782 | |
McCormick & Co., Inc. | | | 884 | | | | 86,199 | |
Molson Coors Brewing Co. Cl B | | | 1,441 | | | | 124,416 | |
Mondelez International, Inc. Cl A | | | 11,858 | | | | 512,147 | |
Monster Beverage Corp.* | | | 3,162 | | | | 157,088 | |
PepsiCo, Inc. | | | 11,170 | | | | 1,290,023 | |
Philip Morris Int’l., Inc. | | | 12,137 | | | | 1,425,491 | |
Proctor & Gamble Co. | | | 19,983 | | | | 1,741,518 | |
Reynolds American, Inc. | | | 6,472 | | | | 420,939 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Sysco Corp. | | | 3,873 | | | | 194,928 | |
Tyson Foods, Inc. Cl A | | | 2,249 | | | | 140,855 | |
Walgreens Boots Alliance, Inc. | | | 6,669 | | | | 522,249 | |
Wal-Mart Stores, Inc. | | | 11,536 | | | | 873,044 | |
Whole Foods Market, Inc. | | | 2,514 | | | | 105,865 | |
| | | | | | | | |
| | | | | | | 14,686,924 | |
| | | | | | | | |
ENERGY (3.2%) | | | | | | | | |
Anadarko Petroleum Corp. | | | 4,353 | | | | 197,365 | |
Apache Corp. | | | 2,969 | | | | 142,304 | |
Baker Hughes, Inc. | | | 3,308 | | | | 180,319 | |
Cabot Oil & Gas Corp. | | | 3,638 | | | | 91,241 | |
Chesapeake Energy Corp.* | | | 6,032 | | | | 29,979 | |
Chevron Corp. | | | 14,790 | | | | 1,543,041 | |
Cimarex Energy Co. | | | 748 | | | | 70,319 | |
Concho Resources, Inc.* | | | 1,152 | | | | 140,003 | |
ConocoPhillips | | | 9,664 | | | | 424,829 | |
Devon Energy Corp. | | | 4,105 | | | | 131,237 | |
EOG Resources, Inc. | | | 4,501 | | | | 407,431 | |
EQT Corp. | | | 1,352 | | | | 79,214 | |
Exxon Mobil Corp. | | | 33,069 | | | | 2,669,660 | |
Halliburton Co. | | | 6,777 | | | | 289,446 | |
Helmerich & Payne, Inc. | | | 839 | | | | 45,591 | |
Hess Corp. | | | 2,104 | | | | 92,302 | |
Kinder Morgan, Inc. | | | 14,998 | | | | 287,362 | |
Marathon Oil Corp. | | | 6,599 | | | | 78,198 | |
Marathon Petroleum Corp. | | | 4,041 | | �� | | 211,466 | |
Murphy Oil Corp. | | | 1,258 | | | | 32,243 | |
National Oilwell Varco, Inc. | | | 2,940 | | | | 96,844 | |
Newfield Exploration Co.* | | | 1,551 | | | | 44,141 | |
Noble Energy, Inc. | | | 3,567 | | | | 100,946 | |
Occidental Petroleum Corp. | | | 5,970 | | | | 357,424 | |
ONEOK, Inc. | | | 2,961 | | | | 154,446 | |
Phillips 66 | | | 3,428 | | | | 283,461 | |
Pioneer Natural Resources Co. | | | 1,325 | | | | 211,444 | |
Range Resources Corp. | | | 1,450 | | | | 33,597 | |
Schlumberger Ltd. | | | 10,841 | | | | 713,771 | |
TechnipFMC PLC* | | | 3,623 | | | | 98,546 | |
Tesoro Corp. | | | 1,184 | | | | 110,822 | |
Transocean Ltd.* | | | 3,014 | | | | 24,805 | |
Valero Energy Corp. | | | 3,496 | | | | 235,840 | |
Williams Cos., Inc. | | | 6,462 | | | | 195,669 | |
| | | | | | | | |
| | | | | | | 9,805,306 | |
| | | | | | | | |
FINANCIALS (7.7%) | | | | | | | | |
Affiliated Managers Group, Inc. | | | 447 | | | | 74,139 | |
Aflac, Inc. | | | 3,103 | | | | 241,041 | |
Allstate Corp. | | | 2,853 | | | | 252,319 | |
American Express Co. | | | 5,859 | | | | 493,562 | |
American Int’l. Group, Inc. | | | 6,877 | | | | 429,950 | |
Ameriprise Financial, Inc. | | | 1,190 | | | | 151,475 | |
Aon PLC | | | 2,043 | | | | 271,617 | |
Assurant, Inc. | | | 423 | | | | 43,861 | |
Bank of America Corp. | | | 77,806 | | | | 1,887,574 | |
Bank of New York Mellon Corp. | | | 8,132 | | | | 414,895 | |
BB&T Corp. | | | 6,332 | | | | 287,536 | |
Berkshire Hathaway, Inc. Cl B* | | | 14,846 | | | | 2,514,467 | |
BlackRock, Inc. | | | 950 | | | | 401,290 | |
Capital One Financial Corp. | | | 3,770 | | | | 311,477 | |
CBOE Holdings, Inc. | | | 726 | | | | 66,356 | |
Charles Schwab Corp. | | | 9,499 | | | | 408,077 | |
Chubb Ltd. | | | 3,654 | | | | 531,219 | |
Cincinnati Financial Corp. | | | 1,166 | | | | 84,477 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Citigroup, Inc. | | | 21,515 | | | | 1,438,923 | |
Citizens Financial Group, Inc. | | | 3,953 | | | | 141,043 | |
CME Group, Inc. | | | 2,662 | | | | 333,389 | |
Comerica, Inc. | | | 1,372 | | | | 100,485 | |
Discover Financial Svcs. | | | 2,957 | | | | 183,896 | |
E*Trade Financial Corp.* | | | 2,135 | | | | 81,194 | |
Everest Re Group Ltd. | | | 320 | | | | 81,469 | |
Fifth Third Bancorp | | | 5,864 | | | | 152,229 | |
Franklin Resources, Inc. | | | 2,685 | | | | 120,261 | |
Gallagher (Arthur J.) & Co. | | | 1,407 | | | | 80,551 | |
Goldman Sachs Group, Inc. | | | 2,860 | | | | 634,634 | |
Hartford Financial Svcs. Group, Inc. | | | 2,869 | | | | 150,823 | |
Huntington Bancshares, Inc. | | | 8,450 | | | | 114,244 | |
Intercontinental Exchange, Inc. | | | 4,632 | | | | 305,341 | |
Invesco Ltd. | | | 3,191 | | | | 112,291 | |
iShares Core S&P 500 ETF | | | 439 | | | | 106,857 | |
JPMorgan Chase & Co. | | | 27,772 | | | | 2,538,361 | |
KeyCorp | | | 8,552 | | | | 160,264 | |
Leucadia National Corp. | | | 2,510 | | | | 65,662 | |
Lincoln National Corp. | | | 1,746 | | | | 117,995 | |
Loews Corp. | | | 2,151 | | | | 100,688 | |
M&T Bank Corp. | | | 1,202 | | | | 194,664 | |
Marsh & McLennan Cos., Inc. | | | 4,020 | | | | 313,399 | |
MetLife, Inc. | | | 8,440 | | | | 463,694 | |
Moody’s Corp. | | | 1,308 | | | | 159,157 | |
Morgan Stanley | | | 11,127 | | | | 495,819 | |
Nasdaq, Inc. | | | 892 | | | | 63,769 | |
Navient Corp. | | | 2,181 | | | | 36,314 | |
Northern Trust Corp. | | | 1,695 | | | | 164,771 | |
People’s United Financial, Inc. | | | 2,676 | | | | 47,258 | |
PNC Financial Svcs. Grp., Inc. | | | 3,774 | | | | 471,259 | |
Principal Financial Grp., Inc. | | | 2,086 | | | | 133,650 | |
Progressive Corp. | | | 4,525 | | | | 199,507 | |
Prudential Financial, Inc. | | | 3,353 | | | | 362,593 | |
Raymond James Financial, Inc. | | | 993 | | | | 79,658 | |
Regions Financial Corp. | | | 9,360 | | | | 137,030 | |
S&P Global, Inc. | | | 2,019 | | | | 294,754 | |
State Street Corp. | | | 2,770 | | | | 248,552 | |
SunTrust Banks, Inc. | | | 3,790 | | | | 214,969 | |
Synchrony Financial | | | 6,018 | | | | 179,457 | |
T. Rowe Price Group, Inc. | | | 1,886 | | | | 139,960 | |
Torchmark Corp. | | | 845 | | | | 64,643 | |
Travelers Cos., Inc. | | | 2,181 | | | | 275,962 | |
U.S. Bancorp | | | 12,363 | | | | 641,887 | |
Unum Group | | | 1,787 | | | | 83,328 | |
Wells Fargo & Co. | | | 35,135 | | | | 1,946,830 | |
Willis Towers Watson PLC | | | 997 | | | | 145,024 | |
XL Group Ltd. | | | 2,051 | | | | 89,834 | |
Zions Bancorporation | | | 1,582 | | | | 69,466 | |
| | | | | | | | |
| | | | | | | 23,703,140 | |
| | | | | | | | |
HEALTH CARE (7.7%) | | | | | | | | |
Abbott Laboratories | | | 13,574 | | | | 659,832 | |
AbbVie, Inc. | | | 12,426 | | | | 901,009 | |
Aetna, Inc. | | | 2,593 | | | | 393,695 | |
Agilent Technologies, Inc. | | | 2,519 | | | | 149,402 | |
Alexion Pharmaceuticals, Inc.* | | | 1,761 | | | | 214,261 | |
Align Technology, Inc.* | | | 594 | | | | 89,171 | |
Allergan PLC | | | 2,620 | | | | 636,896 | |
AmerisourceBergen Corp. | | | 1,306 | | | | 123,456 | |
Amgen, Inc. | | | 5,752 | | | | 990,667 | |
Anthem, Inc. | | | 2,074 | | | | 390,182 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Bard (C.R.), Inc. | | | 565 | | | | 178,602 | |
Baxter International, Inc. | | | 3,822 | | | | 231,384 | |
Becton, Dickinson & Co. | | | 1,778 | | | | 346,911 | |
BIOGEN, Inc.* | | | 1,670 | | | | 453,171 | |
Boston Scientific Corp.* | | | 10,732 | | | | 297,491 | |
Bristol-Myers Squibb Co. | | | 12,896 | | | | 718,565 | |
Cardinal Health, Inc. | | | 2,469 | | | | 192,384 | |
Celgene Corp.* | | | 6,101 | | | | 792,337 | |
Centene Corp.* | | | 1,348 | | | | 107,678 | |
Cerner Corp.* | | | 2,297 | | | | 152,682 | |
CIGNA Corp. | | | 2,001 | | | | 334,947 | |
Cooper Companies, Inc. | | | 380 | | | | 90,980 | |
Danaher Corp. | | | 4,774 | | | | 402,878 | |
DaVita Inc Inc.* | | | 1,216 | | | | 78,748 | |
DENTSPLY SIRONA, Inc. | | | 1,799 | | | | 116,647 | |
Edwards Lifesciences Corp.* | | | 1,646 | | | | 194,623 | |
Envision Healthcare Corp.* | | | 925 | | | | 57,970 | |
Express Scripts Hldg. Co.* | | | 4,628 | | | | 295,452 | |
Gilead Sciences, Inc. | | | 10,208 | | | | 722,522 | |
HCA Hldgs., Inc.* | | | 2,244 | | | | 195,677 | |
Hologic, Inc.* | | | 2,194 | | | | 99,564 | |
Humana, Inc. | | | 1,129 | | | | 271,660 | |
IDEXX Laboratories, Inc.* | | | 688 | | | | 111,057 | |
Illumina, Inc.* | | | 1,143 | | | | 198,333 | |
Incyte Corp.* | | | 1,336 | | | | 168,216 | |
Intuitive Surgical, Inc.* | | | 287 | | | | 268,451 | |
Johnson & Johnson | | | 21,060 | | | | 2,786,026 | |
Laboratory Corp. of America Hldgs.* | | | 798 | | | | 123,004 | |
Lilly (Eli) & Co. | | | 7,606 | | | | 625,974 | |
Mallinckrodt PLC* | | | 783 | | | | 35,086 | |
McKesson Corp. | | | 1,651 | | | | 271,656 | |
Medtronic PLC | | | 10,709 | | | | 950,424 | |
Merck & Co., Inc. | | | 21,379 | | | | 1,370,180 | |
Mettler-Toledo Int’l., Inc.* | | | 202 | | | | 118,885 | |
Mylan NV* | | | 3,625 | | | | 140,723 | |
Patterson Cos., Inc. | | | 624 | | | | 29,297 | |
PerkinElmer, Inc. | | | 864 | | | | 58,873 | |
Perrigo Co. PLC | | | 1,118 | | | | 84,431 | |
Pfizer, Inc. | | | 46,665 | | | | 1,567,477 | |
Quest Diagnostics, Inc. | | | 1,073 | | | | 119,275 | |
Regeneron Pharmaceuticals, Inc.* | | | 594 | | | | 291,737 | |
Schein (Henry), Inc.* | | | 617 | | | | 112,923 | |
Stryker Corp. | | | 2,429 | | | | 337,097 | |
Thermo Fisher Scientific, Inc. | | | 3,062 | | | | 534,227 | |
UnitedHealth Group, Inc. | | | 7,531 | | | | 1,396,398 | |
Universal Health Svcs., Inc. Cl B | | | 704 | | | | 85,944 | |
Varian Medical Systems, Inc.* | | | 713 | | | | 73,574 | |
Vertex Pharmaceuticals, Inc.* | | | 1,943 | | | | 250,394 | |
Waters Corp.* | | | 625 | | | | 114,900 | |
Zimmer Biomet Hldgs., Inc. | | | 1,575 | | | | 202,230 | |
Zoetis, Inc. | | | 3,828 | | | | 238,791 | |
| | | | | | | | |
| | | | | | | 23,547,027 | |
| | | | | | | | |
INDUSTRIALS (5.4%) | | | | | | | | |
3M Co. | | | 4,674 | | | | 973,080 | |
Acuity Brands, Inc. | | | 340 | | | | 69,115 | |
Alaska Air Group, Inc. | | | 976 | | | | 87,606 | |
Allegion PLC | | | 742 | | | | 60,191 | |
American Airlines Group, Inc. | | | 3,860 | | | | 194,235 | |
AMETEK, Inc. | | | 1,794 | | | | 108,663 | |
Arconic, Inc. | | | 3,445 | | | | 78,029 | |
Boeing Co. | | | 4,389 | | | | 867,925 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Caterpillar, Inc. | | | 4,597 | | | | 493,994 | |
Cintas Corp. | | | 680 | | | | 85,707 | |
CSX Corp. | | | 7,222 | | | | 394,032 | |
Cummins, Inc. | | | 1,204 | | | | 195,313 | |
Deere & Co. | | | 2,301 | | | | 284,381 | |
Delta Air Lines, Inc. | | | 5,764 | | | | 309,757 | |
Dover Corp. | | | 1,223 | | | | 98,109 | |
Eaton Corp. PLC | | | 3,487 | | | | 271,393 | |
Emerson Electric Co. | | | 5,033 | | | | 300,067 | |
Equifax, Inc. | | | 936 | | | | 128,625 | |
Expeditors Int’l. of Wash. | | | 1,398 | | | | 78,959 | |
Fastenal Co. | | | 2,265 | | | | 98,595 | |
FedEx Corp. | | | 1,918 | | | | 416,839 | |
Flowserve Corp. | | | 1,020 | | | | 47,359 | |
Fluor Corp. | | | 1,079 | | | | 49,397 | |
Fortive Corp. | | | 2,348 | | | | 148,746 | |
Fortune Brands Home & Security, Inc. | | | 1,212 | | | | 79,071 | |
General Dynamics Corp. | | | 2,219 | | | | 439,584 | |
General Electric Co. | | | 68,046 | | | | 1,837,922 | |
Grainger (W.W.), Inc. | | | 423 | | | | 76,364 | |
Honeywell International, Inc. | | | 5,957 | | | | 794,009 | |
Hunt (J.B.) Transport Svcs., Inc. | | | 672 | | | | 61,407 | |
IHS Markit Ltd.* | | | 2,466 | | | | 108,603 | |
Illinois Tool Works, Inc. | | | 2,434 | | | | 348,671 | |
Ingersoll-Rand PLC | | | 2,005 | | | | 183,237 | |
Jacobs Engineering Group, Inc. | | | 934 | | | | 50,800 | |
Johnson Controls Int’l. PLC | | | 7,319 | | | | 317,352 | |
Kansas City Southern | | | 834 | | | | 87,278 | |
L-3 Communications Corp. | | | 612 | | | | 102,253 | |
Lockheed Martin Corp. | | | 1,945 | | | | 539,951 | |
Masco Corp. | | | 2,491 | | | | 95,181 | |
Nielsen Hldgs. PLC | | | 2,633 | | | | 101,792 | |
Norfolk Southern Corp. | | | 2,261 | | | | 275,164 | |
Northrop Grumman Corp. | | | 1,363 | | | | 349,896 | |
PACCAR, Inc. | | | 2,755 | | | | 181,940 | |
Parker Hannifin Corp. | | | 1,043 | | | | 166,692 | |
Pentair PLC | | | 1,317 | | | | 87,633 | |
Quanta Services, Inc.* | | | 1,159 | | | | 38,154 | |
Raytheon Co. | | | 2,271 | | | | 366,721 | |
Republic Services, Inc. | | | 1,787 | | | | 113,886 | |
Robert Half Int’l., Inc. | | | 982 | | | | 47,067 | |
Robinson (C.H.) Worldwide, Inc. | | | 1,098 | | | | 75,411 | |
Rockwell Automation, Inc. | | | 1,010 | | | | 163,580 | |
Rockwell Collins, Inc. | | | 1,269 | | | | 133,347 | |
Roper Technologies, Inc. | | | 794 | | | | 183,835 | |
Snap-on, Inc. | | | 457 | | | | 72,206 | |
Southwest Airlines Co. | | | 4,746 | | | | 294,916 | |
Stanley Black & Decker, Inc. | | | 1,201 | | | | 169,017 | |
Stericycle, Inc.* | | | 663 | | | | 50,600 | |
Textron, Inc. | | | 2,098 | | | | 98,816 | |
TransDigm Group, Inc. | | | 385 | | | | 103,515 | |
Union Pacific Corp. | | | 6,317 | | | | 687,984 | |
United Continental Hldgs., Inc* | | | 2,208 | | | | 166,152 | |
United Parcel Service, Inc. Cl B | | | 5,382 | | | | 595,195 | |
United Rentals, Inc.* | | | 664 | | | | 74,839 | |
United Technologies Corp. | | | 5,824 | | | | 711,169 | |
Verisk Analytics, Inc. Cl A* | | | 1,199 | | | | 101,160 | |
Waste Management, Inc. | | | 3,183 | | | | 233,473 | |
Xylem, Inc. | | | 1,418 | | | | 78,600 | |
| | | | | | | | |
| | | | | | | 16,684,560 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
INFORMATION TECHNOLOGY (11.8%) | | | | | | | | |
Accenture PLC Cl A | | | 4,847 | | | | 599,477 | |
Activision Blizzard, Inc. | | | 5,418 | | | | 311,914 | |
Adobe Systems, Inc.* | | | 3,868 | | | | 547,090 | |
Advanced Micro Devices, Inc.* | | | 6,101 | | | | 76,140 | |
Akamai Technologies, Inc.* | | | 1,367 | | | | 68,090 | |
Alliance Data Systems Corp. | | | 435 | | | | 111,660 | |
Alphabet, Inc. Cl A* | | | 2,327 | | | | 2,163,365 | |
Alphabet, Inc. Cl C* | | | 2,335 | | | | 2,121,894 | |
Amphenol Corp. Cl A | | | 2,400 | | | | 177,168 | |
Analog Devices, Inc. | | | 2,865 | | | | 222,897 | |
ANSYS, Inc.* | | | 672 | | | | 81,769 | |
Apple, Inc. | | | 40,754 | | | | 5,869,386 | |
Applied Materials, Inc. | | | 8,441 | | | | 348,698 | |
Autodesk, Inc.* | | | 1,516 | | | | 152,843 | |
Automatic Data Processing, Inc. | | | 3,500 | | | | 358,610 | |
Broadcom Ltd. | | | 3,141 | | | | 732,010 | |
CA, Inc. | | | 2,469 | | | | 85,106 | |
Cisco Systems, Inc. | | | 39,118 | | | | 1,224,393 | |
Citrix Systems, Inc.* | | | 1,188 | | | | 94,541 | |
Cognizant Technology Solutions | | | 4,617 | | | | 306,569 | |
Corning, Inc. | | | 7,198 | | | | 216,300 | |
CSRA, Inc. | | | 1,152 | | | | 36,576 | |
DXC Technology Co. | | | 2,209 | | | | 169,474 | |
eBay, Inc.* | | | 7,860 | | | | 274,471 | |
Electronic Arts, Inc.* | | | 2,428 | | | | 256,688 | |
F5 Networks, Inc.* | | | 506 | | | | 64,292 | |
Facebook, Inc. Cl A* | | | 18,495 | | | | 2,792,371 | |
Fidelity Nat’l. Information Svcs., Inc. | | | 2,585 | | | | 220,759 | |
Fiserv, Inc.* | | | 1,664 | | | | 203,574 | |
FLIR Systems, Inc. | | | 1,049 | | | | 36,358 | |
Gartner, Inc.* | | | 706 | | | | 87,198 | |
Global Payments, Inc. | | | 1,197 | | | | 108,113 | |
Harris Corp. | | | 949 | | | | 103,517 | |
Hewlett Packard Enterprise Co. | | | 12,984 | | | | 215,405 | |
HP, Inc. | | | 13,172 | | | | 230,247 | |
Intel Corp. | | | 36,803 | | | | 1,241,733 | |
Int’l. Business Machines Corp. | | | 6,683 | | | | 1,028,046 | |
Intuit, Inc. | | | 1,907 | | | | 253,269 | |
Juniper Networks, Inc. | | | 2,995 | | | | 83,501 | |
KLA-Tencor Corp. | | | 1,228 | | | | 112,374 | |
Lam Research Corp. | | | 1,260 | | | | 178,202 | |
MasterCard, Inc. Cl A | | | 7,339 | | | | 891,322 | |
Microchip Technology, Inc. | | | 1,797 | | | | 138,692 | |
Micron Technology, Inc.* | | | 8,122 | | | | 242,523 | |
Microsoft Corp. | | | 60,395 | | | | 4,163,022 | |
Motorola Solutions, Inc. | | | 1,284 | | | | 111,374 | |
NetApp, Inc. | | | 2,103 | | | | 84,225 | |
NVIDIA Corp. | | | 4,671 | | | | 675,240 | |
Oracle Corp. | | | 23,477 | | | | 1,177,137 | |
Paychex, Inc. | | | 2,500 | | | | 142,350 | |
PayPal Hldgs., Inc.* | | | 8,734 | | | | 468,754 | |
Qorvo, Inc.* | | | 997 | | | | 63,130 | |
QUALCOMM, Inc. | | | 11,560 | | | | 638,343 | |
Red Hat, Inc.* | | | 1,383 | | | | 132,422 | |
Salesforce.com, inc.* | | | 5,233 | | | | 453,178 | |
Seagate Technology PLC | | | 2,342 | | | | 90,753 | |
Skyworks Solutions, Inc. | | | 1,446 | | | | 138,744 | |
Symantec Corp. | | | 4,772 | | | | 134,809 | |
Synopsys, Inc.* | | | 1,167 | | | | 85,109 | |
TE Connectivity Ltd. | | | 2,777 | | | | 218,494 | |
Texas Instruments, Inc. | | | 7,779 | | | | 598,438 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Total System Services, Inc. | | | 1,295 | | | | 75,434 | |
VeriSign, Inc.* | | | 690 | | | | 64,142 | |
Visa, Inc. Cl A | | | 14,438 | | | | 1,353,996 | |
Western Digital Corp. | | | 2,287 | | | | 202,628 | |
Western Union Co. | | | 3,699 | | | | 70,466 | |
Xerox Corp. | | | 1,652 | | | | 47,463 | |
Xilinx, Inc. | | | 1,944 | | | | 125,038 | |
| | | | | | | | |
| | | | | | | 36,153,314 | |
| | | | | | | | |
MATERIALS (1.5%) | | | | | | | | |
Air Products & Chemicals, Inc. | | | 1,705 | | | | 243,917 | |
Albemarle Corp. | | | 870 | | | | 91,820 | |
Avery Dennison Corp. | | | 688 | | | | 60,799 | |
Ball Corp. | | | 2,736 | | | | 115,487 | |
CF Industries Hldgs., Inc. | | | 1,802 | | | | 50,384 | |
Dow Chemical Co. | | | 8,792 | | | | 554,511 | |
Du Pont (E.I.) de Nemours & Co. | | | 6,768 | | | | 546,245 | |
Eastman Chemical Co. | | | 1,145 | | | | 96,169 | |
Ecolab, Inc. | | | 2,042 | | | | 271,076 | |
FMC Corp. | | | 1,046 | | | | 76,410 | |
Freeport-McMoRan Copper & Gold, Inc.* | | | 10,374 | | | | 124,592 | |
International Paper Co. | | | 3,232 | | | | 182,964 | |
Int’l. Flavors & Fragrances, Inc. | | | 616 | | | | 83,160 | |
LyondellBasell Inds. NV Cl A | | | 2,580 | | | | 217,726 | |
Martin Marietta Materials, Inc. | | | 493 | | | | 109,732 | |
Monsanto Co. | | | 3,436 | | | | 406,685 | |
Newmont Mining Corp. | | | 4,188 | | | | 135,649 | |
Nucor Corp. | | | 2,488 | | | | 143,981 | |
PPG Industries, Inc. | | | 2,004 | | | | 220,360 | |
Praxair, Inc. | | | 2,238 | | | | 296,647 | |
Sealed Air Corp. | | | 1,524 | | | | 68,214 | |
Sherwin-Williams Co. | | | 630 | | | | 221,105 | |
The Mosaic Co. | | | 2,767 | | | | 63,171 | |
Vulcan Materials Co. | | | 1,033 | | | | 130,860 | |
WestRock Co. | | | 1,964 | | | | 111,301 | |
| | | | | | | | |
| | | | | | | 4,622,965 | |
| | | | | | | | |
REAL ESTATE (1.5%) | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 710 | | | | 85,534 | |
American Tower Corp. | | | 3,326 | | | | 440,096 | |
Apartment Investment & Management Co. Cl A | | | 1,240 | | | | 53,283 | |
AvalonBay Communities, Inc. | | | 1,074 | | | | 206,391 | |
Boston Properties, Inc. | | | 1,200 | | | | 147,624 | |
CBRE Group, Inc.* | | | 2,327 | | | | 84,703 | |
Crown Castle Int’l. Corp. | | | 2,857 | | | | 286,214 | |
Digital Realty Trust, Inc. | | | 1,240 | | | | 140,058 | |
Equinix, Inc. | | | 611 | | | | 262,148 | |
Equity Residential | | | 2,870 | | | | 188,932 | |
Essex Property Trust, Inc. | | | 513 | | | | 131,980 | |
Extra Space Storage, Inc. | | | 988 | | | | 77,064 | |
Federal Realty Investment Trust | | | 567 | | | | 71,663 | |
GGP, Inc. | | | 4,521 | | | | 106,515 | |
HCP, Inc. | | | 3,634 | | | | 116,143 | |
Host Hotels & Resorts, Inc. | | | 5,763 | | | | 105,290 | |
Iron Mountain, Inc. | | | 1,903 | | | | 65,387 | |
Kimco Realty Corp. | | | 3,268 | | | | 59,968 | |
Mid-America Apt. Communities, Inc. | | | 887 | | | | 93,472 | |
ProLogis, Inc. | | | 4,149 | | | | 243,297 | |
Public Storage | | | 1,167 | | | | 243,355 | |
Realty Income Corp. | | | 2,127 | | | | 117,368 | |
Regency Centers Corp. | | | 1,153 | | | | 72,224 | |
Simon Property Group, Inc. | | | 2,442 | | | | 395,018 | |
SL Green Realty Corp | | | 796 | | | | 84,217 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
The Macerich Co. | | | 930 | | | | 53,996 | |
UDR, Inc. | | | 2,101 | | | | 81,876 | |
Ventas, Inc. | | | 2,769 | | | | 192,390 | |
Vornado Realty Trust | | | 1,349 | | | | 126,671 | |
Welltower, Inc. | | | 2,848 | | | | 213,173 | |
Weyerhaeuser Co. | | | 5,878 | | | | 196,913 | |
| | | | | | | | |
| | | | | | | 4,742,963 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (1.1%) | | | | | | | | |
AT&T, Inc. | | | 48,051 | | | | 1,812,964 | |
CenturyLink, Inc. | | | 4,294 | | | | 102,541 | |
Level 3 Communications, Inc.* | | | 2,297 | | | | 136,212 | |
Verizon Communications, Inc. | | | 31,862 | | | | 1,422,957 | |
| | | | | | | | |
| | | | | | | 3,474,674 | |
| | | | | | | | |
UTILITIES (1.7%) | | | | | | | | |
AES Corp. | | | 5,188 | | | | 57,639 | |
Alliant Energy Corp. | | | 1,783 | | | | 71,623 | |
Ameren Corp. | | | 1,884 | | | | 102,998 | |
American Electric Power Co., Inc. | | | 3,847 | | | | 267,251 | |
American Water Works Co., Inc. | | | 1,404 | | | | 109,442 | |
CenterPoint Energy, Inc. | | | 3,397 | | | | 93,010 | |
CMS Energy Corp. | | | 2,191 | | | | 101,334 | |
Consolidated Edison, Inc. | | | 2,397 | | | | 193,726 | |
Dominion Resources, Inc. | | | 4,907 | | | | 376,023 | |
DTE Energy Co. | | | 1,406 | | | | 148,741 | |
Duke Energy Corp. | | | 5,473 | | | | 457,488 | |
Edison International | | | 2,552 | | | | 199,541 | |
Entergy Corp. | | | 1,400 | | | | 107,478 | |
Eversource Energy | | | 2,473 | | | | 150,136 | |
Exelon Corp. | | | 7,243 | | | | 261,255 | |
FirstEnergy Corp. | | | 3,450 | | | | 100,602 | |
NextEra Energy, Inc. | | | 3,658 | | | | 512,596 | |
NiSource, Inc. | | | 2,513 | | | | 63,730 | |
NRG Energy, Inc. | | | 2,433 | | | | 41,896 | |
PG&E Corp. | | | 3,990 | | | | 264,816 | |
Pinnacle West Capital Corp. | | | 879 | | | | 74,856 | |
PPL Corp. | | | 5,345 | | | | 206,638 | |
Public Svc. Enterprise Group, Inc. | | | 3,943 | | | | 169,588 | |
SCANA Corp. | | | 1,125 | | | | 75,386 | |
Sempra Energy | | | 1,962 | | | | 221,216 | |
Southern Co. | | | 7,768 | | | | 371,932 | |
WEC Energy Group, Inc. | | | 2,459 | | | | 150,933 | |
Xcel Energy, Inc. | | | 3,958 | | | | 181,593 | |
| | | | | | | | |
| | | | | | | 5,133,467 | |
| | | | | | | | |
TOTAL INDEXED ASSETS - COMMON STOCKS
(Cost: $101,957,224) 52.9% | | | | | | | 162,484,356 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
INDEXED ASSETS: | | | | | | | | | | | | | | | | | | | | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.0%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.88 | | | | 08/17/17 | | | | 1,000,000 | | | | 998,850 | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 2,000,000 | | | | 1,997,261 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,996,111 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (1.2%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 1,850,000 | | | | 1,849,954 | |
FHLB | | | A-1+ | | | | 0.75 | | | | 07/05/17 | | | | 2,000,000 | | | | 1,999,833 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 3,849,787 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.7%) | | | | | | | | | | | | | | | | | | | | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 2,000,000 | | | | 1,999,756 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INDEXED ASSETS - SHORT-TERM DEBT SECURITIES
(Cost: $8,845,654) 2.9% | | | | | | | | 8,845,654 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INDEXED ASSETS
(Cost: $110,802,878) 55.8% | | | | | | | | | | | | | | | | | | | 171,330,010 | |
| | | | | | | | | | | | | | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
ACTIVE ASSETS: | | | | | | | | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (4.6%) | | | | | | | | |
AMC Entertainment Hldgs., Inc. Cl A | | | 7,240 | | | | 164,710 | |
AMC Networks, Inc. Cl A* | | | 2,600 | | | | 138,866 | |
AutoZone, Inc.* | | | 1,086 | | | | 619,520 | |
Bassett Furniture Industries, Inc. | | | 8,460 | | | | 321,057 | |
Belmond Ltd.* | | | 22,749 | | | | 302,561 | |
Bloomin’ Brands, Inc. | | | 15,443 | | | | 327,855 | |
BorgWarner, Inc. | | | 10,018 | | | | 424,362 | |
Bright Horizons Family Solutions, Inc.* | | | 2,776 | | | | 214,335 | |
Cooper Tire & Rubber Co. | | | 5,976 | | | | 215,734 | |
Dave & Buster’s Entertainment, Inc.* | | | 8,059 | | | | 536,004 | |
Dick’s Sporting Goods, Inc. | | | 3,687 | | | | 146,853 | |
Dillard’s, Inc. Cl A | | | 595 | | | | 34,326 | |
Dollar Tree, Inc.* | | | 2,637 | | | | 184,379 | |
Expedia, Inc. | | | 1,380 | | | | 205,551 | |
Five Below, Inc.* | | | 15,085 | | | | 744,747 | |
Haverty Furniture Cos., Inc. | | | 16,654 | | | | 418,015 | |
Houghton Mifflin Harcourt Co.* | | | 40,948 | | | | 503,660 | |
Intrawest Resorts Hldgs., Inc.* | | | 15,196 | | | | 360,753 | |
LCI Industries | | | 1,773 | | | | 181,555 | |
Liberty Interactive Corp. Ser. A QVC Group* | | | 12,486 | | | | 306,407 | |
Lions Gate Entertainment Corp. Cl A | | | 18,996 | | | | 536,067 | |
Lions Gate Entertainment Corp. Cl B* | | | 18,996 | | | | 499,215 | |
Lithia Motors, Inc. Cl A | | | 8,029 | | | | 756,572 | |
Macy’s, Inc. | | | 2,891 | | | | 67,187 | |
Marriott International, Inc. Cl A | | | 5,154 | | | | 516,998 | |
MSG Networks, Inc.* | | | 18,229 | | | | 409,241 | |
NVR, Inc.* | | | 129 | | | | 310,969 | |
Playa Hotels & Resorts NV* | | | 24,813 | | | | 296,515 | |
Ralph Lauren Corp. | | | 5,258 | | | | 388,040 | |
Red Rock Resorts, Inc. Cl A | | | 16,348 | | | | 384,996 | |
Scripps Networks Interactive, Inc. Cl A | | | 8,372 | | | | 571,891 | |
Select Comfort Corp.* | | | 31,995 | | | | 1,135,502 | |
Steve Madden Ltd.* | | | 6,379 | | | | 254,841 | |
Taylor Morrison Home Corp. Cl A* | | | 2,887 | | | | 69,317 | |
Thor Industries, Inc. | | | 6,561 | | | | 685,755 | |
Tractor Supply Co. | | | 7,735 | | | | 419,314 | |
Unifi, Inc.* | | | 9,196 | | | | 283,237 | |
Wiley (John) & Sons, Inc. Cl A | | | 3,018 | | | | 159,200 | |
| | | | | | | | |
| | | | | | | 14,096,107 | |
| | | | | | | | |
CONSUMER STAPLES (1.4%) | | | | | | | | |
Cal-Maine Foods, Inc.* | | | 7,438 | | | | 294,545 | |
Church & Dwight Co., Inc. | | | 11,589 | | | | 601,237 | |
Constellation Brands, Inc. Cl A | | | 2,634 | | | | 510,285 | |
Crimson Wine Group Ltd.* | | | 38,233 | | | | 409,475 | |
Edgewell Personal Care Co.* | | | 1,694 | | | | 128,778 | |
Energizer Hldgs., Inc. | | | 1,694 | | | | 81,346 | |
Farmer Brothers Co.* | | | 3,419 | | | | 103,425 | |
Ingredion, Inc. | | | 1,868 | | | | 222,684 | |
J.M. Smucker Co. | | | 5,106 | | | | 604,193 | |
National Beverage Corp. | | | 301 | | | | 28,162 | |
Orchids Paper Products Co. | | | 11,074 | | | | 143,409 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Vector Group Ltd. | | | 26,904 | | | | 573,594 | |
Village Super Market, Inc. Cl A | | | 8,016 | | | | 207,774 | |
WD-40 Co. | | | 3,529 | | | | 389,425 | |
| | | | | | | | |
| | | | | | | 4,298,332 | |
| | | | | | | | |
ENERGY (1.7%) | | | | | | | | |
Abraxas Petroleum Corp.* | | | 41,589 | | | | 67,374 | |
Atwood Oceanics, Inc.* | | | 12,933 | | | | 105,404 | |
Baker Hughes, Inc. | | | 3,952 | | | | 215,424 | |
Carrizo Oil and Gas, Inc.* | | | 3,254 | | | | 56,685 | |
Cheniere Energy, Inc.* | | | 3,349 | | | | 163,130 | |
Concho Resources, Inc.* | | | 1,514 | | | | 183,996 | |
Continental Resources, Inc.* | | | 8,183 | | | | 264,556 | |
CrossAmerica Partners LP | | | 6,657 | | | | 169,754 | |
Devon Energy Corp. | | | 3,532 | | | | 112,918 | |
Gulfport Energy Corp.* | | | 25,935 | | | | 382,541 | |
Hess Corp. | | | 4,156 | | | | 182,324 | |
Matador Resources Co.* | | | 5,285 | | | | 112,940 | |
Matrix Service Co.* | | | 3,996 | | | | 37,363 | |
MPLX LP | | | 3,645 | | | | 121,743 | |
Nabors Industries Ltd. | | | 26,660 | | | | 217,013 | |
Newfield Exploration Co.* | | | 6,412 | | | | 182,486 | |
Noble Energy, Inc. | | | 5,726 | | | | 162,046 | |
Patterson-UTI Energy, Inc. | | | 11,040 | | | | 222,898 | |
PBF Energy, Inc. | | | 32,477 | | | | 722,938 | |
PDC Energy, Inc.* | | | 2,561 | | | | 110,405 | |
Range Resources Corp. | | | 26,819 | | | | 621,396 | |
RPC, Inc. | | | 5,515 | | | | 111,458 | |
RSP Permian, Inc.* | | | 3,037 | | | | 98,004 | |
Tesoro Corp. | | | 967 | | | | 90,511 | |
Weatherford Int’l. PLC* | | | 11,041 | | | | 42,729 | |
Williams Cos., Inc. | | | 18,487 | | | | 559,786 | |
| | | | | | | | |
| | | | | | | 5,317,822 | |
| | | | | | | | |
FINANCIALS (7.7%) | | | | | | | | |
Allied World Assurance Co. Hldgs. AG | | | 5,184 | | | | 274,234 | |
American Equity Investment Life Hldg. Co. | | | 11,542 | | | | 303,324 | |
American Financial Group, Inc. | | | 2,774 | | | | 275,652 | |
Ameriprise Financial, Inc. | | | 4,387 | | | | 558,421 | |
AMERISAFE, Inc. | | | 2,876 | | | | 163,788 | |
Aspen Insurance Hldgs. Ltd. | | | 5,579 | | | | 278,113 | |
Associated Banc-Corp. | | | 10,766 | | | | 271,303 | |
BancFirst Corp. | | | 4,114 | | | | 397,412 | |
Bank of Marin Bancorp | | | 3,381 | | | | 208,101 | |
Bank of the Ozarks, Inc. | | | 6,010 | | | | 281,689 | |
BankUnited, Inc. | | | 5,183 | | | | 174,719 | |
Banner Corp. | | | 6,755 | | | | 381,725 | |
Brookline Bancorp, Inc. | | | 25,512 | | | | 372,475 | |
Brown & Brown, Inc. | | | 3,710 | | | | 159,790 | |
Bryn Mawr Bank Corp. | | | 7,271 | | | | 309,018 | |
Canadian Imperial Bank of Commerce | | | 3,442 | | | | 279,353 | |
CBOE Holdings, Inc. | | | 3,750 | | | | 342,750 | |
Charter Financial Corp. | | | 12,964 | | | | 233,352 | |
Commerce Bancshares, Inc. | | | 5,478 | | | | 311,315 | |
Customers Bancorp, Inc.* | | | 10,382 | | | | 293,603 | |
Dime Community Bancshares | | | 11,958 | | | | 234,377 | |
Discover Financial Svcs. | | | 2,742 | | | | 170,525 | |
Eagle Bancorp, Inc.* | | | 4,115 | | | | 260,480 | |
East West Bancorp, Inc. | | | 5,770 | | | | 338,007 | |
Easterly Acquisition Corp.* | | | 23,769 | | | | 238,878 | |
Ellington Financial LLC | | | 22,379 | | | | 362,764 | |
Enterprise Financial Svcs. Corp. | | | 8,168 | | | | 333,254 | |
Everest Re Group Ltd. | | | 2,300 | | | | 585,557 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Fifth Third Bancorp | | | 9,002 | | | | 233,692 | |
First Connecticut Bancorp, Inc. | | | 6,066 | | | | 155,593 | |
First Interstate BancSytem, Inc. | | | 9,382 | | | | 349,010 | |
First Merchants Corp. | | | 5,265 | | | | 211,337 | |
First Republic Bank/CA | | | 6,252 | | | | 625,825 | |
Flushing Financial Corp. | | | 8,089 | | | | 228,029 | |
Glacier Bancorp, Inc. | | | 8,377 | | | | 306,682 | |
Great Southern Bancorp, Inc. | | | 2,200 | | | | 117,700 | |
Hanmi Financial Corp. | | | 6,166 | | | | 175,423 | |
Hartford Financial Svcs. Group, Inc. | | | 11,985 | | | | 630,051 | |
Heritage Financial Corp. | | | 8,950 | | | | 237,175 | |
Investors Bancorp, Inc. | | | 35,499 | | | | 474,267 | |
iShares Russell 2000 Growth ETF | | | 900 | | | | 151,893 | |
iShares Russell 2000 Value ETF | | | 1,910 | | | | 227,042 | |
iShares Russell Mid-Cap ETF | | | 1,520 | | | | 292,007 | |
iShares Russell Mid-Cap Value ETF | | | 2,700 | | | | 227,043 | |
Janus Henderson Group PLC* | | | 5,144 | | | | 170,318 | |
KeyCorp | | | 22,146 | | | | 415,016 | |
Lincoln National Corp. | | | 3,540 | | | | 239,233 | |
Marlin Business Svcs. Corp. | | | 11,867 | | | | 298,455 | |
MB Financial, Inc. | | | 5,211 | | | | 229,492 | |
Moelis & Co. Cl A | | | 7,316 | | | | 284,227 | |
NMI Hldgs., Inc. Cl A* | | | 30,771 | | | | 352,328 | |
Northfield Bancorp, Inc. | | | 17,890 | | | | 306,814 | |
Pinnacle Financial Partners, Inc. | | | 3,543 | | | | 222,500 | |
Principal Financial Grp., Inc. | | | 4,364 | | | | 279,601 | |
Progressive Corp. | | | 14,167 | | | | 624,623 | |
Prosperity Bancshares, Inc. | | | 2,441 | | | | 156,810 | |
Raymond James Financial, Inc. | | | 5,371 | | | | 430,862 | |
Reinsurance Grp. of America, Inc. | | | 6,903 | | | | 886,276 | |
S&T Bancorp, Inc. | | | 3,169 | | | | 113,640 | |
SEI Investments Co. | | | 6,027 | | | | 324,132 | |
Selective Insurance Group, Inc. | | | 8,197 | | | | 410,260 | |
Starwood Property Trust, Inc. | | | 49,423 | | | | 1,106,581 | |
Stock Yards Bancorp, Inc. | | | 14,414 | | | | 560,705 | |
Stonegate Bank | | | 2,155 | | | | 99,518 | |
SunTrust Banks, Inc. | | | 6,693 | | | | 379,627 | |
SVB Financial Group* | | | 5,997 | | | | 1,054,213 | |
Synchrony Financial | | | 9,981 | | | | 297,634 | |
TriCo Bancshares | | | 4,579 | | | | 160,952 | |
TriState Capital Hldgs., Inc.* | | | 7,967 | | | | 200,768 | |
UMB Financial Corp. | | | 2,600 | | | | 194,636 | |
United Financial Bancorp, Inc. | | | 2,708 | | | | 45,197 | |
United Insurance Hldgs. Corp. | | | 15,275 | | | | 240,276 | |
Voya Financial, Inc. | | | 5,886 | | | | 217,135 | |
Waterstone Financial, Inc. | | | 3,931 | | | | 74,099 | |
Zions Bancorporation | | | 1,370 | | | | 60,157 | |
| | | | | | | | |
| | | | | | | 23,472,833 | |
| | | | | | | | |
HEALTH CARE (4.9%) | | | | | | | | |
Abiomed, Inc.* | | | 1,564 | | | | 224,121 | |
Acadia Healthcare Co., Inc.* | | | 41,013 | | | | 2,025,222 | |
ACADIA Pharmaceuticals, Inc.* | | | 6,478 | | | | 180,671 | |
Accelerate Diagnostics, Inc.* | | | 845 | | | | 23,111 | |
Acceleron Pharma, Inc.* | | | 3,768 | | | | 114,510 | |
Agilent Technologies, Inc. | | | 3,452 | | | | 204,738 | |
Agios Pharmaceuticals, Inc.* | | | 1,571 | | | | 80,828 | |
Albany Molecular Research, Inc.* | | | 7,150 | | | | 155,155 | |
Align Technology, Inc.* | | | 3,634 | | | | 545,536 | |
Anika Therapeutics, Inc.* | | | 3,336 | | | | 164,598 | |
Atrion Corp. | | | 206 | | | | 132,520 | |
Bard (C.R.), Inc. | | | 1,723 | | | | 544,658 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
BioMarin Pharmaceutical, Inc.* | | | 1,443 | | | | 131,053 | |
BioSpecifics Technologies Corp.* | | | 3,532 | | | | 174,869 | |
Boston Scientific Corp.* | | | 18,636 | | | | 516,590 | |
Catalent, Inc.* | | | 4,141 | | | | 145,349 | |
Centene Corp.* | | | 4,791 | | | | 382,705 | |
Chemed Corp. | | | 744 | | | | 152,170 | |
Clovis Oncology, Inc.* | | | 2,521 | | | | 236,041 | |
DexCom, Inc.* | | | 3,190 | | | | 233,348 | |
Edwards Lifesciences Corp.* | | | 2,244 | | | | 265,331 | |
Emergent Biosolutions, Inc.* | | | 7,685 | | | | 260,598 | |
Envision Healthcare Corp.* | | | 3,229 | | | | 202,361 | |
Exact Sciences Corp.* | | | 7,178 | | | | 253,886 | |
Hill-Rom Hldgs., Inc. | | | 1,910 | | | | 152,055 | |
Humana, Inc. | | | 1,792 | | | | 431,191 | |
Insulet Corp.* | | | 3,742 | | | | 192,002 | |
Intersect ENT, Inc.* | | | 6,833 | | | | 190,982 | |
Intuitive Surgical, Inc.* | | | 258 | | | | 241,325 | |
Karyopharm Therapeutics, Inc.* | | | 9,986 | | | | 90,373 | |
Kindred Healthcare, Inc. | | | 8,888 | | | | 103,545 | |
Kite Pharma, Inc.* | | | 2,461 | | | | 255,132 | |
Medicines Co.* | | | 3,792 | | | | 144,134 | |
Mettler-Toledo Int’l., Inc.* | | | 665 | | | | 391,379 | |
Neogen Corp.* | | | 2,871 | | | | 198,415 | |
Neurocrine Biosciences, Inc.* | | | 9,069 | | | | 417,174 | |
Nevro Corp.* | | | 3,069 | | | | 228,426 | |
NuVasive, Inc.* | | | 3,194 | | | | 245,682 | |
Omeros Corp.* | | | 6,959 | | | | 138,519 | |
Omnicell, Inc.* | | | 9,189 | | | | 396,046 | |
OSI Pharmaceuticals, Inc. - rights* | | | 1,570 | | | | 16 | |
Pacific Biosciences of CA, Inc.* | | | 24,826 | | | | 88,381 | |
Pacira Pharmaceuticals, Inc.* | | | 3,820 | | | | 182,214 | |
Penumbra, Inc.* | | | 2,109 | | | | 185,065 | |
Prestige Brands Hldgs., Inc.* | | | 3,120 | | | | 164,767 | |
Prothena Corp. PLC* | | | 2,869 | | | | 155,270 | |
Radius Health, Inc.* | | | 2,201 | | | | 99,551 | |
Repligen Corp.* | | | 4,219 | | | | 174,835 | |
Sage Therapeutics, Inc.* | | | 1,819 | | | | 144,865 | |
Supernus Pharmaceuticals, Inc.* | | | 24,121 | | | | 1,039,615 | |
Ultragenyx Pharmaceutical, Inc.* | | | 2,354 | | | | 146,207 | |
United Therapeutics Corp.* | | | 729 | | | | 94,573 | |
WellCare Health Plans, Inc.* | | | 1,595 | | | | 286,398 | |
West Pharmaceutical Svcs., Inc. | | | 1,146 | | | | 108,320 | |
Wright Medical Group NV* | | | 13,284 | | | | 365,177 | |
Zimmer Biomet Hldgs., Inc. | | | 2,227 | | | | 285,947 | |
Zoetis, Inc. | | | 5,331 | | | | 332,548 | |
| | | | | | | | |
| | | | | | | 15,020,098 | |
| | | | | | | | |
INDUSTRIALS (5.9%) | | | | | | | | |
Alaska Air Group, Inc. | | | 11,706 | | | | 1,050,731 | |
Allegiant Travel Co. | | | 2,734 | | | | 370,730 | |
Altra Industrial Motion Corp. | | | 5,882 | | | | 234,104 | |
AMERCO | | | 593 | | | | 217,074 | |
Astronics Corp.* | | | 13,343 | | | | 406,560 | |
AZZ, Inc. | | | 5,453 | | | | 304,277 | |
BMC Stock Hldgs., Inc.* | | | 21,542 | | | | 470,693 | |
Carlisle Cos., Inc. | | | 5,757 | | | | 549,218 | |
Covenant Transportation Group Cl A* | | | 21,959 | | | | 384,942 | |
Deluxe Corp. | | | 6,361 | | | | 440,308 | |
Dover Corp. | | | 4,408 | | | | 353,610 | |
EMCOR Group, Inc. | | | 1,631 | | | | 106,635 | |
Encore Wire Corp. | | | 7,101 | | | | 303,213 | |
EnPro Industries, Inc. | | | 7,167 | | | | 511,509 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Equifax, Inc. | | | 3,501 | | | | 481,107 | |
Flowserve Corp. | | | 5,066 | | | | 235,214 | |
Fortune Brands Home & Security, Inc. | | | 5,490 | | | | 358,168 | |
Generac Hldgs., Inc.* | | | 4,743 | | | | 171,365 | |
Granite Construction, Inc. | | | 16,160 | | | | 779,559 | |
Healthcare Svcs. Group, Inc. | | | 7,688 | | | | 360,029 | |
Hyster-Yale Materials Handling, Inc. Cl A | | | 3,235 | | | | 227,259 | |
IHS Markit Ltd.* | | | 2,916 | | | | 128,421 | |
John Bean Technologies Corp. | | | 2,501 | | | | 245,098 | |
Kirby Corp.* | | | 7,543 | | | | 504,250 | |
L-3 Communications Corp. | | | 5,392 | | | | 900,896 | |
Lincoln Electric Hldgs., Inc. | | | 3,887 | | | | 357,954 | |
LSC Communications, Inc. | | | 12,961 | | | | 277,365 | |
Miller Industries, Inc. | | | 18,899 | | | | 469,640 | |
Mueller Industries, Inc. | | | 27,290 | | | | 830,981 | |
Mueller Water Products, Inc. Cl A | | | 26,172 | | | | 305,689 | |
NCI Building Systems, Inc.* | | | 9,715 | | | | 162,241 | |
Old Dominion Freight Line, Inc. | | | 7,511 | | | | 715,348 | |
Orbital ATK, Inc. | | | 6,179 | | | | 607,767 | |
Oshkosh Corp. | | | 2,384 | | | | 164,210 | |
Quanex Building Products Corp. | | | 6,215 | | | | 131,447 | |
Rockwell Automation, Inc. | | | 3,446 | | | | 558,114 | |
Rockwell Collins, Inc. | | | 3,577 | | | | 375,871 | |
Roper Technologies, Inc. | | | 945 | | | | 218,796 | |
Smith (A.O.) Corp. | | | 3,708 | | | | 208,872 | |
Stanley Black & Decker, Inc. | | | 2,240 | | | | 315,235 | |
Sun Hydraulics Corp. | | | 8,268 | | | | 352,796 | |
Teledyne Technologies, Inc.* | | | 2,515 | | | | 321,040 | |
Trex Co., Inc.* | | | 4,436 | | | | 300,140 | |
Tutor Perini Corp.* | | | 3,672 | | | | 105,570 | |
United Rentals, Inc.* | | | 2,675 | | | | 301,499 | |
Universal Forest Products, Inc. | | | 3,587 | | | | 313,181 | |
VSE Corp. | | | 6,387 | | | | 287,287 | |
Wabtec Corp. | | | 3,889 | | | | 355,844 | |
| | | | | | | | |
| | | | | | | 18,131,857 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (7.1%) | | | | | | | | |
Acacia Communications, Inc.* | | | 3,533 | | | | 146,514 | |
Aerohive Networks, Inc.* | | | 18,739 | | | | 93,695 | |
Akamai Technologies, Inc.* | | | 3,784 | | | | 188,481 | |
Ambarella, Inc.* | | | 6,328 | | | | 307,225 | |
Amphenol Corp. Cl A | | | 5,774 | | | | 426,237 | |
Analog Devices, Inc. | | | 5,690 | | | | 442,682 | |
Anixter International, Inc.* | | | 1,330 | | | | 104,006 | |
ARRIS International PLC* | | | 11,527 | | | | 322,986 | |
Avnet, Inc. | | | 9,121 | | | | 354,625 | |
Belden, Inc. | | | 2,279 | | | | 171,905 | |
Broadcom Ltd. | | | 500 | | | | 116,525 | |
CA, Inc. | | | 4,106 | | | | 141,534 | |
Callidus Software, Inc.* | | | 16,091 | | | | 389,402 | |
Cavium, Inc.* | | | 2,358 | | | | 146,503 | |
Cirrus Logic, Inc.* | | | 1,321 | | | | 82,853 | |
CommVault Systems, Inc.* | | | 7,550 | | | | 426,198 | |
Comtech Telecommunications Corp. | | | 11,829 | | | | 224,396 | |
Conduent, Inc.* | | | 1,451 | | | | 23,129 | |
Cornerstone OnDemand, Inc.* | | | 3,404 | | | | 121,693 | |
Cypress Semiconductor Corp. | | | 27,982 | | | | 381,955 | |
DXC Technology Co. | | | 8,178 | | | | 627,417 | |
EPAM Systems, Inc.* | | | 4,121 | | | | 346,535 | |
Euronet Worldwide, Inc.* | | | 4,235 | | | | 370,012 | |
Everspin Technologies, Inc.* | | | 15,903 | | | | 317,741 | |
F5 Networks, Inc.* | | | 408 | | | | 51,840 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Fair Isaac Corp. | | | 1,364 | | | | 190,155 | |
Fidelity Nat’l. Information Svcs., Inc. | | | 6,635 | | | | 566,629 | |
Global Payments, Inc. | | | 4,649 | | | | 419,898 | |
Globant S.A.* | | | 3,729 | | | | 161,988 | |
Guidewire Software, Inc.* | | | 3,318 | | | | 227,980 | |
Harris Corp. | | | 2,046 | | | | 223,178 | |
II-VI, Inc.* | | | 4,875 | | | | 167,213 | |
Integrated Device Technology, Inc.* | | | 7,059 | | | | 182,052 | |
j2 Global, Inc. | | | 2,095 | | | | 178,264 | |
KLA-Tencor Corp. | | | 5,292 | | | | 484,271 | |
Littelfuse, Inc. | | | 1,125 | | | | 185,625 | |
LogMeIn, Inc. | | | 9,461 | | | | 988,675 | |
Lumentum Hldgs., Inc.* | | | 8,196 | | | | 467,582 | |
Match Group, Inc.* | | | 4,851 | | | | 84,310 | |
MAXIMUS, Inc. | | | 3,615 | | | | 226,407 | |
MaxLinear, Inc. Cl A* | | | 14,429 | | | | 402,425 | |
Microchip Technology, Inc. | | | 4,007 | | | | 309,260 | |
MKS Instruments, Inc. | | | 4,778 | | | | 321,559 | |
Monolithic Power Systems, Inc. | | | 3,049 | | | | 293,924 | |
NeoPhotonics Corp.* | | | 13,791 | | | | 106,467 | |
New Relic, Inc.* | | | 7,523 | | | | 323,564 | |
Oclaro, Inc.* | | | 16,897 | | | | 157,818 | |
Palo Alto Networks, Inc.* | | | 1,682 | | | | 225,068 | |
Paycom Software, Inc.* | | | 2,431 | | | | 166,305 | |
Perficient, Inc.* | | | 16,630 | | | | 309,983 | |
Plexus Corp.* | | | 3,496 | | | | 183,785 | |
Proofpoint, Inc.* | | | 8,967 | | | | 778,605 | |
PTC, Inc.* | | | 7,042 | | | | 388,155 | |
Rapid7, Inc.* | | | 7,812 | | | | 131,476 | |
Red Hat, Inc.* | | | 3,661 | | | | 350,541 | |
Richardson Electronics Ltd. | | | 39,254 | | | | 234,346 | |
RingCentral, Inc. Cl A* | | | 1,376 | | | | 50,293 | |
Rogers Corp.* | | | 927 | | | | 100,691 | |
Science Applications Int’l. Corp. | | | 2,318 | | | | 160,916 | |
Sequans Communications S.A. ADR* | | | 127,218 | | | | 421,091 | |
Skyworks Solutions, Inc. | | | 4,220 | | | | 404,910 | |
Splunk, Inc.* | | | 4,729 | | | | 269,033 | |
Stamps.com, Inc.* | | | 4,626 | | | | 716,452 | |
Super Micro Computer, Inc.* | | | 2,564 | | | | 63,203 | |
Symantec Corp. | | | 3,820 | | | | 107,915 | |
SYNNEX Corp. | | | 2,242 | | | | 268,950 | |
Synopsys, Inc.* | | | 2,738 | | | | 199,682 | |
Take-Two Interactive Software, Inc.* | | | 5,869 | | | | 430,667 | |
Twilio, Inc. Cl A* | | | 2,130 | | | | 62,004 | |
Universal Display Corp. | | | 1,415 | | | | 154,589 | |
Vantiv, Inc. Cl A* | | | 4,188 | | | | 265,268 | |
ViaSat, Inc.* | | | 6,581 | | | | 435,662 | |
Virtusa Corp.* | | | 4,286 | | | | 126,008 | |
Western Digital Corp. | | | 1,527 | | | | 135,292 | |
Workday, Inc.* | | | 1,362 | | | | 132,114 | |
Xerox Corp. | | | 1,813 | | | | 52,086 | |
Xilinx, Inc. | | | 3,421 | | | | 220,039 | |
Xperi Corp. | | | 11,293 | | | | 336,531 | |
Xura, Inc.* | | | 11,415 | | | | 285,375 | |
Zendisk, Inc.* | | | 18,099 | | | | 502,790 | |
| | | | | | | | |
| | | | | | | 21,665,158 | |
| | | | | | | | |
MATERIALS (2.5%) | | | | | | | | |
Ashland Global Holdings, Inc. | | | 2,630 | | | | 173,343 | |
Axalta Coating Systems Ltd.* | | | 14,161 | | | | 453,718 | |
Berry Global Group, Inc.* | | | 4,560 | | | | 259,966 | |
Boise Cascade Co.* | | | 6,844 | | | | 208,058 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Crown Hldgs., Inc.* | | | 13,037 | | | | 777,788 | |
Eastman Chemical Co. | | | 4,303 | | | | 361,409 | |
Ferro Corp.* | | | 34,154 | | | | 624,677 | |
Ferroglobe PLC | | | 13,243 | | | | 158,254 | |
Freeport-McMoRan Copper & Gold, Inc.* | | | 10,564 | | | | 126,874 | |
Huntsman Corp. | | | 10,701 | | | | 276,514 | |
International Paper Co. | | | 4,559 | | | | 258,085 | |
Kaiser Aluminum Corp. | | | 4,114 | | | | 364,171 | |
Kraton Corporation Inc.* | | | 9,143 | | | | 314,885 | |
Minerals Technologies, Inc. | | | 649 | | | | 47,507 | |
Nucor Corp. | | | 2,140 | | | | 123,842 | |
Orion Engineered Carbons S.A. | | | 10,762 | | | | 214,702 | |
Packaging Corp. of America | | | 7,413 | | | | 825,734 | |
PolyOne Corp. | | | 2,501 | | | | 96,889 | |
Steel Dynamics, Inc. | | | 18,365 | | | | 657,650 | |
The Mosaic Co. | | | 2,430 | | | | 55,477 | |
TimkenSteel Corp.* | | | 10,993 | | | | 168,962 | |
U.S. Concrete, Inc.* | | | 3,970 | | | | 311,844 | |
United States Steel Corp. | | | 4,183 | | | | 92,612 | |
Valvoline, Inc. | | | 7,220 | | | | 171,258 | |
Vulcan Materials Co. | | | 3,152 | | | | 399,295 | |
Westlake Chemical Corp. | | | 3,345 | | | | 221,472 | |
| | | | | | | | |
| | | | | | | 7,744,986 | |
| | | | | | | | |
REAL ESTATE (4.0%) | | | | | | | | |
Alexander’s, Inc. | | | 610 | | | | 257,091 | |
Apartment Investment & Management Co. Cl A | | | 3,528 | | | | 151,598 | |
Apple Hospitality REIT, Inc. | | | 4,565 | | | | 85,411 | |
AvalonBay Communities, Inc. | | | 1,140 | | | | 219,074 | |
Boston Properties, Inc. | | | 1,385 | | | | 170,383 | |
Brandywine Realty Trust | | | 9,951 | | | | 174,441 | |
Camden Property Trust | | | 3,851 | | | | 329,299 | |
Chatham Lodging Trust | | | 10,850 | | | | 217,977 | |
Chesapeake Lodging Trust | | | 10,026 | | | | 245,336 | |
Colony NorthStar, Inc. Cl A | | | 26,475 | | | | 373,033 | |
Cousins Properties, Inc. | | | 15,207 | | | | 133,670 | |
CubeSmart | | | 8,252 | | | | 198,378 | |
DDR Corp. | | | 12,407 | | | | 112,531 | |
Duke Realty Corp. | | | 32,536 | | | | 909,381 | |
Easterly Government Pptys. | | | 27,848 | | | | 583,416 | |
EastGroup Properties, Inc. | | | 2,184 | | | | 183,019 | |
Equity Lifestyle Properties, Inc. | | | 910 | | | | 78,569 | |
Essex Property Trust, Inc. | | | 1,202 | | | | 309,239 | |
Extra Space Storage, Inc. | | | 2,564 | | | | 199,992 | |
FelCor Lodging Trust, Inc. | | | 21,161 | | | | 152,571 | |
Forest City Realty Trust, Inc. Cl A | | | 22,216 | | | | 536,961 | |
GGP, Inc. | | | 6,469 | | | | 152,410 | |
Highwoods Properties, Inc. | | | 6,225 | | | | 315,670 | |
Host Hotels & Resorts, Inc. | | | 18,911 | | | | 345,504 | |
Kilroy Realty Corp. | | | 10,274 | | | | 772,091 | |
Life Storage, Inc. | | | 1,515 | | | | 112,262 | |
Medical Properties Trust, Inc. | | | 6,215 | | | | 79,987 | |
New York REIT, Inc. | | | 11,755 | | | | 101,563 | |
Pebblebrook Hotel Trust | | | 6,703 | | | | 216,105 | |
Pennsylvania REIT | | | 11,067 | | | | 125,278 | |
ProLogis, Inc. | | | 5,397 | | | | 316,480 | |
QTS Realty Trust, Inc. | | | 6,471 | | | | 338,627 | |
Regency Centers Corp. | | | 6,322 | | | | 396,010 | |
Retail Opportunity Investments Corp. | | | 9,135 | | | | 175,301 | |
RLJ Lodging Trust | | | 1,953 | | | | 38,806 | |
SBA Communications Corp. Cl A* | | | 3,349 | | | | 451,780 | |
Sun Communities, Inc. | | | 3,945 | | | | 345,937 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Terreno Realty Corp. | | | 21,371 | | | | 719,348 | |
The GEO Group, Inc. | | | 15,210 | | | | 449,760 | |
Urstadt Biddle Pptys., Inc. Cl A | | | 5,009 | | | | 99,178 | |
Vornado Realty Trust | | | 2,794 | | | | 262,357 | |
Welltower, Inc. | | | 10,914 | | | | 816,913 | |
Weyerhaeuser Co. | | | 3,385 | | | | 113,398 | |
| | | | | | | | |
| | | | | | | 12,366,135 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (0.4%) | | | | | | | | |
CenturyLink, Inc. | | | 4,257 | | | | 101,657 | |
Level 3 Communications, Inc.* | | | 2,015 | | | | 119,490 | |
ORBCOMM, Inc.* | | | 50,936 | | | | 575,577 | |
Shenandoah Telecommunications Co. | | | 12,945 | | | | 397,411 | |
Zayo Group Hldgs., Inc.* | | | 3,202 | | | | 98,942 | |
| | | | | | | | |
| | | | | | | 1,293,077 | |
| | | | | | | | |
UTILITIES (2.2%) | | | | | | | | |
AES Corp. | | | 9,480 | | | | 105,323 | |
Ameren Corp. | | | 4,057 | | | | 221,796 | |
Avista Corp. | | | 6,324 | | | | 268,517 | |
Chesapeake Utilities Corp. | | | 5,391 | | | | 404,055 | |
Consolidated Edison, Inc. | | | 3,145 | | | | 254,179 | |
Edison International | | | 6,542 | | | | 511,519 | |
Entergy Corp. | | | 2,505 | | | | 192,309 | |
Eversource Energy | | | 9,331 | | | | 566,485 | |
FirstEnergy Corp. | | | 5,416 | | | | 157,931 | |
Great Plains Energy, Inc. | | | 7,821 | | | | 228,999 | |
Idacorp, Inc. | | | 2,916 | | | | 248,881 | |
NiSource, Inc. | | | 15,678 | | | | 397,594 | |
Northwest Natural Gas Co. | | | 8,243 | | | | 493,344 | |
NorthWestern Corp. | | | 3,517 | | | | 214,607 | |
PNM Resources, Inc. | | | 6,149 | | | | 235,199 | |
Portland General Electric Co. | | | 4,868 | | | | 222,419 | |
PPL Corp. | | | 6,352 | | | | 245,568 | |
Public Svc. Enterprise Group, Inc. | | | 5,772 | | | | 248,254 | |
Sempra Energy | | | 7,030 | | | | 792,633 | |
UGI Corp. | | | 14,588 | | | | 706,205 | |
Westar Energy, Inc. | | | 2,709 | | | | 143,631 | |
| | | | | | | | |
| | | | | | | 6,859,448 | |
| | | | | | | | |
TOTAL ACTIVE ASSETS - COMMON STOCKS
(Cost: $110,220,642) 42.4% | | | | 130,265,853 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
ACTIVE ASSETS: | | | | | | | | | | | | | | | | | | | | |
LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (0.1%) | | | | | | | | | | | | | | | | | | | | |
Mueller Industries, Inc. | | | NR | | | | 6.00 | | | | 03/01/27 | | | | 140,000 | | | | 143,500 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ACTIVE ASSETS - LONG-TERM DEBT SECURITIES
(Cost: $140,000) 0.1% | | | | | | | | 143,500 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
ACTIVE ASSETS: | | | | | | | | | | | | | | | | | | | | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.0%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 1,000,000 | | | | 998,630 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 1,000,000 | | | | 998,630 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 1,000,000 | | | | 998,630 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,995,890 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.5%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.65 | | | | 07/03/17 | | | | 500,000 | | | | 499,982 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 500,000 | | | | 499,988 | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 500,000 | | | | 499,988 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,499,958 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.3%) | | | | | | | | | | | | | | | | | | | | |
Intercontinental Exchange, Inc.† | | | A-1 | | | | 1.11 | | | | 07/05/17 | | | | 500,000 | | | | 499,938 | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 600,000 | | | | 599,927 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,099,865 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ACTIVE ASSETS - SHORT-TERM DEBT SECURITIES
(Cost: $5,595,713) 1.8% | | | | | | | | 5,595,713 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | Shares | | | Value | |
ACTIVE ASSETS: | | | | | | | | | | | | | | | | | | | | |
WARRANTS: | | | | | | | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY (0.0%) (2) | | | | | | | | | | | | | | | | | | | | |
Playa Hotels & Resorts NV - expiring 03/10/2022* | | | | | | | | | | | | | | | 24,200 | | | | 26,136 | |
| | | | | | | | | | | | | | | | | | | | |
FINANCIALS (0.0%) (2) | | | | | | | | | | | | | | | | | | | | |
Easterly Acquisition Corp. - expiring 07/29/2020* | | | | | | | | | | | | | | | 11,885 | | | | 10,102 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ACTIVE ASSETS - WARRANTS
(Cost: $14,366) 0.0% (2) | | | | | | | | | | | | 36,238 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ACTIVE ASSETS
(Cost: $115,970,721) 44.3% | | | | | | | | | | | | | | | | | | | 136,041,304 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $226,773,599) 100.1% | | | | | | | | | | | | | | | | | | | 307,371,314 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.1% | | | | | | | | | | | | | | | | | | | (376,415 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 306,994,899 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (8.1%) | | | | | | | | |
AMC Entertainment Hldgs., Inc. Cl A | | | 100,840 | | | | 2,294,110 | |
Bassett Furniture Industries, Inc. | | | 118,958 | | | | 4,514,456 | |
Belmond Ltd.* | | | 116,419 | | | | 1,548,373 | |
Houghton Mifflin Harcourt Co.* | | | 530,139 | | | | 6,520,710 | |
Intrawest Resorts Hldgs., Inc.* | | | 111,722 | | | | 2,652,280 | |
MSG Networks, Inc.* | | | 127,177 | | | | 2,855,124 | |
Playa Hotels & Resorts NV* | | | 348,340 | | | | 4,162,663 | |
Red Rock Resorts, Inc. Cl A | | | 50,640 | | | | 1,192,572 | |
Select Comfort Corp.* | | | 235,124 | | | | 8,344,551 | |
Unifi, Inc.* | | | 125,675 | | | | 3,870,790 | |
| | | | | | | | |
| | | | | | | 37,955,629 | |
| | | | | | | | |
CONSUMER STAPLES (2.4%) | | | | | | | | |
Crimson Wine Group Ltd.* | | | 476,811 | | | | 5,106,646 | |
Farmer Brothers Co.* | | | 48,085 | | | | 1,454,571 | |
Orchids Paper Products Co. | | | 95,846 | | | | 1,241,206 | |
Vector Group Ltd. | | | 157,533 | | | | 3,358,604 | |
| | | | | | | | |
| | | | | | | 11,161,027 | |
| | | | | | | | |
ENERGY (4.3%) | | | | | | | | |
Abraxas Petroleum Corp.* | | | 583,968 | | | | 946,028 | |
Atwood Oceanics, Inc.* | | | 181,585 | | | | 1,479,918 | |
Carrizo Oil and Gas, Inc.* | | | 45,787 | | | | 797,610 | |
CrossAmerica Partners LP | | | 92,662 | | | | 2,362,881 | |
Gulfport Energy Corp.* | | | 75,461 | | | | 1,113,050 | |
Matrix Service Co.* | | | 56,196 | | | | 525,433 | |
Nabors Industries Ltd. | | | 159,126 | | | | 1,295,286 | |
PBF Energy, Inc. | | | 281,879 | | | | 6,274,627 | |
PDC Energy, Inc.* | | | 36,039 | | | | 1,553,641 | |
Range Resources Corp. | | | 101,412 | | | | 2,349,716 | |
RSP Permian, Inc.* | | | 43,387 | | | | 1,400,098 | |
| | | | | | | | |
| | | | | | | 20,098,288 | |
| | | | | | | | |
FINANCIALS (30.8%) | | | | | | | | |
Allied World Assurance Co. Hldgs. AG | | | 72,807 | | | | 3,851,490 | |
American Equity Investment Life Hldg. Co. | | | 158,921 | | | | 4,176,444 | |
Aspen Insurance Hldgs. Ltd. | | | 79,149 | | | | 3,945,578 | |
BancFirst Corp. | | | 58,298 | | | | 5,631,587 | |
Bank of Marin Bancorp | | | 47,018 | | | | 2,893,958 | |
Banner Corp. | | | 95,264 | | | | 5,383,369 | |
Brookline Bancorp, Inc. | | | 374,530 | | | | 5,468,138 | |
Bryn Mawr Bank Corp. | | | 105,050 | | | | 4,464,625 | |
Canadian Imperial Bank of Commerce | | | 46,187 | | | | 3,748,537 | |
Charter Financial Corp. | | | 182,142 | | | | 3,278,556 | |
Customers Bancorp, Inc.* | | | 141,303 | | | | 3,996,049 | |
Dime Community Bancshares | | | 163,876 | | | | 3,211,970 | |
Eagle Bancorp, Inc.* | | | 58,402 | | | | 3,696,847 | |
Easterly Acquisition Corp.* | | | 293,383 | | | | 2,948,499 | |
Ellington Financial LLC | | | 310,321 | | | | 5,030,303 | |
Enterprise Financial Svcs. Corp. | | | 111,896 | | | | 4,565,357 | |
First Connecticut Bancorp, Inc. | | | 84,433 | | | | 2,165,706 | |
First Interstate BancSytem, Inc. | | | 131,988 | | | | 4,909,954 | |
Flushing Financial Corp. | | | 113,686 | | | | 3,204,808 | |
Glacier Bancorp, Inc. | | | 115,222 | | | | 4,218,277 | |
Great Southern Bancorp, Inc. | | | 30,730 | | | | 1,644,055 | |
Hanmi Financial Corp. | | | 87,786 | | | | 2,497,512 | |
Investors Bancorp, Inc. | | | 287,456 | | | | 3,840,412 | |
iShares Russell 2000 Value ETF | | | 40,870 | | | | 4,858,217 | |
Janus Henderson Group PLC* | | | 70,859 | | | | 2,346,141 | |
Marlin Business Svcs. Corp. | | | 166,824 | | | | 4,195,624 | |
MB Financial, Inc. | | | 67,951 | | | | 2,992,562 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
NMI Hldgs., Inc. Cl A* | | | 433,350 | | | | 4,961,858 | |
Northfield Bancorp, Inc. | | | 244,977 | | | | 4,201,356 | |
Prosperity Bancshares, Inc. | | | 34,255 | | | | 2,200,541 | |
Selective Insurance Group, Inc. | | | 115,135 | | | | 5,762,507 | |
Stock Yards Bancorp, Inc. | | | 204,975 | | | | 7,973,528 | |
Stonegate Bank | | | 29,541 | | | | 1,364,203 | |
SVB Financial Group* | | | 52,726 | | | | 9,268,703 | |
TriCo Bancshares | | | 62,751 | | | | 2,205,698 | |
UMB Financial Corp. | | | 32,918 | | | | 2,464,241 | |
United Financial Bancorp, Inc. | | | 38,589 | | | | 644,050 | |
Waterstone Financial, Inc. | | | 49,432 | | | | 931,793 | |
| | | | | | | | |
| | | | | | | 145,143,053 | |
| | | | | | | | |
HEALTH CARE (5.0%) | | | | | | | | |
Acadia Healthcare Co., Inc.* | | | 62,800 | | | | 3,101,064 | |
Albany Molecular Research, Inc.* | | | 100,069 | | | | 2,171,497 | |
Emergent Biosolutions, Inc.* | | | 34,013 | | | | 1,153,381 | |
Envision Healthcare Corp.* | | | 44,487 | | | | 2,788,000 | |
Kindred Healthcare, Inc. | | | 125,345 | | | | 1,460,269 | |
Neurocrine Biosciences, Inc.* | | | 23,600 | | | | 1,085,600 | |
Pacific Biosciences of CA, Inc.* | | | 348,687 | | | | 1,241,326 | |
Supernus Pharmaceuticals, Inc.* | | | 191,158 | | | | 8,238,910 | |
Wright Medical Group NV* | | | 80,187 | | | | 2,204,341 | |
| | | | | | | | |
| | | | | | | 23,444,388 | |
| | | | | | | | |
INDUSTRIALS (13.1%) | | | | | | | | |
Alaska Air Group, Inc. | | | 40,240 | | | | 3,611,942 | |
Astronics Corp.* | | | 67,567 | | | | 2,058,767 | |
AZZ, Inc. | | | 75,810 | | | | 4,230,198 | |
BMC Stock Hldgs., Inc.* | | | 156,617 | | | | 3,422,081 | |
Covenant Transportation Group Cl A* | | | 129,226 | | | | 2,265,332 | |
Deluxe Corp. | | | 57,509 | | | | 3,980,773 | |
EMCOR Group, Inc. | | | 23,200 | | | | 1,516,816 | |
Encore Wire Corp. | | | 96,894 | | | | 4,137,374 | |
Hyster-Yale Materials Handling, Inc. Cl A | | | 45,750 | | | | 3,213,938 | |
Kirby Corp.* | | | 52,452 | | | | 3,506,416 | |
LSC Communications, Inc. | | | 108,718 | | | | 2,326,565 | |
Miller Industries, Inc. | | | 260,428 | | | | 6,471,636 | |
Mueller Industries, Inc. | | | 331,066 | | | | 10,080,955 | |
Orbital ATK, Inc. | | | 37,592 | | | | 3,697,549 | |
Tutor Perini Corp.* | | | 52,060 | | | | 1,496,725 | |
Universal Forest Products, Inc. | | | 22,045 | | | | 1,924,749 | |
VSE Corp. | | | 89,725 | | | | 4,035,831 | |
| | | | | | | | |
| | | | | | | 61,977,647 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (11.1%) | | | | | | | | |
Aerohive Networks, Inc.* | | | 256,534 | | | | 1,282,670 | |
Ambarella, Inc.* | | | 28,023 | | | | 1,360,517 | |
Anixter International, Inc.* | | | 18,139 | | | | 1,418,470 | |
CommVault Systems, Inc.* | | | 36,220 | | | | 2,044,619 | |
Comtech Telecommunications Corp. | | | 161,666 | | | | 3,066,804 | |
Cypress Semiconductor Corp. | | | 58,150 | | | | 793,748 | |
Everspin Technologies, Inc.* | | | 53,795 | | | | 1,074,824 | |
LogMeIn, Inc. | | | 27,939 | | | | 2,919,626 | |
MaxLinear, Inc. Cl A* | | | 94,059 | | | | 2,623,306 | |
MKS Instruments, Inc. | | | 65,107 | | | | 4,381,701 | |
Perficient, Inc.* | | | 89,080 | | | | 1,660,451 | |
Plexus Corp.* | | | 49,448 | | | | 2,599,481 | |
Proofpoint, Inc.* | | | 54,213 | | | | 4,707,315 | |
Richardson Electronics Ltd. | | | 533,438 | | | | 3,184,625 | |
Rogers Corp.* | | | 13,056 | | | | 1,418,143 | |
Sequans Communications S.A. ADR* | | | 904,166 | | | | 2,992,789 | |
Stamps.com, Inc.* | | | 26,625 | | | | 4,123,547 | |
SYNNEX Corp. | | | 30,673 | | | | 3,679,533 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
Virtusa Corp.* | | | | | | | | | | | | | | | 59,213 | | | | 1,740,862 | |
Xperi Corp. | | | | | | | | | | | | | | | 62,010 | | | | 1,847,898 | |
Xura, Inc.* | | | | | | | | | | | | | | | 128,245 | | | | 3,206,125 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 52,127,054 | |
| | | | | | | | | | | | | | | | | | | | |
MATERIALS (3.9%) | | | | | | | | | | | | | |
Boise Cascade Co.* | | | | | | | | | | | | | | | 96,370 | | | | 2,929,648 | |
Ferro Corp.* | | | | | | | | | | | | | | | 107,456 | | | | 1,965,370 | |
Kaiser Aluminum Corp. | | | | | | | | | | | | | | | 58,145 | | | | 5,146,995 | |
Kraton Corporation Inc.* | | | | | | | | | | | | | | | 128,556 | | | | 4,427,469 | |
TimkenSteel Corp.* | | | | | | | | | | | | | | | 155,478 | | | | 2,389,697 | |
United States Steel Corp. | | | | | | | | | | | | | | | 59,050 | | | | 1,307,367 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 18,166,546 | |
| | | | | | | | | | | | | | | | | | | | |
REAL ESTATE (10.2%) | | | | | | | | | | | | | |
Alexander’s, Inc. | | | | | | | | | | | | | | | 5,053 | | | | 2,129,637 | |
Chatham Lodging Trust | | | | | | | | | | | | | | | 142,287 | | | | 2,858,546 | |
Chesapeake Lodging Trust | | | | | | | | | | | | | | | 138,787 | | | | 3,396,118 | |
Colony NorthStar, Inc. Cl A | | | | | | | | | | | | | | | 361,668 | | | | 5,095,902 | |
Cousins Properties, Inc. | | | | | | | | | | | | | | | 207,220 | | | | 1,821,464 | |
Easterly Government Pptys. | | | | | | | | | | | | | | | 202,273 | | | | 4,237,619 | |
FelCor Lodging Trust, Inc. | | | | | | | | | | | | | | | 298,682 | | | | 2,153,497 | |
Forest City Realty Trust, Inc. Cl A | | | | | | | | | | | | | | | 277,128 | | | | 6,698,184 | |
Highwoods Properties, Inc. | | | | | | | | | | | | | | | 87,286 | | | | 4,426,273 | |
Life Storage, Inc. | | | | | | | | | | | | | | | 21,674 | | | | 1,606,043 | |
Medical Properties Trust, Inc. | | | | | | | | | | | | | | | 87,440 | | | | 1,125,353 | |
New York REIT, Inc. | | | | | | | | | | | | | | | 167,140 | | | | 1,444,090 | |
Pennsylvania REIT | | | | | | | | | | | | | | | 156,667 | | | | 1,773,470 | |
Terreno Realty Corp. | | | | | | | | | | | | | | | 105,264 | | | | 3,543,186 | |
The GEO Group, Inc. | | | | | | | | | | | | | | | 140,301 | | | | 4,148,701 | |
Urstadt Biddle Pptys., Inc. Cl A | | | | | | | | | | | | | | | 70,624 | | | | 1,398,355 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 47,856,438 | |
| | | | | | | | | | | | | | | | | | | | |
TELECOMMUNICATION SERVICES (1.3%) | | | | | | | | | | | | | |
ORBCOMM, Inc.* | | | | | | | | | | | | | | | 339,801 | | | | 3,839,751 | |
Shenandoah Telecommunications Co. | | | | | | | | | | | | | | | 70,364 | | | | 2,160,175 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 5,999,926 | |
| | | | | | | | | | | | | | | | | | | | |
UTILITIES (4.0%) | | | | | | | | | | | | | |
Avista Corp. | | | | | | | | | | | | | | | 87,482 | | | | 3,714,486 | |
Idacorp, Inc. | | | | | | | | | | | | | | | 40,440 | | | | 3,451,554 | |
Northwest Natural Gas Co. | | | | | | | | | | | | | | | 38,511 | | | | 2,304,883 | |
NorthWestern Corp. | | | | | | | | | | | | | | | 46,978 | | | | 2,866,598 | |
PNM Resources, Inc. | | | | | | | | | | | | | | | 84,539 | | | | 3,233,617 | |
Portland General Electric Co. | | | | | | | | | | | | | | | 67,487 | | | | 3,083,481 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 18,654,619 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $334,499,687) 94.2% | | | | 442,584,615 | |
| | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (0.4%) | | | | | | | | | | | | | |
Mueller Industries, Inc. | | | NR | | | | 6.00 | | | | 03/01/27 | | | | 1,655,000 | | | | 1,696,375 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $1,655,000) 0.4% | | | | | | | | 1,696,375 | |
| | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.5%) | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 7,000,000 | | | | 6,990,413 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (1.6%) | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 1,200,000 | | | | 1,199,970 | |
FHLB | | | A-1+ | | | | 0.75 | | | | 07/05/17 | | | | 6,500,000 | | | | 6,499,458 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 7,699,428 | |
| | | | | | | | | | | | | | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (2.2%) | | | | | | | | | | | | | |
National Rural Utilities | | | A-1 | | | | 1.15 | | | | 08/01/17 | | | | 600,000 | | | | 599,406 | |
Wal-Mart Stores, Inc.† | | | A-1+ | | | | 1.07 | | | | 07/10/17 | | | | 5,000,000 | | | | 4,998,662 | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 5,000,000 | | | | 4,999,389 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 10,597,457 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $25,287,298) 5.3% | | | | | | | | 25,287,298 | |
| | | | | | | | | |
| | | | | |
| | | | | | | | | | | | Shares | | | Value | |
WARRANTS: | | | | | | | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY (0.1%) | | | | | | | | | | | | | |
Playa Hotels & Resorts NV - expiring 03/10/2022* | | | | | | | | | | | | 273,830 | | | | 295,736 | |
| | | | | | | | | | | | | | | | | |
FINANCIALS (0.0%) (2) | | | | | | | | | | | | | |
Easterly Acquisition Corp. - expiring 07/29/2020* | | | | | | | | | | | | 146,691 | | | | 124,687 | |
| | | | | | | | | | | | | | | | | |
TOTAL WARRANTS
(Cost: $169,934) 0.1% | | | | 420,423 | |
| | | | | |
TOTAL INVESTMENTS
(Cost: $361,611,919) 100.0% | | | | | | | | | | | | | | | | | | | 469,988,711 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.0% (2) | | | | | | | | | | | | | | | | | | | (181,096 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 469,807,615 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (14.2%) | | | | | | | | |
AMC Networks, Inc. Cl A* | | | 36,720 | | | | 1,961,215 | |
Belmond Ltd.* | | | 186,279 | | | | 2,477,511 | |
Bloomin’ Brands, Inc. | | | 215,624 | | | | 4,577,698 | |
Bright Horizons Family Solutions, Inc.* | | | 39,300 | | | | 3,034,353 | |
Cooper Tire & Rubber Co. | | | 83,835 | | | | 3,026,444 | |
Dave & Buster’s Entertainment, Inc.* | | | 44,481 | | | | 2,958,431 | |
Five Below, Inc.* | | | 146,058 | | | | 7,210,883 | |
Haverty Furniture Cos., Inc. | | | 234,064 | | | | 5,875,006 | |
Intrawest Resorts Hldgs., Inc.* | | | 98,437 | | | | 2,336,894 | |
LCI Industries | | | 25,295 | | | | 2,590,208 | |
Lions Gate Entertainment Corp. Cl A | | | 110,555 | | | | 3,119,862 | |
Lions Gate Entertainment Corp. Cl B* | | | 110,555 | | | | 2,905,385 | |
Lithia Motors, Inc. Cl A | | | 48,238 | | | | 4,545,467 | |
MSG Networks, Inc.* | | | 64,703 | | | | 1,452,582 | |
Red Rock Resorts, Inc. Cl A | | | 181,712 | | | | 4,279,318 | |
Select Comfort Corp.* | | | 215,492 | | | | 7,647,811 | |
Steve Madden Ltd.* | | | 89,868 | | | | 3,590,227 | |
Thor Industries, Inc. | | | 40,826 | | | | 4,267,134 | |
| | | | | | | | |
| | | | | | | 67,856,429 | |
| | | | | | | | |
CONSUMER STAPLES (2.8%) | | | | | | | | |
Cal-Maine Foods, Inc.* | | | 47,614 | | | | 1,885,514 | |
National Beverage Corp. | | | 4,282 | | | | 400,624 | |
Orchids Paper Products Co. | | | 60,815 | | | | 787,554 | |
Vector Group Ltd. | | | 133,235 | | | | 2,840,570 | |
Village Super Market, Inc. Cl A | | | 94,409 | | | | 2,447,081 | |
WD-40 Co. | | | 46,352 | | | | 5,114,943 | |
| | | | | | | | |
| | | | | | | 13,476,286 | |
| | | | | | | | |
ENERGY (1.0%) | | | | | | | | |
Gulfport Energy Corp.* | | | 90,012 | | | | 1,327,677 | |
Matador Resources Co.* | | | 75,171 | | | | 1,606,404 | |
RPC, Inc. | | | 78,255 | | | | 1,581,534 | |
| | | | | | | | |
| | | | | | | 4,515,615 | |
| | | | | | | | |
FINANCIALS (6.5%) | | | | | | | | |
AMERISAFE, Inc. | | | 40,925 | | | | 2,330,679 | |
First Merchants Corp. | | | 75,239 | | | | 3,020,093 | |
Heritage Financial Corp. | | | 128,124 | | | | 3,395,286 | |
Investors Bancorp, Inc. | | | 214,377 | | | | 2,864,077 | |
iShares Russell 2000 Growth ETF | | | 6,695 | | | | 1,129,915 | |
Moelis & Co. Cl A | | | 104,672 | | | | 4,066,507 | |
Pinnacle Financial Partners, Inc. | | | 50,061 | | | | 3,143,831 | |
S&T Bancorp, Inc. | | | 45,073 | | | | 1,616,318 | |
Starwood Property Trust, Inc. | | | 142,655 | | | | 3,194,045 | |
TriState Capital Hldgs., Inc.* | | | 113,966 | | | | 2,871,943 | |
United Insurance Hldgs. Corp. | | | 217,030 | | | | 3,413,882 | |
| | | | | | | | |
| | | | | | | 31,046,576 | |
| | | | | | | | |
HEALTH CARE (21.6%) | | | | | | | | |
Abiomed, Inc.* | | | 22,404 | | | | 3,210,493 | |
Acadia Healthcare Co., Inc.* | | | 199,231 | | | | 9,838,028 | |
ACADIA Pharmaceuticals, Inc.* | | | 66,634 | | | | 1,858,422 | |
Accelerate Diagnostics, Inc.* | | | 11,075 | | | | 302,901 | |
Acceleron Pharma, Inc.* | | | 53,496 | | | | 1,625,743 | |
Agios Pharmaceuticals, Inc.* | | | 22,268 | | | | 1,145,689 | |
Anika Therapeutics, Inc.* | | | 45,922 | | | | 2,265,791 | |
Atrion Corp. | | | 2,947 | | | | 1,895,805 | |
BioSpecifics Technologies Corp.* | | | 48,397 | | | | 2,396,135 | |
Catalent, Inc.* | | | 58,159 | | | | 2,041,381 | |
Chemed Corp. | | | 10,524 | | | | 2,152,474 | |
Clovis Oncology, Inc.* | | | 35,633 | | | | 3,336,318 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
DexCom, Inc.* | | | 23,937 | | | | 1,750,992 | |
Emergent Biosolutions, Inc.* | | | 73,635 | | | | 2,496,963 | |
Exact Sciences Corp.* | | | 101,364 | | | | 3,585,245 | |
Insulet Corp.* | | | 52,941 | | | | 2,716,403 | |
Intersect ENT, Inc.* | | | 95,913 | | | | 2,680,768 | |
Karyopharm Therapeutics, Inc.* | | | 141,806 | | | | 1,283,344 | |
Kite Pharma, Inc.* | | | 34,980 | | | | 3,626,377 | |
Medicines Co.* | | | 53,850 | | | | 2,046,838 | |
Neogen Corp.* | | | 41,396 | | | | 2,860,878 | |
Neurocrine Biosciences, Inc.* | | | 61,345 | | | | 2,821,870 | |
Nevro Corp.* | | | 43,634 | | | | 3,247,679 | |
NuVasive, Inc.* | | | 45,276 | | | | 3,482,630 | |
Omeros Corp.* | | | 99,558 | | | | 1,981,702 | |
Omnicell, Inc.* | | | 130,493 | | | | 5,624,248 | |
Pacira Pharmaceuticals, Inc.* | | | 54,323 | | | | 2,591,207 | |
Penumbra, Inc.* | | | 29,744 | | | | 2,610,036 | |
Prestige Brands Hldgs., Inc.* | | | 44,451 | | | | 2,347,457 | |
Prothena Corp. PLC* | | | 40,533 | | | | 2,193,646 | |
Radius Health, Inc.* | | | 31,297 | | | | 1,415,563 | |
Repligen Corp.* | | | 60,119 | | | | 2,491,331 | |
Sage Therapeutics, Inc.* | | | 25,601 | | | | 2,038,864 | |
Supernus Pharmaceuticals, Inc.* | | | 149,898 | | | | 6,460,604 | |
Ultragenyx Pharmaceutical, Inc.* | | | 33,427 | | | | 2,076,151 | |
WellCare Health Plans, Inc.* | | | 22,671 | | | | 4,070,805 | |
Wright Medical Group NV* | | | 104,776 | | | | 2,880,292 | |
| | | | | | | | |
| | | | | | | 103,451,073 | |
| | | | | | | | |
INDUSTRIALS (14.7%) | | | | | | | | |
Allegiant Travel Co. | | | 38,689 | | | | 5,246,228 | |
Altra Industrial Motion Corp. | | | 83,595 | | | | 3,327,081 | |
Astronics Corp.* | | | 121,391 | | | | 3,698,784 | |
BMC Stock Hldgs., Inc.* | | | 147,132 | | | | 3,214,834 | |
Covenant Transportation Group Cl A* | | | 176,631 | | | | 3,096,341 | |
Deluxe Corp. | | | 30,558 | | | | 2,115,225 | |
EnPro Industries, Inc. | | | 101,830 | | | | 7,267,607 | |
Generac Hldgs., Inc.* | | | 67,173 | | | | 2,426,960 | |
Granite Construction, Inc. | | | 130,724 | | | | 6,306,126 | |
Healthcare Svcs. Group, Inc. | | | 109,920 | | | | 5,147,554 | |
John Bean Technologies Corp. | | | 35,535 | | | | 3,482,430 | |
Mueller Water Products, Inc. Cl A | | | 359,832 | | | | 4,202,838 | |
NCI Building Systems, Inc.* | | | 138,081 | | | | 2,305,953 | |
Quanex Building Products Corp. | | | 82,442 | | | | 1,743,648 | |
Sun Hydraulics Corp. | | | 117,160 | | | | 4,999,217 | |
Teledyne Technologies, Inc.* | | | 35,955 | | | | 4,589,656 | |
Trex Co., Inc.* | | | 63,391 | | | | 4,289,035 | |
Universal Forest Products, Inc. | | | 28,974 | | | | 2,529,720 | |
| | | | | | | | |
| | | | | | | 69,989,237 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (24.4%) | | | | | | | | |
Acacia Communications, Inc.* | | | 50,283 | | | | 2,085,236 | |
Ambarella, Inc.* | | | 61,666 | | | | 2,993,884 | |
ARRIS International PLC* | | | 42,468 | | | | 1,189,953 | |
Belden, Inc. | | | 32,249 | | | | 2,432,542 | |
Callidus Software, Inc.* | | | 230,097 | | | | 5,568,347 | |
Cavium, Inc.* | | | 33,570 | | | | 2,085,704 | |
Cirrus Logic, Inc.* | | | 18,776 | | | | 1,177,631 | |
CommVault Systems, Inc.* | | | 70,908 | | | | 4,002,757 | |
Cornerstone OnDemand, Inc.* | | | 48,372 | | | | 1,729,299 | |
Cypress Semiconductor Corp. | | | 89,828 | | | | 1,226,152 | |
EPAM Systems, Inc.* | | | 58,338 | | | | 4,905,642 | |
Euronet Worldwide, Inc.* | | | 23,068 | | | | 2,015,451 | |
Everspin Technologies, Inc.* | | | 171,549 | | | | 3,427,549 | |
Fair Isaac Corp. | | | 19,341 | | | | 2,696,329 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Globant S.A.* | | | 53,042 | | | | 2,304,144 | |
II-VI, Inc.* | | | 69,746 | | | | 2,392,288 | |
Integrated Device Technology, Inc.* | | | 100,051 | | | | 2,580,315 | |
j2 Global, Inc. | | | 29,871 | | | | 2,541,723 | |
Littelfuse, Inc. | | | 15,910 | | | | 2,625,150 | |
LogMeIn, Inc. | | | 49,209 | | | | 5,142,341 | |
Lumentum Hldgs., Inc.* | | | 49,603 | | | | 2,829,851 | |
MAXIMUS, Inc. | | | 50,666 | | | | 3,173,212 | |
MaxLinear, Inc. Cl A* | | | 111,555 | | | | 3,111,269 | |
Monolithic Power Systems, Inc. | | | 43,225 | | | | 4,166,890 | |
NeoPhotonics Corp.* | | | 194,785 | | | | 1,503,740 | |
New Relic, Inc.* | | | 108,038 | | | | 4,646,714 | |
Oclaro, Inc.* | | | 240,411 | | | | 2,245,439 | |
Paycom Software, Inc.* | | | 34,733 | | | | 2,376,085 | |
Perficient, Inc.* | | | 144,465 | | | | 2,692,828 | |
Proofpoint, Inc.* | | | 71,338 | | | | 6,194,279 | |
Rapid7, Inc.* | | | 110,089 | | | | 1,852,798 | |
RingCentral, Inc. Cl A* | | | 19,459 | | | | 711,226 | |
Science Applications Int’l. Corp. | | | 33,114 | | | | 2,298,774 | |
Sequans Communications S.A. ADR* | | | 861,023 | | | | 2,849,986 | |
Stamps.com, Inc.* | | | 20,940 | | | | 3,243,083 | |
Super Micro Computer, Inc.* | | | 36,381 | | | | 896,792 | |
Take-Two Interactive Software, Inc.* | | | 47,208 | | | | 3,464,123 | |
Twilio, Inc. Cl A* | | | 30,258 | | | | 880,810 | |
Universal Display Corp. | | | 20,134 | | | | 2,199,640 | |
ViaSat, Inc.* | | | 38,847 | | | | 2,571,671 | |
Xperi Corp. | | | 97,116 | | | | 2,894,057 | |
Zendisk, Inc.* | | | 174,972 | | | | 4,860,722 | |
| | | | | | | | |
| | | | | | | 116,786,426 | |
| | | | | | | | |
MATERIALS (4.7%) | | | | | | | | |
Berry Global Group, Inc.* | | | 64,476 | | | | 3,675,777 | |
Ferro Corp.* | | | 376,408 | | | | 6,884,502 | |
Ferroglobe PLC | | | 189,523 | | | | 2,264,800 | |
Minerals Technologies, Inc. | | | 9,130 | | | | 668,316 | |
Orion Engineered Carbons S.A. | | | 153,044 | | | | 3,053,228 | |
PolyOne Corp. | | | 36,198 | | | | 1,402,311 | |
U.S. Concrete, Inc.* | | | 56,434 | | | | 4,432,891 | |
| | | | | | | | |
| | | | | | | 22,381,825 | |
| | | | | | | | |
REAL ESTATE (5.0%) | | | | | | | | |
CubeSmart | | | 116,702 | | | | 2,805,516 | |
Easterly Government Pptys. | | | 184,379 | | | | 3,862,740 | |
EastGroup Properties, Inc. | | | 30,791 | | | | 2,580,286 | |
Pebblebrook Hotel Trust | | | 94,730 | | | | 3,054,095 | |
QTS Realty Trust, Inc. | | | 92,010 | | | | 4,814,883 | |
Retail Opportunity Investments Corp. | | | 129,052 | | | | 2,476,508 | |
Terreno Realty Corp. | | | 123,091 | | | | 4,143,243 | |
| | | | | | | | |
| | | | | | | 23,737,271 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (1.6%) | | | | | | | | |
ORBCOMM, Inc.* | | | 382,162 | | | | 4,318,431 | |
Shenandoah Telecommunications Co. | | | 112,177 | | | | 3,443,834 | |
| | | | | | | | |
| | | | | | | 7,762,265 | |
| | | | | | | | |
UTILITIES (2.2%) | | | | | | | | |
Chesapeake Utilities Corp. | | | 75,281 | | | | 5,642,311 | |
Northwest Natural Gas Co. | | | 78,024 | | | | 4,669,736 | |
| | | | | | | | |
| | | | | | | 10,312,047 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $388,567,368) 98.7% | | | | 471,315,050 | |
| | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.2%) | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.89 | | | | 08/10/17 | | | | 4,400,000 | | | | 4,395,647 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 1,500,000 | | | | 1,497,946 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 5,893,593 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (1.4%) | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 2,500,000 | | | | 2,499,938 | |
FHLB | | | A-1+ | | | | 0.75 | | | | 07/05/17 | | | | 4,000,000 | | | | 3,999,666 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 6,499,604 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.4%) | | | | | | | | | | | | | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 2,000,000 | | | | 1,999,756 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $14,392,953) 3.0% | | | | | | | | 14,392,953 | |
| | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $402,960,321) 101.7% | | | | | | | | | | | | | | | | | | | 485,708,003 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -1.7% | | | | | | | | | | | | | | | | | | | (8,302,593 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 477,405,410 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (2.9%) | | | | | | | | |
Dillard’s, Inc. Cl A | | | 2,672 | | | | 154,148 | |
Liberty Interactive Corp. Ser. A QVC Group* | | | 17,450 | | | | 428,223 | |
Macy’s, Inc. | | | 13,482 | | | | 313,322 | |
MSG Networks, Inc.* | | | 21,903 | | | | 491,722 | |
Ralph Lauren Corp. | | | 5,037 | | | | 371,731 | |
Taylor Morrison Home Corp. Cl A* | | | 12,722 | | | | 305,455 | |
Wiley (John) & Sons, Inc. Cl A | | | 14,076 | | | | 742,509 | |
| | | | | | | | |
| | | | | | | 2,807,110 | |
| | | | | | | | |
CONSUMER STAPLES (3.0%) | | | | | | | | |
Constellation Brands, Inc. Cl A | | | 1,719 | | | | 333,022 | |
Edgewell Personal Care Co.* | | | 7,604 | | | | 578,056 | |
Energizer Hldgs., Inc. | | | 7,902 | | | | 379,454 | |
Ingredion, Inc. | | | 8,421 | | | | 1,003,867 | |
Vector Group Ltd. | | | 29,991 | | | | 639,408 | |
| | | | | | | | |
| | | | | | | 2,933,807 | |
| | | | | | | | |
ENERGY (7.5%) | | | | | | | | |
Baker Hughes, Inc. | | | 18,432 | | | | 1,004,728 | |
Cheniere Energy, Inc.* | | | 15,507 | | | | 755,346 | |
Hess Corp. | | | 7,538 | | | | 330,692 | |
MPLX LP | | | 16,998 | | | | 567,733 | |
Nabors Industries Ltd. | | | 69,463 | | | | 565,429 | |
Noble Energy, Inc. | | | 26,701 | | | | 755,638 | |
PBF Energy, Inc. | | | 54,263 | | | | 1,207,894 | |
Range Resources Corp. | | | 34,765 | | | | 805,505 | |
Tesoro Corp. | | | 4,420 | | | | 413,712 | |
Weatherford Int’l. PLC* | | | 49,088 | | | | 189,971 | |
Williams Cos., Inc. | | | 25,751 | | | | 779,740 | |
| | | | | | | | |
| | | | | | | 7,376,388 | |
| | | | | | | | |
FINANCIALS (19.4%) | | | | | | | | |
American Financial Group, Inc. | | | 12,849 | | | | 1,276,805 | |
Ameriprise Financial, Inc. | | | 11,272 | | | | 1,434,813 | |
Associated Banc-Corp. | | | 50,204 | | | | 1,265,141 | |
BankUnited, Inc. | | | 23,723 | | | | 799,702 | |
Discover Financial Svcs. | | | 12,401 | | | | 771,218 | |
Everest Re Group Ltd. | | | 6,216 | | | | 1,582,531 | |
Fifth Third Bancorp | | | 40,116 | | | | 1,041,411 | |
Hartford Financial Svcs. Group, Inc. | | | 21,415 | | | | 1,125,787 | |
KeyCorp | | | 103,272 | | | | 1,935,317 | |
Lincoln National Corp. | | | 15,429 | | | | 1,042,692 | |
Progressive Corp. | | | 23,743 | | | | 1,046,829 | |
Reinsurance Grp. of America, Inc. | | | 12,382 | | | | 1,589,725 | |
Starwood Property Trust, Inc. | | | 34,048 | | | | 762,335 | |
SVB Financial Group* | | | 9,919 | | | | 1,743,661 | |
Synchrony Financial | | | 15,793 | | | | 470,947 | |
Voya Financial, Inc. | | | 27,446 | | | | 1,012,483 | |
Zions Bancorporation | | | 6,130 | | | | 269,168 | |
| | | | | | | | |
| | | | | | | 19,170,565 | |
| | | | | | | | |
HEALTH CARE (6.4%) | | | | | | | | |
Acadia Healthcare Co., Inc.* | | | 13,583 | | | | 670,729 | |
Agilent Technologies, Inc. | | | 16,100 | | | | 954,891 | |
Boston Scientific Corp.* | | | 46,000 | | | | 1,275,120 | |
Centene Corp.* | | | 7,027 | | | | 561,317 | |
Hill-Rom Hldgs., Inc. | | | 8,790 | | | | 699,772 | |
Humana, Inc. | | | 3,554 | | | | 855,163 | |
Neurocrine Biosciences, Inc.* | | | 9,860 | | | | 453,560 | |
Zimmer Biomet Hldgs., Inc. | | | 6,613 | | | | 849,109 | |
| | | | | | | | |
| | | | | | | 6,319,661 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
INDUSTRIALS (13.7%) | | | | | | | | |
Alaska Air Group, Inc. | | | 21,680 | | | | 1,945,997 | |
Carlisle Cos., Inc. | | | 11,438 | | | | 1,091,185 | |
Kirby Corp.* | | | 17,344 | | | | 1,159,446 | |
L-3 Communications Corp. | | | 11,257 | | | | 1,880,820 | |
LSC Communications, Inc. | | | 23,380 | | | | 500,332 | |
Mueller Industries, Inc. | | | 15,200 | | | | 462,840 | |
Old Dominion Freight Line, Inc. | | | 13,893 | | | | 1,323,169 | |
Orbital ATK, Inc. | | | 15,847 | | | | 1,558,711 | |
Oshkosh Corp. | | | 10,661 | | | | 734,330 | |
Stanley Black & Decker, Inc. | | | 10,266 | | | | 1,444,734 | |
United Rentals, Inc.* | | | 12,402 | | | | 1,397,829 | |
| | | | | | | | |
| | | | | | | 13,499,393 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (10.3%) | | | | | | | | |
Analog Devices, Inc. | | | 12,223 | | | | 950,949 | |
ARRIS International PLC* | | | 19,334 | | | | 541,739 | |
Avnet, Inc. | | | 18,235 | | | | 708,977 | |
Broadcom Ltd. | | | 2,141 | | | | 498,960 | |
CA, Inc. | | | 17,838 | | | | 614,876 | |
Conduent, Inc.* | | | 6,766 | | | | 107,850 | |
Cypress Semiconductor Corp. | | | 35,470 | | | | 484,166 | |
DXC Technology Co. | | | 15,427 | | | | 1,183,559 | |
F5 Networks, Inc.* | | | 1,906 | | | | 242,176 | |
Fidelity Nat’l. Information Svcs., Inc. | | | 5,959 | | | | 508,899 | |
Harris Corp. | | | 9,543 | | | | 1,040,950 | |
KLA-Tencor Corp. | | | 2,330 | | | | 213,218 | |
LogMeIn, Inc. | | | 3,520 | | | | 367,840 | |
PTC, Inc.* | | | 3,440 | | | | 189,613 | |
Skyworks Solutions, Inc. | | | 2,270 | | | | 217,807 | |
Stamps.com, Inc.* | | | 5,874 | | | | 909,736 | |
Symantec Corp. | | | 17,673 | | | | 499,262 | |
Western Digital Corp. | | | 7,122 | | | | 631,009 | |
Xerox Corp. | | | 8,458 | | | | 242,998 | |
| | | | | | | | |
| | | | | | | 10,154,584 | |
| | | | | | | | |
MATERIALS (9.6%) | | | | | | | | |
Crown Hldgs., Inc.* | | | 31,585 | | | | 1,884,361 | |
Eastman Chemical Co. | | | 19,797 | | | | 1,662,750 | |
Freeport-McMoRan Copper & Gold, Inc.* | | | 49,260 | | | | 591,613 | |
International Paper Co. | | | 21,259 | | | | 1,203,472 | |
Nucor Corp. | | | 9,932 | | | | 574,765 | |
Packaging Corp. of America | | | 20,809 | | | | 2,317,917 | |
Steel Dynamics, Inc. | | | 28,317 | | | | 1,014,032 | |
The Mosaic Co. | | | 10,680 | | | | 243,824 | |
| | | | | | | | |
| | | | | | | 9,492,734 | |
| | | | | | | | |
REAL ESTATE (13.6%) | | | | | | | | |
Alexander’s, Inc. | | | 1,137 | | | | 479,200 | |
Apartment Investment & Management Co. Cl A | | | 16,452 | | | | 706,942 | |
AvalonBay Communities, Inc. | | | 5,202 | | | | 999,668 | |
Brandywine Realty Trust | | | 46,401 | | | | 813,410 | |
DDR Corp. | | | 55,483 | | | | 503,231 | |
Duke Realty Corp. | | | 51,172 | | | | 1,430,257 | |
Equity Lifestyle Properties, Inc. | | | 4,221 | | | | 364,441 | |
Forest City Realty Trust, Inc. Cl A | | | 13,055 | | | | 315,539 | |
GGP, Inc. | | | 30,168 | | | | 710,758 | |
Host Hotels & Resorts, Inc. | | | 46,595 | | | | 851,291 | |
Kilroy Realty Corp. | | | 8,734 | | | | 656,360 | |
ProLogis, Inc. | | | 24,757 | | | | 1,451,750 | |
Regency Centers Corp. | | | 7,776 | | | | 487,089 | |
RLJ Lodging Trust | | | 8,525 | | | | 169,392 | |
The GEO Group, Inc. | | | 23,710 | | | | 701,105 | |
Vornado Realty Trust | | | 13,033 | | | | 1,223,799 | |
Welltower, Inc. | | | 13,332 | | | | 997,900 | |
Weyerhaeuser Co. | | | 15,789 | | | | 528,932 | |
| | | | | | | | |
| | | | | | | 13,391,064 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
UTILITIES (9.3%) | | | | | | | | |
AES Corp. | | | 41,460 | | | | 460,621 | |
Ameren Corp. | | | 18,208 | | | | 995,431 | |
Consolidated Edison, Inc. | | | 14,115 | | | | 1,140,774 | |
Edison International | | | 6,761 | | | | 528,643 | |
Entergy Corp. | | | 10,621 | | | | 815,374 | |
Eversource Energy | | | 10,994 | | | | 667,446 | |
FirstEnergy Corp. | | | 24,306 | | | | 708,763 | |
Great Plains Energy, Inc. | | | 35,098 | | | | 1,027,669 | |
PPL Corp. | | | 28,507 | | | | 1,102,081 | |
Public Svc. Enterprise Group, Inc. | | | 26,919 | | | | 1,157,786 | |
Westar Energy, Inc. | | | 11,270 | | | | 597,535 | |
| | | | | | | | |
| | | | | | | 9,202,123 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $76,933,809) 95.7% | | | | | | | 94,347,429 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (0.0%) (2) | | | | | | | | | | | | | | | | | | | | |
Mueller Industries, Inc. | | | NR | | | | 6.00 | | | | 03/01/27 | | | | 43,000 | | | | 44,075 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $43,000) 0.0% (2) | | | | | | | | | | | | | | | | | | | 44,075 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (2.0%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 2,000,000 | | | | 1,997,261 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (1.7%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 1,600,000 | | | | 1,599,960 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $3,597,221) 3.7% | | | | | | | | | | | | | | | | | | | 3,597,221 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $80,574,030) 99.4% | | | | | | | | | | | | | | | | | | | 97,988,725 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.6% | | | | | | | | | | | | | | | | | | | 613,044 | |
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NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 98,601,769 | |
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The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
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| | | Shares | | | Value | |
INDEXED ASSETS: | | | | | | | | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (11.5%) | | | | | | | | |
Aaron’s, Inc. | | | 49,645 | | | | 1,931,191 | |
Adtalem Global Education, Inc. | | | 44,858 | | | | 1,702,361 | |
AMC Networks, Inc. Cl A* | | | 44,056 | | | | 2,353,031 | |
American Eagle Outfitters, Inc. | | | 136,069 | | | | 1,639,631 | |
Big Lots, Inc. | | | 35,492 | | | | 1,714,264 | |
Brinker International, Inc. | | | 37,936 | | | | 1,445,362 | |
Brunswick Corp. | | | 70,363 | | | | 4,413,871 | |
Buffalo Wild Wings, Inc.* | | | 12,898 | | | | 1,634,177 | |
Cabela’s, Inc.* | | | 40,705 | | | | 2,418,691 | |
Cable One, Inc. | | | 3,580 | | | | 2,545,022 | |
CalAtlantic Group, Inc. | | | 59,911 | | | | 2,117,854 | |
Carter’s, Inc. | | | 38,048 | | | | 3,384,370 | |
Cheesecake Factory, Inc. | | | 34,209 | | | | 1,720,713 | |
Chico’s FAS, Inc. | | | 97,724 | | | | 920,560 | |
Churchill Downs, Inc. | | | 9,416 | | | | 1,725,953 | |
Cinemark Hldgs., Inc. | | | 81,841 | | | | 3,179,523 | |
Cooper Tire & Rubber Co. | | | 39,172 | | | | 1,414,109 | |
Cracker Barrel Old Country Store, Inc. | | | 18,834 | | | | 3,149,987 | |
Dana Hldg. Corp. | | | 110,410 | | | | 2,465,455 | |
Deckers Outdoor Corp.* | | | 24,229 | | | | 1,653,872 | |
Dick’s Sporting Goods, Inc. | | | 67,838 | | | | 2,701,988 | |
Dillard’s, Inc. Cl A | | | 16,843 | | | | 971,673 | |
Domino’s Pizza, Inc. | | | 36,975 | | | | 7,821,320 | |
Dunkin’ Brands Group, Inc. | | | 69,919 | | | | 3,853,935 | |
GameStop Corp. Cl A | | | 79,666 | | | | 1,721,582 | |
Gentex Corp. | | | 226,096 | | | | 4,289,041 | |
Graham Hldgs. Co. Cl B | | | 3,652 | | | | 2,189,922 | |
Helen of Troy Ltd.* | | | 20,571 | | | | 1,935,731 | |
HSN, Inc. | | | 24,541 | | | | 782,858 | |
International Speedway Corp. Cl A | | | 17,756 | | | | 666,738 | |
Jack in the Box, Inc. | | | 22,990 | | | | 2,264,515 | |
Kate Spade & Co.* | | | 97,063 | | | | 1,794,695 | |
KB Home | | | 65,773 | | | | 1,576,579 | |
Live Nation Entertainment, Inc.* | | | 102,954 | | | | 3,587,947 | |
Meredith Corp. | | | 28,644 | | | | 1,702,886 | |
Michaels Stores, Inc.* | | | 83,038 | | | | 1,537,864 | |
Murphy USA, Inc.* | | | 27,657 | | | | 2,049,660 | |
New York Times Co. Cl A | | | 94,828 | | | | 1,678,456 | |
NVR, Inc.* | | | 2,681 | | | | 6,462,845 | |
Office Depot, Inc. | | | 410,625 | | | | 2,315,925 | |
Panera Bread Co. Cl A* | | | 16,282 | | | | 5,122,968 | |
Papa John’s Int’l., Inc. | | | 19,600 | | | | 1,406,496 | |
Polaris Industries, Inc. | | | 46,065 | | | | 4,248,575 | |
Pool Corp. | | | 31,879 | | | | 3,748,014 | |
Sally Beauty Hldgs., Inc.* | | | 106,185 | | | | 2,150,246 | |
Service Corp. International | | | 146,419 | | | | 4,897,716 | |
Skechers U.S.A., Inc. Cl A* | | | 106,759 | | | | 3,149,391 | |
Sotheby’s* | | | 34,971 | | | | 1,876,894 | |
TEGNA, Inc. | | | 161,618 | | | | 2,328,915 | |
Tempur Sealy Int’l., Inc.* | | | 37,565 | | | | 2,005,595 | |
Texas Roadhouse, Inc. | | | 49,509 | | | | 2,522,484 | |
The Wendy’s Co. | | | 152,604 | | | | 2,366,888 | |
Thor Industries, Inc. | | | 36,390 | | | | 3,803,483 | |
Toll Brothers, Inc. | | | 114,002 | | | | 4,504,219 | |
TRI Pointe Group, Inc.* | | | 125,816 | | | | 1,659,513 | |
Tupperware Brands Corp. | | | 39,572 | | | | 2,779,142 | |
Urban Outfitters, Inc.* | | | 72,041 | | | | 1,335,640 | |
Wiley (John) & Sons, Inc. Cl A | | | 33,913 | | | | 1,788,911 | |
Williams-Sonoma, Inc. | | | 61,625 | | | | 2,988,813 | |
| | | | | | | | |
| | | | | | | 150,120,060 | |
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MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
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CONSUMER STAPLES (3.7%) | | | | | | | | |
Avon Products, Inc.* | | | 339,197 | | | | 1,288,949 | |
Boston Beer Co., Inc. Cl A* | | | 6,777 | | | | 895,581 | |
Casey’s General Stores, Inc. | | | 30,313 | | | | 3,246,825 | |
Dean Foods Co. | | | 71,558 | | | | 1,216,486 | |
Edgewell Personal Care Co.* | | | 45,666 | | | | 3,471,529 | |
Energizer Hldgs., Inc. | | | 47,184 | | | | 2,265,776 | |
Flowers Foods, Inc. | | | 142,163 | | | | 2,460,842 | |
Hain Celestial Group, Inc.* | | | 79,831 | | | | 3,099,039 | |
Ingredion, Inc. | | | 56,129 | | | | 6,691,138 | |
Lamb Weston Hldgs., Inc. | | | 108,805 | | | | 4,791,772 | |
Lancaster Colony Corp. | | | 15,297 | | | | 1,875,718 | |
Nu Skin Enterprises, Inc. Cl A | | | 39,736 | | | | 2,497,010 | |
Post Hldgs., Inc.* | | | 51,791 | | | | 4,021,571 | |
Snyder’s-Lance, Inc. | | | 68,343 | | | | 2,366,035 | |
Sprouts Farmers Market, Inc.* | | | 99,909 | | | | 2,264,937 | |
Tootsie Roll Industries, Inc. | | | 14,547 | | | | 506,963 | |
TreeHouse Foods, Inc.* | | | 44,229 | | | | 3,613,067 | |
United Natural Foods, Inc.* | | | 38,967 | | | | 1,430,089 | |
| | | | | | | | |
| | | | | | | 48,003,327 | |
| | | | | | | | |
ENERGY (2.9%) | | | | | | | | |
CONSOL Energy, Inc.* | | | 139,387 | | | | 2,082,442 | |
Diamond Offshore Drilling, Inc.* | | | 44,743 | | | | 484,567 | |
Dril-Quip, Inc.* | | | 28,136 | | | | 1,373,037 | |
Energen Corp.* | | | 74,285 | | | | 3,667,450 | |
Ensco PLC Cl A | | | 226,582 | | | | 1,169,163 | |
Gulfport Energy Corp.* | | | 127,041 | | | | 1,873,855 | |
HollyFrontier Corp. | | | 135,125 | | | | 3,711,884 | |
Matador Resources Co.* | | | 71,518 | | | | 1,528,340 | |
Nabors Industries Ltd. | | | 222,917 | | | | 1,814,544 | |
Oceaneering Int’l., Inc. | | | 73,303 | | | | 1,674,241 | |
Oil States International, Inc.* | | | 40,569 | | | | 1,101,448 | |
Patterson-UTI Energy, Inc. | | | 128,435 | | | | 2,593,103 | |
PBF Energy, Inc. | | | 86,083 | | | | 1,916,208 | |
QEP Resources, Inc.* | | | 185,533 | | | | 1,873,883 | |
Rowan Companies PLC Cl A* | | | 95,221 | | | | 975,063 | |
SM Energy Co. | | | 73,107 | | | | 1,208,459 | |
Southwestern Energy Co.* | | | 399,400 | | | | 2,428,352 | |
Superior Energy Services, Inc.* | | | 113,963 | | | | 1,188,634 | |
World Fuel Services Corp. | | | 54,153 | | | | 2,082,183 | |
WPX Energy, Inc.* | | | 308,309 | | | | 2,978,265 | |
| | | | | | | | |
| | | | | | | 37,725,121 | |
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FINANCIALS (16.2%) | | | | | | | | |
Alleghany Corp.* | | | 12,000 | | | | 7,137,600 | |
American Financial Group, Inc. | | | 56,634 | | | | 5,627,721 | |
Aspen Insurance Hldgs. Ltd. | | | 45,496 | | | | 2,267,976 | |
Associated Banc-Corp. | | | 117,776 | | | | 2,967,955 | |
BancorpSouth, Inc. | | | 64,010 | | | | 1,952,305 | |
Bank of Hawaii Corp. | | | 33,039 | | | | 2,741,246 | |
Bank of the Ozarks, Inc. | | | 93,399 | | | | 4,377,611 | |
Berkley (W.R.) Corp. | | | 75,685 | | | | 5,235,131 | |
Brown & Brown, Inc. | | | 89,584 | | | | 3,858,383 | |
Cathay General Bancorp | | | 59,713 | | | | 2,266,108 | |
Chemical Financial Corp. | | | 55,327 | | | | 2,678,380 | |
CNO Financial Group, Inc. | | | 131,205 | | | | 2,739,560 | |
Commerce Bancshares, Inc. | | | 67,806 | | | | 3,853,415 | |
Cullen/Frost Bankers, Inc. | | | 43,719 | | | | 4,105,651 | |
East West Bancorp, Inc. | | | 111,586 | | | | 6,536,708 | |
Eaton Vance Corp. | | | 90,416 | | | | 4,278,485 | |
FactSet Research Systems, Inc. | | | 30,252 | | | | 5,027,277 | |
Federated Investors, Inc. Cl B | | | 70,135 | | | | 1,981,314 | |
First American Financial Corp. | | | 87,245 | | | | 3,898,979 | |
First Horizon National Corp. | | | 182,779 | | | | 3,184,010 | |
FNB Corp. | | | 253,681 | | | | 3,592,123 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
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Fulton Financial Corp. | | | 135,828 | | | | 2,580,732 | |
Genworth Financial, Inc.* | | | 385,808 | | | | 1,454,496 | |
Hancock Hldg. Co. | | | 65,988 | | | | 3,233,412 | |
Hanover Insurance Group, Inc. | | | 33,463 | | | | 2,965,826 | |
Home Bancshares, Inc. | | | 101,320 | | | | 2,522,868 | |
International Bancshares Corp. | | | 46,682 | | | | 1,636,204 | |
Janus Henderson Group PLC* | | | 141,067 | | | | 4,670,728 | |
Kemper Corp. | | | 38,405 | | | | 1,482,433 | |
Legg Mason, Inc. | | | 64,689 | | | | 2,468,532 | |
MarketAxess Hldgs., Inc. | | | 28,991 | | | | 5,830,090 | |
MB Financial, Inc. | | | 55,431 | | | | 2,441,181 | |
Mercury General Corp. | | | 27,526 | | | | 1,486,404 | |
MSCI, Inc. Cl A | | | 70,140 | | | | 7,223,719 | |
New York Community Bancorp, Inc. | | | 374,828 | | | | 4,921,492 | |
Old Republic Int’l. Corp. | | | 188,632 | | | | 3,683,983 | |
PacWest Bancorp | | | 92,556 | | | | 4,322,365 | |
Pinnacle Financial Partners, Inc. | | | 55,849 | | | | 3,507,317 | |
Primerica, Inc. | | | 35,941 | | | | 2,722,531 | |
Prosperity Bancshares, Inc. | | | 54,335 | | | | 3,490,480 | |
Reinsurance Grp. of America, Inc. | | | 50,108 | | | | 6,433,366 | |
RenaissanceRe Hldgs. Ltd. | | | 31,062 | | | | 4,319,171 | |
SEI Investments Co. | | | 104,407 | | | | 5,615,008 | |
Signature Bank* | | | 41,656 | | | | 5,978,886 | |
SLM Corp.* | | | 340,733 | | | | 3,918,430 | |
Stifel Financial Corp.* | | | 53,980 | | | | 2,482,000 | |
SVB Financial Group* | | | 40,907 | | | | 7,191,042 | |
Synovus Financial Corp. | | | 94,369 | | | | 4,174,885 | |
TCF Financial Corp. | | | 137,567 | | | | 2,192,818 | |
Texas Capital Bancshares, Inc.* | | | 38,041 | | | | 2,944,373 | |
Trustmark Corp. | | | 54,492 | | | | 1,752,463 | |
UMB Financial Corp. | | | 34,712 | | | | 2,598,540 | |
Umpqua Hldgs. Corp. | | | 174,317 | | | | 3,200,460 | |
United Bankshares, Inc. | | | 83,211 | | | | 3,261,871 | |
Valley National Bancorp | | | 206,481 | | | | 2,438,541 | |
Washington Federal, Inc. | | | 68,277 | | | | 2,266,796 | |
Webster Financial Corp. | | | 73,000 | | | | 3,812,060 | |
Wintrust Financial Corp. | | | 43,606 | | | | 3,333,243 | |
| | | | | | | | |
| | | | | | | 210,866,684 | |
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HEALTH CARE (9.0%) | | | | | | | | |
Abiomed, Inc.* | | | 31,337 | | | | 4,490,592 | |
Acadia Healthcare Co., Inc.* | | | 58,981 | | | | 2,912,482 | |
Akorn, Inc.* | | | 68,806 | | | | 2,307,753 | |
Allscripts Healthcare Solutions, Inc.* | | | 144,828 | | | | 1,848,005 | |
Bio-Rad Laboratories, Inc. Cl A* | | | 16,204 | | | | 3,667,127 | |
Bio-Techne Corp. | | | 28,744 | | | | 3,377,420 | |
Bioverative, Inc.* | | | 83,924 | | | | 5,049,707 | |
Catalent, Inc.* | | | 96,800 | | | | 3,397,680 | |
Charles River Laboratories Int’l., Inc.* | | | 36,174 | | | | 3,659,000 | |
Endo International PLC* | | | 154,382 | | | | 1,724,447 | |
Globus Medical, Inc. Cl A* | | | 54,826 | | | | 1,817,482 | |
Halyard Health, Inc.* | | | 36,510 | | | | 1,434,113 | |
HealthSouth Corp. | | | 70,548 | | | | 3,414,523 | |
Hill-Rom Hldgs., Inc. | | | 45,197 | | | | 3,598,133 | |
INC Research Hldgs., Inc. Cl A* | | | 40,607 | | | | 2,375,510 | |
LifePoint Health, Inc.* | | | 32,332 | | | | 2,171,094 | |
LivaNova PLC* | | | 33,376 | | | | 2,042,945 | |
Masimo Corp.* | | | 35,062 | | | | 3,196,953 | |
Medidata Solutions, Inc.* | | | 42,862 | | | | 3,351,808 | |
MEDNAX, Inc.* | | | 71,262 | | | | 4,302,087 | |
Molina Healthcare, Inc.* | | | 33,488 | | | | 2,316,700 | |
NuVasive, Inc.* | | | 39,034 | | | | 3,002,495 | |
Owens & Minor, Inc. | | | 48,737 | | | | 1,568,844 | |
PAREXEL International Corp.* | | | 38,921 | | | | 3,382,624 | |
Prestige Brands Hldgs., Inc.* | | | 41,659 | | | | 2,200,012 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
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ResMed, Inc. | | | 109,439 | | | | 8,522,010 | |
STERIS PLC | | | 64,744 | | | | 5,276,636 | |
Teleflex, Inc. | | | 34,599 | | | | 7,188,288 | |
Tenet Healthcare Corp.* | | | 64,366 | | | | 1,244,838 | |
United Therapeutics Corp.* | | | 34,471 | | | | 4,471,923 | |
VCA Inc.* | | | 62,299 | | | | 5,750,821 | |
WellCare Health Plans, Inc.* | | | 34,615 | | | | 6,215,469 | |
West Pharmaceutical Svcs., Inc. | | | 57,145 | | | | 5,401,345 | |
| | | | | | | | |
| | | | | | | 116,680,866 | |
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INDUSTRIALS (14.8%) | | | | | | | | |
AECOM* | | | 121,922 | | | | 3,941,738 | |
AGCO Corp. | | | 51,041 | | | | 3,439,653 | |
Avis Budget Group, Inc.* | | | 67,794 | | | | 1,848,742 | |
Carlisle Cos., Inc. | | | 49,938 | | | | 4,764,085 | |
Clean Harbors, Inc.* | | | 40,719 | | | | 2,273,342 | |
Copart, Inc.* | | | 158,751 | | | | 5,046,694 | |
Crane Co. | | | 38,931 | | | | 3,090,343 | |
Curtiss-Wright Corp. | | | 34,844 | | | | 3,197,982 | |
Deluxe Corp. | | | 38,285 | | | | 2,650,088 | |
Donaldson Co., Inc. | | | 100,996 | | | | 4,599,358 | |
Dun & Bradstreet Corp. | | | 27,942 | | | | 3,021,927 | |
Dycom Industries, Inc.* | | | 24,084 | | | | 2,156,000 | |
EMCOR Group, Inc. | | | 44,844 | | | | 2,931,901 | |
EnerSys | | | 33,569 | | | | 2,432,074 | |
Esterline Technologies Corp.* | | | 23,489 | | | | 2,226,757 | |
FTI Consulting, Inc.* | | | 33,328 | | | | 1,165,147 | |
GATX Corp. | | | 29,575 | | | | 1,900,785 | |
Genesee & Wyoming, Inc. Cl A* | | | 48,199 | | | | 3,296,330 | |
Graco, Inc. | | | 43,050 | | | | 4,704,504 | |
Granite Construction, Inc. | | | 30,823 | | | | 1,486,902 | |
HNI Corp. | | | 35,435 | | | | 1,412,793 | |
Hubbell, Inc. | | | 40,005 | | | | 4,527,366 | |
Huntington Ingalls Industries, Inc. | | | 35,567 | | | | 6,621,153 | |
IDEX Corp. | | | 58,760 | | | | 6,640,468 | |
ITT, Inc. | | | 67,227 | | | | 2,701,181 | |
JetBlue Airways Corp* | | | 256,037 | | | | 5,845,325 | |
KBR, Inc. | | | 112,296 | | | | 1,709,145 | |
Kennametal, Inc. | | | 62,524 | | | | 2,339,648 | |
Kirby Corp.* | | | 42,006 | | | | 2,808,101 | |
KLX, Inc.* | | | 40,900 | | | | 2,045,000 | |
Landstar System, Inc. | | | 32,114 | | | | 2,748,958 | |
Lennox International, Inc. | | | 30,032 | | | | 5,515,076 | |
Lincoln Electric Hldgs., Inc. | | | 48,027 | | | | 4,422,806 | |
Manpowergroup, Inc. | | | 51,766 | | | | 5,779,674 | |
Miller (Herman), Inc. | | | 45,500 | | | | 1,383,200 | |
MSA Safety, Inc. | | | 23,436 | | | | 1,902,300 | |
MSC Industrial Direct Co., Inc. Cl A | | | 35,002 | | | | 3,008,772 | |
Nordson Corp. | | | 41,163 | | | | 4,993,895 | |
NOW, Inc.* | | | 82,351 | | | | 1,324,204 | |
Old Dominion Freight Line, Inc. | | | 53,002 | | | | 5,047,910 | |
Orbital ATK, Inc. | | | 44,882 | | | | 4,414,594 | |
Oshkosh Corp. | | | 56,780 | | | | 3,911,006 | |
Pitney Bowes, Inc. | | | 143,084 | | | | 2,160,568 | |
Regal Beloit Corp. | | | 34,642 | | | | 2,825,055 | |
Rollins, Inc. | | | 73,964 | | | | 3,011,075 | |
Ryder System, Inc. | | | 42,092 | | | | 3,029,782 | |
Smith (A.O.) Corp. | | | 112,258 | | | | 6,323,493 | |
Teledyne Technologies, Inc.* | | | 27,285 | | | | 3,482,930 | |
Terex Corp. | | | 75,601 | | | | 2,835,038 | |
Timken Co. | | | 53,167 | | | | 2,458,974 | |
Toro Co. | | | 83,313 | | | | 5,772,758 | |
Trinity Industries, Inc. | | | 119,197 | | | | 3,341,092 | |
Valmont Industries, Inc. | | | 17,857 | | | | 2,671,407 | |
Wabtec Corp. | | | 66,480 | | | | 6,082,920 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Watsco, Inc. | | | 23,992 | | | | 3,699,566 | |
Werner Enterprises, Inc. | | | 35,376 | | | | 1,038,286 | |
Woodward, Inc. | | | 43,091 | | | | 2,912,090 | |
| | | | | | | | |
| | | | | | | 192,921,961 | |
| | | | | | | | |
INFORMATION TECHNOLOGY (17.5%) | | | | | | | | |
3D Systems Corp.* | | | 86,332 | | | | 1,614,408 | |
ACI Worldwide, Inc.* | | | 92,099 | | | | 2,060,255 | |
Acxiom Corp.* | | | 63,617 | | | | 1,652,770 | |
ARRIS International PLC* | | | 145,776 | | | | 4,084,644 | |
Arrow Electronics, Inc.* | | | 68,378 | | | | 5,362,203 | |
Avnet, Inc. | | | 96,883 | | | | 3,766,811 | |
Belden, Inc. | | | 33,312 | | | | 2,512,724 | |
Blackbaud, Inc. | | | 37,476 | | | | 3,213,567 | |
Broadridge Financial Solutions, Inc. | | | 91,623 | | | | 6,923,034 | |
Brocade Communications Systems, Inc. | | | 314,217 | | | | 3,962,276 | |
Cadence Design Systems, Inc.* | | | 216,285 | | | | 7,243,385 | |
Cars.com, Inc.* | | | 55,158 | | | | 1,468,858 | |
CDK Global, Inc. | | | 110,758 | | | | 6,873,641 | |
Ciena Corp.* | | | 109,801 | | | | 2,747,221 | |
Cirrus Logic, Inc.* | | | 50,072 | | | | 3,140,516 | |
Cognex Corp. | | | 67,089 | | | | 5,695,856 | |
Coherent, Inc.* | | | 18,737 | | | | 4,215,638 | |
CommVault Systems, Inc.* | | | 31,750 | | | | 1,792,288 | |
Convergys Corp. | | | 74,275 | | | | 1,766,260 | |
CoreLogic, Inc.* | | | 66,315 | | | | 2,876,745 | |
Cree, Inc.* | | | 74,122 | | | | 1,827,107 | |
Cypress Semiconductor Corp. | | | 257,755 | | | | 3,518,356 | |
Diebold Nixdorf, Inc. | | | 58,190 | | | | 1,629,320 | |
DST Systems, Inc. | | | 47,271 | | | | 2,916,621 | |
Fair Isaac Corp. | | | 23,797 | | | | 3,317,540 | |
First Solar, Inc.* | | | 61,115 | | | | 2,437,266 | |
Fortinet, Inc.* | | | 115,331 | | | | 4,317,993 | |
Henry (Jack) & Associates, Inc. | | | 60,455 | | | | 6,279,461 | |
Integrated Device Technology, Inc.* | | | 103,323 | | | | 2,664,700 | |
InterDigital, Inc. | | | 27,153 | | | | 2,098,927 | |
IPG Photonics Corp.* | | | 29,140 | | | | 4,228,214 | |
j2 Global, Inc. | | | 36,611 | | | | 3,115,230 | |
Jabil Circuit, Inc. | | | 142,341 | | | | 4,154,934 | |
Keysight Technologies, Inc.* | | | 143,270 | | | | 5,577,501 | |
Knowles Corp.* | | | 65,279 | | | | 1,104,521 | |
Leidos Hldgs., Inc. | | | 110,915 | | | | 5,733,196 | |
Littelfuse, Inc. | | | 17,388 | | | | 2,869,020 | |
LogMeIn, Inc. | | | 40,807 | | | | 4,264,332 | |
Manhattan Associates, Inc.* | | | 55,038 | | | | 2,645,126 | |
MAXIMUS, Inc. | | | 50,329 | | | | 3,152,105 | |
Microsemi Corp.* | | | 87,467 | | | | 4,093,456 | |
Monolithic Power Systems, Inc. | | | 29,011 | | | | 2,796,660 | |
National Instruments Corp. | | | 81,916 | | | | 3,294,662 | |
NCR Corp.* | | | 94,636 | | | | 3,864,934 | |
NetScout Systems, Inc.* | | | 71,121 | | | | 2,446,562 | |
NeuStar, Inc. Cl A* | | | 42,224 | | | | 1,408,170 | |
Plantronics, Inc. | | | 25,976 | | | | 1,358,805 | |
PTC, Inc.* | | | 89,273 | | | | 4,920,728 | |
Sabre Corp. | | | 159,737 | | | | 3,477,474 | |
Science Applications Int’l. Corp. | | | 33,651 | | | | 2,336,052 | |
Silicon Laboratories, Inc.* | | | 32,250 | | | | 2,204,288 | |
Synaptics, Inc.* | | | 26,446 | | | | 1,367,523 | |
SYNNEX Corp. | | | 22,874 | | | | 2,743,965 | |
Take-Two Interactive Software, Inc.* | | | 80,603 | | | | 5,914,648 | |
Tech Data Corp.* | | | 26,382 | | | | 2,664,582 | |
Teradata Corp.* | | | 100,982 | | | | 2,977,959 | |
Teradyne, Inc. | | | 153,795 | | | | 4,618,464 | |
Trimble Navigation Ltd.* | | | 196,035 | | | | 6,992,568 | |
Tyler Technologies, Inc.* | | | 26,234 | | | | 4,608,527 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Ultimate Software Group, Inc.* | | | 22,662 | | | | 4,760,380 | |
VeriFone Systems, Inc.* | | | 89,419 | | | | 1,618,484 | |
Versum Materials, Inc. | | | 82,673 | | | | 2,686,873 | |
ViaSat, Inc.* | | | 41,638 | | | | 2,756,436 | |
Vishay Intertechnology, Inc. | | | 107,000 | | | | 1,776,200 | |
WebMD Health Corp.* | | | 28,469 | | | | 1,669,707 | |
WEX, Inc.* | | | 30,463 | | | | 3,176,377 | |
Zebra Technologies Corp. Cl A* | | | 40,048 | | | | 4,025,625 | |
| | | | | | | | |
| | | | | | | 227,384,679 | |
| | | | | | | | |
MATERIALS (7.5%) | | | | | | | | |
Allegheny Technologies, Inc. | | | 86,234 | | | | 1,466,840 | |
AptarGroup, Inc. | | | 47,635 | | | | 4,137,576 | |
Ashland Global Holdings, Inc. | | | 48,558 | | | | 3,200,458 | |
Bemis Co., Inc. | | | 70,418 | | | | 3,256,833 | |
Cabot Corp. | | | 47,812 | | | | 2,554,595 | |
Carpenter Technology Corp. | | | 35,660 | | | | 1,334,754 | |
Commercial Metals Co. | | | 88,032 | | | | 1,710,462 | |
Compass Minerals Int’l., Inc. | | | 25,763 | | | | 1,682,324 | |
Domtar Corp. | | | 48,808 | | | | 1,875,203 | |
Eagle Materials, Inc. | | | 37,008 | | | | 3,420,279 | |
Greif, Inc. Cl A | | | 20,906 | | | | 1,166,137 | |
Louisiana-Pacific Corp.* | | | 111,736 | | | | 2,693,955 | |
Minerals Technologies, Inc. | | | 26,819 | | | | 1,963,151 | |
NewMarket Corp. | | | 7,154 | | | | 3,294,274 | |
Olin Corp. | | | 125,679 | | | | 3,805,560 | |
Owens-Illinois, Inc.* | | | 124,126 | | | | 2,969,094 | |
Packaging Corp. of America | | | 72,185 | | | | 8,040,682 | |
PolyOne Corp. | | | 62,062 | | | | 2,404,282 | |
Reliance Steel & Aluminum Co. | | | 56,786 | | | | 4,134,589 | |
Royal Gold, Inc. | | | 51,145 | | | | 3,998,005 | |
RPM International, Inc. | | | 104,249 | | | | 5,686,783 | |
Scotts Miracle-Gro Co. Cl A | | | 35,169 | | | | 3,146,219 | |
Sensient Technologies Corp. | | | 34,878 | | | | 2,808,725 | |
Silgan Hldgs., Inc. | | | 56,952 | | | | 1,809,935 | |
Sonoco Products Co. | | | 75,483 | | | | 3,881,336 | |
Steel Dynamics, Inc. | | | 184,255 | | | | 6,598,172 | |
The Chemours Co. | | | 143,164 | | | | 5,428,779 | |
United States Steel Corp. | | | 135,267 | | | | 2,994,811 | |
Valvoline, Inc. | | | 158,452 | | | | 3,758,481 | |
Worthington Industries, Inc. | | | 35,202 | | | | 1,767,844 | |
| | | | | | | | |
| | | | | | | 96,990,138 | |
| | | | | | | | |
REAL ESTATE (9.7%) | | | | | | | | |
Alexander & Baldwin, Inc. | | | 37,079 | | | | 1,534,329 | |
American Campus Communities, Inc. | | | 104,362 | | | | 4,936,323 | |
Camden Property Trust | | | 67,956 | | | | 5,810,918 | |
Care Capital Pptys., Inc. | | | 64,282 | | | | 1,716,329 | |
CoreCivic, Inc. | | | 94,032 | | | | 2,593,403 | |
Corporate Office Pptys. Trust | | | 75,538 | | | | 2,646,096 | |
Cousins Properties, Inc. | | | 329,169 | | | | 2,893,396 | |
CyrusOne, Inc. | | | 59,503 | | | | 3,317,292 | |
DCT Industrial Trust, Inc. | | | 72,090 | | | | 3,852,490 | |
Douglas Emmett, Inc. | | | 115,183 | | | | 4,401,142 | |
Duke Realty Corp. | | | 274,451 | | | | 7,670,905 | |
Education Realty Trust, Inc. | | | 55,803 | | | | 2,162,366 | |
EPR Properties | | | 49,666 | | | | 3,569,495 | |
First Industrial Realty Trust, Inc. | | | 90,916 | | | | 2,602,016 | |
Healthcare Realty Trust | | | 90,408 | | | | 3,087,433 | |
Highwoods Properties, Inc. | | | 78,328 | | | | 3,972,013 | |
Hospitality Properties Trust | | | 127,508 | | | | 3,716,858 | |
Jones Lang LaSalle, Inc. | | | 35,367 | | | | 4,420,875 | |
Kilroy Realty Corp. | | | 75,492 | | | | 5,673,224 | |
Lamar Advertising Co. Cl A | | | 63,982 | | | | 4,707,156 | |
LaSalle Hotel Pptys. | | | 87,172 | | | | 2,597,726 | |
Liberty Property Trust | | | 115,113 | | | | 4,686,250 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
Life Storage, Inc. | | | 36,022 | | | | 2,669,230 | |
Mack-Cali Realty Corp. | | | 67,999 | | | | 1,845,493 | |
Medical Properties Trust, Inc. | | | 283,616 | | | | 3,650,138 | |
National Retail Pptys., Inc. | | | 117,567 | | | | 4,596,870 | |
Omega Healthcare Investors, Inc. | | | 153,858 | | | | 5,080,391 | |
Potlatch Corp. | | | 32,825 | | | | 1,500,103 | |
Quality Care Properties, Inc.* | | | 73,573 | | | | 1,347,122 | |
Rayonier, Inc. | | | 97,318 | | | | 2,799,839 | |
Senior Housing Pptys. Trust | | | 185,881 | | | | 3,799,408 | |
Tanger Factory Outlet Centers, Inc. | | | 78,689 | | | | 2,044,340 | |
Taubman Centers, Inc. | | | 48,317 | | | | 2,877,277 | |
The GEO Group, Inc. | | | 98,114 | | | | 2,901,231 | |
Uniti Group, Inc.* | | | 123,322 | | | | 3,100,315 | |
Urban Edge Pptys. | | | 78,028 | | | | 1,851,604 | |
Washington Prime Group, Inc. | | | 144,381 | | | | 1,208,469 | |
Weingarten Realty Investors | | | 91,231 | | | | 2,746,053 | |
| | | | | | | | |
| | | | | | | 126,585,918 | |
| | | | | | | | |
TELECOMMUNICATION SERVICES (0.2%) | | | | | | | | |
Frontier Communications Corp. | | | 869,560 | | | | 1,008,690 | |
Telephone & Data Systems, Inc. | | | 72,996 | | | | 2,025,639 | |
| | | | | | | | |
| | | | | | | 3,034,329 | |
| | | | | | | | |
UTILITIES (5.4%) | | | | | | | | |
Aqua America, Inc. | | | 138,015 | | | | 4,595,900 | |
Atmos Energy Corp. | | | 81,081 | | | | 6,725,669 | |
Black Hills Corp. | | | 41,377 | | | | 2,791,706 | |
Great Plains Energy, Inc. | | | 166,868 | | | | 4,885,895 | |
Hawaiian Electric Industries, Inc. | | | 83,548 | | | | 2,705,284 | |
Idacorp, Inc. | | | 38,530 | | | | 3,288,536 | |
MDU Resources Group, Inc. | | | 150,168 | | | | 3,934,402 | |
National Fuel Gas Co. | | | 65,271 | | | | 3,644,733 | |
New Jersey Resources Corp. | | | 66,424 | | | | 2,637,033 | |
NorthWestern Corp. | | | 36,398 | | | | 2,221,006 | |
OGE Energy Corp. | | | 151,648 | | | | 5,275,834 | |
ONE Gas, Inc. | | | 40,860 | | | | 2,852,437 | |
PNM Resources, Inc. | | | 61,345 | | | | 2,346,446 | |
Southwest Gas Corp. | | | 36,529 | | | | 2,668,809 | |
UGI Corp. | | | 132,184 | | | | 6,399,028 | |
Vectren Corp. | | | 64,237 | | | | 3,754,010 | |
Westar Energy, Inc. | | | 109,764 | | | | 5,819,687 | |
WGL Hldgs., Inc. | | | 39,483 | | | | 3,294,067 | |
| | | | | | | | |
| | | | | | | 69,840,482 | |
| | | | | | | | |
TOTAL INDEXED ASSETS - COMMON STOCKS
(Cost: $987,493,626) 98.4% | | | | | | | 1,280,153,565 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (0.7%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.75 | | | | 07/06/17 | | | | 6,000,000 | | | | 5,999,378 | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.89 | | | | 08/10/17 | | | | 3,000,000 | | | | 2,997,033 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 8,996,411 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.5%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 2,500,000 | | | | 2,499,938 | |
FHLB | | | A-1+ | | | | 0.75 | | | | 07/05/17 | | | | 4,000,000 | | | | 3,999,666 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 6,499,604 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.5%) | | | | | | | | | | | | | | | | | | | | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 6,000,000 | | | | 5,999,267 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $21,495,282) 1.7% | | | | | | | | | | | | | | | | | | | 21,495,282 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,008,988,908) 100.1% | | | | | | | | | | | | | | | | | | | 1,301,648,847 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.1% | | | | | | | | | | | | | | | | | | | (908,000 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 1,300,740,847 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
FINANCIALS (95.2%) | | | | | | | | |
iShares Core MSCI EAFE ETF | | | 287,919 | | | | 17,531,388 | |
iShares Core MSCI Europe ETF | | | 393,284 | | | | 18,433,221 | |
iShares Core MSCI Pacific ETF | | | 177,010 | | | | 9,585,092 | |
iShares Edge MSCI Emerging Markets ETF | | | 204,014 | | | | 11,302,376 | |
iShares MSCI EAFE ETF | | | 2,585,851 | | | | 168,597,484 | |
iShares MSCI EAFE Growth ETF | | | 472,818 | | | | 34,969,619 | |
iShares MSCI EAFE Small-Cap ETF | | | 177,935 | | | | 10,291,743 | |
iShares MSCI EAFE Value ETF | | | 661,029 | | | | 34,175,199 | |
Vanguard FTSE Developed Markets ETF | | | 2,129,980 | | | | 88,010,774 | |
Vanguard FTSE Europe ETF | | | 424,630 | | | | 23,414,098 | |
Vanguard FTSE Pacific ETF | | | 220,480 | | | | 14,507,584 | |
| | | | | | | | |
| | | | | | | 430,818,578 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $396,876,407) 95.2% | | | | | | | 430,818,578 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.3%) | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.89 | | | | 08/10/17 | | | | 2,000,000 | | | | 1,998,022 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 4,000,000 | | | | 3,994,522 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 5,992,544 | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
U.S. GOVERNMENT AGENCIES (1.6%) | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 2,200,000 | | | | 2,199,945 | |
FHLB | | | A-1+ | | | | 0.75 | | | | 07/05/17 | | | | 5,000,000 | | | | 4,999,583 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 7,199,528 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (2.3%) | | | | | | | | | | | | | |
Intercontinental Exchange, Inc.† | | | A-1 | | | | 1.11 | | | | 07/05/17 | | | | 5,500,000 | | | | 5,499,321 | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 5,000,000 | | | | 4,999,389 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 10,498,710 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $23,690,782) 5.2% | | | | | | | | 23,690,782 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $420,567,189) 100.4% | | | | | | | | | | | | | | | | | | | 454,509,360 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.4% | | | | | | | | | | | | | | | | | | | (1,803,093 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 452,706,267 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
CONSUMER DISCRETIONARY (6.7%) | | | | | | | | |
Amazon.com, Inc.* | | | 2,164 | | | | 2,094,752 | |
Comcast Corp. Cl A | | | 56,550 | | | | 2,200,926 | |
Ford Motor Co. | | | 104,743 | | | | 1,172,074 | |
Home Depot, Inc. | | | 16,231 | | | | 2,489,835 | |
Ross Stores, Inc. | | | 14,600 | | | | 842,858 | |
Viacom, Inc. Cl B | | | 34,154 | | | | 1,146,550 | |
Whirlpool Corp. | | | 6,737 | | | | 1,290,944 | |
Wyndham Worldwide Corp. | | | 9,728 | | | | 976,788 | |
| | | | | | | | |
| | | | | | | 12,214,727 | |
| | | | | | | | |
CONSUMER STAPLES (3.6%) | | | | | | | | |
Church & Dwight Co., Inc. | | | 15,288 | | | | 793,141 | |
Kimberly-Clark Corp. | | | 10,283 | | | | 1,327,638 | |
PepsiCo, Inc. | | | 19,174 | | | | 2,214,405 | |
Walgreens Boots Alliance, Inc. | | | 26,902 | | | | 2,106,696 | |
| | | | | | | | |
| | | | | | | 6,441,880 | |
| | | | | | | | |
ENERGY (4.3%) | | | | | | | | |
Anadarko Petroleum Corp. | | | 7,520 | | | | 340,957 | |
Chevron Corp. | | | 18,811 | | | | 1,962,552 | |
Cimarex Energy Co. | | | 3,203 | | | | 301,114 | |
Devon Energy Corp. | | | 9,768 | | | | 312,283 | |
Marathon Petroleum Corp. | | | 26,599 | | | | 1,391,926 | |
Noble Energy, Inc. | | | 19,206 | | | | 543,530 | |
Range Resources Corp. | | | 32,126 | | | | 744,359 | |
Schlumberger Ltd. | | | 10,724 | | | | 706,068 | |
Williams Cos., Inc. | | | 49,425 | | | | 1,496,589 | |
| | | | | | | | |
| | | | | | | 7,799,378 | |
| | | | | | | | |
FINANCIALS (8.4%) | | | | | | | | |
American Int’l. Group, Inc. | | | 20,510 | | | | 1,282,285 | |
Citigroup, Inc. | | | 24,585 | | | | 1,644,245 | |
CME Group, Inc. | | | 11,543 | | | | 1,445,645 | |
Comerica, Inc. | | | 11,202 | | | | 820,434 | |
JPMorgan Chase & Co. | | | 29,779 | | | | 2,721,801 | |
KeyCorp | | | 58,834 | | | | 1,102,549 | |
Morgan Stanley | | | 25,545 | | | | 1,138,285 | |
PNC Financial Svcs. Grp., Inc. | | | 10,860 | | | | 1,356,088 | |
Principal Financial Grp., Inc. | | | 9,835 | | | | 630,128 | |
Prudential Financial, Inc. | | | 7,318 | | | | 791,369 | |
SunTrust Banks, Inc. | | | 13,617 | | | | 772,356 | |
Synchrony Financial | | | 51,843 | | | | 1,545,958 | |
| | | | | | | | |
| | | | | | | 15,251,143 | |
| | | | | | | | |
HEALTH CARE (9.2%) | | | | | | | | |
AbbVie, Inc. | | | 32,927 | | | | 2,387,537 | |
Aetna, Inc. | | | 7,130 | | | | 1,082,548 | |
Becton, Dickinson & Co. | | | 7,339 | | | | 1,431,912 | |
Bristol-Myers Squibb Co. | | | 30,304 | | | | 1,688,539 | |
Celgene Corp.* | | | 14,645 | | | | 1,901,946 | |
Gilead Sciences, Inc. | | | 21,168 | | | | 1,498,271 | |
Humana, Inc. | | | 2,960 | | | | 712,235 | |
Johnson & Johnson | | | 22,935 | | | | 3,034,071 | |
UnitedHealth Group, Inc. | | | 13,210 | | | | 2,449,398 | |
Vertex Pharmaceuticals, Inc.* | | | 3,330 | | | | 429,137 | |
| | | | | | | | |
| | | | | | | 16,615,594 | |
| | | | | | | | |
INDUSTRIALS (4.5%) | | | | | | | | |
Boeing Co. | | | 10,840 | | | | 2,143,610 | |
Eaton Corp. PLC | | | 18,184 | | | | 1,415,261 | |
FedEx Corp. | | | 7,847 | | | | 1,705,389 | |
Ingersoll-Rand PLC | | | 17,719 | | | | 1,619,339 | |
L-3 Communications Corp. | | | 7,891 | | | | 1,318,428 | |
| | | | | | | | |
| | | | | | | 8,202,027 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
INFORMATION TECHNOLOGY (14.3%) | | | | | | | | | | | | | | | | | | | | |
Activision Blizzard, Inc. | | | | | | | | | | | | | | | 22,067 | | | | 1,270,397 | |
Alphabet, Inc. Cl A* | | | | | | | | | | | | | | | 3,216 | | | | 2,989,851 | |
Apple, Inc. | | | | | | | | | | | | | | | 35,219 | | | | 5,072,239 | |
Applied Materials, Inc. | | | | | | | | | | | | | | | 27,169 | | | | 1,122,351 | |
Broadcom Ltd. | | | | | | | | | | | | | | | 7,633 | | | | 1,778,871 | |
Cisco Systems, Inc. | | | | | | | | | | | | | | | 41,520 | | | | 1,299,576 | |
Corning, Inc. | | | | | | | | | | | | | | | 45,061 | | | | 1,354,083 | |
HP, Inc. | | | | | | | | | | | | | | | 64,024 | | | | 1,119,140 | |
Lam Research Corp. | | | | | | | | | | | | | | | 9,986 | | | | 1,412,320 | |
Microsoft Corp. | | | | | | | | | | | | | | | 53,207 | | | | 3,667,559 | |
Oracle Corp. | | | | | | | | | | | | | | | 38,433 | | | | 1,927,031 | |
Skyworks Solutions, Inc. | | | | | | | | | | | | | | | 8,050 | | | | 772,398 | |
TE Connectivity Ltd. | | | | | | | | | | | | | | | 14,079 | | | | 1,107,736 | |
Total System Services, Inc. | | | | | | | | | | | | | | | 19,484 | | | | 1,134,943 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 26,028,495 | |
| | | | | | | | | | | | | | | | | | | | |
MATERIALS (2.4%) | | | | | | | | | | | | | | | | | | | | |
Avery Dennison Corp. | | | | | | | | | | | | | | | 12,647 | | | | 1,117,615 | |
Eastman Chemical Co. | | | | | | | | | | | | | | | 13,327 | | | | 1,119,335 | |
International Paper Co. | | | | | | | | | | | | | | | 21,194 | | | | 1,199,792 | |
Newmont Mining Corp. | | | | | | | | | | | | | | | 10,814 | | | | 350,265 | |
Nucor Corp. | | | | | | | | | | | | | | | 11,018 | | | | 637,612 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 4,424,619 | |
| | | | | | | | | | | | | | | | | | | | |
REAL ESTATE (1.7%) | | | | | | | | | | | | | | | | | | | | |
American Tower Corp. | | | | | | | | | | | | | | | 12,340 | | | | 1,632,829 | |
Essex Property Trust, Inc. | | | | | | | | | | | | | | | 1,257 | | | | 323,388 | |
ProLogis, Inc. | | | | | | | | | | | | | | | 9,440 | | | | 553,562 | |
Simon Property Group, Inc. | | | | | | | | | | | | | | | 3,268 | | | | 528,632 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 3,038,411 | |
| | | | | | | | | | | | | | | | | | | | |
TELECOMMUNICATION SERVICES (0.5%) | | | | | | | | | | | | | | | | | | | | |
CenturyLink, Inc. | | | | | | | | | | | | | | | 39,550 | | | | 944,454 | |
| | | | | | | | | | | | | | | | | | | | |
UTILITIES (1.4%) | | | | | | | | | | | | | | | | | | | | |
NextEra Energy, Inc. | | | | | | | | | | | | | | | 9,934 | | | | 1,392,051 | |
Sempra Energy | | | | | | | | | | | | | | | 9,752 | | | | 1,099,538 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,491,589 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $85,798,086) 57.0% | | | | | | | | | | | | | | | | | | | 103,452,317 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (10.8%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Note | | | AA+ | | | | 1.50 | | | | 02/28/23 | | | | 500,000 | | | | 486,758 | |
U.S. Treasury Note | | | AA+ | | | | 1.63 | | | | 02/15/26 | | | | 750,000 | | | | 712,793 | |
U.S. Treasury Note | | | AA+ | | | | 2.00 | | | | 02/15/25 | | | | 500,000 | | | | 493,145 | |
U.S. Treasury Note | | | AA+ | | | | 2.00 | | | | 11/15/26 | | | | 800,000 | | | | 780,062 | |
U.S. Treasury Note | | | AA+ | | | | 2.13 | | | | 05/15/25 | | | | 750,000 | | | | 745,283 | |
U.S. Treasury Note | | | AA+ | | | | 2.25 | | | | 02/15/27 | | | | 350,000 | | | | 348,373 | |
U.S. Treasury Note | | | AA+ | | | | 2.38 | | | | 05/15/27 | | | | 900,000 | | | | 905,695 | |
U.S. Treasury Strip | | | AA+ | | | | 0.00 | | | | 11/15/21 | | | | 7,050,000 | | | | 6,498,861 | |
U.S. Treasury Strip | | | AA+ | | | | 0.00 | | | | 08/15/28 | | | | 6,000,000 | | | | 4,547,826 | |
U.S. Treasury Strip | | | AA+ | | | | 0.00 | | | | 08/15/29 | | | | 5,500,000 | | | | 4,040,806 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 19,559,602 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (12.0%) | | | | | | | | | | | | | | | | | | | | |
MORTGAGE-BACKED OBLIGATIONS (11.7%) | | | | | | | | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 2.50 | | | | 09/01/27 | | | | 252,063 | | | | 255,237 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 06/01/27 | | | | 158,585 | | | | 163,052 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | |
FHLMC | | AA+ | | | 3.00 | | | | 08/01/27 | | | | 168,490 | | | | 173,177 | |
FHLMC | | AA+ | | | 3.00 | | | | 10/15/37 | | | | 215,880 | | | | 221,422 | |
FHLMC | | AA+ | | | 3.00 | | | | 11/01/42 | | | | 233,217 | | | | 234,205 | |
FHLMC | | AA+ | | | 3.00 | | | | 04/01/43 | | | | 271,918 | | | | 273,253 | |
FHLMC | | AA+ | | | 3.50 | | | | 01/01/43 | | | | 309,488 | | | | 319,346 | |
FHLMC | | AA+ | | | 3.50 | | | | 06/01/45 | | | | 355,417 | | | | 366,659 | |
FHLMC | | AA+ | | | 3.50 | | | | 07/01/45 | | | | 421,085 | | | | 435,449 | |
FHLMC | | AA+ | | | 4.00 | | | | 02/01/25 | | | | 33,823 | | | | 35,491 | |
FHLMC | | AA+ | | | 4.00 | | | | 03/01/41 | | | | 155,422 | | | | 164,106 | |
FHLMC | | AA+ | | | 4.00 | | | | 07/01/41 | | | | 193,960 | | | | 206,533 | |
FHLMC | | AA+ | | | 4.00 | | | | 11/01/42 | | | | 137,306 | | | | 145,549 | |
FHLMC | | AA+ | | | 4.00 | | | | 01/01/43 | | | | 249,665 | | | | 265,115 | |
FHLMC | | AA+ | | | 4.00 | | | | 01/01/44 | | | | 254,145 | | | | 269,366 | |
FHLMC | | AA+ | | | 4.00 | | | | 10/01/44 | | | | 202,576 | | | | 213,213 | |
FHLMC | | AA+ | | | 4.00 | | | | 06/01/45 | | | | 359,197 | | | | 380,336 | |
FHLMC | | AA+ | | | 4.50 | | | | 08/01/34 | | | | 33,193 | | | | 35,699 | |
FHLMC | | AA+ | | | 4.50 | | | | 08/15/35 | | | | 35,676 | | | | 37,538 | |
FHLMC | | AA+ | | | 4.50 | | | | 02/01/44 | | | | 239,718 | | | | 256,803 | |
FHLMC | | AA+ | | | 5.00 | | | | 02/01/26 | | | | 19,636 | | | | 21,315 | |
FHLMC | | AA+ | | | 5.00 | | | | 10/01/40 | | | | 242,524 | | | | 264,855 | |
FHLMC | | AA+ | | | 5.50 | | | | 07/01/32 | | | | 37,980 | | | | 42,221 | |
FHLMC | | AA+ | | | 5.50 | | | | 05/01/33 | | | | 44,178 | | | | 48,789 | |
FHLMC | | AA+ | | | 5.50 | | | | 06/01/37 | | | | 106,993 | | | | 119,898 | |
FHLMC | | AA+ | | | 6.00 | | | | 03/15/32 | | | | 37,702 | | | | 41,244 | |
FHLMC ARM | | AA+ | | | 2.76 | | | | 02/01/36 | | | | 29,007 | | | | 30,630 | |
FHLMC ARM | | AA+ | | | 2.90 | | | | 04/01/37 | | | | 32,719 | | | | 34,555 | |
FHLMC ARM | | AA+ | | | 2.93 | | | | 05/01/37 | | | | 28,209 | | | | 29,499 | |
FHLMC ARM | | AA+ | | | 3.40 | | | | 03/01/37 | | | | 6,390 | | | | 6,734 | |
FHLMC ARM | | AA+ | | | 4.62 | | | | 09/01/39 | | | | 25,501 | | | | 26,835 | |
FHLMC Strip | | AA+ | | | 3.00 | | | | 01/15/43 | | | | 313,234 | | | | 310,987 | |
FNMA | | AA+ | | | 2.40 | | | | 05/01/43 | | | | 336,233 | | | | 340,380 | |
FNMA | | AA+ | | | 3.00 | | | | 06/01/33 | | | | 307,105 | | | | 314,371 | |
FNMA | | AA+ | | | 3.00 | | | | 09/01/33 | | | | 261,207 | | | | 267,391 | |
FNMA | | AA+ | | | 3.00 | | | | 12/01/42 | | | | 304,253 | | | | 302,716 | |
FNMA | | AA+ | | | 3.00 | | | | 01/01/43 | | | | 653,027 | | | | 655,796 | |
FNMA | | AA+ | | | 3.00 | | | | 02/01/43 | | | | 173,293 | | | | 173,741 | |
FNMA | | AA+ | | | 3.00 | | | | 03/01/43 | | | | 356,107 | | | | 358,650 | |
FNMA | | AA+ | | | 3.00 | | | | 09/01/43 | | | | 361,891 | | | | 363,331 | |
FNMA | | AA+ | | | 3.50 | | | | 03/25/28 | | | | 271,229 | | | | 280,030 | |
FNMA | | AA+ | | | 3.50 | | | | 08/01/38 | | | | 231,637 | | | | 239,274 | |
FNMA | | AA+ | | | 3.50 | | | | 10/01/41 | | | | 153,794 | | | | 158,913 | |
FNMA | | AA+ | | | 3.50 | | | | 11/01/41 | | | | 277,256 | | | | 286,088 | |
FNMA | | AA+ | | | 3.50 | | | | 12/01/41 | | | | 262,215 | | | | 270,943 | |
FNMA | | AA+ | | | 3.50 | | | | 04/01/42 | | | | 412,808 | | | | 425,854 | |
FNMA | | AA+ | | | 3.50 | | | | 04/01/42 | | | | 308,689 | | | | 318,926 | |
FNMA | | AA+ | | | 3.50 | | | | 08/01/42 | | | | 245,454 | | | | 252,516 | |
FNMA | | AA+ | | | 3.50 | | | | 10/01/42 | | | | 245,054 | | | | 252,762 | |
FNMA | | AA+ | | | 3.50 | | | | 08/01/43 | | | | 470,093 | | | | 483,482 | |
FNMA | | AA+ | | | 3.50 | | | | 08/01/43 | | | | 388,448 | | | | 400,982 | |
FNMA | | AA+ | | | 3.50 | | | | 01/01/44 | | | | 98,270 | | | | 99,942 | |
FNMA | | AA+ | | | 3.50 | | | | 04/01/45 | | | | 329,486 | | | | 339,971 | |
FNMA | | AA+ | | | 3.50 | | | | 06/01/45 | | | | 906,295 | | | | 933,827 | |
FNMA | | AA+ | | | 4.00 | | | | 05/01/19 | | | | 12,751 | | | | 13,200 | |
FNMA | | AA+ | | | 4.00 | | | | 07/25/26 | | | | 373,631 | | | | 404,319 | |
FNMA | | AA+ | | | 4.00 | | | | 01/01/31 | | | | 172,781 | | | | 183,213 | |
FNMA | | AA+ | | | 4.00 | | | | 11/01/40 | | | | 165,733 | | | | 174,914 | |
FNMA | | AA+ | | | 4.00 | | | | 05/01/41 | | | | 171,023 | | | | 179,808 | |
FNMA | | AA+ | | | 4.00 | | | | 11/01/45 | | | | 396,509 | | | | 419,321 | |
FNMA | | AA+ | | | 4.00 | | | | 02/01/47 | | | | 296,452 | | | | 313,087 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/18 | | | | 4,127 | | | | 4,226 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/30 | | | | 58,561 | | | | 62,967 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | |
FNMA | | AA+ | | | 4.50 | | | | 04/01/31 | | | | 76,188 | | | | 81,924 | |
FNMA | | AA+ | | | 4.50 | | | | 08/01/33 | | | | 30,610 | | | | 32,961 | |
FNMA | | AA+ | | | 4.50 | | | | 09/01/33 | | | | 63,178 | | | | 68,031 | |
FNMA | | AA+ | | | 4.50 | | | | 06/01/34 | | | | 48,680 | | | | 52,318 | |
FNMA | | AA+ | | | 4.50 | | | | 08/01/35 | | | | 37,833 | | | | 40,635 | |
FNMA | | AA+ | | | 4.50 | | | | 12/01/35 | | | | 39,704 | | | | 42,770 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/39 | | | | 64,065 | | | | 69,523 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/39 | | | | 100,396 | | | | 108,941 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/40 | | | | 104,851 | | | | 113,419 | |
FNMA | | AA+ | | | 5.00 | | | | 04/01/18 | | | | 10,555 | | | | 10,809 | |
FNMA | | AA+ | | | 5.00 | | | | 06/01/33 | | | | 66,348 | | | | 72,791 | |
FNMA | | AA+ | | | 5.00 | | | | 10/01/33 | | | | 69,035 | | | | 76,233 | |
FNMA | | AA+ | | | 5.00 | | | | 11/01/33 | | | | 44,669 | | | | 49,003 | |
FNMA | | AA+ | | | 5.00 | | | | 11/01/33 | | | | 182,006 | | | | 199,770 | |
FNMA | | AA+ | | | 5.00 | | | | 03/01/34 | | | | 24,320 | | | | 26,689 | |
FNMA | | AA+ | | | 5.00 | | | | 04/01/34 | | | | 41,005 | | | | 45,271 | |
FNMA | | AA+ | | | 5.00 | | | | 09/01/35 | | | | 22,763 | | | | 24,915 | |
FNMA | | AA+ | | | 5.00 | | | | 11/25/35 | | | | 90,307 | | | | 97,782 | |
FNMA | | AA+ | | | 5.00 | | | | 08/01/37 | | | | 196,087 | | | | 215,155 | |
FNMA | | AA+ | | | 5.00 | | | | 05/01/39 | | | | 85,147 | | | | 92,798 | |
FNMA | | AA+ | | | 5.00 | | | | 06/01/40 | | | | 43,957 | | | | 48,109 | |
FNMA | | AA+ | | | 5.50 | | | | 03/01/34 | | | | 14,032 | | | | 15,609 | |
FNMA | | AA+ | | | 5.50 | | | | 05/01/34 | | | | 140,783 | | | | 156,954 | |
FNMA | | AA+ | | | 5.50 | | | | 07/01/34 | | | | 45,892 | | | | 51,327 | |
FNMA | | AA+ | | | 5.50 | | | | 09/01/34 | | | | 20,667 | | | | 22,987 | |
FNMA | | AA+ | | | 5.50 | | | | 09/01/34 | | | | 68,191 | | | | 76,124 | |
FNMA | | AA+ | | | 5.50 | | | | 10/01/34 | | | | 24,680 | | | | 27,457 | |
FNMA | | AA+ | | | 5.50 | | | | 02/01/35 | | | | 37,916 | | | | 42,434 | |
FNMA | | AA+ | | | 5.50 | | | | 02/01/35 | | | | 60,044 | | | | 67,586 | |
FNMA | | AA+ | | | 5.50 | | | | 08/01/35 | | | | 14,802 | | | | 16,435 | |
FNMA | | AA+ | | | 5.50 | | | | 08/01/37 | | | | 9,622 | | | | 10,689 | |
FNMA | | AA+ | | | 5.50 | | | | 11/01/38 | | | | 7,874 | | | | 8,299 | |
FNMA | | AA+ | | | 5.50 | | | | 06/01/48 | | | | 17,596 | | | | 18,915 | |
FNMA | | AA+ | | | 6.00 | | | | 05/01/23 | | | | 18,356 | | | | 20,638 | |
FNMA | | AA+ | | | 6.00 | | | | 04/01/32 | | | | 8,186 | | | | 9,204 | |
FNMA | | AA+ | | | 6.00 | | | | 05/01/32 | | | | 13,335 | | | | 15,177 | |
FNMA | | AA+ | | | 6.00 | | | | 04/01/33 | | | | 91,005 | | | | 104,025 | |
FNMA | | AA+ | | | 6.00 | | | | 05/01/33 | | | | 48,730 | | | | 54,823 | |
FNMA | | AA+ | | | 6.00 | | | | 06/01/34 | | | | 22,092 | | | | 25,201 | |
FNMA | | AA+ | | | 6.00 | | | | 09/01/34 | | | | 12,891 | | | | 14,610 | |
FNMA | | AA+ | | | 6.00 | | | | 10/01/34 | | | | 25,442 | | | | 28,665 | |
FNMA | | AA+ | | | 6.00 | | | | 11/01/34 | | | | 13,174 | | | | 14,812 | |
FNMA | | AA+ | | | 6.00 | | | | 12/01/36 | | | | 35,152 | | | | 39,942 | |
FNMA | | AA+ | | | 6.00 | | | | 01/01/37 | | | | 37,745 | | | | 42,887 | |
FNMA | | AA+ | | | 6.00 | | | | 04/01/37 | | | | 9,535 | | | | 10,021 | |
FNMA | | AA+ | | | 6.00 | | | | 05/01/37 | | | | 6,788 | | | | 7,243 | |
FNMA | | AA+ | | | 6.00 | | | | 06/01/37 | | | | 10,052 | | | | 10,608 | |
FNMA | | AA+ | | | 6.00 | | | | 10/25/44 | | | | 92,677 | | | | 105,231 | |
FNMA | | AA+ | | | 6.00 | | | | 02/25/47 | | | | 83,904 | | | | 95,671 | |
FNMA | | AA+ | | | 6.00 | | | | 12/25/49 | | | | 46,684 | | | | 52,895 | |
FNMA | | AA+ | | | 6.50 | | | | 05/01/32 | | | | 7,839 | | | | 8,670 | |
FNMA | | AA+ | | | 6.50 | | | | 05/01/32 | | | | 24,212 | | | | 26,779 | |
FNMA | | AA+ | | | 6.50 | | | | 07/01/32 | | | | 3,906 | | | | 4,320 | |
FNMA | | AA+ | | | 6.50 | | | | 07/01/34 | | | | 26,294 | | | | 29,465 | |
FNMA | | AA+ | | | 6.50 | | | | 05/01/37 | | | | 19,976 | | | | 20,820 | |
FNMA | | AA+ | | | 6.50 | | | | 09/01/37 | | | | 10,752 | | | | 11,892 | |
FNMA | | AA+ | | | 7.00 | | | | 09/01/31 | | | | 14,791 | | | | 16,359 | |
FNMA | | AA+ | | | 7.00 | | | | 04/01/32 | | | | 4,945 | | | | 5,413 | |
FNMA | | AA+ | | | 7.50 | | | | 06/01/31 | | | | 5,485 | | | | 6,288 | |
FNMA | | AA+ | | | 7.50 | | | | 02/01/32 | | | | 5,960 | | | | 6,945 | |
FNMA | | AA+ | | | 7.50 | | | | 06/01/32 | | | | 4,579 | | | | 5,416 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
FNMA | | | AA+ | | | | 8.00 | | | | 04/01/32 | | | | 1,535 | | | | 1,627 | |
FNMA Strip | | | AA+ | | | | 3.00 | | | | 08/25/42 | | | | 262,321 | | | | 262,837 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | | 08/15/41 | | | | 189,671 | | | | 200,711 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | | 01/15/42 | | | | 251,371 | | | | 265,627 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | | 08/20/42 | | | | 170,691 | | | | 180,199 | |
GNMA (3) | | | AA+ | | | | 4.50 | | | | 04/20/31 | | | | 97,887 | | | | 105,241 | |
GNMA (3) | | | AA+ | | | | 4.50 | | | | 10/15/40 | | | | 163,978 | | | | 179,815 | |
GNMA (3) | | | AA+ | | | | 4.50 | | | | 10/20/43 | | | | 321,946 | | | | 347,590 | |
GNMA (3) | | | AA+ | | | | 5.00 | | | | 10/15/24 | | | | 194,920 | | | | 212,412 | |
GNMA (3) | | | AA+ | | | | 5.00 | | | | 04/15/39 | | | | 140,526 | | | | 156,963 | |
GNMA (3) | | | AA+ | | | | 5.00 | | | | 06/20/39 | | | | 166,364 | | | | 181,001 | |
GNMA (3) | | | AA+ | | | | 5.00 | | | | 11/15/39 | | | | 84,398 | | | | 92,532 | |
GNMA (3) | | | AA+ | | | | 6.50 | | | | 04/15/31 | | | | 1,922 | | | | 2,100 | |
GNMA (3) | | | AA+ | | | | 6.50 | | | | 10/15/31 | | | | 3,120 | | | | 3,622 | |
GNMA (3) | | | AA+ | | | | 6.50 | | | | 12/15/31 | | | | 1,501 | | | | 1,642 | |
GNMA (3) | | | AA+ | | | | 6.50 | | | | 05/15/32 | | | | 7,179 | | | | 7,845 | |
GNMA (3) | | | AA+ | | | | 7.00 | | | | 05/15/31 | | | | 2,830 | | | | 3,318 | |
GNMA (3) | | | AA+ | | | | 7.00 | | | | 05/15/32 | | | | 689 | | | | 709 | |
Small Business Administration (3) | | | AA+ | | | | 2.81 | | | | 06/01/37 | | | | 1,350,000 | | | | 1,352,531 | |
Vendee Mortgage Trust (3) | | | AA+ | | | | 5.25 | | | | 01/15/32 | | | | 141,791 | | | | 150,183 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 21,291,240 | |
| | | | | | | | | | | | | | | | | | | | |
NON-MORTGAGE-BACKED OBLIGATIONS (0.3%) | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 0.00 | | | | 11/29/19 | | | | 500,000 | | | | 477,865 | |
| | | | | | | | | | | | | | | | | | | | |
CORPORATE DEBT (16.1%) | | | | | | | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY (3.0%) | | | | | | | | | | | | | |
Advance Auto Parts, Inc. | | | BBB- | | | | 4.50 | | | | 12/01/23 | | | | 100,000 | | | | 106,131 | |
Advance Auto Parts, Inc. | | | BBB- | | | | 5.75 | | | | 05/01/20 | | | | 270,000 | | | | 292,728 | |
AutoZone, Inc. | | | BBB | | | | 4.00 | | | | 11/15/20 | | | | 250,000 | | | | 261,932 | |
Coach, Inc. | | | BBB- | | | | 4.25 | | | | 04/01/25 | | | | 100,000 | | | | 101,998 | |
Dollar General Corp. | | | BBB | | | | 3.25 | | | | 04/15/23 | | | | 300,000 | | | | 305,563 | |
Expedia, Inc. | | | BBB- | | | | 5.95 | | | | 08/15/20 | | | | 250,000 | | | | 273,198 | |
Family Dollar Stores, Inc. | | | BBB- | | | | 5.00 | | | | 02/01/21 | | | | 300,000 | | | | 321,000 | |
Harman Int’l. Industries, Inc. | | | BBB+ | | | | 4.15 | | | | 05/15/25 | | | | 300,000 | | | | 311,852 | |
Kohl’s Corp. | | | BBB- | | | | 3.25 | | | | 02/01/23 | | | | 250,000 | | | | 240,283 | |
Kohl’s Corp. | | | BBB- | | | | 4.00 | | | | 11/01/21 | | | | 100,000 | | | | 102,417 | |
Lowe’s Cos., Inc. | | | A- | | | | 3.12 | | | | 04/15/22 | | | | 300,000 | | | | 310,223 | |
Macy’s Retail Hldgs., Inc. | | | BBB- | | | | 2.88 | | | | 02/15/23 | | | | 216,000 | | | | 198,041 | |
Marriott International, Inc. | | | BBB | | | | 3.13 | | | | 10/15/21 | | | | 25,000 | | | | 25,583 | |
Marriott International, Inc. | | | BBB | | | | 3.25 | | | | 09/15/22 | | | | 350,000 | | | | 357,900 | |
Mattel, Inc. | | | BBB | | | | 3.15 | | | | 03/15/23 | | | | 350,000 | | | | 345,966 | |
NVR, Inc. | | | BBB+ | | | | 3.95 | | | | 09/15/22 | | | | 300,000 | | | | 314,080 | |
Omnicom Group, Inc. | | | BBB+ | | | | 3.63 | | | | 05/01/22 | | | | 100,000 | | | | 104,375 | |
Omnicom Group, Inc. | | | BBB+ | | | | 4.45 | | | | 08/15/20 | | | | 250,000 | | | | 266,352 | |
O’Reilly Automotive, Inc. | | | BBB+ | | | | 3.80 | | | | 09/01/22 | | | | 300,000 | | | | 315,407 | |
Staples, Inc. | | | BBB- | | | | 4.38 | | | | 01/12/23 | | | | 275,000 | | | | 278,710 | |
Tupperware Brands Corp. | | | BBB- | | | | 4.75 | | | | 06/01/21 | | | | 350,000 | | | | 373,197 | |
Viacom, Inc. | | | BBB- | | | | 3.25 | | | | 03/15/23 | | | | 350,000 | | | | 346,905 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 5,553,841 | |
| | | | | | | | | | | | | | | | | | | | |
CONSUMER STAPLES (1.0%) | | | | | | | | | | | | | |
Edgewell Personal Care Co. | | | BB+ | | | | 4.70 | | | | 05/19/21 | | | | 275,000 | | | | 292,875 | |
Ingredion, Inc. | | | BBB | | | | 4.63 | | | | 11/01/20 | | | | 250,000 | | | | 267,962 | |
Molson Coors Brewing Co. | | | BBB- | | | | 3.50 | | | | 05/01/22 | | | | 400,000 | | | | 414,318 | |
Sysco Corp. | | | BBB+ | | | | 2.60 | | | | 06/12/22 | | | | 300,000 | | | | 301,359 | |
Sysco Corp. | | | BBB+ | | | | 3.75 | | | | 10/01/25 | | | | 100,000 | | | | 103,667 | |
Whole Foods Market, Inc. | | | BBB- | | | | 5.20 | | | | 12/03/25 | | | | 300,000 | | | | 346,709 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,726,890 | |
| | | | | | | | | | | | | | | | | | | | |
ENERGY (1.6%) | | | | | | | | | | | | | |
Cameron International Corp. | | | AA- | | | | 4.50 | | | | 06/01/21 | | | | 300,000 | | | | 315,725 | |
Energen Corp. | | | BB | | | | 4.63 | | | | 09/01/21 | | | | 250,000 | | | | 253,125 | |
EQT Corp. | | | BBB | | | | 4.88 | | | | 11/15/21 | | | | 210,000 | | | | 223,972 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
Marathon Oil Corp. | | | BBB- | | | | 2.80 | | | | 11/01/22 | | | | 350,000 | | | | 335,562 | |
Murphy Oil Corp. | | | BBB- | | | | 3.50 | | | | 12/01/17 | | | | 200,000 | | | | 200,228 | |
Noble Corp. | | | BB- | | | | 7.50 | | | | 03/15/19 | | | | 800,000 | | | | 802,000 | |
Rowan Companies PLC | | | B+ | | | | 4.88 | | | | 06/01/22 | | | | 300,000 | | | | 278,250 | |
Seacor Hldgs., Inc. | | | NR | | | | 7.38 | | | | 10/01/19 | | | | 250,000 | | | | 252,500 | |
TechnipFMC PLC† | | | BBB+ | | | | 2.00 | | | | 10/01/17 | | | | 250,000 | | | | 249,890 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,911,252 | |
| | | | | | | | | | | | | | | | | | | | |
FINANCIALS (3.2%) | | | | | | | | | | | | | |
Aflac, Inc. | | | A- | | | | 4.00 | | | | 02/15/22 | | | | 300,000 | | | | 320,474 | |
Alleghany Corp. | | | BBB+ | | | | 5.63 | | | | 09/15/20 | | | | 300,000 | | | | 328,973 | |
American Express Co. | | | BBB | | | | 3.63 | | | | 12/05/24 | | | | 250,000 | | | | 255,816 | |
Bank of America Corp. | | | BBB | | | | 3.95 | | | | 04/21/25 | | | | 300,000 | | | | 303,972 | |
Barrick N.A. Finance LLC | | | BBB- | | | | 4.40 | | | | 05/30/21 | | | | 250,000 | | | | 269,711 | |
Berkley (W.R.) Corp. | | | BBB+ | | | | 7.38 | | | | 09/15/19 | | | | 250,000 | | | | 275,471 | |
Block Financial LLC | | | BBB | | | | 5.25 | | | | 10/01/25 | | | | 350,000 | | | | 370,986 | |
Capital One Financial Corp. | | | BBB | | | | 4.75 | | | | 07/15/21 | | | | 300,000 | | | | 323,675 | |
Citizens Financial Group, Inc. | | | BBB | | | | 3.75 | | | | 07/01/24 | | | | 250,000 | | | | 248,703 | |
Citizens Financial Group, Inc. | | | BBB | | | | 4.35 | | | | 08/01/25 | | | | 100,000 | | | | 103,740 | |
Fairfax U.S., Inc.† | | | BBB- | | | | 4.88 | | | | 08/13/24 | | | | 250,000 | | | | 259,249 | |
Fifth Third Bancorp | | | BBB | | | | 4.30 | | | | 01/16/24 | | | | 300,000 | | | | 318,633 | |
First Republic Bank | | | A- | | | | 2.38 | | | | 06/17/19 | | | | 150,000 | | | | 150,810 | |
First Tennessee Bank | | | BBB | | | | 2.95 | | | | 12/01/19 | | | | 350,000 | | | | 353,819 | |
Lincoln National Corp. | | | A- | | | | 4.00 | | | | 09/01/23 | | | | 250,000 | | | | 263,382 | |
Moody’s Corp. | | | BBB+ | | | | 4.50 | | | | 09/01/22 | | | | 250,000 | | | | 270,233 | |
Pacific LifeCorp.† | | | A- | | | | 6.00 | | | | 02/10/20 | | | | 100,000 | | | | 108,376 | |
Prudential Financial, Inc. | | | A | | | | 4.50 | | | | 11/16/21 | | | | 250,000 | | | | 271,155 | |
Signet UK Finance PLC | | | BBB- | | | | 4.70 | | | | 06/15/24 | | | | 250,000 | | | | 243,326 | |
Synchrony Financial | | | BBB- | | | | 3.70 | | | | 08/04/26 | | | | 400,000 | | | | 386,020 | |
Unum Group | | | BBB | | | | 4.00 | | | | 03/15/24 | | | | 150,000 | | | | 154,929 | |
Voya Financial, Inc. | | | BBB | | | | 3.65 | | | | 06/15/26 | | | | 250,000 | | | | 250,475 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 5,831,928 | |
| | | | | | | | | | | | | | | | | | | | |
HEALTH CARE (1.6%) | | | | | | | | | | | | | |
Agilent Technologies, Inc. | | | BBB+ | | | | 5.00 | | | | 07/15/20 | | | | 290,000 | | | | 311,970 | |
Anthem, Inc. | | | A | | | | 4.35 | | | | 08/15/20 | | | | 250,000 | | | | 265,314 | |
Bio-Rad Laboratories, Inc. | | | BBB | | | | 4.88 | | | | 12/15/20 | | | | 200,000 | | | | 214,892 | |
Medco Health Solutions, Inc. | | | BBB+ | | | | 4.13 | | | | 09/15/20 | | | | 250,000 | | | | 261,809 | |
Owens & Minor, Inc. | | | BBB | | | | 3.88 | | | | 09/15/21 | | | | 400,000 | | | | 409,200 | |
PerkinElmer, Inc. | | | BBB | | | | 5.00 | | | | 11/15/21 | | | | 300,000 | | | | 324,172 | |
Quest Diagnostics, Inc. | | | BBB+ | | | | 4.70 | | | | 04/01/21 | | | | 150,000 | | | | 160,495 | |
Quest Diagnostics, Inc. | | | BBB+ | | | | 4.75 | | | | 01/30/20 | | | | 250,000 | | | | 266,174 | |
Thermo Fisher Scientific, Inc. | | | BBB | | | | 3.60 | | | | 08/15/21 | | | | 375,000 | | | | 390,745 | |
Zimmer Biomet Hldgs., Inc. | | | BBB | | | | 3.15 | | | | 04/01/22 | | | | 250,000 | | | | 253,809 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,858,580 | |
| | | | | | | | | | | | | | | | | | | | |
INDUSTRIALS (1.0%) | | | | | | | | | | | | | |
Crane Co. | | | BBB | | | | 2.75 | | | | 12/15/18 | | | | 350,000 | | | | 353,635 | |
Dun & Bradstreet Corp. | | | BB+ | | | | 3.25 | | | | 12/01/17 | | | | 400,000 | | | | 402,091 | |
Equifax, Inc. | | | BBB+ | | | | 3.30 | | | | 12/15/22 | | | | 300,000 | | | | 306,835 | |
Hunt (J.B.) Transport Svcs., Inc. | | | BBB+ | | | | 3.30 | | | | 08/15/22 | | | | 200,000 | | | | 203,887 | |
L-3 Communications Corp. | | | BBB- | | | | 4.75 | | | | 07/15/20 | | | | 250,000 | | | | 266,927 | |
Penske Truck Leasing Co. LP† | | | BBB | | | | 3.38 | | | | 03/15/18 | | | | 300,000 | | | | 303,495 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,836,870 | |
| | | | | | | | | | | | | | | | | | | | |
INFORMATION TECHNOLOGY (1.4%) | | | | | | | | | | | | | |
Applied Materials, Inc. | | | A- | | | | 3.90 | | | | 10/01/25 | | | | 350,000 | | | | 372,869 | |
Arrow Electronics, Inc. | | | BBB- | | | | 4.50 | | | | 03/01/23 | | | | 300,000 | | | | 317,296 | |
eBay, Inc. | | | BBB+ | | | | 2.88 | | | | 08/01/21 | | | | 325,000 | | | | 328,712 | |
Fiserv, Inc. | | | BBB | | | | 4.75 | | | | 06/15/21 | | | | 360,000 | | | | 388,996 | |
Ingram Micro, Inc. | | | NR | | | | 5.00 | | | | 08/10/22 | | | | 200,000 | | | | 203,748 | |
Ingram Micro, Inc. | | | NR | | | | 5.25 | | | | 09/01/17 | | | | 100,000 | | | | 100,427 | |
Juniper Networks, Inc. | | | BBB | | | | 4.60 | | | | 03/15/21 | | | | 350,000 | | | | 372,502 | |
Symantec Corp. | | | BB+ | | | | 4.20 | | | | 09/15/20 | | | | 350,000 | | | | 368,375 | |
Tech Data Corp. | | | BBB- | | | | 3.75 | | | | 09/21/17 | | | | 100,000 | | | | 100,304 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,553,229 | |
| | | | | | | | | | | | | | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
MATERIALS (1.1%) | | | | | | | | | | | | | | | | | | | | |
Freeport-McMoRan Copper & Gold | | | BB- | | | | 3.55 | | | | 03/01/22 | | | | 300,000 | | | | 281,154 | |
Methanex Corp. | | | BB+ | | | | 3.25 | | | | 12/15/19 | | | | 250,000 | | | | 251,312 | |
Packaging Corp. of America | | | BBB | | | | 3.90 | | | | 06/15/22 | | | | 250,000 | | | | 262,324 | |
Packaging Corp. of America | | | BBB | | | | 4.50 | | | | 11/01/23 | | | | 150,000 | | | | 160,946 | |
Sherwin-Williams Co.† | | | BBB | | | | 3.95 | | | | 01/15/26 | | | | 350,000 | | | | 361,169 | |
Southern Copper Corp. | | | BBB | | | | 3.50 | | | | 11/08/22 | | | | 100,000 | | | | 101,664 | |
Teck Resources Ltd. | | | BB | | | | 4.75 | | | | 01/15/22 | | | | 300,000 | | | | 310,500 | |
Vulcan Materials Co. | | | BBB | | | | 7.00 | | | | 06/15/18 | | | | 250,000 | | | | 261,775 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,990,844 | |
| | | | | | | | | | | | | | | | | | | | |
REAL ESTATE (1.1%) | | | | | | | | | | | | | | | | | | | | |
American Tower Corp. | | | BBB- | | | | 4.50 | | | | 01/15/18 | | | | 250,000 | | | | 253,425 | |
Government Pptys. Income Trust | | | BBB- | | | | 3.75 | | | | 08/15/19 | | | | 350,000 | | | | 352,725 | |
Healthcare Realty Trust | | | BBB | | | | 3.75 | | | | 04/15/23 | | | | 250,000 | | | | 254,305 | |
Hospitality Properties Trust | | | BBB- | | | | 5.00 | | | | 08/15/22 | | | | 250,000 | | | | 267,978 | |
National Retail Pptys., Inc. | | | BBB+ | | | | 3.80 | | | | 10/15/22 | | | | 250,000 | | | | 260,386 | |
Ventas Realty LP/Capital Corp. | | | BBB+ | | | | 4.00 | | | | 04/30/19 | | | | 100,000 | | | | 102,775 | |
Ventas Realty LP/Capital Corp. | | | BBB+ | | | | 4.75 | | | | 06/01/21 | | | | 200,000 | | | | 213,948 | |
Welltower, Inc. | | | BBB+ | | | | 6.13 | | | | 04/15/20 | | | | 250,000 | | | | 274,359 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,979,901 | |
| | | | | | | | | | | | | | | | | | | | |
TELECOMMUNICATION SERVICES (0.4%) | | | | | | | | | | | | | | | | | | | | |
AT&T, Inc. | | | BBB+ | | | | 3.00 | | | | 06/30/22 | | | | 350,000 | | | | 350,181 | |
Verizon Communications, Inc. | | | BBB+ | | | | 4.50 | | | | 09/15/20 | | | | 325,000 | | | | 347,179 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 697,360 | |
| | | | | | | | | | | | | | | | | | | | |
UTILITIES (0.7%) | | | | | | | | | | | | | | | | | | | | |
Entergy Corp. | | | BBB | | | | 5.13 | | | | 09/15/20 | | | | 250,000 | | | | 269,418 | |
Exelon Corp. | | | BBB- | | | | 5.15 | | | | 12/01/20 | | | | 340,000 | | | | 366,713 | |
National Fuel Gas Co. | | | BBB | | | | 4.90 | | | | 12/01/21 | | | | 250,000 | | | | 265,663 | |
National Fuel Gas Co. | | | BBB | | | | 5.20 | | | | 07/15/25 | | | | 100,000 | | | | 106,502 | |
SCANA Corp. | | | BBB | | | | 4.13 | | | | 02/01/22 | | | | 300,000 | | | | 301,772 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,310,068 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $68,618,675) 38.9% | | | | | | | | | | | | | | | | | | | 70,579,470 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (0.6%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 1,000,000 | | | | 998,630 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (3.0%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 3,050,000 | | | | 3,049,924 | |
FHLB | | | A-1+ | | | | 0.45 | | | | 07/03/17 | | | | 2,050,000 | | | | 2,049,949 | |
FHLB | | | A-1+ | | | | 0.65 | | | | 07/03/17 | | | | 500,000 | | | | 499,982 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 5,599,855 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (0.6%) | | | | | | | | | | | | | | | | | | | | |
Wisconsin Power & Light | | | A-1 | | | | 1.10 | | | | 07/05/17 | | | | 1,000,000 | | | | 999,878 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $7,598,363) 4.2% | | | | | | | | | | | | | | | | 7,598,363 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $162,015,124) 100.1% | | | | | | | | | | | | | | | | | | | 181,630,150 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.1% | | | | | | | | | | | | | | | | | | | (81,928 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 181,548,222 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - RETIREMENT INCOME FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (30.9%) | | | 17,281,085 | | | | 25,421,219 | |
Equity Index Fund (21.6%) | | | 4,652,182 | | | | 17,746,456 | |
Mid-Cap Equity Index Fund (5.6%) | | | 1,997,765 | | | | 4,585,888 | |
Mid-Term Bond Fund (33.9%) | | | 26,324,456 | | | | 27,907,450 | |
Money Market Fund (8.0%) | | | 5,501,408 | | | | 6,601,965 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $79,362,476) 100.0% | | | | | | | 82,262,978 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (1,637 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 82,261,341 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2010 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (25.4%) | | | 4,248,492 | | | | 6,249,714 | |
Equity Index Fund (24.1%) | | | 1,549,192 | | | | 5,909,627 | |
International Fund (4.5%) | | | 1,297,905 | | | | 1,102,160 | |
Mid-Cap Equity Index Fund (8.1%) | | | 866,794 | | | | 1,989,734 | |
Mid-Term Bond Fund (32.9%) | | | 7,628,840 | | | | 8,087,592 | |
Money Market Fund (5.0%) | | | 1,025,677 | | | | 1,230,863 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $23,381,259) 100.0% | | | | | | | 24,569,690 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (165 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 24,569,525 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2015 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (24.9%) | | | 25,013,276 | | | | 36,795,604 | |
Equity Index Fund (28.1%) | | | 10,887,887 | | | | 41,533,501 | |
International Fund (5.0%) | | | 8,726,229 | | | | 7,410,175 | |
Mid-Cap Equity Index Fund (9.6%) | | | 6,207,042 | | | | 14,248,320 | |
Mid-Term Bond Fund (27.4%) | | | 38,165,571 | | | | 40,460,620 | |
Money Market Fund (3.0%) | | | 3,687,265 | | | | 4,424,902 | |
Small Cap Growth Fund (1.0%) | | | 1,069,770 | | | | 1,534,541 | |
Small Cap Value Fund (1.0%) | | | 886,138 | | | | 1,523,658 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $134,869,826) 100.0% | | | | | | | 147,931,321 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,059 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 147,929,262 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2020 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (23.6%) | | | 73,424,509 | | | | 108,010,609 | |
Equity Index Fund (32.3%) | | | 38,727,671 | | | | 147,732,587 | |
International Fund (8.0%) | | | 43,120,905 | | | | 36,617,583 | |
Mid-Cap Equity Index Fund (11.6%) | | | 23,193,142 | | | | 53,240,066 | |
Mid-Term Bond Fund (20.1%) | | | 86,855,020 | | | | 92,077,960 | |
Small Cap Growth Fund (2.1%) | | | 6,608,622 | | | | 9,479,797 | |
Small Cap Value Fund (2.3%) | | | 6,158,654 | | | | 10,589,412 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $408,788,529) 100.0% | | | | | | | 457,748,014 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (3,142 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 457,744,872 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2025 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (22.3%) | | | 86,758,023 | | | | 127,624,783 | |
Equity Index Fund (35.5%) | | | 53,111,826 | | | | 202,603,133 | |
International Fund (9.7%) | | | 65,507,053 | | | | 55,627,541 | |
Mid-Cap Equity Index Fund (14.6%) | | | 36,420,256 | | | | 83,603,024 | |
Mid-Term Bond Fund (9.9%) | | | 53,543,660 | | | | 56,763,454 | |
Small Cap Growth Fund (3.9%) | | | 15,438,911 | | | | 22,146,484 | |
Small Cap Value Fund (4.1%) | | | 13,641,296 | | | | 23,455,336 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $502,991,383) 100.0% | | | | | | | 571,823,755 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (3,709 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 571,820,046 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2030 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (20.0%) | | | 65,080,485 | | | | 95,736,192 | |
Equity Index Fund (37.3%) | | | 46,752,510 | | | | 178,344,557 | |
International Fund (11.5%) | | | 64,397,920 | | | | 54,685,683 | |
Mid-Cap Equity Index Fund (18.6%) | | | 38,737,061 | | | | 88,921,273 | |
Mid-Term Bond Fund (2.0%) | | | 8,993,281 | | | | 9,534,083 | |
Small Cap Growth Fund (5.2%) | | | 17,160,352 | | | | 24,615,822 | |
Small Cap Value Fund (5.4%) | | | 14,921,078 | | | | 25,655,839 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $412,024,818) 100.0% | | | | | | | 477,493,449 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (3,075 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 477,490,374 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2035 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (15.3%) | | | 41,652,021 | | | | 61,271,914 | |
Equity Index Fund (39.4%) | | | 41,163,973 | | | | 157,026,232 | |
International Fund (11.9%) | | | 56,191,280 | | | | 47,716,736 | |
Mid-Cap Equity Index Fund (21.4%) | | | 37,207,325 | | | | 85,409,749 | |
Small Cap Growth Fund (5.9%) | | | 16,500,382 | | | | 23,669,122 | |
Small Cap Value Fund (6.1%) | | | 14,258,196 | | | | 24,516,055 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $339,129,625) 100.0% | | | | | | | 399,609,808 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,574 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 399,607,234 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2040 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited) )
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (12.8%) | | | 28,544,491 | | | | 41,990,173 | |
Equity Index Fund (38.1%) | | | 32,555,687 | | | | 124,188,616 | |
International Fund (13.4%) | | | 51,617,620 | | | | 43,832,857 | |
Mid-Cap Equity Index Fund (21.1%) | | | 30,032,325 | | | | 68,939,471 | |
Small Cap Growth Fund (7.2%) | | | 16,405,106 | | | | 23,532,453 | |
Small Cap Value Fund (7.4%) | | | 14,068,385 | | | | 24,189,687 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $275,296,750) 100.0% | | | | | | | 326,673,257 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,142 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 326,671,115 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2045 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (10.6%) | | | 26,970,007 | | | | 39,674,040 | |
Equity Index Fund (36.3%) | | | 35,555,462 | | | | 135,631,713 | |
International Fund (14.2%) | | | 62,315,052 | | | | 52,916,945 | |
Mid-Cap Equity Index Fund (22.3%) | | | 36,401,544 | | | | 83,560,072 | |
Small Cap Growth Fund (8.2%) | | | 21,450,290 | | | | 30,769,562 | |
Small Cap Value Fund (8.4%) | | | 18,319,968 | | | | 31,500,013 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $308,815,183) 100.0% | | | | | | | 374,052,345 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,455 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 374,049,890 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2050 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (8.7%) | | | 11,827,647 | | | | 17,398,978 | |
Equity Index Fund (34.8%) | | | 18,322,942 | | | | 69,895,647 | |
International Fund (15.6%) | | | 37,032,918 | | | | 31,447,762 | |
Mid-Cap Equity Index Fund (22.3%) | | | 19,565,163 | | | | 44,912,009 | |
Small Cap Growth Fund (9.2%) | | | 12,969,012 | | | | 18,603,516 | |
Small Cap Value Fund (9.4%) | | | 11,036,110 | | | | 18,975,885 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $183,317,656) 100.0% | | | | | | | 201,233,797 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (1,122 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 201,232,675 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - 2055 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (8.0%) | | | 697,363 | | | | 1,025,851 | |
Equity Index Fund (32.6%) | | | 1,092,358 | | | | 4,166,968 | |
International Fund (16.9%) | | | 2,537,330 | | | | 2,154,660 | |
Mid-Cap Equity Index Fund (22.3%) | | | 1,238,972 | | | | 2,844,071 | |
Small Cap Growth Fund (10.0%) | | | 892,458 | | | | 1,280,194 | |
Small Cap Value Fund (10.2%) | | | 755,957 | | | | 1,299,820 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $12,225,230) 100.0% | | | | | | | 12,771,564 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (52 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 12,771,512 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - CONSERVATIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (34.6%) | | | 34,059,658 | | | | 50,103,222 | |
Equity Index Fund (22.0%) | | | 8,369,663 | | | | 31,927,353 | |
International Fund (4.4%) | | | 7,426,287 | | | | 6,306,284 | |
Mid-Cap Equity Index Fund (2.2%) | | | 1,403,865 | | | | 3,222,584 | |
Mid-Term Bond Fund (36.8%) | | | 50,362,777 | | | | 53,391,291 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $137,569,398) 100.0% | | | | | | | 144,950,734 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (292 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 144,950,442 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - MODERATE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (23.3%) | | | 58,961,642 | | | | 86,735,110 | |
Equity Index Fund (36.0%) | | | 35,204,097 | | | | 134,291,381 | |
International Fund (10.3%) | | | 44,975,833 | | | | 38,192,758 | |
Mid-Cap Equity Index Fund (16.0%) | | | 25,870,439 | | | | 59,385,825 | |
Mid-Term Bond Fund (14.4%) | | | 50,387,743 | | | | 53,417,760 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $310,041,689) 100.0% | | | | | | | 372,022,834 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (570 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 372,022,264 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - AGGRESSIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS: | | | | | | | | |
DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (20.0%) | | | 38,493,797 | | | | 56,626,031 | |
Equity Index Fund (35.0%) | | | 25,870,801 | | | | 98,688,102 | |
International Fund (15.0%) | | | 49,923,883 | | | | 42,394,563 | |
Mid-Cap Equity Index Fund (19.9%) | | | 24,422,415 | | | | 56,061,874 | |
Small Cap Growth Fund (5.1%) | | | 9,925,486 | | | | 14,237,703 | |
Small Cap Value Fund (5.0%) | | | 8,180,617 | | | | 14,066,048 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $221,781,662) 100.0% | | | | | | | 282,074,321 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (1,360 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 282,072,961 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (24.5%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.75 | | | | 07/13/17 | | | | 2,450,000 | | | | 2,449,387 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.77 | | | | 07/27/17 | | | | 1,000,000 | | | | 999,440 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.80 | | | | 07/20/17 | | | | 1,000,000 | | | | 999,577 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.80 | | | | 07/27/17 | | | | 1,600,000 | | | | 1,599,079 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.84 | | | | 07/20/17 | | | | 1,400,000 | | | | 1,399,379 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.85 | | | | 08/03/17 | | | | 2,100,000 | | | | 2,098,362 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.85 | | | | 08/10/17 | | | | 1,200,000 | | | | 1,198,870 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.86 | | | | 08/17/17 | | | | 2,250,000 | | | | 2,247,481 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.89 | | | | 08/10/17 | | | | 1,300,000 | | | | 1,298,714 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.91 | | | | 08/24/17 | | | | 3,000,000 | | | | 2,995,890 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 17,286,179 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (14.6%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.80 | | | | 07/07/17 | | | | 500,000 | | | | 499,934 | |
FHLB | | | A-1+ | | | | 0.86 | | | | 07/07/17 | | | | 1,700,000 | | | | 1,699,757 | |
FHLB | | | A-1+ | | | | 0.86 | | | | 07/19/17 | | | | 1,000,000 | | | | 999,569 | |
FHLB | | | A-1+ | | | | 0.88 | | | | 07/14/17 | | | | 1,600,000 | | | | 1,599,491 | |
FHLB | | | A-1+ | | | | 0.94 | | | | 07/19/17 | | | | 1,200,000 | | | | 1,199,433 | |
FHLB | | | A-1+ | | | | 0.94 | | | | 07/21/17 | | | | 1,000,000 | | | | 999,477 | |
FHLB | | | A-1+ | | | | 1.02 | | | | 08/02/17 | | | | 900,000 | | | | 899,180 | |
FHLB | | | A-1+ | | | | 1.02 | | | | 08/25/17 | | | | 400,000 | | | | 399,377 | |
FHLB | | | A-1+ | | | | 1.03 | | | | 08/23/17 | | | | 700,000 | | | | 698,938 | |
FHLB | | | A-1+ | | | | 1.03 | | | | 08/24/17 | | | | 1,300,000 | | | | 1,297,981 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 10,293,137 | |
| | | | | | | | | | | | | | | | | | | | |
COMMERCIAL PAPER (60.7%) | | | | | | | | | | | | | | | | | | | | |
Apple, Inc.† | | | A-1+ | | | | 1.08 | | | | 08/07/17 | | | | 1,300,000 | | | | 1,298,557 | |
Chevron Corp.† | | | A-1+ | | | | 1.12 | | | | 08/29/17 | | | | 350,000 | | | | 349,357 | |
Cisco Systems, Inc. | | | A-1+ | | | | 0.93 | | | | 07/12/17 | | | | 2,500,000 | | | | 2,499,289 | |
Coca-Cola Co.† | | | A-1+ | | | | 0.87 | | | | 07/24/17 | | | | 800,000 | | | | 799,555 | |
Coca-Cola Co.† | | | A-1+ | | | | 0.89 | | | | 07/12/17 | | | | 800,000 | | | | 799,782 | |
Coca-Cola Co.† | | | A-1+ | | | | 1.05 | | | | 08/07/17 | | | | 1,200,000 | | | | 1,198,705 | |
Colgate-Palmolive Co.† | | | A-1+ | | | | 1.07 | | | | 07/17/17 | | | | 2,500,000 | | | | 2,498,811 | |
Exxon Mobil Corp. | | | A-1+ | | | | 0.87 | | | | 07/06/17 | | | | 2,000,000 | | | | 1,999,758 | |
Hershey Co.† | | | A-1 | | | | 0.94 | | | | 07/07/17 | | | | 1,600,000 | | | | 1,599,749 | |
Hershey Co.† | | | A-1 | | | | 1.11 | | | | 07/17/17 | | | | 800,000 | | | | 799,605 | |
Hershey Co.† | | | A-1 | | | | 1.12 | | | | 07/10/17 | | | | 350,000 | | | | 349,902 | |
Intercontinental Exchange, Inc.† | | | A-1 | | | | 1.10 | | | | 07/19/17 | | | | 1,500,000 | | | | 1,499,175 | |
Intercontinental Exchange, Inc.† | | | A-1 | | | | 1.20 | | | | 08/04/17 | | | | 1,000,000 | | | | 998,866 | |
J.P. Morgan Securities LLC | | | A-1 | | | | 1.00 | | | | 07/05/17 | | | | 1,100,000 | | | | 1,099,878 | |
J.P. Morgan Securities LLC | | | A-1 | | | | 1.20 | | | | 07/17/17 | | | | 1,400,000 | | | | 1,399,253 | |
J.P. Morgan Securities LLC | | | A-1 | | | | 1.25 | | | | 08/01/17 | | | | 250,000 | | | | 249,731 | |
Microsoft Corp.† | | | A-1+ | | | | 0.90 | | | | 07/18/17 | | | | 2,600,000 | | | | 2,598,894 | |
National Rural Utilities | | | A-1 | | | | 1.12 | | | | 07/13/17 | | | | 1,000,000 | | | | 999,627 | |
National Rural Utilities | | | A-1 | | | | 1.15 | | | | 07/27/17 | | | | 1,700,000 | | | | 1,698,588 | |
Nestle Capital Corp.† | | | A-1+ | | | | 0.87 | | | | 07/03/17 | | | | 400,000 | | | | 399,981 | |
Nestle Capital Corp.† | | | A-1+ | | | | 1.09 | | | | 08/22/17 | | | | 900,000 | | | | 898,583 | |
Novartis Finance Corp.† | | | A-1+ | | | | 0.94 | | | | 07/10/17 | | | | 2,200,000 | | | | 2,199,482 | |
Novartis Finance Corp.† | | | A-1+ | | | | 1.13 | | | | 07/25/17 | | | | 500,000 | | | | 499,623 | |
PepsiCo, Inc.† | | | A-1 | | | | 0.90 | | | | 07/06/17 | | | | 1,800,000 | | | | 1,799,775 | |
PepsiCo, Inc.† | | | A-1 | | | | 1.10 | | | | 07/24/17 | | | | 900,000 | | | | 899,367 | |
Pfizer, Inc.† | | | A-1+ | | | | 0.90 | | | | 07/17/17 | | | | 300,000 | | | | 299,880 | |
Pfizer, Inc.† | | | A-1+ | | | | 1.07 | | | | 08/11/17 | | | | 1,400,000 | | | | 1,398,293 | |
Pfizer, Inc.† | | | A-1+ | | | | 1.17 | | | | 09/18/17 | | | | 1,000,000 | | | | 997,432 | |
QUALCOMM, Inc.† | | | A-1 | | | | 0.88 | | | | 07/11/17 | | | | 2,200,000 | | | | 2,199,462 | |
QUALCOMM, Inc.† | | | A-1 | | | | 1.11 | | | | 08/15/17 | | | | 500,000 | | | | 499,306 | |
Simon Ppty. Group LP† | | | A-1 | | | | 1.12 | | | | 07/17/17 | | | | 350,000 | | | | 349,826 | |
Simon Ppty. Group LP† | | | A-1 | | | | 1.25 | | | | 09/25/17 | | | | 2,400,000 | | | | 2,392,659 | |
Toyota Motor Credit Corp. | | | A-1+ | | | | 1.05 | | | | 07/28/17 | | | | 1,800,000 | | | | 1,798,582 | |
Toyota Motor Credit Corp. | | | A-1+ | | | | 1.13 | | | | 08/14/17 | | | | 1,000,000 | | | | 998,619 | |
Unilever Capital Corp.† | | | A-1 | | | | 0.90 | | | | 07/05/17 | | | | 500,000 | | | | 499,950 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 42,867,902 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $70,447,391) 99.8% | | | | | | | | | | | | | | | | | | | 70,447,218 | |
| | | | | | | | | | | | | | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $70,447,391) 99.8% | | | | | | | | | | | 70,447,218 | |
| | | | | | | | | | | | |
OTHER NET ASSETS 0.2% | | | | | | | | | | | 168,011 | |
| | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | $ | 70,615,229 | |
| | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (39.6%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Note | | | AA+ | | | | 1.38 | | | | 06/30/23 | | | | 18,000,000 | | | | 17,329,914 | |
U.S. Treasury Note | | | AA+ | | | | 1.38 | | | | 09/30/23 | | | | 23,500,000 | | | | 22,553,580 | |
U.S. Treasury Note | | | AA+ | | | | 1.50 | | | | 10/31/19 | | | | 3,000,000 | | | | 3,003,984 | |
U.S. Treasury Note | | | AA+ | | | | 1.50 | | | | 02/28/23 | | | | 13,000,000 | | | | 12,655,708 | |
U.S. Treasury Note | | | AA+ | | | | 1.50 | | | | 08/15/26 | | | | 12,500,000 | | | | 11,693,850 | |
U.S. Treasury Note | | | AA+ | | | | 1.63 | | | | 06/30/20 | | | | 5,500,000 | | | | 5,509,669 | |
U.S. Treasury Note | | | AA+ | | | | 1.63 | | | | 10/31/23 | | | | 9,900,000 | | | | 9,642,828 | |
U.S. Treasury Note | | | AA+ | | | | 1.63 | | | | 05/15/26 | | | | 13,000,000 | | | | 12,324,611 | |
U.S. Treasury Note | | | AA+ | | | | 1.75 | | | | 09/30/19 | | | | 3,000,000 | | | | 3,021,564 | |
U.S. Treasury Note | | | AA+ | | | | 1.75 | | | | 12/31/20 | | | | 3,500,000 | | | | 3,509,982 | |
U.S. Treasury Note | | | AA+ | | | | 1.75 | | | | 02/28/22 | | | | 15,000,000 | | | | 14,936,130 | |
U.S. Treasury Note | | | AA+ | | | | 1.88 | | | | 05/31/22 | | | | 16,900,000 | | | | 16,899,341 | |
U.S. Treasury Note | | | AA+ | | | | 2.00 | | | | 11/30/20 | | | | 7,500,000 | | | | 7,588,185 | |
U.S. Treasury Note | | | AA+ | | | | 2.00 | | | | 05/31/24 | | | | 17,500,000 | | | | 17,359,178 | |
U.S. Treasury Note | | | AA+ | | | | 2.00 | | | | 06/30/24 | | | | 4,000,000 | | | | 3,964,688 | |
U.S. Treasury Strip | | | AA+ | | | | 0.00 | | | | 08/15/18 | | | | 47,500,000 | | | | 46,808,965 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 208,802,177 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (7.9%) | | | | | | | | | | | | | | | | | | | | |
MORTGAGE-BACKED OBLIGATIONS (1.1%) | | | | | | | | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 7.50 | | | | 03/15/21 | | | | 2,135 | | | | 2,273 | |
FHLMC | | | AA+ | | | | 8.00 | | | | 09/01/18 | | | | 1 | | | | 1 | |
Small Business Administration (3) | | | AA+ | | | | 2.88 | | | | 05/01/37 | | | | 6,000,000 | | | | 6,024,540 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 6,026,814 | |
| | | | | | | | | | | | | | | | | | | | |
NON-MORTGAGE-BACKED OBLIGATIONS (6.8%) | | | | | | | | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 0.00 | | | | 11/29/19 | | | | 13,500,000 | | | | 12,902,342 | |
FNMA | | | AA+ | | | | 0.00 | | | | 10/09/19 | | | | 23,000,000 | | | | 22,063,370 | |
Tennessee Valley Auth. Strip | | | AA+ | | | | 0.00 | | | | 11/01/20 | | | | 900,000 | | | | 840,327 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 35,806,039 | |
| | | | | | | | | | | | | | | | | | | | |
CORPORATE DEBT (51.7%) | | | | | | | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY (8.5%) | | | | | | | | | | | | | | | | | | | | |
Advance Auto Parts, Inc. | | | BBB- | | | | 4.50 | | | | 01/15/22 | | | | 500,000 | | | | 531,709 | |
Advance Auto Parts, Inc. | | | BBB- | | | | 4.50 | | | | 12/01/23 | | | | 250,000 | | | | 265,327 | |
Advance Auto Parts, Inc. | | | BBB- | | | | 5.75 | | | | 05/01/20 | | | | 1,500,000 | | | | 1,626,264 | |
AutoZone, Inc. | | | BBB | | | | 3.70 | | | | 04/15/22 | | | | 300,000 | | | | 311,117 | |
AutoZone, Inc. | | | BBB | | | | 4.00 | | | | 11/15/20 | | | | 700,000 | | | | 733,408 | |
Brinker International, Inc. | | | BB+ | | | | 2.60 | | | | 05/15/18 | | | | 2,000,000 | | | | 2,002,100 | |
Carnival Corp. | | | A- | | | | 1.88 | | | | 12/15/17 | | | | 2,000,000 | | | | 2,003,466 | |
Coach, Inc. | | | BBB- | | | | 3.00 | | | | 07/15/22 | | | | 2,500,000 | | | | 2,464,915 | |
Dollar General Corp. | | | BBB | | | | 3.25 | | | | 04/15/23 | | | | 1,047,000 | | | | 1,066,416 | |
Expedia, Inc. | | | BBB- | | | | 5.95 | | | | 08/15/20 | | | | 2,000,000 | | | | 2,185,584 | |
Family Dollar Stores, Inc. | | | BBB- | | | | 5.00 | | | | 02/01/21 | | | | 2,000,000 | | | | 2,140,000 | |
Gap, Inc. | | | BB+ | | | | 5.95 | | | | 04/12/21 | | | | 2,000,000 | | | | 2,167,944 | |
Harman Int’l. Industries, Inc. | | | BBB+ | | | | 4.15 | | | | 05/15/25 | | | | 2,000,000 | | | | 2,079,016 | |
Hyatt Hotels Corp. | | | BBB | | | | 5.38 | | | | 08/15/21 | | | | 50,000 | | | | 54,764 | |
Kohl’s Corp. | | | BBB- | | | | 3.25 | | | | 02/01/23 | | | | 700,000 | | | | 672,791 | |
Kohl’s Corp. | | | BBB- | | | | 4.00 | | | | 11/01/21 | | | | 1,325,000 | | | | 1,357,028 | |
Marriott International, Inc. | | | BBB | | | | 3.00 | | | | 03/01/19 | | | | 1,200,000 | | | | 1,218,348 | |
Marriott International, Inc. | | | BBB | | | | 3.13 | | | | 02/15/23 | | | | 2,000,000 | | | | 1,993,964 | |
Marriott International, Inc. | | | BBB | | | | 3.38 | | | | 10/15/20 | | | | 800,000 | | | | 826,065 | |
Mattel, Inc. | | | BBB | | | | 1.70 | | | | 03/15/18 | | | | 2,000,000 | | | | 1,998,168 | |
Newell Brands, Inc. | | | BBB- | | | | 4.70 | | | | 08/15/20 | | | | 525,000 | | | | 562,448 | |
NVR, Inc. | | | BBB+ | | | | 3.95 | | | | 09/15/22 | | | | 2,000,000 | | | | 2,093,864 | |
Omnicom Group, Inc. | | | BBB+ | | | | 3.63 | | | | 05/01/22 | | | | 2,000,000 | | | | 2,087,508 | |
O’Reilly Automotive, Inc. | | | BBB+ | | | | 4.63 | | | | 09/15/21 | | | | 281,000 | | | | 303,032 | |
Scripps Networks Interactive, Inc. | | | BBB | | | | 3.50 | | | | 06/15/22 | | | | 2,000,000 | | | | 2,062,610 | |
Staples, Inc. | | | BBB- | | | | 2.75 | | | | 01/12/18 | | | | 2,000,000 | | | | 2,007,546 | |
Tupperware Brands Corp. | | | BBB- | | | | 4.75 | | | | 06/01/21 | | | | 2,000,000 | | | | 2,132,552 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | |
Viacom, Inc. | | | BBB- | | | | 3.25 | | | 03/15/23 | | | 2,000,000 | | | | 1,982,316 | |
Whirlpool Corp. | | | BBB | | | | 2.40 | | | 03/01/19 | | | 1,445,000 | | | | 1,457,415 | |
Wyndham Worldwide Corp. | | | BBB- | | | | 4.15 | | | 04/01/24 | | | 2,500,000 | | | | 2,567,843 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 44,955,528 | |
| | | | | | | | | | | | | | | | | | |
CONSUMER STAPLES (3.5%) | | | | | | | | | | | | | | | | | | |
Beam Suntory, Inc. | | | BBB | | | | 1.75 | | | 06/15/18 | | | 2,000,000 | | | | 1,998,250 | |
CVS Health Corp. | | | BBB+ | | | | 3.38 | | | 08/12/24 | | | 590,000 | | | | 599,752 | |
Dr. Pepper Snapple Group, Inc. | | | BBB+ | | | | 2.60 | | | 01/15/19 | | | 150,000 | | | | 151,665 | |
Edgewell Personal Care Co. | | | BB+ | | | | 4.70 | | | 05/19/21 | | | 2,000,000 | | | | 2,130,000 | |
Flowers Foods, Inc. | | | BBB | | | | 4.38 | | | 04/01/22 | | | 2,000,000 | | | | 2,140,638 | |
General Mills, Inc. | | | BBB+ | | | | 2.20 | | | 10/21/19 | | | 775,000 | | | | 780,077 | |
Ingredion, Inc. | | | BBB | | | | 4.63 | | | 11/01/20 | | | 275,000 | | | | 294,758 | |
Kellogg Co. | | | BBB | | | | 2.65 | | | 12/01/23 | | | 2,000,000 | | | | 1,966,412 | |
Kroger Co. | | | BBB | | | | 2.95 | | | 11/01/21 | | | 2,000,000 | | | | 2,016,608 | |
Mead Johnson Nutrition Co. | | | A- | | | | 4.90 | | | 11/01/19 | | | 3,075,000 | | | | 3,263,172 | |
Molson Coors Brewing Co. | | | BBB- | | | | 3.50 | | | 05/01/22 | | | 1,000,000 | | | | 1,035,795 | |
Sysco Corp. | | | BBB+ | | | | 2.60 | | | 10/01/20 | | | 2,000,000 | | | | 2,024,770 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 18,401,897 | |
| | | | | | | | | | | | | | | | | | |
ENERGY (3.6%) | | | | | | | | | | | | | | | | | | |
Cameron International Corp. | | | AA- | | | | 3.60 | | | 04/30/22 | | | 214,000 | | | | 221,418 | |
Diamond Offshore Drilling, Inc. | | | BB- | | | | 3.45 | | | 11/01/23 | | | 1,500,000 | | | | 1,305,000 | |
Energen Corp. | | | BB | | | | 4.63 | | | 09/01/21 | | | 2,000,000 | | | | 2,025,000 | |
EQT Corp. | | | BBB | | | | 4.88 | | | 11/15/21 | | | 1,250,000 | | | | 1,333,169 | |
Kinder Morgan, Inc. | | | BBB- | | | | 3.05 | | | 12/01/19 | | | 2,000,000 | | | | 2,034,748 | |
Marathon Oil Corp. | | | BBB- | | | | 2.80 | | | 11/01/22 | | | 2,000,000 | | | | 1,917,498 | |
Murphy Oil Corp. | | | BBB- | | | | 3.50 | | | 12/01/17 | | | 2,000,000 | | | | 2,002,280 | |
Noble Energy, Inc. | | | BBB | | | | 4.15 | | | 12/15/21 | | | 2,000,000 | | | | 2,107,370 | |
Rowan Companies PLC | | | B+ | | | | 4.88 | | | 06/01/22 | | | 2,000,000 | | | | 1,855,000 | |
SESI LLC | | | BB- | | | | 7.13 | | | 12/15/21 | | | 2,150,000 | | | | 2,047,875 | |
TechnipFMC PLC† | | | BBB+ | | | | 2.00 | | | 10/01/17 | | | 2,000,000 | | | | 1,999,116 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 18,848,474 | |
| | | | | | | | | | | | | | | | | | |
FINANCIALS (12.3%) | | | | | | | | | | | | | | | | | | |
Aflac, Inc. | | | A- | | | | 3.63 | | | 06/15/23 | | | 550,000 | | | | 578,166 | |
Alleghany Corp. | | | BBB+ | | | | 4.95 | | | 06/27/22 | | | 2,000,000 | | | | 2,191,052 | |
American Express Credit Corp. | | | A- | | | | 2.25 | | | 08/15/19 | | | 2,000,000 | | | | 2,017,228 | |
American Int’l. Group, Inc. | | | BBB+ | | | | 4.13 | | | 02/15/24 | | | 2,000,000 | | | | 2,111,602 | |
Ares Capital Corp. | | | BBB | | | | 3.63 | | | 01/19/22 | | | 2,500,000 | | | | 2,528,925 | |
Bank of America Corp. | | | BBB+ | | | | 2.65 | | | 04/01/19 | | | 1,250,000 | | | | 1,265,054 | |
Barrick N.A. Finance LLC | | | BBB- | | | | 4.40 | | | 05/30/21 | | | 2,000,000 | | | | 2,157,686 | |
Berkley (W.R.) Corp. | | | BBB+ | | | | 4.63 | | | 03/15/22 | | | 2,000,000 | | | | 2,152,484 | |
Block Financial LLC | | | BBB | | | | 5.50 | | | 11/01/22 | | | 2,472,000 | | | | 2,678,007 | |
Capital One Financial Corp. | | | BBB | | | | 4.75 | | | 07/15/21 | | | 2,000,000 | | | | 2,157,834 | |
Citigroup, Inc. | | | BBB+ | | | | 2.55 | | | 04/08/19 | | | 1,850,000 | | | | 1,867,405 | |
Citizens Financial Group, Inc. | | | BBB | | | | 3.75 | | | 07/01/24 | | | 2,000,000 | | | | 1,989,622 | |
Erac USA Finance LLC† | | | BBB+ | | | | 2.35 | | | 10/15/19 | | | 1,000,000 | | | | 1,001,554 | |
Fairfax Financial Hldgs.† | | | BBB- | | | | 5.80 | | | 05/15/21 | | | 1,274,000 | | | | 1,375,073 | |
Fairfax U.S., Inc.† | | | BBB- | | | | 4.88 | | | 08/13/24 | | | 750,000 | | | | 777,748 | |
Fifth Third Bancorp | | | BBB | | | | 4.30 | | | 01/16/24 | | | 2,000,000 | | | | 2,124,220 | |
First Republic Bank | | | A- | | | | 2.38 | | | 06/17/19 | | | 2,000,000 | | | | 2,010,798 | |
First Tennessee Bank | | | BBB | | | | 2.95 | | | 12/01/19 | | | 2,200,000 | | | | 2,224,004 | |
FS Investment Corp. | | | BBB | | | | 4.75 | | | 05/15/22 | | | 2,675,000 | | | | 2,746,695 | |
JPMorgan Chase & Co. | | | A- | | | | 2.00 | | | 08/15/17 | | | 2,000,000 | | | | 2,001,428 | |
JPMorgan Chase & Co. | | | BBB+ | | | | 3.88 | | | 09/10/24 | | | 1,000,000 | | | | 1,031,743 | |
Legg Mason, Inc. | | | BBB | | | | 3.95 | | | 07/15/24 | | | 2,000,000 | | | | 2,029,084 | |
Lincoln National Corp. | | | A- | | | | 4.00 | | | 09/01/23 | | | 2,000,000 | | | | 2,107,058 | |
Moody’s Corp. | | | BBB+ | | | | 5.50 | | | 09/01/20 | | | 2,000,000 | | | | 2,193,716 | |
Nasdaq, Inc. | | | BBB | | | | 5.55 | | | 01/15/20 | | | 2,150,000 | | | | 2,323,757 | |
Peoples United Bank | | | BBB+ | | | | 4.00 | | | 07/15/24 | | | 1,750,000 | | | | 1,765,482 | |
Prospect Capital Corp. | | | BBB- | | | | 4.95 | | | 07/15/22 | | | 2,500,000 | | | | 2,490,625 | |
Prospect Capital Corp. | | | BBB- | | | | 5.88 | | | 03/15/23 | | | 1,925,000 | | | | 1,987,391 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | |
Signet UK Finance PLC | | BBB- | | | 4.70 | | | 06/15/24 | | | 2,000,000 | | | | 1,946,608 | |
Stifel Financial Corp. | | BBB- | | | 4.25 | | | 07/18/24 | | | 2,000,000 | | | | 2,036,164 | |
Synchrony Financial | | BBB- | | | 2.70 | | | 02/03/20 | | | 1,000,000 | | | | 1,005,071 | |
Unum Group | | BBB | | | 4.00 | | | 03/15/24 | | | 2,000,000 | | | | 2,065,718 | |
Voya Financial, Inc. | | BBB | | | 3.65 | | | 06/15/26 | | | 2,000,000 | | | | 2,003,798 | |
Wells Fargo & Co. | | A | | | 2.13 | | | 04/22/19 | | | 2,000,000 | | | | 2,010,422 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 64,953,222 | |
| | | | | | | | | | | | | | | | |
HEALTH CARE (4.8%) | | | | | | | | | | | |
Abbott Laboratories | | BBB | | | 3.25 | | | 04/15/23 | | | 2,000,000 | | | | 2,040,070 | |
Agilent Technologies, Inc. | | BBB+ | | | 5.00 | | | 07/15/20 | | | 2,000,000 | | | | 2,151,516 | |
Anthem, Inc. | | A | | | 3.13 | | | 05/15/22 | | | 2,000,000 | | | | 2,037,264 | |
Biogen Idec, Inc. | | A- | | | 6.88 | | | 03/01/18 | | | 1,250,000 | | | | 1,292,254 | |
Bio-Rad Laboratories, Inc. | | BBB | | | 4.88 | | | 12/15/20 | | | 2,000,000 | | | | 2,148,918 | |
Edwards Lifesciences Corp. | | BBB- | | | 2.88 | | | 10/15/18 | | | 2,000,000 | | | | 2,018,686 | |
Express Scripts Hldg. Co. | | BBB+ | | | 2.25 | | | 06/15/19 | | | 2,000,000 | | | | 2,006,628 | |
Laboratory Corp. of America | | BBB | | | 3.75 | | | 08/23/22 | | | 600,000 | | | | 623,514 | |
Laboratory Corp. of America | | BBB | | | 4.63 | | | 11/15/20 | | | 400,000 | | | | 424,618 | |
Owens & Minor, Inc. | | BBB | | | 3.88 | | | 09/15/21 | | | 2,000,000 | | | | 2,046,002 | |
PerkinElmer, Inc. | | BBB | | | 5.00 | | | 11/15/21 | | | 2,000,000 | | | | 2,161,144 | |
Quest Diagnostics, Inc. | | BBB+ | | | 4.75 | | | 01/30/20 | | | 2,000,000 | | | | 2,129,394 | |
Thermo Fisher Scientific, Inc. | | BBB | | | 3.60 | | | 08/15/21 | | | 400,000 | | | | 416,794 | |
Thermo Fisher Scientific, Inc. | | BBB | | | 4.50 | | | 03/01/21 | | | 1,600,000 | | | | 1,711,270 | |
Zimmer Biomet Hldgs., Inc. | | BBB | | | 3.15 | | | 04/01/22 | | | 2,000,000 | | | | 2,030,468 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 25,238,540 | |
| | | �� | | | | | | | | | | | | | |
INDUSTRIALS (4.2%) | | | | | | | | | | | |
Crane Co. | | BBB | | | 2.75 | | | 12/15/18 | | | 2,000,000 | | | | 2,020,770 | |
Dun & Bradstreet Corp. | | BB+ | | | 3.25 | | | 12/01/17 | | | 2,000,000 | | | | 2,010,456 | |
Equifax, Inc. | | BBB+ | | | 3.30 | | | 12/15/22 | | | 2,000,000 | | | | 2,045,568 | |
Flowserve Corp. | | BBB | | | 3.50 | | | 09/15/22 | | | 2,000,000 | | | | 2,036,808 | |
GATX Corp. | | BBB | | | 6.00 | | | 02/15/18 | | | 2,050,000 | | | | 2,102,316 | |
Hunt (J.B.) Transport Svcs., Inc. | | BBB+ | | | 3.30 | | | 08/15/22 | | | 2,000,000 | | | | 2,038,870 | |
Kennametal, Inc. | | BBB- | | | 2.65 | | | 11/01/19 | | | 2,000,000 | | | | 2,009,712 | |
L-3 Communications Corp. | | BBB- | | | 5.20 | | | 10/15/19 | | | 2,000,000 | | | | 2,135,014 | |
Penske Truck Leasing Co. LP† | | BBB | | | 3.38 | | | 03/15/18 | | | 1,300,000 | | | | 1,315,144 | |
Valmont Industries, Inc. | | BBB+ | | | 6.63 | | | 04/20/20 | | | 2,000,000 | | | | 2,209,382 | |
Verisk Analytics, Inc. | | BBB- | | | 4.13 | | | 09/12/22 | | | 2,000,000 | | | | 2,107,660 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 22,031,700 | |
| | | | | | | | | | | | | | | | |
INFORMATION TECHNOLOGY (5.1%) | | | | | | | | | | | |
Adobe Systems, Inc. | | A | | | 4.75 | | | 02/01/20 | | | 2,000,000 | | | | 2,145,376 | |
Amphenol Corp. | | BBB+ | | | 2.55 | | | 01/30/19 | | | 2,000,000 | | | | 2,018,402 | |
Arrow Electronics, Inc. | | BBB- | | | 3.00 | | | 03/01/18 | | | 1,250,000 | | | | 1,258,928 | |
Arrow Electronics, Inc. | | BBB- | | | 4.50 | | | 03/01/23 | | | 50,000 | | | | 52,883 | |
Avnet, Inc. | | BBB- | | | 3.75 | | | 12/01/21 | | | 1,130,000 | | | | 1,148,254 | |
Avnet, Inc. | | BBB- | | | 5.88 | | | 06/15/20 | | | 950,000 | | | | 1,027,884 | |
eBay, Inc. | | BBB+ | | | 2.88 | | | 08/01/21 | | | 2,100,000 | | | | 2,123,986 | |
Fiserv, Inc. | | BBB | | | 4.75 | | | 06/15/21 | | | 1,900,000 | | | | 2,053,036 | |
Ingram Micro, Inc. | | NR | | | 5.25 | | | 09/01/17 | | | 1,500,000 | | | | 1,506,402 | |
Jabil Circuit, Inc. | | BBB- | | | 4.70 | | | 09/15/22 | | | 1,976,000 | | | | 2,099,164 | |
Juniper Networks, Inc. | | BBB | | | 4.50 | | | 03/15/24 | | | 1,500,000 | | | | 1,593,281 | |
Juniper Networks, Inc. | | BBB | | | 4.60 | | | 03/15/21 | | | 600,000 | | | | 638,575 | |
Lam Research Corp. | | BBB+ | | | 2.75 | | | 03/15/20 | | | 2,000,000 | | | | 2,025,460 | |
Motorola Solutions, Inc. | | BBB- | | | 3.75 | | | 05/15/22 | | | 2,000,000 | | | | 2,066,296 | |
Symantec Corp. | | BB+ | | | 4.20 | | | 09/15/20 | | | 2,000,000 | | | | 2,105,000 | |
Tech Data Corp. | | BBB- | | | 3.75 | | | 09/21/17 | | | 2,000,000 | | | | 2,006,074 | |
Total System Services, Inc. | | BBB- | | | 3.75 | | | 06/01/23 | | | 950,000 | | | | 985,710 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 26,854,711 | |
| | | | | | | | | | | | | | | | |
MATERIALS (2.8%) | | | | | | | | | | | |
Albemarle Corp. | | BBB | | | 4.50 | | | 12/15/20 | | | 1,065,000 | | | | 1,148,232 | |
Domtar Corp. | | BBB- | | | 4.40 | | | 04/01/22 | | | 2,000,000 | | | | 2,101,802 | |
Freeport-McMoRan Copper & Gold | | BB- | | | 3.10 | | | 03/15/20 | | | 1,750,000 | | | | 1,712,813 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
Freeport-McMoRan Copper & Gold | | | BB- | | | | 3.55 | | | | 03/01/22 | | | | 250,000 | | | | 234,295 | |
Goldcorp, Inc. | | | BBB+ | | | | 2.13 | | | | 03/15/18 | | | | 2,000,000 | | | | 2,002,124 | |
Kinross Gold Corp. | | | BB+ | | | | 5.13 | | | | 09/01/21 | | | | 750,000 | | | | 798,750 | |
Methanex Corp. | | | BB+ | | | | 3.25 | | | | 12/15/19 | | | | 2,000,000 | | | | 2,010,494 | |
Newmont Mining Corp. | | | BBB | | | | 3.50 | | | | 03/15/22 | | | | 2,000,000 | | | | 2,068,226 | |
Southern Copper Corp. | | | BBB | | | | 3.50 | | | | 11/08/22 | | | | 2,000,000 | | | | 2,033,284 | |
WestRock Co. | | | BBB | | | | 3.50 | | | | 03/01/20 | | | | 622,000 | | | | 638,934 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 14,748,954 | |
| | | | | | | | | | | | | | | | | | | | |
REAL ESTATE (4.3%) | | | | | | | | | | | | | | | | | | | | |
American Tower Corp. | | | BBB- | | | | 4.50 | | | | 01/15/18 | | | | 2,000,000 | | | | 2,027,396 | |
Boston Properties LP | | | A- | | | | 3.70 | | | | 11/15/18 | | | | 1,970,000 | | | | 2,010,992 | |
CBRE Services, Inc. | | | BBB | | | | 5.25 | | | | 03/15/25 | | | | 2,000,000 | | | | 2,177,936 | |
Government Pptys. Income Trust | | | BBB- | | | | 3.75 | | | | 08/15/19 | | | | 2,000,000 | | | | 2,015,574 | |
HCP, Inc. | | | BBB | | | | 3.15 | | | | 08/01/22 | | | | 750,000 | | | | 754,843 | |
Healthcare Realty Trust | | | BBB | | | | 5.75 | | | | 01/15/21 | | | | 2,000,000 | | | | 2,190,472 | |
Hospitality Properties Trust | | | BBB- | | | | 5.00 | | | | 08/15/22 | | | | 1,300,000 | | | | 1,393,483 | |
Jones Lang LaSalle, Inc. | | | BBB+ | | | | 4.40 | | | | 11/15/22 | | | | 1,410,000 | | | | 1,484,689 | |
Mack-Cali Realty LP | | | BBB- | | | | 4.50 | | | | 04/18/22 | | | | 1,000,000 | | | | 1,021,561 | |
Omega Healthcare Investors, Inc. | | | BBB- | | | | 4.38 | | | | 08/01/23 | | | | 1,750,000 | | | | 1,794,538 | |
Omega Healthcare Investors, Inc. | | | BBB- | | | | 4.50 | | | | 01/15/25 | | | | 750,000 | | | | 759,422 | |
Senior Housing Pptys. Trust | | | BBB- | | | | 4.75 | | | | 05/01/24 | | | | 500,000 | | | | 515,579 | |
Ventas Realty LP/Capital Corp. | | | BBB+ | | | | 4.00 | | | | 04/30/19 | | | | 1,700,000 | | | | 1,747,170 | |
Vornado Realty LP | | | BBB | | | | 2.50 | | | | 06/30/19 | | | | 500,000 | | | | 503,950 | |
Vornado Realty LP | | | BBB | | | | 5.00 | | | | 01/15/22 | | | | 2,000,000 | | | | 2,169,478 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 22,567,083 | |
| | | | | | | | | | | | | | | | | | | | |
TELECOMMUNICATION SERVICES (0.8%) | | | | | | | | | | | | | | | | | | | | |
AT&T, Inc. | | | BBB+ | | | | 3.00 | | | | 02/15/22 | | | | 2,000,000 | | | | 2,173,578 | |
Verizon Communications, Inc. | | | BBB+ | | | | 4.50 | | | | 09/15/20 | | | | 2,000,000 | | | | 2,136,484 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 4,310,062 | |
| | | | | | | | | | | | | | | | | | | | |
UTILITIES (1.8%) | | | | | | | | | | | | | | | | | | | | |
Entergy Corp. | | | BBB | | | | 5.13 | | | | 09/15/20 | | | | 1,400,000 | | | | 1,508,742 | |
Exelon Corp. | | | BBB- | | | | 5.15 | | | | 12/01/20 | | | | 1,500,000 | | | | 1,617,854 | |
Exelon Generation Co. LLC | | | BBB | | | | 4.25 | | | | 06/15/22 | | | | 1,000,000 | | | | 1,052,196 | |
National Fuel Gas Co. | | | BBB | | | | 4.90 | | | | 12/01/21 | | | | 2,000,000 | | | | 2,125,300 | |
SCANA Corp. | | | BBB | | | | 4.75 | | | | 05/15/21 | | | | 2,000,000 | | | | 2,082,510 | |
Talen Energy Supply LLC | | | B | | | | 4.60 | | | | 12/15/21 | | | | 1,400,000 | | | | 1,064,000 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 9,450,602 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $520,155,212) 99.2% | | | | | | | | | | | | | | | | | | | 522,995,803 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.2%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.65 | | | | 07/03/17 | | | | 900,000 | | | | 899,968 | |
| | | | | | | | | | | | | | | | | �� | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $899,968) 0.2% | | | | | | | | | | | | | | | | | | | 899,968 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $521,055,180) 99.4% | | | | | | | | | | | | | | | | | | | 523,895,771 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.6% | | | | | | | | | | | | | | | | | | | 3,112,220 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 527,007,991 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION - BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (16.4%) | | | | | | | | | | | | | | | | | | |
U.S. Treasury Note | | AA+ | | | 0.88 | | | | 07/15/17 | | | | 7,750,000 | | | | 7,750,000 | |
U.S. Treasury Note | | AA+ | | | 1.50 | | | | 08/15/26 | | | | 50,800,000 | | | | 47,523,801 | |
U.S. Treasury Note | | AA+ | | | 1.63 | | | | 05/15/26 | | | | 2,000,000 | | | | 1,896,094 | |
U.S. Treasury Note | | AA+ | | | 2.00 | | | | 11/15/26 | | | | 10,000,000 | | | | 9,750,780 | |
U.S. Treasury Note | | AA+ | | | 2.25 | | | | 11/15/25 | | | | 1,000,000 | | | | 1,000,234 | |
U.S. Treasury Note | | AA+ | | | 2.25 | | | | 02/15/27 | | | | 24,000,000 | | | | 23,888,443 | |
U.S. Treasury Note | | AA+ | | | 2.38 | | | | 05/15/27 | | | | 19,750,000 | | | | 19,874,977 | |
U.S. Treasury Strip | | AA+ | | | 0.00 | | | | 08/15/25 | | | | 20,000,000 | | | | 16,609,580 | |
U.S. Treasury Strip | | AA+ | | | 0.00 | | | | 08/15/26 | | | | 20,000,000 | | | | 16,089,260 | |
U.S. Treasury Strip | | AA+ | | | 0.00 | | | | 08/15/28 | | | | 20,000,000 | | | | 15,159,420 | |
U.S. Treasury Strip | | AA+ | | | 0.00 | | | | 08/15/29 | | | | 20,000,000 | | | | 14,693,840 | |
U.S. Treasury Strip | | AA+ | | | 0.00 | | | | 08/15/33 | | | | 10,000,000 | | | | 6,480,640 | |
U.S. Treasury Strip | | AA+ | | | 0.00 | | | | 08/15/35 | | | | 10,000,000 | | | | 6,077,260 | |
U.S. Treasury Strip | | AA+ | | | 0.00 | | | | 08/15/37 | | | | 10,000,000 | | | | 5,675,350 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 192,469,679 | |
| | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (28.8%) | | | | | | | | | | | | | | | | | | |
MORTGAGE-BACKED OBLIGATIONS (27.5%) | | | | | | | | | | | | | | | | | | |
FHLMC | | AA+ | | | 2.50 | | | | 09/01/27 | | | | 1,512,380 | | | | 1,531,425 | |
FHLMC | | AA+ | | | 2.50 | | | | 12/01/27 | | | | 1,671,377 | | | | 1,692,542 | |
FHLMC | | AA+ | | | 2.50 | | | | 04/01/28 | | | | 1,914,339 | | | | 1,937,979 | |
FHLMC | | AA+ | | | 3.00 | | | | 06/01/27 | | | | 865,301 | | | | 889,673 | |
FHLMC | | AA+ | | | 3.00 | | | | 08/01/27 | | | | 549,243 | | | | 564,520 | |
FHLMC | | AA+ | | | 3.00 | | | | 10/15/37 | | | | 1,480,317 | | | | 1,518,323 | |
FHLMC | | AA+ | | | 3.00 | | | | 12/15/40 | | | | 1,493,545 | | | | 1,507,190 | |
FHLMC | | AA+ | | | 3.00 | | | | 07/01/42 | | | | 791,965 | | | | 803,533 | |
FHLMC | | AA+ | | | 3.00 | | | | 10/01/42 | | | | 2,276,663 | | | | 2,284,897 | |
FHLMC | | AA+ | | | 3.00 | | | | 11/01/42 | | | | 2,409,361 | | | | 2,418,177 | |
FHLMC | | AA+ | | | 3.00 | | | | 11/01/42 | | | | 915,449 | | | | 919,138 | |
FHLMC | | AA+ | | | 3.00 | | | | 11/01/42 | | | | 1,057,250 | | | | 1,062,435 | |
FHLMC | | AA+ | | | 3.00 | | | | 11/01/42 | | | | 3,880,166 | | | | 3,894,608 | |
FHLMC | | AA+ | | | 3.00 | | | | 02/01/43 | | | | 2,079,968 | | | | 2,088,232 | |
FHLMC | | AA+ | | | 3.00 | | | | 03/01/43 | | | | 1,588,733 | | | | 1,594,975 | |
FHLMC | | AA+ | | | 3.00 | | | | 04/01/43 | | | | 1,059,281 | | | | 1,062,888 | |
FHLMC | | AA+ | | | 3.00 | | | | 04/01/43 | | | | 2,350,636 | | | | 2,359,871 | |
FHLMC | | AA+ | | | 3.00 | | | | 04/01/43 | | | | 1,494,945 | | | | 1,502,281 | |
FHLMC | | AA+ | | | 3.00 | | | | 09/01/46 | | | | 4,786,759 | | | | 4,782,336 | |
FHLMC | | AA+ | | | 3.00 | | | | 09/01/46 | | | | 1,755,003 | | | | 1,753,380 | |
FHLMC | | AA+ | | | 3.50 | | | | 02/01/35 | | | | 3,420,249 | | | | 3,561,457 | |
FHLMC | | AA+ | | | 3.50 | | | | 02/01/35 | | | | 1,762,951 | | | | 1,835,722 | |
FHLMC | | AA+ | | | 3.50 | | | | 04/01/35 | | | | 1,452,293 | | | | 1,512,329 | |
FHLMC | | AA+ | | | 3.50 | | | | 01/01/41 | | | | 1,654,379 | | | | 1,707,312 | |
FHLMC | | AA+ | | | 3.50 | | | | 07/01/42 | | | | 2,114,962 | | | | 2,190,736 | |
FHLMC | | AA+ | | | 3.50 | | | | 10/01/42 | | | | 1,833,737 | | | | 1,892,082 | |
FHLMC | | AA+ | | | 3.50 | | | | 01/01/43 | | | | 1,671,234 | | | | 1,724,470 | |
FHLMC | | AA+ | | | 3.50 | | | | 01/01/43 | | | | 873,803 | | | | 901,636 | |
FHLMC | | AA+ | | | 3.50 | | | | 05/01/43 | | | | 2,446,670 | | | | 2,524,508 | |
FHLMC | | AA+ | | | 3.50 | | | | 06/01/43 | | | | 2,994,725 | | | | 3,087,681 | |
FHLMC | | AA+ | | | 3.50 | | | | 07/01/43 | | | | 851,707 | | | | 878,833 | |
FHLMC | | AA+ | | | 3.50 | | | | 11/01/43 | | | | 1,700,269 | | | | 1,754,397 | |
FHLMC | | AA+ | | | 3.50 | | | | 01/01/44 | | | | 2,833,428 | | | | 2,923,580 | |
FHLMC | | AA+ | | | 3.50 | | | | 04/01/45 | | | | 2,398,618 | | | | 2,474,860 | |
FHLMC | | AA+ | | | 3.50 | | | | 07/01/45 | | | | 2,526,507 | | | | 2,612,694 | |
FHLMC | | AA+ | | | 3.50 | | | | 09/01/45 | | | | 2,110,168 | | | | 2,172,690 | |
FHLMC | | AA+ | | | 3.50 | | | | 05/01/46 | | | | 4,316,940 | | | | 4,438,375 | |
FHLMC | | AA+ | | | 3.50 | | | | 04/01/47 | | | | 2,987,741 | | | | 3,071,786 | |
FHLMC | | AA+ | | | 4.00 | | | | 02/01/25 | | | | 250,199 | | | | 262,539 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | |
FHLMC | | AA+ | | | 4.00 | | | 05/01/25 | | | 99,883 | | | | 104,874 | |
FHLMC | | AA+ | | | 4.00 | | | 05/01/26 | | | 340,554 | | | | 357,460 | |
FHLMC | | AA+ | | | 4.00 | | | 12/01/33 | | | 1,264,334 | | | | 1,335,384 | |
FHLMC | | AA+ | | | 4.00 | | | 12/15/38 | | | 500,000 | | | | 516,737 | |
FHLMC | | AA+ | | | 4.00 | | | 07/01/41 | | | 1,212,253 | | | | 1,290,831 | |
FHLMC | | AA+ | | | 4.00 | | | 12/01/41 | | | 657,784 | | | | 694,616 | |
FHLMC | | AA+ | | | 4.00 | | | 07/01/42 | | | 2,541,586 | | | | 2,710,645 | |
FHLMC | | AA+ | | | 4.00 | | | 08/01/42 | | | 913,191 | | | | 964,160 | |
FHLMC | | AA+ | | | 4.00 | | | 08/01/42 | | | 1,768,224 | | | | 1,873,276 | |
FHLMC | | AA+ | | | 4.00 | | | 09/01/42 | | | 995,705 | | | | 1,048,951 | |
FHLMC | | AA+ | | | 4.00 | | | 11/01/42 | | | 1,592,752 | | | | 1,688,366 | |
FHLMC | | AA+ | | | 4.00 | | | 12/01/42 | | | 1,164,222 | | | | 1,228,563 | |
FHLMC | | AA+ | | | 4.00 | | | 01/01/43 | | | 1,934,904 | | | | 2,054,641 | |
FHLMC | | AA+ | | | 4.00 | | | 01/01/44 | | | 1,960,547 | | | | 2,077,968 | |
FHLMC | | AA+ | | | 4.00 | | | 10/01/44 | | | 2,025,760 | | | | 2,132,128 | |
FHLMC | | AA+ | | | 4.00 | | | 10/01/44 | | | 2,114,658 | | | | 2,225,694 | |
FHLMC | | AA+ | | | 4.50 | | | 03/01/34 | | | 418,267 | | | | 449,012 | |
FHLMC | | AA+ | | | 4.50 | | | 08/01/34 | | | 248,944 | | | | 267,743 | |
FHLMC | | AA+ | | | 4.50 | | | 08/15/35 | | | 91,893 | | | | 96,688 | |
FHLMC | | AA+ | | | 4.50 | | | 12/01/39 | | | 406,662 | | | | 436,971 | |
FHLMC | | AA+ | | | 4.50 | | | 03/01/41 | | | 622,950 | | | | 678,152 | |
FHLMC | | AA+ | | | 5.00 | | | 02/01/26 | | | 73,633 | | | | 79,930 | |
FHLMC | | AA+ | | | 5.00 | | | 08/01/35 | | | 1,188,182 | | | | 1,306,806 | |
FHLMC | | AA+ | | | 5.00 | | | 10/01/40 | | | 1,091,357 | | | | 1,191,849 | |
FHLMC | | AA+ | | | 5.50 | | | 03/01/21 | | | 72,479 | | | | 75,664 | |
FHLMC | | AA+ | | | 5.50 | | | 07/01/32 | | | 189,899 | | | | 211,107 | |
FHLMC | | AA+ | | | 5.50 | | | 01/15/33 | | | 222,171 | | | | 244,071 | |
FHLMC | | AA+ | | | 5.50 | | | 05/01/33 | | | 261,119 | | | | 288,371 | |
FHLMC | | AA+ | | | 5.50 | | | 01/15/35 | | | 5,191 | | | | 5,197 | |
FHLMC | | AA+ | | | 5.50 | | | 06/01/37 | | | 1,069,927 | | | | 1,198,978 | |
FHLMC | | AA+ | | | 6.00 | | | 07/15/29 | | | 133,883 | | | | 148,452 | |
FHLMC | | AA+ | | | 6.00 | | | 03/15/32 | | | 165,889 | | | | 181,476 | |
FHLMC ARM | | AA+ | | | 2.76 | | | 02/01/36 | | | 128,871 | | | | 136,084 | |
FHLMC ARM | | AA+ | | | 2.90 | | | 04/01/37 | | | 134,965 | | | | 142,539 | |
FHLMC ARM | | AA+ | | | 2.90 | | | 04/01/37 | | | 226,505 | | | | 238,387 | |
FHLMC ARM | | AA+ | | | 2.93 | | | 05/01/37 | | | 111,246 | | | | 116,334 | |
FHLMC ARM | | AA+ | | | 3.33 | | | 04/01/42 | | | 394,110 | | | | 408,282 | |
FHLMC ARM | | AA+ | | | 3.40 | | | 03/01/37 | | | 28,819 | | | | 30,368 | |
FHLMC ARM | | AA+ | | | 4.62 | | | 09/01/39 | | | 205,657 | | | | 216,414 | |
FHLMC Strip | | AA+ | | | 3.00 | | | 01/15/43 | | | 3,132,343 | | | | 3,109,865 | |
FNMA | | AA+ | | | 2.25 | | | 01/01/28 | | | 1,514,983 | | | | 1,480,349 | |
FNMA | | AA+ | | | 2.40 | | | 05/01/43 | | | 1,734,968 | | | | 1,756,364 | |
FNMA | | AA+ | | | 3.00 | | | 09/01/29 | | | 1,669,781 | | | | 1,718,819 | |
FNMA | | AA+ | | | 3.00 | | | 06/01/33 | | | 1,412,684 | | | | 1,446,107 | |
FNMA | | AA+ | | | 3.00 | | | 07/01/33 | | | 2,618,394 | | | | 2,680,306 | |
FNMA | | AA+ | | | 3.00 | | | 09/01/33 | | | 2,710,020 | | | | 2,774,182 | |
FNMA | | AA+ | | | 3.00 | | | 04/25/42 | | | 1,623,815 | | | | 1,656,928 | |
FNMA | | AA+ | | | 3.00 | | | 10/01/42 | | | 809,268 | | | | 812,944 | |
FNMA | | AA+ | | | 3.00 | | | 12/01/42 | | | 1,168,755 | | | | 1,170,958 | |
FNMA | | AA+ | | | 3.00 | | | 12/01/42 | | | 1,825,519 | | | | 1,816,294 | |
FNMA | | AA+ | | | 3.00 | | | 01/01/43 | | | 4,114,072 | | | | 4,131,516 | |
FNMA | | AA+ | | | 3.00 | | | 02/01/43 | | | 1,732,926 | | | | 1,737,405 | |
FNMA | | AA+ | | | 3.00 | | | 03/01/43 | | | 2,314,693 | | | | 2,331,224 | |
FNMA | | AA+ | | | 3.00 | | | 02/01/45 | | | 2,178,965 | | | | 2,188,670 | |
FNMA | | AA+ | | | 3.00 | | | 09/01/46 | | | 2,870,547 | | | | 2,868,698 | |
FNMA | | AA+ | | | 3.50 | | | 02/01/26 | | | 198,742 | | | | 206,914 | |
FNMA | | AA+ | | | 3.50 | | | 03/01/32 | | | 1,049,344 | | | | 1,095,893 | |
FNMA | | AA+ | | | 3.50 | | | 08/01/38 | | | 1,985,461 | | | | 2,050,918 | |
FNMA | | AA+ | | | 3.50 | | | 03/01/41 | | | 1,748,511 | | | | 1,808,714 | |
FNMA | | AA+ | | | 3.50 | | | 10/01/41 | | | 1,076,556 | | | | 1,112,394 | |
FNMA | | AA+ | | | 3.50 | | | 12/01/41 | | | 1,258,630 | | | | 1,300,525 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | |
FNMA | | AA+ | | | 3.50 | | | 04/01/42 | | | 1,376,026 | | | | 1,419,512 | |
FNMA | | AA+ | | | 3.50 | | | 04/01/42 | | | 1,358,232 | | | | 1,403,275 | |
FNMA | | AA+ | | | 3.50 | | | 07/01/42 | | | 2,186,451 | | | | 2,254,963 | |
FNMA | | AA+ | | | 3.50 | | | 08/01/42 | | | 1,468,133 | | | | 1,510,370 | |
FNMA | | AA+ | | | 3.50 | | | 09/01/42 | | | 1,662,144 | | | | 1,714,771 | |
FNMA | | AA+ | | | 3.50 | | | 10/01/42 | | | 1,837,906 | | | | 1,895,718 | |
FNMA | | AA+ | | | 3.50 | | | 12/01/42 | | | 2,988,701 | | | | 3,084,065 | |
FNMA | | AA+ | | | 3.50 | | | 12/01/42 | | | 1,632,068 | | | | 1,675,969 | |
FNMA | | AA+ | | | 3.50 | | | 01/01/43 | | | 1,618,618 | | | | 1,668,714 | |
FNMA | | AA+ | | | 3.50 | | | 03/01/43 | | | 1,966,464 | | | | 2,027,180 | |
FNMA | | AA+ | | | 3.50 | | | 06/01/43 | | | 3,578,890 | | | | 3,686,081 | |
FNMA | | AA+ | | | 3.50 | | | 08/01/43 | | | 2,386,628 | | | | 2,454,599 | |
FNMA | | AA+ | | | 3.50 | | | 08/01/43 | | | 5,088,675 | | | | 5,252,861 | |
FNMA | | AA+ | | | 3.50 | | | 10/01/43 | | | 1,219,846 | | | | 1,253,337 | |
FNMA | | AA+ | | | 3.50 | | | 01/01/44 | | | 1,091,892 | | | | 1,110,469 | |
FNMA | | AA+ | | | 3.50 | | | 02/01/45 | | | 2,497,789 | | | | 2,566,975 | |
FNMA | | AA+ | | | 3.50 | | | 04/01/45 | | | 4,020,099 | | | | 4,151,467 | |
FNMA | | AA+ | | | 3.50 | | | 04/01/45 | | | 2,471,144 | | | | 2,549,786 | |
FNMA | | AA+ | | | 3.50 | | | 05/01/45 | | | 4,600,736 | | | | 4,737,019 | |
FNMA | | AA+ | | | 3.50 | | | 06/01/45 | | | 5,437,768 | | | | 5,602,962 | |
FNMA | | AA+ | | | 3.50 | | | 10/01/45 | | | 4,490,694 | | | | 4,637,535 | |
FNMA | | AA+ | | | 3.50 | | | 02/01/46 | | | 4,707,203 | | | | 4,848,555 | |
FNMA | | AA+ | | | 3.50 | | | 03/01/46 | | | 2,657,726 | | | | 2,748,626 | |
FNMA | | AA+ | | | 4.00 | | | 05/01/19 | | | 104,555 | | | | 108,239 | |
FNMA | | AA+ | | | 4.00 | | | 07/25/26 | | | 1,868,154 | | | | 2,021,595 | |
FNMA | | AA+ | | | 4.00 | | | 01/01/31 | | | 122,619 | | | | 130,022 | |
FNMA | | AA+ | | | 4.00 | | | 12/01/33 | | | 1,565,364 | | | | 1,653,632 | |
FNMA | | AA+ | | | 4.00 | | | 03/01/35 | | | 412,406 | | | | 435,355 | |
FNMA | | AA+ | | | 4.00 | | | 11/01/38 | | | 1,780,933 | | | | 1,881,591 | |
FNMA | | AA+ | | | 4.00 | | | 11/01/40 | | | 916,408 | | | | 967,172 | |
FNMA | | AA+ | | | 4.00 | | | 05/01/41 | | | 1,086,227 | | | | 1,142,026 | |
FNMA | | AA+ | | | 4.00 | | | 08/01/42 | | | 2,361,389 | | | | 2,491,204 | |
FNMA | | AA+ | | | 4.00 | | | 05/01/43 | | | 1,367,018 | | | | 1,442,274 | |
FNMA | | AA+ | | | 4.00 | | | 09/01/45 | | | 1,576,258 | | | | 1,663,570 | |
FNMA | | AA+ | | | 4.00 | | | 11/01/45 | | | 2,379,054 | | | | 2,515,924 | |
FNMA | | AA+ | | | 4.00 | | | 02/01/47 | | | 4,940,865 | | | | 5,218,112 | |
FNMA | | AA+ | | | 4.50 | | | 05/01/18 | | | 19,602 | | | | 20,074 | |
FNMA | | AA+ | | | 4.50 | | | 05/01/19 | | | 11,539 | | | | 11,816 | |
FNMA | | AA+ | | | 4.50 | | | 06/01/19 | | | 45,826 | | | | 46,928 | |
FNMA | | AA+ | | | 4.50 | | | 05/01/30 | | | 325,339 | | | | 349,818 | |
FNMA | | AA+ | | | 4.50 | | | 04/01/31 | | | 511,548 | | | | 550,064 | |
FNMA | | AA+ | | | 4.50 | | | 08/01/33 | | | 116,105 | | | | 125,023 | |
FNMA | | AA+ | | | 4.50 | | | 08/01/33 | | | 150,313 | | | | 161,609 | |
FNMA | | AA+ | | | 4.50 | | | 09/01/33 | | | 321,632 | | | | 346,341 | |
FNMA | | AA+ | | | 4.50 | | | 10/01/33 | | | 319,566 | | | | 344,385 | |
FNMA | | AA+ | | | 4.50 | | | 10/01/33 | | | 141,560 | | | | 152,446 | |
FNMA | | AA+ | | | 4.50 | | | 05/01/34 | | | 136,882 | | | | 147,431 | |
FNMA | | AA+ | | | 4.50 | | | 06/01/34 | | | 198,199 | | | | 213,011 | |
FNMA | | AA+ | | | 4.50 | | | 07/01/34 | | | 190,614 | | | | 205,364 | |
FNMA | | AA+ | | | 4.50 | | | 01/01/35 | | | 633,351 | | | | 682,310 | |
FNMA | | AA+ | | | 4.50 | | | 08/01/35 | | | 189,167 | | | | 203,175 | |
FNMA | | AA+ | | | 4.50 | | | 12/01/35 | | | 224,294 | | | | 241,615 | |
FNMA | | AA+ | | | 4.50 | | | 05/01/39 | | | 1,059,155 | | | | 1,149,392 | |
FNMA | | AA+ | | | 4.50 | | | 05/01/39 | | | 752,973 | | | | 817,054 | |
FNMA | | AA+ | | | 4.50 | | | 05/01/40 | | | 524,257 | | | | 567,095 | |
FNMA | | AA+ | | | 4.50 | | | 07/01/40 | | | 3,364,000 | | | | 3,637,685 | |
FNMA | | AA+ | | | 4.50 | | | 11/01/40 | | | 556,592 | | | | 601,920 | |
FNMA | | AA+ | | | 4.50 | | | 06/01/41 | | | 549,181 | | | | 593,337 | |
FNMA | | AA+ | | | 4.50 | | | 10/01/41 | | | 172,134 | | | | 184,655 | |
FNMA | | AA+ | | | 4.50 | | | 11/01/41 | | | 953,789 | | | | 1,031,978 | |
FNMA | | AA+ | | | 4.50 | | | 01/01/42 | | | 125,646 | | | | 135,639 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | |
FNMA | | AA+ | | | 4.50 | | | 07/01/42 | | | 1,722,785 | | | | 1,865,707 | |
FNMA | | AA+ | | | 4.50 | | | 03/01/44 | | | 1,340,170 | | | | 1,439,451 | |
FNMA | | AA+ | | | 4.50 | | | 05/01/44 | | | 1,544,035 | | | | 1,664,721 | |
FNMA | | AA+ | | | 5.00 | | | 04/01/18 | | | 5,654 | | | | 5,790 | |
FNMA | | AA+ | | | 5.00 | | | 09/01/18 | | | 49,425 | | | | 50,613 | |
FNMA | | AA+ | | | 5.00 | | | 09/01/20 | | | 44,991 | | | | 46,074 | |
FNMA | | AA+ | | | 5.00 | | | 10/01/20 | | | 114,916 | | | | 118,477 | |
FNMA | | AA+ | | | 5.00 | | | 10/01/25 | | | 115,176 | | | | 125,736 | |
FNMA | | AA+ | | | 5.00 | | | 09/01/33 | | | 643,145 | | | | 705,603 | |
FNMA | | AA+ | | | 5.00 | | | 10/01/33 | | | 446,699 | | | | 493,273 | |
FNMA | | AA+ | | | 5.00 | | | 11/01/33 | | | 462,016 | | | | 507,109 | |
FNMA | | AA+ | | | 5.00 | | | 03/01/34 | | | 108,088 | | | | 118,618 | |
FNMA | | AA+ | | | 5.00 | | | 04/01/34 | | | 57,559 | | | | 63,184 | |
FNMA | | AA+ | | | 5.00 | | | 04/01/34 | | | 242,126 | | | | 267,315 | |
FNMA | | AA+ | | | 5.00 | | | 04/01/35 | | | 196,685 | | | | 217,065 | |
FNMA | | AA+ | | | 5.00 | | | 06/01/35 | | | 115,344 | | | | 126,548 | |
FNMA | | AA+ | | | 5.00 | | | 09/01/35 | | | 273,161 | | | | 298,979 | |
FNMA | | AA+ | | | 5.00 | | | 09/01/35 | | | 152,198 | | | | 166,152 | |
FNMA | | AA+ | | | 5.00 | | | 11/25/35 | | | 752,556 | | | | 814,852 | |
FNMA | | AA+ | | | 5.00 | | | 08/01/37 | | | 855,653 | | | | 938,859 | |
FNMA | | AA+ | | | 5.00 | | | 05/01/39 | | | 579,727 | | | | 631,814 | |
FNMA | | AA+ | | | 5.00 | | | 09/25/40 | | | 1,381,270 | | | | 1,489,257 | |
FNMA | | AA+ | | | 5.50 | | | 01/01/24 | | | 137,377 | | | | 152,051 | |
FNMA | | AA+ | | | 5.50 | | | 03/01/24 | | | 289,150 | | | | 320,036 | |
FNMA | | AA+ | | | 5.50 | | | 09/01/25 | | | 119,536 | | | | 132,994 | |
FNMA | | AA+ | | | 5.50 | | | 11/01/26 | | | 78,554 | | | | 86,945 | |
FNMA | | AA+ | | | 5.50 | | | 01/01/27 | | | 53,793 | | | | 59,538 | |
FNMA | | AA+ | | | 5.50 | | | 03/01/33 | | | 236,973 | | | | 258,023 | |
FNMA | | AA+ | | | 5.50 | | | 09/01/33 | | | 243,532 | | | | 274,392 | |
FNMA | | AA+ | | | 5.50 | | | 10/01/33 | | | 430,742 | | | | 485,274 | |
FNMA | | AA+ | | | 5.50 | | | 03/01/34 | | | 240,623 | | | | 270,555 | |
FNMA | | AA+ | | | 5.50 | | | 03/01/34 | | | 60,139 | | | | 66,895 | |
FNMA | | AA+ | | | 5.50 | | | 07/01/34 | | | 183,567 | | | | 205,308 | |
FNMA | | AA+ | | | 5.50 | | | 09/01/34 | | | 48,818 | | | | 54,195 | |
FNMA | | AA+ | | | 5.50 | | | 09/01/34 | | | 80,601 | | | | 89,648 | |
FNMA | | AA+ | | | 5.50 | | | 09/01/34 | | | 171,740 | | | | 191,720 | |
FNMA | | AA+ | | | 5.50 | | | 10/01/34 | | | 324,742 | | | | 361,275 | |
FNMA | | AA+ | | | 5.50 | | �� | 02/01/35 | | | 136,497 | | | | 152,762 | |
FNMA | | AA+ | | | 5.50 | | | 02/01/35 | | | 216,159 | | | | 243,310 | |
FNMA | | AA+ | | | 5.50 | | | 04/01/35 | | | 201,298 | | | | 225,255 | |
FNMA | | AA+ | | | 5.50 | | | 08/01/35 | | | 274,128 | | | | 304,383 | |
FNMA | | AA+ | | | 5.50 | | | 02/25/37 | | | 51,181 | | | | 54,039 | |
FNMA | | AA+ | | | 5.50 | | | 05/01/38 | | | 402,052 | | | | 447,358 | |
FNMA | | AA+ | | | 5.50 | | | 11/01/38 | | | 43,609 | | | | 45,964 | |
FNMA | | AA+ | | | 5.50 | | | 06/01/48 | | | 99,711 | | | | 107,187 | |
FNMA | | AA+ | | | 6.00 | | | 05/01/23 | | | 180,640 | | | | 203,097 | |
FNMA | | AA+ | | | 6.00 | | | 01/01/25 | | | 116,214 | | | | 130,662 | |
FNMA | | AA+ | | | 6.00 | | | 03/01/28 | | | 152,716 | | | | 171,702 | |
FNMA | | AA+ | | | 6.00 | | | 04/01/32 | | | 32,089 | | | | 36,078 | |
FNMA | | AA+ | | | 6.00 | | | 05/01/32 | | | 178,689 | | | | 203,376 | |
FNMA | | AA+ | | | 6.00 | | | 04/01/33 | | | 519,780 | | | | 594,147 | |
FNMA | | AA+ | | | 6.00 | | | 11/01/34 | | | 65,113 | | | | 73,208 | |
FNMA | | AA+ | | | 6.00 | | | 03/01/36 | | | 35,330 | | | | 38,484 | |
FNMA | | AA+ | | | 6.00 | | | 12/01/36 | | | 135,882 | | | | 154,396 | |
FNMA | | AA+ | | | 6.00 | | | 01/01/37 | | | 183,276 | | | | 208,245 | |
FNMA | | AA+ | | | 6.00 | | | 04/01/37 | | | 47,676 | | | | 50,105 | |
FNMA | | AA+ | | | 6.00 | | | 05/01/37 | | | 30,507 | | | | 32,551 | |
FNMA | | AA+ | | | 6.00 | | | 06/01/37 | | | 42,217 | | | | 44,552 | |
FNMA | | AA+ | | | 6.00 | | | 07/01/37 | | | 84,990 | | | | 96,453 | |
FNMA | | AA+ | | | 6.00 | | | 08/01/37 | | | 105,435 | | | | 119,219 | |
FNMA | | AA+ | | | 6.00 | | | 12/01/37 | | | 43,795 | | | | 49,659 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | |
FNMA | | | AA+ | | | | 6.00 | | | 10/25/44 | | | 470,516 | | | | 534,252 | |
FNMA | | | AA+ | | | | 6.00 | | | 02/25/47 | | | 1,015,571 | | | | 1,158,001 | |
FNMA | | | AA+ | | | | 6.00 | | | 12/25/49 | | | 466,839 | | | | 528,949 | |
FNMA | | | AA+ | | | | 6.50 | | | 05/01/32 | | | 106,611 | | | | 117,916 | |
FNMA | | | AA+ | | | | 6.50 | | | 05/01/32 | | | 94,936 | | | | 105,003 | |
FNMA | | | AA+ | | | | 6.50 | | | 09/01/36 | | | 20,880 | | | | 22,433 | |
FNMA | | | AA+ | | | | 6.50 | | | 05/01/37 | | | 89,891 | | | | 93,689 | |
FNMA | | | AA+ | | | | 6.50 | | | 07/01/37 | | | 22,318 | | | | 24,713 | |
FNMA | | | AA+ | | | | 6.50 | | | 09/01/37 | | | 41,015 | | | | 45,364 | |
FNMA | | | AA+ | | | | 6.50 | | | 05/01/38 | | | 39,324 | | | | 43,494 | |
FNMA | | | AA+ | | | | 7.00 | | | 09/01/31 | | | 53,354 | | | | 59,009 | |
FNMA | | | AA+ | | | | 7.00 | | | 01/25/44 | | | 371,333 | | | | 437,784 | |
FNMA | | | AA+ | | | | 7.50 | | | 06/01/32 | | | 65,022 | | | | 76,902 | |
FNMA | | | AA+ | | | | 8.00 | | | 04/01/32 | | | 19,952 | | | | 21,146 | |
FNMA Strip | | | AA+ | | | | 3.00 | | | 08/25/42 | | | 1,457,339 | | | | 1,460,203 | |
GNMA (3) | | | AA+ | | | | 2.68 | | | 10/16/47 | | | 2,000,000 | | | | 2,008,534 | |
GNMA (3) | | | AA+ | | | | 3.00 | | | 07/16/36 | | | 1,797,355 | | | | 1,829,779 | |
GNMA (3) | | | AA+ | | | | 3.50 | | | 11/20/32 | | | 2,275,151 | | | | 2,358,488 | |
GNMA (3) | | | AA+ | | | | 3.50 | | | 07/15/42 | | | 1,722,496 | | | | 1,793,519 | |
GNMA (3) | | | AA+ | | | | 3.50 | | | 11/15/42 | | | 1,152,225 | | | | 1,200,032 | |
GNMA (3) | | | AA+ | | | | 3.50 | | | 05/20/45 | | | 2,659,201 | | | | 2,766,840 | |
GNMA (3) | | | AA+ | | | | 3.70 | | | 05/15/42 | | | 931,129 | | | | 975,811 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | 04/15/24 | | | 262,973 | | | | 278,217 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | 01/20/41 | | | 1,676,748 | | | | 1,770,283 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | 03/15/41 | | | 752,880 | | | | 797,033 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | 08/15/41 | | | 1,227,285 | | | | 1,298,718 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | 11/15/41 | | | 828,795 | | | | 883,368 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | 12/15/41 | | | 1,669,684 | | | | 1,762,498 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | 01/15/42 | | | 348,213 | | | | 366,570 | |
GNMA (3) | | | AA+ | | | | 4.00 | | | 08/20/42 | | | 1,183,461 | | | | 1,249,382 | |
GNMA (3) | | | AA+ | | | | 4.25 | | | 06/20/36 | | | 642,707 | | | | 688,257 | |
GNMA (3) | | | AA+ | | | | 4.25 | | | 04/20/41 | | | 937,190 | | | | 994,405 | |
GNMA (3) | | | AA+ | | | | 4.29 | | | 04/15/41 | | | 294,503 | | | | 313,408 | |
GNMA (3) | | | AA+ | | | | 4.50 | | | 06/20/30 | | | 61,587 | | | | 66,730 | |
GNMA (3) | | | AA+ | | | | 4.50 | | | 09/15/30 | | | 551,310 | | | | 596,204 | |
GNMA (3) | | | AA+ | | | | 4.50 | | | 06/20/34 | | | 409,426 | | | | 439,009 | |
GNMA (3) | | | AA+ | | | | 4.50 | | | 09/15/40 | | | 942,093 | | | | 1,012,122 | |
GNMA (3) | | | AA+ | | | | 4.50 | | | 10/15/40 | | | 352,994 | | | | 379,939 | |
GNMA (3) | | | AA+ | | | | 4.50 | | | 10/15/40 | | | 1,332,320 | | | | 1,461,000 | |
GNMA (3) | | | AA+ | | | | 5.00 | | | 04/15/39 | | | 1,132,477 | | | | 1,264,941 | |
GNMA (3) | | | AA+ | | | | 5.00 | | | 06/20/39 | | | 1,455,684 | | | | 1,583,761 | |
GNMA (3) | | | AA+ | | | | 5.00 | | | 11/15/39 | | | 482,272 | | | | 528,753 | |
GNMA (3) | | | AA+ | | | | 5.00 | | | 05/15/40 | | | 199,977 | | | | 220,433 | |
GNMA (3) | | | AA+ | | | | 5.00 | | | 06/20/40 | | | 241,428 | | | | 260,560 | |
GNMA (3) | | | AA+ | | | | 5.50 | | | 01/15/36 | | | 90,807 | | | | 101,013 | |
GNMA (3) | | | AA+ | | | | 6.50 | | | 04/15/31 | | | 7,174 | | | | 7,840 | |
GNMA (3) | | | AA+ | | | | 6.50 | | | 12/15/31 | | | 21,393 | | | | 23,394 | |
GNMA (3) | | | AA+ | | | | 6.50 | | | 05/15/32 | | | 27,412 | | | | 29,955 | |
GNMA (3) | | | AA+ | | | | 7.00 | | | 05/15/32 | | | 2,680 | | | | 2,758 | |
Small Business Administration (3) | | | AA+ | | | | 2.80 | | | 01/01/37 | | | 7,200,000 | | | | 7,205,594 | |
Small Business Administration (3) | | | AA+ | | | | 2.81 | | | 06/01/37 | | | 6,250,000 | | | | 6,261,719 | |
Small Business Administration (3) | | | AA+ | | | | 2.88 | | | 05/01/37 | | | 6,000,000 | | | | 6,024,540 | |
Vendee Mortgage Trust (3) | | | AA+ | | | | 5.25 | | | 01/15/32 | | | 779,852 | | | | 826,008 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 323,161,447 | |
| | | | | | | | | | | | | | | | | | |
NON-MORTGAGE-BACKED OBLIGATIONS (1.3%) | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 0.00 | | | 11/29/19 | | | 11,000,000 | | | | 10,513,019 | |
FNMA | | | AA+ | | | | 0.00 | | | 10/09/19 | | | 5,050,000 | | | | 4,844,349 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 15,357,368 | |
| | | | | | | | | | | | | | | | | | |
CORPORATE DEBT (53.7%) | | | | | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY (8.3%) | | | | | | | | | | | |
Advance Auto Parts, Inc. | | | BBB- | | | | 4.50 | | | 01/15/22 | | | 1,000,000 | | | | 1,063,417 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | |
Advance Auto Parts, Inc. | | BBB- | | | 4.50 | | | | 12/01/23 | | | | 1,000,000 | | | | 1,061,307 | |
Advance Auto Parts, Inc. | | BBB- | | | 5.75 | | | | 05/01/20 | | | | 3,000,000 | | | | 3,252,528 | |
AutoZone, Inc. | | BBB | | | 3.25 | | | | 04/15/25 | | | | 2,000,000 | | | | 1,964,964 | |
AutoZone, Inc. | | BBB | | | 3.70 | | | | 04/15/22 | | | | 700,000 | | | | 725,939 | |
AutoZone, Inc. | | BBB | | | 4.00 | | | | 11/15/20 | | | | 3,000,000 | | | | 3,143,178 | |
Brinker International, Inc. | | BB+ | | | 3.88 | | | | 05/15/23 | | | | 4,000,000 | | | | 3,845,000 | |
Coach, Inc. | | BBB- | | | 4.25 | | | | 04/01/25 | | | | 2,500,000 | | | | 2,549,943 | |
Dollar General Corp. | | BBB | | | 3.25 | | | | 04/15/23 | | | | 4,000,000 | | | | 4,074,176 | |
Expedia, Inc. | | BBB- | | | 5.95 | | | | 08/15/20 | | | | 4,000,000 | | | | 4,371,168 | |
Family Dollar Stores, Inc. | | BBB- | | | 5.00 | | | | 02/01/21 | | | | 4,000,000 | | | | 4,280,000 | |
Gap, Inc. | | BB+ | | | 5.95 | | | | 04/12/21 | | | | 5,000,000 | | | | 5,419,860 | |
Harman Int’l. Industries, Inc. | | BBB+ | | | 4.15 | | | | 05/15/25 | | | | 5,000,000 | | | | 5,197,540 | |
Hyatt Hotels Corp. | | BBB | | | 5.38 | | | | 08/15/21 | | | | 200,000 | | | | 219,055 | |
Kohl’s Corp. | | BBB- | | | 3.25 | | | | 02/01/23 | | | | 1,804,000 | | | | 1,733,879 | |
Kohl’s Corp. | | BBB- | | | 4.00 | | | | 11/01/21 | | | | 2,620,000 | | | | 2,683,331 | |
Lowe’s Cos., Inc. | | A- | | | 3.12 | | | | 04/15/22 | | | | 2,000,000 | | | | 2,068,150 | |
Marriott International, Inc. | | BBB | | | 3.00 | | | | 03/01/19 | | | | 1,000,000 | | | | 1,015,290 | |
Marriott International, Inc. | | BBB | | | 3.13 | | | | 02/15/23 | | | | 3,000,000 | | | | 2,990,946 | |
Marriott International, Inc. | | BBB | | | 3.38 | | | | 10/15/20 | | | | 3,000,000 | | | | 3,097,743 | |
Mattel, Inc. | | BBB | | | 3.15 | | | | 03/15/23 | | | | 2,000,000 | | | | 1,976,946 | |
Mattel, Inc. | | BBB | | | 4.35 | | | | 10/01/20 | | | | 1,000,000 | | | | 1,052,263 | |
Newell Brands, Inc. | | BBB- | | | 4.70 | | | | 08/15/20 | | | | 3,000,000 | | | | 3,213,987 | |
NVR, Inc. | | BBB+ | | | 3.95 | | | | 09/15/22 | | | | 4,000,000 | | | | 4,187,728 | |
Omnicom Group, Inc. | | BBB+ | | | 3.63 | | | | 05/01/22 | | | | 1,000,000 | | | | 1,043,754 | |
Omnicom Group, Inc. | | BBB+ | | | 4.45 | | | | 08/15/20 | | | | 3,000,000 | | | | 3,196,224 | |
O’Reilly Automotive, Inc. | | BBB+ | | | 3.80 | | | | 09/01/22 | | | | 3,250,000 | | | | 3,416,907 | |
Scripps Networks Interactive, Inc. | | BBB | | | 3.50 | | | | 06/15/22 | | | | 5,000,000 | | | | 5,156,525 | |
Staples, Inc. | | BBB- | | | 4.38 | | | | 01/12/23 | | | | 3,700,000 | | | | 3,749,913 | |
Tupperware Brands Corp. | | BBB- | | | 4.75 | | | | 06/01/21 | | | | 4,000,000 | | | | 4,265,104 | |
Viacom, Inc. | | BBB- | | | 3.25 | | | | 03/15/23 | | | | 5,000,000 | | | | 4,955,790 | |
Whirlpool Corp. | | BBB | | | 3.70 | | | | 05/01/25 | | | | 2,000,000 | | | | 2,069,658 | |
Whirlpool Corp. | | BBB | | | 4.85 | | | | 06/15/21 | | | | 1,000,000 | | | | 1,088,511 | |
Wyndham Worldwide Corp. | | BBB- | | | 3.90 | | | | 03/01/23 | | | | 4,000,000 | | | | 4,123,576 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 98,254,300 | |
| | | | | | | | | | | | | | | | | | |
CONSUMER STAPLES (2.8%) | | | | | | | | | | | | | |
Conagra Brands, Inc. | | BBB | | | 4.95 | | | | 08/15/20 | | | | 645,000 | | | | 681,972 | |
Edgewell Personal Care Co. | | BB+ | | | 4.70 | | | | 05/19/21 | | | | 4,000,000 | | | | 4,260,000 | |
Flowers Foods, Inc. | | BBB | | | 4.38 | | | | 04/01/22 | | | | 4,000,000 | | | | 4,281,276 | |
Ingredion, Inc. | | BBB | | | 4.63 | | | | 11/01/20 | | | | 3,225,000 | | | | 3,456,707 | |
Kroger Co. | | BBB | | | 2.95 | | | | 11/01/21 | | | | 4,800,000 | | | | 4,839,859 | |
Mead Johnson Nutrition Co. | | A- | | | 4.13 | | | | 11/15/25 | | | | 1,950,000 | | | | 2,102,564 | |
Molson Coors Brewing Co. | | BBB- | | | 3.50 | | | | 05/01/22 | | | | 3,000,000 | | | | 3,107,385 | |
Sysco Corp. | | BBB+ | | | 3.75 | | | | 10/01/25 | | | | 3,575,000 | | | | 3,706,102 | |
Whole Foods Market, Inc. | | BBB- | | | 5.20 | | | | 12/03/25 | | | | 5,000,000 | | | | 5,778,490 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 32,214,355 | |
| | | | | | | | | | | | | | | | | | |
ENERGY (4.4%) | | | | | | | | | | | | | |
Cameron International Corp. | | AA- | | | 4.50 | | | | 06/01/21 | | | | 3,000,000 | | | | 3,157,248 | |
Devon Energy | | BBB | | | 5.85 | | | | 12/15/25 | | | | 2,500,000 | | | | 2,840,953 | |
Diamond Offshore Drilling, Inc. | | BB- | | | 3.45 | | | | 11/01/23 | | | | 3,000,000 | | | | 2,610,000 | |
Energen Corp. | | BB | | | 4.63 | | | | 09/01/21 | | | | 4,000,000 | | | | 4,050,000 | |
EQT Corp. | | BBB | | | 4.88 | | | | 11/15/21 | | | | 4,000,000 | | | | 4,266,140 | |
Kinder Morgan Energy Partners | | BBB- | | | 4.30 | | | | 05/01/24 | | | | 5,000,000 | | | | 5,167,795 | |
Marathon Oil Corp. | | BBB- | | | 2.80 | | | | 11/01/22 | | | | 4,000,000 | | | | 3,834,996 | |
Marathon Petroleum Corp. | | BBB | | | 5.13 | | | | 03/01/21 | | | | 3,300,000 | | | | 3,577,025 | |
Murphy Oil Corp. | | BBB- | | | 3.50 | | | | 12/01/17 | | | | 1,250,000 | | | | 1,251,425 | |
Murphy Oil Corp. | | BBB- | | | 4.70 | | | | 12/01/22 | | | | 3,525,000 | | | | 3,403,388 | |
Noble Corp. | | BB- | | | 7.50 | | | | 03/15/19 | | | | 2,000,000 | | | | 2,005,000 | |
Rowan Companies PLC | | B+ | | | 4.88 | | | | 06/01/22 | | | | 4,000,000 | | | | 3,710,000 | |
Seacor Hldgs., Inc. | | NR | | | 7.38 | | | | 10/01/19 | | | | 2,775,000 | | | | 2,802,750 | |
SESI LLC | | BB- | | | 7.13 | | | | 12/15/21 | | | | 4,500,000 | | | | 4,286,250 | |
TechnipFMC PLC† | | BBB+ | | | 2.00 | | | | 10/01/17 | | | | 4,500,000 | | | | 4,498,011 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 51,460,981 | |
| | | | | | | | | | | | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
FINANCIALS (12.3%) | | | | | | | | | | | | | |
Aflac, Inc. | | | A- | | | | 4.00 | | | | 02/15/22 | | | | 3,000,000 | | | | 3,204,738 | |
Alleghany Corp. | | | BBB+ | | | | 4.95 | | | | 06/27/22 | | | | 2,000,000 | | | | 2,191,052 | |
Alleghany Corp. | | | BBB+ | | | | 5.63 | | | | 09/15/20 | | | | 3,000,000 | | | | 3,289,731 | |
American Express Co. | | | BBB | | | | 3.63 | | | | 12/05/24 | | | | 5,000,000 | | | | 5,116,310 | |
American Int’l. Group, Inc. | | | BBB+ | | | | 3.75 | | | | 07/10/25 | | | | 5,000,000 | | | | 5,092,900 | |
Bank of America Corp. | | | BBB | | | | 3.95 | | | | 04/21/25 | | | | 5,000,000 | | | | 5,066,205 | |
Barrick N.A. Finance LLC | | | BBB- | | | | 4.40 | | | | 05/30/21 | | | | 4,000,000 | | | | 4,315,372 | |
Berkley (W.R.) Corp. | | | BBB+ | | | | 4.63 | | | | 03/15/22 | | | | 2,000,000 | | | | 2,152,484 | |
Berkley (W.R.) Corp. | | | BBB+ | | | | 7.38 | | | | 09/15/19 | | | | 2,000,000 | | | | 2,203,764 | |
Block Financial LLC | | | BBB | | | | 5.25 | | | | 10/01/25 | | | | 3,000,000 | | | | 3,179,880 | |
Block Financial LLC | | | BBB | | | | 5.50 | | | | 11/01/22 | | | | 2,250,000 | | | | 2,437,506 | |
Capital One Financial Corp. | | | BBB | | | | 4.75 | | | | 07/15/21 | | | | 4,000,000 | | | | 4,315,668 | |
Citigroup, Inc. | | | BBB | | | | 3.88 | | | | 03/26/25 | | | | 5,000,000 | | | | 5,030,900 | |
Citizens Financial Group, Inc. | | | BBB | | | | 3.75 | | | | 07/01/24 | | | | 5,000,000 | | | | 4,974,055 | |
Fairfax Financial Hldgs.† | | | BBB- | | | | 5.80 | | | | 05/15/21 | | | | 1,500,000 | | | | 1,619,003 | |
Fairfax U.S., Inc.† | | | BBB- | | | | 4.88 | | | | 08/13/24 | | | | 3,500,000 | | | | 3,629,490 | |
Fifth Third Bancorp | | | BBB | | | | 4.30 | | | | 01/16/24 | | | | 5,000,000 | | | | 5,310,550 | |
First Republic Bank | | | A- | | | | 2.38 | | | | 06/17/19 | | | | 2,000,000 | | | | 2,010,798 | |
First Tennessee Bank | | | BBB | | | | 2.95 | | | | 12/01/19 | | | | 5,000,000 | | | | 5,054,555 | |
Genworth Financial, Inc. | | | B | | | | 7.20 | | | | 02/15/21 | | | | 1,750,000 | | | | 1,676,150 | |
Genworth Financial, Inc. | | | B | | | | 7.63 | | | | 09/24/21 | | | | 1,300,000 | | | | 1,254,500 | |
Hartford Financial Svcs. | | | BBB+ | | | | 5.50 | | | | 03/30/20 | | | | 1,000,000 | | | | 1,086,652 | |
JPMorgan Chase & Co. | | | BBB+ | | | | 3.88 | | | | 09/10/24 | | | | 5,000,000 | | | | 5,158,715 | |
JPMorgan Chase Bank NA | | | A- | | | | 6.00 | | | | 10/01/17 | | | | 2,000,000 | | | | 2,020,500 | |
Kemper Corp. | | | BBB- | | | | 4.35 | | | | 02/15/25 | | | | 2,000,000 | | | | 2,019,916 | |
Lincoln National Corp. | | | A- | | | | 4.00 | | | | 09/01/23 | | | | 4,000,000 | | | | 4,214,116 | |
Lincoln National Corp. | | | A- | | | | 4.85 | | | | 06/24/21 | | | | 1,000,000 | | | | 1,084,366 | |
Markel Corp. | | | BBB+ | | | | 5.35 | | | | 06/01/21 | | | | 1,200,000 | | | | 1,315,829 | |
Marsh & McLennan Cos., Inc. | | | A- | | | | 4.80 | | | | 07/15/21 | | | | 3,000,000 | | | | 3,261,501 | |
Moody’s Corp. | | | BBB+ | | | | 4.50 | | | | 09/01/22 | | | | 4,000,000 | | | | 4,323,724 | |
Nasdaq, Inc. | | | BBB | | | | 5.55 | | | | 01/15/20 | | | | 2,500,000 | | | | 2,702,043 | |
Old Republic Int’l. Corp. | | | BBB+ | | | | 3.88 | | | | 08/26/26 | | | | 5,000,000 | | | | 4,997,555 | |
Pacific LifeCorp.† | | | A- | | | | 6.00 | | | | 02/10/20 | | | | 3,000,000 | | | | 3,251,289 | |
Peoples United Bank | | | BBB+ | | | | 4.00 | | | | 07/15/24 | | | | 2,000,000 | | | | 2,017,694 | |
Prudential Financial, Inc. | | | A | | | | 4.50 | | | | 11/16/21 | | | | 1,000,000 | | | | 1,084,619 | |
Reinsurance Grp. of America, Inc. | | | A- | | | | 4.70 | | | | 09/15/23 | | | | 1,000,000 | | | | 1,084,932 | |
Reinsurance Grp. of America, Inc. | | | A- | | | | 5.00 | | | | 06/01/21 | | | | 3,000,000 | | | | 3,260,589 | |
Signet UK Finance PLC | | | BBB- | | | | 4.70 | | | | 06/15/24 | | | | 5,000,000 | | | | 4,866,520 | |
Stifel Financial Corp. | | | BBB- | | | | 4.25 | | | | 07/18/24 | | | | 1,500,000 | | | | 1,527,123 | |
Synchrony Financial | | | BBB- | | | | 2.70 | | | | 02/03/20 | | | | 2,250,000 | | | | 2,261,410 | |
Synchrony Financial | | | BBB- | | | | 3.70 | | | | 08/04/26 | | | | 2,750,000 | | | | 2,653,885 | |
Travelers Cos., Inc. | | | A | | | | 3.90 | | | | 11/01/20 | | | | 2,500,000 | | | | 2,639,728 | |
Unum Group | | | BBB | | | | 4.00 | | | | 03/15/24 | | | | 5,000,000 | | | | 5,164,295 | |
Voya Financial, Inc. | | | BBB | | | | 3.65 | | | | 06/15/26 | | | | 5,000,000 | | | | 5,009,495 | |
Wells Fargo & Co. | | | A- | | | | 3.45 | | | | 02/13/23 | | | | 4,000,000 | | | | 4,095,404 | |
Wells Fargo & Co. | | | A- | | | | 4.13 | | | | 08/15/23 | | | | 1,000,000 | | | | 1,057,545 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 145,285,056 | |
| | | | | | | | | | | | | | | | | | | | |
HEALTH CARE (5.5%) | | | | | | | | | | | | | |
Agilent Technologies, Inc. | | | BBB+ | | | | 5.00 | | | | 07/15/20 | | | | 4,000,000 | | | | 4,303,032 | |
AmerisourceBergen Corp. | | | A- | | | | 4.88 | | | | 11/15/19 | | | | 2,500,000 | | | | 2,659,180 | |
Anthem, Inc. | | | A | | | | 3.30 | | | | 01/15/23 | | | | 3,539,000 | | | | 3,609,433 | |
Anthem, Inc. | | | A | | | | 4.35 | | | | 08/15/20 | | | | 2,000,000 | | | | 2,122,510 | |
Biogen Idec, Inc. | | | A- | | | | 4.05 | | | | 09/15/25 | | | | 2,500,000 | | | | 2,639,473 | |
Biogen Idec, Inc. | | | A- | | | | 6.88 | | | | 03/01/18 | | | | 2,500,000 | | | | 2,584,508 | |
Bio-Rad Laboratories, Inc. | | | BBB | | | | 4.88 | | | | 12/15/20 | | | | 4,000,000 | | | | 4,297,836 | |
Edwards Lifesciences Corp. | | | BBB- | | | | 2.88 | | | | 10/15/18 | | | | 4,500,000 | | | | 4,542,044 | |
Express Scripts Hldg. Co. | | | BBB+ | | | | 3.50 | | | | 06/15/24 | | | | 2,000,000 | | | | 2,017,466 | |
Humana, Inc. | | | BBB+ | | | | 3.85 | | | | 10/01/24 | | | | 3,000,000 | | | | 3,117,759 | |
Humana, Inc. | | | BBB+ | | | | 7.20 | | | | 06/15/18 | | | | 2,000,000 | | | | 2,100,778 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | |
Laboratory Corp. of America | | | BBB | | | | 3.75 | | | 08/23/22 | | | 2,000,000 | | | | 2,078,380 | |
Laboratory Corp. of America | | | BBB | | | | 4.63 | | | 11/15/20 | | | 1,000,000 | | | | 1,061,545 | |
Medco Health Solutions, Inc. | | | BBB+ | | | | 4.13 | | | 09/15/20 | | | 3,000,000 | | | | 3,141,702 | |
Owens & Minor, Inc. | | | BBB | | | | 3.88 | | | 09/15/21 | | | 2,200,000 | | | | 2,250,602 | |
Owens & Minor, Inc. | | | BBB | | | | 4.38 | | | 12/15/24 | | | 2,800,000 | | | | 2,849,781 | |
PerkinElmer, Inc. | | | BBB | | | | 5.00 | | | 11/15/21 | | | 4,000,000 | | | | 4,322,288 | |
Quest Diagnostics, Inc. | | | BBB+ | | | | 3.50 | | | 03/30/25 | | | 700,000 | | | | 710,947 | |
Quest Diagnostics, Inc. | | | BBB+ | | | | 4.75 | | | 01/30/20 | | | 4,000,000 | | | | 4,258,788 | |
Thermo Fisher Scientific, Inc. | | | BBB | | | | 3.60 | | | 08/15/21 | | | 1,000,000 | | | | 1,041,986 | |
Thermo Fisher Scientific, Inc. | | | BBB | | | | 4.50 | | | 03/01/21 | | | 3,000,000 | | | | 3,208,632 | |
Zimmer Biomet Hldgs., Inc. | | | BBB | | | | 3.15 | | | 04/01/22 | | | 5,000,000 | | | | 5,076,170 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 63,994,840 | |
| | | | | | | | | | | | | | | | | | |
INDUSTRIALS (3.2%) | | | | | | | | | | | |
Crane Co. | | | BBB | | | | 2.75 | | | 12/15/18 | | | 4,000,000 | | | | 4,041,540 | |
Dun & Bradstreet Corp. | | | BB+ | | | | 3.25 | | | 12/01/17 | | | 3,000,000 | | | | 3,015,684 | |
Dun & Bradstreet Corp. | | | BB+ | | | | 4.63 | | | 12/01/22 | | | 1,000,000 | | | | 1,038,294 | |
Equifax, Inc. | | | BBB+ | | | | 3.30 | | | 12/15/22 | | | 4,000,000 | | | | 4,091,136 | |
Flowserve Corp. | | | BBB | | | | 3.50 | | | 09/15/22 | | | 4,000,000 | | | | 4,073,616 | |
Hexcel Corp. | | | BBB | | | | 4.70 | | | 08/15/25 | | | 3,900,000 | | | | 4,198,916 | |
Kennametal, Inc. | | | BBB- | | | | 2.65 | | | 11/01/19 | | | 4,000,000 | | | | 4,019,424 | |
L-3 Communications Corp. | | | BBB- | | | | 4.75 | | | 07/15/20 | | | 3,000,000 | | | | 3,203,118 | |
L-3 Communications Corp. | | | BBB- | | | | 5.20 | | | 10/15/19 | | | 1,000,000 | | | | 1,067,507 | |
Penske Truck Leasing Co. LP† | | | BBB | | | | 3.38 | | | 03/15/18 | | | 3,000,000 | | | | 3,034,947 | |
Valmont Industries, Inc. | | | BBB+ | | | | 6.63 | | | 04/20/20 | | | 750,000 | | | | 828,518 | |
Verisk Analytics, Inc. | | | BBB- | | | | 4.00 | | | 06/15/25 | | | 5,000,000 | | | | 5,166,440 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 37,779,140 | |
| | | | | | | | | | | | | | | | | | |
INFORMATION TECHNOLOGY (5.6%) | | | | | | | | | | | |
Adobe Systems, Inc. | | | A | | | | 4.75 | | | 02/01/20 | | | 4,000,000 | | | | 4,290,752 | |
Applied Materials, Inc. | | | A- | | | | 3.90 | | | 10/01/25 | | | 5,000,000 | | | | 5,326,705 | |
Arrow Electronics, Inc. | | | BBB- | | | | 4.00 | | | 04/01/25 | | | 1,000,000 | | | | 1,018,402 | |
Arrow Electronics, Inc. | | | BBB- | | | | 4.50 | | | 03/01/23 | | | 1,100,000 | | | | 1,163,418 | |
Avnet, Inc. | | | BBB- | | | | 4.88 | | | 12/01/22 | | | 270,000 | | | | 286,016 | |
Avnet, Inc. | | | BBB- | | | | 5.88 | | | 06/15/20 | | | 1,100,000 | | | | 1,190,181 | |
eBay, Inc. | | | BBB+ | | | | 2.88 | | | 08/01/21 | | | 5,000,000 | | | | 5,057,110 | |
Fidelity Nat’l. Information | | | BBB | | | | 3.88 | | | 06/05/24 | | | 5,000,000 | | | | 5,237,210 | |
Fiserv, Inc. | | | BBB | | | | 4.63 | | | 10/01/20 | | | 2,800,000 | | | | 2,994,681 | |
Fiserv, Inc. | | | BBB | | | | 4.75 | | | 06/15/21 | | | 1,000,000 | | | | 1,080,545 | |
Ingram Micro, Inc. | | | NR | | | | 5.00 | | | 08/10/22 | | | 1,000,000 | | | | 1,018,741 | |
Ingram Micro, Inc. | | | NR | | | | 5.25 | | | 09/01/17 | | | 3,000,000 | | | | 3,012,804 | |
Ingram Micro, Inc. | | | NR | | | | 5.45 | | | 12/15/24 | | | 750,000 | | | | 770,662 | |
Juniper Networks, Inc. | | | BBB | | | | 4.50 | | | 03/15/24 | | | 3,000,000 | | | | 3,186,561 | |
Juniper Networks, Inc. | | | BBB | | | | 4.60 | | | 03/15/21 | | | 2,000,000 | | | | 2,128,584 | |
Keysight Technologies, Inc. | | | BBB- | | | | 4.55 | | | 10/30/24 | | | 5,000,000 | | | | 5,248,465 | |
Lam Research Corp. | | | BBB+ | | | | 2.75 | | | 03/15/20 | | | 5,000,000 | | | | 5,063,650 | |
Motorola Solutions, Inc. | | | BBB- | | | | 3.75 | | | 05/15/22 | | | 4,000,000 | | | | 4,132,592 | |
Motorola Solutions, Inc. | | | BBB- | | | | 4.00 | | | 09/01/24 | | | 1,000,000 | | | | 1,005,343 | |
Symantec Corp. | | | BB+ | | | | 4.20 | | | 09/15/20 | | | 4,000,000 | | | | 4,210,000 | |
Tech Data Corp. | | | BBB- | | | | 3.75 | | | 09/21/17 | | | 4,000,000 | | | | 4,012,148 | |
Total System Services, Inc. | | | BBB- | | | | 3.75 | | | 06/01/23 | | | 4,000,000 | | | | 4,150,356 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 65,584,926 | |
| | | | | | | | | | | | | | | | | | |
MATERIALS (5.0%) | | | | | | | | | | | |
Albemarle Corp. | | | BBB | | | | 4.50 | | | 12/15/20 | | | 2,000,000 | | | | 2,156,304 | |
Carpenter Technology Corp. | | | BBB- | | | | 4.45 | | | 03/01/23 | | | 3,600,000 | | | | 3,664,847 | |
Domtar Corp. | | | BBB- | | | | 4.40 | | | 04/01/22 | | | 5,000,000 | | | | 5,254,505 | |
Dow Chemical Co. | | | BBB | | | | 3.50 | | | 10/01/24 | | | 4,800,000 | | | | 4,929,730 | |
Eastman Chemical Co. | | | BBB | | | | 4.50 | | | 01/15/21 | | | 2,500,000 | | | | 2,653,905 | |
Freeport-McMoRan Copper & Gold | | | BB- | | | | 3.55 | | | 03/01/22 | | | 4,000,000 | | | | 3,748,720 | |
Goldcorp, Inc. | | | BBB+ | | | | 2.13 | | | 03/15/18 | | | 4,000,000 | | | | 4,004,248 | |
Kinross Gold Corp. | | | BB+ | | | | 5.13 | | | 09/01/21 | | | 4,000,000 | | | | 4,260,000 | |
Methanex Corp. | | | BB+ | | | | 3.25 | | | 12/15/19 | | | 3,400,000 | | | | 3,417,840 | |
Methanex Corp. | | | BB+ | | | | 5.25 | | | 03/01/22 | | | 600,000 | | | | 632,289 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION - BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
Newmont Mining Corp. | | | BBB | | | | 3.50 | | | | 03/15/22 | | | | 4,000,000 | | | | 4,136,452 | |
Packaging Corp. of America | | | BBB | | | | 3.90 | | | | 06/15/22 | | | | 2,000,000 | | | | 2,098,588 | |
Packaging Corp. of America | | | BBB | | | | 4.50 | | | | 11/01/23 | | | | 2,000,000 | | | | 2,145,944 | |
Sherwin-Williams Co.† | | | BBB | | | | 3.95 | | | | 01/15/26 | | | | 5,000,000 | | | | 5,159,550 | |
Southern Copper Corp. | | | BBB | | | | 3.50 | | | | 11/08/22 | | | | 4,000,000 | | | | 4,066,568 | |
Teck Resources Ltd. | | | BB | | | | 3.75 | | | | 02/01/23 | | | | 1,000,000 | | | | 973,750 | |
Teck Resources Ltd. | | | BB | | | | 4.75 | | | | 01/15/22 | | | | 3,000,000 | | | | 3,105,000 | |
Vulcan Materials Co. | | | BBB | | | | 7.00 | | | | 06/15/18 | | | | 2,000,000 | | | | 2,094,202 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 58,502,442 | |
| | | | | | | | | | | | | | | | | | | | |
REAL ESTATE (4.1%) | | | | | | | | | | | | | | | | | | | | |
American Tower Corp. | | | BBB- | | | | 4.50 | | | | 01/15/18 | | | | 5,000,000 | | | | 5,068,490 | |
Boston Properties LP | | | A- | | | | 3.70 | | | | 11/15/18 | | | | 1,000,000 | | | | 1,020,808 | |
Boston Properties LP | | | A- | | | | 3.85 | | | | 02/01/23 | | | | 3,000,000 | | | | 3,156,216 | |
Government Pptys. Income Trust | | | BBB- | | | | 3.75 | | | | 08/15/19 | | | | 4,000,000 | | | | 4,031,148 | |
HCP, Inc. | | | BBB | | | | 3.40 | | | | 02/01/25 | | | | 3,750,000 | | | | 3,692,610 | |
Healthcare Realty Trust | | | BBB | | | | 3.75 | | | | 04/15/23 | | | | 4,000,000 | | | | 4,068,876 | |
Hospitality Properties Trust | | | BBB- | | | | 5.00 | | | | 08/15/22 | | | | 4,550,000 | | | | 4,877,191 | |
Jones Lang LaSalle, Inc. | | | BBB+ | | | | 4.40 | | | | 11/15/22 | | | | 4,000,000 | | | | 4,211,884 | |
Mack-Cali Realty LP | | | BBB- | | | | 4.50 | | | | 04/18/22 | | | | 5,000,000 | | | | 5,107,805 | |
National Retail Pptys., Inc. | | | BBB+ | | | | 3.30 | | | | 04/15/23 | | | | 1,000,000 | | | | 1,011,331 | |
National Retail Pptys., Inc. | | | BBB+ | | | | 3.80 | | | | 10/15/22 | | | | 3,000,000 | | | | 3,124,635 | |
Ventas Realty LP/Capital Corp. | | | BBB+ | | | | 3.25 | | | | 08/15/22 | | | | 500,000 | | | | 506,280 | |
Ventas Realty LP/Capital Corp. | | | BBB+ | | | | 4.75 | | | | 06/01/21 | | | | 3,000,000 | | | | 3,209,217 | |
Vornado Realty LP | | | BBB | | | | 2.50 | | | | 06/30/19 | | | | 1,000,000 | | | | 1,007,899 | |
Welltower, Inc. | | | BBB+ | | | | 3.75 | | | | 03/15/23 | | | | 750,000 | | | | 778,223 | |
Welltower, Inc. | | | BBB+ | | | | 6.13 | | | | 04/15/20 | | | | 2,500,000 | | | | 2,743,585 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 47,616,198 | |
| | | | | | | | | | | | | | | | | | | | |
TELECOMMUNICATION SERVICES (0.6%) | | | | | | | | | | | | | | | | | | | | |
AT&T, Inc. | | | BBB+ | | | | 3.00 | | | | 02/15/22 | | | | 4,000,000 | | | | 4,347,156 | |
AT&T, Inc. | | | BBB+ | | | | 3.00 | | | | 06/30/22 | | | | 1,000,000 | | | | 1,000,517 | |
Verizon Communications, Inc. | | | BBB+ | | | | 4.50 | | | | 09/15/20 | | | | 2,000,000 | | | | 2,136,484 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 7,484,157 | |
| | | | | | | | | | | | | | | | | | | | |
UTILITIES (1.9%) | | | | | | | | | | | | | | | | | | | | |
Entergy Corp. | | | BBB | | | | 5.13 | | | | 09/15/20 | | | | 2,500,000 | | | | 2,694,183 | |
Exelon Corp. | | | BBB- | | | | 5.15 | | | | 12/01/20 | | | | 3,000,000 | | | | 3,235,707 | |
Exelon Generation Co. LLC | | | BBB | | | | 4.25 | | | | 06/15/22 | | | | 1,000,000 | | | | 1,052,196 | |
National Fuel Gas Co. | | | BBB | | | | 4.90 | | | | 12/01/21 | | | | 3,000,000 | | | | 3,187,950 | |
National Fuel Gas Co. | | | BBB | | | | 5.20 | | | | 07/15/25 | | | | 2,000,000 | | | | 2,130,046 | |
SCANA Corp. | | | BBB | | | | 4.13 | | | | 02/01/22 | | | | 4,000,000 | | | | 4,023,620 | |
SCANA Corp. | | | BBB | | | | 4.75 | | | | 05/15/21 | | | | 1,000,000 | | | | 1,041,255 | |
Talen Energy Supply LLC | | | B | | | | 4.60 | | | | 12/15/21 | | | | 2,000,000 | | | | 1,520,000 | |
UIL Hldgs. Corp. | | | BBB | | | | 4.63 | | | | 10/01/20 | | | | 2,725,000 | | | | 2,806,870 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 21,691,827 | |
| | | | | | | | | | | | | | | | | | | | |
SOVEREIGN DEBT (0.3%) | | | | | | | | | | | | | | | | | | | | |
Sri Lanka AID | | | NR | | | | 6.59 | | | | 09/15/28 | | | | 2,892,961 | | | | 3,419,879 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $1,145,028,109) 99.2% | | | | | | | | | | | | 1,164,276,595 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | | | | | | |
U.S. GOVERNMENT AGENCIES (0.1%) | | | | | | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 0.65 | | | | 07/03/17 | | | | 1,100,000 | | | | 1,099,960 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,099,960) 0.1% | | | | | | | | | | | | | | | | 1,099,960 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,146,128,069) 99.3% | | | | | | | | | | | | | | | | | | | 1,165,376,555 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.7% | | | | | | | | | | | | | | | | | | | 8,027,833 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | | | | | | | | | | | | | | | | $ | 1,173,404,388 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
MUTUAL OF AMERICA INVESTMENT CORPORATION
FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | |
| Abbreviations: | | ARM = Adjustable Rate Mortgage |
| | FHLB = Federal Home Loan Bank |
| | FHLMC = Federal Home Loan Mortgage Corporation |
| | FNMA = Federal National Mortgage Association |
| | GNMA = Government National Mortgage Association |
| | NR = Not Rated |
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
| † | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2017, the aggregate values of these securities and their percentages of the respective Funds’ net assets were as follows: |
| | | | | | | | |
Fund | | Aggregate
Market
Value | | | Percentage
of
Net Assets | |
ALL AMERICA FUND | | $ | 499,938 | | | | 0.2 | % |
SMALL CAP VALUE FUND | | $ | 4,998,662 | | | | 1.1 | % |
INTERNATIONAL FUND | | $ | 5,499,321 | | | | 1.2 | % |
COMPOSITE FUND | | $ | 1,282,179 | | | | 0.7 | % |
MONEY MARKET FUND | | $ | 30,124,577 | | | | 42.7 | % |
MID-TERM BOND FUND | | $ | 6,468,635 | | | | 1.2 | % |
BOND FUND | | $ | 21,192,290 | | | | 1.8 | % |
| (1) | This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Funds as of June 30, 2017, was as follows: |
| | | | | | | | | | | | | | | | | | | | |
Fund | | Number of
Contracts | | Contract Type | | Purchased (P)
or Sold (S) | | Expiration Date | | Underlying
Face Amount
at Value(a) | | | Unrealized
Gain(Loss) | | | Face Value
of Futures
as a % of
Total
Investments | |
EQUITY INDEX FUND | | 396 | | E-mini S&P 500 Stock Index | | P | | September 2017 | | $ | 47,933,820 | | | ($ | 165,524 | ) | | | 2.0 | % |
ALL AMERICA FUND | | 75 | | E-mini S&P 500 Stock Index | | P | | September 2017 | | $ | 9,078,375 | | | ($ | 41,393 | ) | | | 3.0 | % |
MID-CAP EQUITY INDEX FUND | | 117 | | E-mini S&P MidCap 400 Stock Index | | P | | September 2017 | | $ | 20,429,370 | | | ($ | 124,791 | ) | | | 1.6 | % |
| (a) | Includes the cumulative appreciation(depreciation) of futures contracts. |
| (2) | Percentage is less than 0.05%. |
| (3) | U.S. Government guaranteed security. |
MUTUAL OF AMERICA INVESTMENT CORPORATION
FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
Fair Value—The Investment Company values its investments at fair value. Fair value is an estimate of the price the Fund would receive upon selling a security in an orderly arms-length transaction. Investments are categorized based on a three-level valuation hierarchy for measurement and disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs used to measure fair value. These inputs are summarized in the three broad levels listed below:
| • | | Level 1 – quoted prices in active markets for identical securities. |
| • | | Level 2 – other significant observable inputs (including yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds, trading characteristics, etc.). |
| • | | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
As of June 30, 2017, management determined that the fair value inputs for all equity securities were considered Level 1, with the exception of one security in the All America and Small Cap Value Funds (see Note b below) which was considered Level 3. In addition, non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Furthermore, certain Rule 144A securities not actively traded were considered Level 3; however, there were no such 144A securities as of June 30, 2017. Fair value inputs for all debt securities were considered Level 2. The inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers between levels are reflected based on the fair value at the beginning of a reporting period.
The following is a summary of the inputs used to value the Funds’ investments and other financial instruments as of June 30, 2017:
| | | | | | | | | | | | | | | | |
Fund | | Level 1 – Quoted
Prices | | | Level 2 – Significant
Observable Inputs | | | Level 3 – Significant
Unobservable Inputs | | | Total | |
Investments at Fair Value: | | | | | | | | | | | | | | | | |
(See Portfolios of Investments for More Details) | | | | | | | | | | | | | |
Equity Index Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 2,292,932,894 | | | | — | | | | — | | | $ | 2,292,932,894 | |
Short-Term Debt Securities | | | — | | | $ | 46,522,665 | | | | — | | | $ | 46,522,665 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,292,932,894 | | | $ | 46,522,665 | | | | — | | | $ | 2,339,455,559 | |
| | | | |
All America Fund | | | | | | | | | | | | | | | | |
Common Stock - Indexed | | $ | 162,484,356 | | | | — | | | | — | | | $ | 162,484,356 | |
Common Stock - Active | | $ | 129,980,478 | | | | — | | | $ | 285,375 | (b) | | $ | 130,265,853 | |
Long-Term Debt Securities - Active | | | — | | | $ | 143,500 | | | | — | | | $ | 143,500 | |
Short-Term Debt Securities - Indexed | | | — | | | $ | 8,845,654 | | | | — | | | $ | 8,845,654 | |
Short-Term Debt Securities - Active | | | — | | | $ | 5,595,713 | | | | — | | | $ | 5,595,713 | |
Warrants - Active | | $ | 36,238 | | | | — | | | | — | | | $ | 36,238 | |
| | | | | | | | | | | | | | | | |
| | $ | 292,501,072 | | | $ | 14,584,867 | | | $ | 285,375 | | | $ | 307,371,314 | |
| | | | |
Small Cap Value Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 439,378,490 | | | | — | | | $ | 3,206,125 | (b) | | $ | 442,584,615 | |
Long-Term Debt Securities | | | — | | | $ | 1,696,375 | | | | — | | | $ | 1,696,375 | |
Short-Term Debt Securities | | | — | | | $ | 25,287,298 | | | | — | | | $ | 25,287,298 | |
Warrants | | $ | 420,423 | | | | — | | | | — | | | $ | 420,423 | |
| | | | | | | | | | | | | | | | |
| | $ | 439,798,913 | | | $ | 26,983,673 | | | $ | 3,206,125 | | | $ | 469,988,711 | |
| | | | |
Small Cap Growth Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 471,315,050 | | | | — | | | | — | | | $ | 471,315,050 | |
Short-Term Debt Securities | | | — | | | $ | 14,392,953 | | | | — | | | $ | 14,392,953 | |
| | | | | | | | | | | | | | | | |
| | $ | 471,315,050 | | | $ | 14,392,953 | | | | — | | | $ | 485,708,003 | |
| | | | |
Mid Cap Value Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 94,347,429 | | | | — | | | | — | | | $ | 94,347,429 | |
Long-Term Debt Securities | | | — | | | $ | 44,075 | | | | — | | | $ | 44,075 | |
Short-Term Debt Securities | | | — | | | $ | 3,597,221 | | | | — | | | $ | 3,597,221 | |
| | | | | | | | | | | | | | | | |
| | $ | 94,347,429 | | | $ | 3,641,296 | | | | — | | | $ | 97,988,725 | |
| | | | |
Mid-Cap Equity Index Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 1,280,153,565 | | | | — | | | | — | | | $ | 1,280,153,565 | |
Short-Term Debt Securities | | | — | | | $ | 21,495,282 | | | | — | | | $ | 21,495,282 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,280,153,565 | | | $ | 21,495,282 | | | | — | | | $ | 1,301,648,847 | |
| | | | |
International Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 430,818,578 | | | | — | | | | — | | | $ | 430,818,578 | |
Short-Term Debt Securities | | | — | | | $ | 23,690,782 | | | | — | | | $ | 23,690,782 | |
| | | | | | | | | | | | | | | | |
| | $ | 430,818,578 | | | $ | 23,690,782 | | | | — | | | $ | 454,509,360 | |
| | | | |
Composite Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 103,452,317 | | | | — | | | | — | | | $ | 103,452,317 | |
U.S. Government Debt | | | — | | | $ | 19,559,602 | | | | — | | | $ | 19,559,602 | |
U.S. Government Agency Residential Mortgage-Backed Obligations | | | — | | | $ | 21,291,240 | | | | — | | | $ | 21,291,240 | |
U.S. Government Agency Non-Mortgage-Backed Obligations | | | — | | | $ | 477,865 | | | | — | | | $ | 477,865 | |
Long-Term Corporate Debt | | | — | | | $ | 29,250,763 | | | | — | | | $ | 29,250,763 | |
Short-Term Debt Securities | | | — | | | $ | 7,598,363 | | | | — | | | $ | 7,598,363 | |
| | | | | | | | | | | | | | | | |
| | $ | 103,452,317 | | | $ | 78,177,833 | | | | — | | | $ | 181,630,150 | |
| | | | |
Retirement Income Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 82,262,978 | | | | — | | | | — | | | $ | 82,262,978 | |
MUTUAL OF AMERICA INVESTMENT CORPORATION
FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | |
2010 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 24,569,690 | | | | — | | | | — | | | $ | 24,569,690 | |
| | | | |
2015 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 147,931,321 | | | | — | | | | — | | | $ | 147,931,321 | |
| | | | |
2020 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 457,748,014 | | | | — | | | | — | | | $ | 457,748,014 | |
| | | | |
2025 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 571,823,755 | | | | — | | | | — | | | $ | 571,823,755 | |
| | | | |
2030 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 477,493,449 | | | | — | | | | — | | | $ | 477,493,449 | |
| | | | |
2035 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 399,609,808 | | | | — | | | | — | | | $ | 399,609,808 | |
| | | | |
2040 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 326,673,257 | | | | — | | | | — | | | $ | 326,673,257 | |
| | | | |
2045 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 374,052,345 | | | | — | | | | — | | | $ | 374,052,345 | |
| | | | |
2050 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 201,233,797 | | | | — | | | | — | | | $ | 201,233,797 | |
| | | | |
2055 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 12,771,564 | | | | — | | | | — | | | $ | 12,771,564 | |
| | | | |
Conservative Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 144,950,734 | | | | — | | | | — | | | $ | 144,950,734 | |
| | | | |
Moderate Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 372,022,834 | | | | — | | | | — | | | $ | 372,022,834 | |
| | | | |
Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 282,074,321 | | | | — | | | | — | | | $ | 282,074,321 | |
| | | | |
Money Market Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 17,286,179 | | | | — | | | $ | 17,286,179 | |
U.S. Government Agency Short-Term Debt | | | — | | | $ | 10,293,137 | | | | — | | | $ | 10,293,137 | |
Commercial Paper | | | — | | | $ | 42,867,902 | | | | — | | | $ | 42,867,902 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 70,447,218 | | | | — | | | $ | 70,447,218 | |
| | | | |
Mid-Term Bond Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 208,802,177 | | | | — | | | $ | 208,802,177 | |
U.S. Government Agency Residential Mortgage-Backed Obligations | | | — | | | $ | 6,026,814 | | | | — | | | $ | 6,026,814 | |
U.S. Government Agency Non-Mortgage-Backed Obligations | | | — | | | $ | 35,806,039 | | | | — | | | $ | 35,806,039 | |
Long-Term Corporate Debt | | | — | | | $ | 272,360,773 | | | | — | | | $ | 272,360,773 | |
Short-Term Debt Securities | | | — | | | $ | 899,968 | | | | — | | | $ | 899,968 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 523,895,771 | | | | — | | | $ | 523,895,771 | |
| | | | |
Bond Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 192,469,679 | | | | — | | | $ | 192,469,679 | |
U.S. Government Agency Residential Mortgage-Backed Obligations | | | — | | | $ | 323,161,447 | | | | — | | | $ | 323,161,447 | |
U.S. Government Agency Non-Mortgage-Backed Obligations | | | — | | | $ | 15,357,368 | | | | — | | | $ | 15,357,368 | |
Long-Term Corporate Debt | | | — | | | $ | 629,868,222 | | | | — | | | $ | 629,868,222 | |
Sovereign Debt | | | — | | | $ | 3,419,879 | | | | — | | | $ | 3,419,879 | |
Short-Term Debt Securities | | | — | | | $ | 1,099,960 | | | | — | | | $ | 1,099,960 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 1,165,376,555 | | | | — | | | $ | 1,165,376,555 | |
| | | | |
Other Financial Instruments:* | | | | | | | | | | | | | | | | |
Equity Index Fund | | ($ | 165,524 | ) | | | — | | | | — | | | ($ | 165,524 | ) |
All America Fund | | ($ | 41,393 | ) | | | — | | | | — | | | ($ | 41,393 | ) |
Mid-Cap Equity Index Fund | | ($ | 124,791 | ) | | | — | | | | — | | | ($ | 124,791 | ) |
| * | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument. |
| (b) | Reflects security issued by Xura, Inc. included in the Information Technology section of the active asset segment of the All America Fund portfolio and in the Small Cap Value Fund portfolio. The security is fair valued at its last trade price. |
MUTUAL OF AMERICA INVESTMENT CORPORATION
FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) for the Six Months Ended June 30, 2017 | |
| | | Balance
December 31,
2016 | | | Change in
Unrealized
Gains
(Losses) | | | Transfers
Into
Level 3 (c) | | | Transfers
Out of
Level 3 | | | Balance
June 30,
2017 | | | Net Change in
Unrealized Gains/(Losses)
of Level 3 Assets Held as of
June 30, 2017 | |
All America Fund - Active Common Stock | | $ | 285,375 | | | | — | | | | — | | | | — | | | $ | 285,375 | | | $ | 30,822 | |
Small Cap Value Fund - Common Stock | | $ | 3,206,125 | | | | — | | | | — | | | | — | | | $ | 3,206,125 | | | $ | 347,256 | |
| (c) | Reflects transfers into Level 3 from Level 1 as a result of a security being carried at a calculated fair value due to the absence of recent trading activity in the security, as described in Security Valuation below. |
Security Valuation — Investment securities are carried at fair value as follows:
Exchange-traded equity securities are valued at the last reported sales price on the principal exchange on which the security is traded. If there is no trading volume for a particular valuation day, the last bid price is used. For equity securities traded in the over-the-counter market, the security is valued at the last sale price, or if no sale, at the latest bid price available.
Short-term debt securities with a maturity of 60 days or less are valued at amortized cost, which approximates fair value for such securities.
Debt securities, including short-term debt securities maturing in excess of 60 days, are valued on the basis of prices obtained from an independent pricing source. The pricing source may utilize various pricing methodologies that incorporate both models (which consider factors such as yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds and trading characteristics) and dealer supplied valuations to derive a valuation.
In the rare instance when a price is not available from an independent pricing source or when prices may not reflect fair value, such as when the price provided by the pricing source is not based on a recent trade, a calculated fair value is used, as determined in good faith by the Adviser and reviewed by a Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company.
The Advisor uses a market approach to calculate fair value for equity securities which are categorized as Level 3. The Adviser’s valuation is primarily based on information regarding the specific equity issuer, such as the last trade price, financial statements, the relationship of per-share book value to the last trade price, operating information and any corporate actions, such as dividends or returns of capital, that may have occurred since the last trade. The Adviser also considers industry-specific conditions and overall market conditions, to determine whether the last trade price reflects fair value or needs to be adjusted. Generally, absent any significant contrary indications, the last trade price will be used to calculate fair value.
Retirement Funds and the Allocation Funds value their investments in the underlying Funds of the Investment Company at their respective net asset values.
Investment Transactions — Investment transactions are accounted for as of the trade date. Realized gain and loss 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 equity securities are based on the identified cost basis of the security, determined on the first-in, first-out (“FIFO”) basis.
Futures Contracts - The Equity Index Fund, Mid-Cap Equity Index Fund and a portion of the All America Fund each maintain indexed asset portfolios which are subject to equity price risk. In order to remain more fully invested in the equity markets while minimizing transaction costs, the funds purchase stock index futures contracts. An initial cash margin deposit (represented by cash or Treasury bills) is made upon entering into a futures contract and serves as collateral for the contract. This initial margin, maintained in a segregated account, is equal to approximately 5%-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 appreciation or depreciation by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each trading day. The accumulated unrealized appreciation or depreciation on the contract is included in Net Unrealized Appreciation (Depreciation) of Investments and Futures Contracts in the Components of Net Assets section of the Statements of Assets and Liabilities.
Futures contracts are valued at the settlement price established each day by the exchange on which traded. Depending upon whether unrealized appreciation or depreciation are incurred, variation margin payments are received or made daily. The net change in unrealized appreciation or depreciation of futures contracts is recorded in the Statements of Operations. When the contract is closed, a realized gain or loss from futures transactions is recorded in the Statements of Operations, equal to the net variation margin received or paid over the period the contract was outstanding. The “Underlying Face Amount at Value” (appearing in the “Notes to the Portfolios of Investments in Securities”), representing the aggregate of outstanding contractual amounts under futures contracts, reflects the extent of a Fund’s exposure to off-balance sheet risk. The use of futures transactions involves the risk of imperfect correlation in the price movements of the contract and the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
Warrants — A warrant is an option to purchase common stock of an issuer and is issued in conjunction with another security, such as a debt obligation. A warrant specifies the price at which the holder may purchase shares of common stock and usually expires after a period of time. A warrant holder generally may pay cash for the common stock to be purchased or may surrender the principal amount of the related debt security the warrant holder owns equal to the purchase price for the stock. The common stock underlying a warrant may not increase in value after the date the warrant was issued, or may not increase up to the warrant exercise price. In this case, the warrant generally would have little value and could expire unexercised.
At June 30, 2017, warrants held by the Funds of the Investment Company were traded on active markets and are considered Level 1 securities.
MUTUAL OF AMERICA INVESTMENT CORPORATION
FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES
June 30, 2017 (Unaudited)
Tax Information - The components of net unrealized appreciation (depreciation) of investments for federal income tax purposes and the cost of investments for federal income tax purposes at June 30, 2017 for each of the funds were as follows.
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Mid Cap
Value Fund | |
Unrealized Appreciation | | $ | 943,060,709 | | | $ | 88,050,911 | | | $ | 129,431,701 | | | $ | 97,584,600 | | | $ | 21,910,358 | |
Unrealized Depreciation | | | (49,729,133 | ) | | | (12,387,920 | ) | | | (19,756,073 | ) | | | (15,572,174 | ) | | | (4,269,467 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 893,331,576 | | | $ | 75,662,991 | | | $ | 109,675,628 | | | $ | 82,012,426 | | | | 17,640,891 | |
| | | | | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 1,446,123,983 | | | $ | 231,708,323 | | | $ | 360,313,083 | | | $ | 403,695,577 | | | $ | 80,347,834 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income
Fund | | | 2010
Retirement
Fund | |
Unrealized Appreciation | | $ | 345,873,411 | | | $ | 34,560,681 | | | $ | 21,715,863 | | | $ | 2,900,502 | | | $ | 1,202,806 | |
Unrealized Depreciation | | | (58,544,372 | ) | | | (1,972,063 | ) | | | (2,374,377 | ) | | | (255,634 | ) | | | (113,689 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 287,329,039 | | | $ | 32,588,618 | | | $ | 19,341,486 | | | $ | 2,644,868 | | | | 1,089,117 | |
| | | | | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 1,014,319,808 | | | $ | 421,920,742 | | | $ | 162,288,664 | | | $ | 79,618,110 | | | $ | 23,480,573 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | 2030
Retirement
Fund | | | 2035
Retirement
Fund | |
Unrealized Appreciation | | $ | 13,270,619 | | | $ | 49,384,415 | | | $ | 68,926,990 | | | $ | 65,486,524 | | | $ | 60,480,183 | |
Unrealized Depreciation | | | (453,131 | ) | | | (877,158 | ) | | | (409,419 | ) | | | (250,950 | ) | | | (164,586 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 12,817,488 | | | $ | 48,507,257 | | | $ | 68,517,571 | | | $ | 65,235,574 | | | $ | 60,315,597 | |
| | | | | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 135,113,833 | | | $ | 409,240,757 | | | $ | 503,306,184 | | | $ | 412,257,875 | | | $ | 339,294,211 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | | | Conservative
Allocation
Fund | |
Unrealized Appreciation | | $ | 51,376,507 | | | $ | 65,237,162 | | | $ | 17,916,141 | | | $ | 546,334 | | | $ | 7,645,411 | |
Unrealized Depreciation | | | (168,011 | ) | | | (157,613 | ) | | | (52,054 | ) | | | (4,560 | ) | | | (629,205 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 51,208,496 | | | $ | 65,079,549 | | | $ | 17,864,087 | | | $ | 541,774 | | | $ | 7,016,206 | |
| | | | | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 275,464,761 | | | $ | 308,972,796 | | | $ | 183,369,710 | | | $ | 12,229,790 | | | $ | 137,934,528 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money
Market
Fund | | | Mid-Term
Bond Fund | | | Bond
Fund | |
Unrealized Appreciation | | $ | 62,107,485 | | | $ | 60,292,659 | | | $ | — | | | $ | 7,383,341 | | | $ | 28,989,750 | |
Unrealized Depreciation | | | (2,913,493 | ) | | | (2,907,172 | ) | | | (173 | ) | | | (4,525,438 | ) | | | (9,746,787 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 59,193,992 | | | $ | 57,385,487 | | | $ | (173 | ) | | $ | 2,857,903 | | | $ | 19,242,963 | |
| | | | | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 312,828,842 | | | $ | 224,688,834 | | | $ | 70,447,391 | | | $ | 521,037,868 | | | $ | 1,146,133,592 | |
| | | | | | | | | | | | | | | | | | | | |
Differences between amounts reflected in the Portfolios of Investments in Securities and those computed for Federal income tax purposes arise primarily from the Federal income tax treatment of wash sales, REITs, partnerships, corporate actions and futures contracts.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PURCHASES OF EQUITY SECURITES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Not applicable.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| | (a) | The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported in a timely and accurate manner. |
| | (b) | The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting. |
Attached hereto:
| | | | |
| |
(a) | | (1) Not applicable to semi-annual report. |
| | |
| | (2) Exhibit 99.CERT | | Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940. |
| | |
| | (3) Not applicable. | | |
| | |
(b) | | Exhibit 99.906CERT | | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| | Mutual of America Investment Corporation |
| |
| By: | | /s/ JAMES J. ROTH |
| | James J. Roth |
| | Chairman of the Board, |
| | President and Chief Executive Officer of |
| | Mutual of America Investment Corporation |
|
Date: September 7, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ JAMES J. ROTH |
| | James J. Roth |
| | Chairman of the Board, |
| | President and Chief Executive Officer of |
| | Mutual of America Investment Corporation |
|
| Date: September 7, 2017 |
| |
| By: | | /s/ CHRIS W. FESTOG |
| | Chris W. Festog |
| | Executive Vice President, |
| | Chief Financial Officer and Treasurer of |
| | Mutual of America Investment Corporation |
|
| Date: September 7, 2017 |
